Ulster Bank Business Loans & Finance User Reviews
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Ulster Bank is based in Belfast and one of the Big Four Irish banks, offering business current accounts, business finance products, savings, cards, and more. The bank is owned by NatWest and there are 174 branches across Ireland and Northern Ireland. Products are available to businesses based in Northern Ireland, but English, Welsh and Scottish businesses aren’t eligible.
Ulster Bank Business Finance
Ulster Bank offers flexible business loans to businesses registered in Northern Ireland. Your business can borrow from £1,000 and monthly payments are flexible and linked to the Ulster Bank base rate, which means they could be different every month. You can reduce your borrowing at any time during the loan agreement. There’s a minimum arrangement free of £150 for loans up to £15,000, or 1% above £15,000.
Existing Ulster Bank North customers can be eligible for a 6-month Capital Repayment Holiday on their business loan.
Overdrafts up to £50,000 are open to sole traders, partnerships, and limited companies with an existing Ulster Bank business current account. There’s no minimum amount to repay each month, you can clear your overdraft by as much or as little as you want. Your rate will be confirmed when you apply and there’s an annual renewal fee. If your business exceeds its overdraft limit you’ll be charged an unarranged borrowing rate and be subject to extra fees.
Business credit card
Ulster Bank offers the OneCard which is a credit card for business customers. The card is accepted globally and businesses will get interest-free credit on purchases for 37 days.
Ulster Bank provides invoice finance for businesses through FacFlow. You can release up to 90% of the value tied up in your unpaid invoices and maintain responsibility for your sales ledger.
Reviews and ratings
There are a small number of reviews on Trustpilot – customer reviews are mixed but more unhappy than unhappy. Smart Money People reviewers are impressed on the whole, finding Ulster Bank convenient to use and rate their customer service very highly. There’s a couple of critical comments too, mainly focusing on customer service delays. There are no reviews on Reviews.co.uk.
Ulster Bank ranked 3rd in a list of the 5 largest business current account providers in Ireland for overall service quality in an independent survey.
In the same list of 5 business current account providers, Ulster Bank also ranked 3rd for overall service quality, online and mobile banking services, and service in branches. They also scored 4th for relationship/account management.
Which? rate Ulster Bank 4/5 for online banking, and 3/5 for customer service, communication, transparency of fees, mobile banking, complaint handling and service in-branch.
Ulster Bank’s owner NatWest recently hinted that it may close Ulster Bank branches in Northern Ireland, but it’s not been confirmed.
- Good ratings for online and mobile banking.
- Range of finance products to choose from.
- Some good online reviews. Most customers seem impressed.
- England, Scotland, and Wales-based businesses can’t apply.
- More branches could be closing soon.
Website: Ulster Bank Business Finance