Ulster Bank is one of the Big Four Irish banks, headquartered in Belfast. There are 146 branches in the Republic of Ireland and 90 in Northern Ireland, but none in England, Scotland, or Wales. Ulster Bank offers business current accounts, savings, cards, business finance, and more. To become a customer, your business must be registered in Northern Ireland.
Ulster Bank Business Banking Services
Ulster Bank offers two main bank accounts, one for startups and one for more established businesses. Startups can access free business banking for 18 months, with no transaction fees. Otherwise, an account costs £8 per quarter, not including fees for withdrawals, paying in, and other account features.
There are instant access and fixed-term savings accounts available. Interest rates vary depending on the account you choose, and how long you put money away for. With the fixed-term account, terms and rates are secured for 1 week up to 1 year.
Business customers can apply for an arranged overdraft of up to £50k. Interest rates vary and are linked to either the base rate or three month LIBOR rate – businesses only pay interest on the amount they use. An arrangement fee applies which varies based on the amount agreed and starts at £50 on a £500 overdraft, £100 on overdrafts between £501-£1,500 and over £1,500 charged at 1.5% or a minimum of £150.
Business finance and loans
Ulster Bank business customers can borrow up to £25k, and repay over a period of several months up to 5 years. Interest rates vary and are linked to the Ulster Bank base rate. An Ulster Bank credit card is also available, offering interest-free credit on purchases for 37 days. This has an annual fee of £32 per cardholder.
Reviews and ratings
There are a small number of reviews on Trustpilot that are mixed but more negatively rated than positive. Negative comments include lower rates than advertised, poor customer service and technical problems.
There are no public reviews on Reviews.co.uk.
Smart Money People reviewers are more positive with reviewers impressed on the whole, finding Ulster Bank easy to work with, and rating their customer service very highly. There’s a couple of critical comments, but not many.
In the same list of 14 business current account providers, Ulster Bank also ranked 3rd for online and mobile banking services, SME overdraft and loan services, and service in branches, and 4th for relationship/account management.
Which? rate Ulster Bank 3/5 for customer service, communication, mobile banking, transparency of charges, complaint handling, and service in-branch. Ulster Bank scored 4/5 for online banking.
- Free banking for 18 months for new startups.
- Easily manage your account 24/7 online and on the app.
- Some good online reviews. Current customers seem impressed.
- England, Scotland, and Wales-based businesses can’t apply.
- Limited products compared to other banks.
Website: Ulster Bank Business Banking