The Best Bank Accounts for Irish Start-ups

This article aims to provide an overview of the different banks and bank accounts available for startup owners in Ireland.

Indeed, if you have set up your business in Ireland, the next step is to open a business bank account. There are many banking options. We will see that some banks have a great deal of experience in helping start-ups. They don’t charge bank fees for the first year of business, which can help you minimize your costs in the early stages.

Choosing the right business bank account

First, we’ve provided a list of useful questions to ask your bank advisor when opening your account.

Q: What are the fees charged?

When a new business is starting up, it tries to minimize expenses. If you have to pay large bank fees for each transaction, it may be worth comparing prices to find the best option.

Q: Is there specialized support for start-ups?

A: No. Banks provide your accountant with the information needed to prepare your financial statements. It’s also where your company’s money is. Would you like your bank to support you in your journey?

Q: What is the application process?

If you have customers waiting to pay you or bills to pay, it will help to have as short an application process as possible. Ask if the bank offers a fully remote account opening or if an in-person meeting with one of the managers will be required.

Q: Are there any restrictions?

This question is of little interest to a new business. However, it is important to ensure that your bank will be able to handle your company’s growth. How much are you allowed to transfer per day? How many bank cards/authorized signatories can you have on the account?

Q: What about direct debit mandates? Do they exist?

This information is essential for paying invoices. It eliminates the administrative cost of bank transfers each time you pay a bill.

Q: Is there a banking application?

This is an interesting question if you want to access your bank via your cell phone. This will give you an idea of the design of their mobile website. You will also know if the bank offers reports on your consumption habits.

Requirements for opening a business bank account

Each bank will have specific requirements for opening a checking account. However, if you want to open a business bank account, banks will require:

Photo identification and proof of address for the account holder(s). Acceptable forms of identification are a valid passport or driving license. For acceptable proof of address, you may use utility bills, certain tax documents, and mortgage documents.

Certificate of incorporation and a copy of your company’s constitution (if you are a limited liability company).

Proof that your company is registered with the Registration of Beneficial Ownership (RBO).

Business Bank Accounts in Ireland

1. Bank of Ireland: Startup Account

Bank of Ireland’s Startup offer is available to any business that has started within the last three years.

  • Transaction and Maintenance Fees

The transaction, maintenance, and overdraft facility fees are excluded for the first 24 months for start-ups.

  • Free tools and guides

Bank of Ireland offers a range of free tools and guides for new businesses.

  • Deposit Options

Bank of Ireland business accounts offer a range of deposit options for businesses, including instant access to notice accounts and term deposits.

  • Access to Bank of Ireland 365

With 365 online access, customers can make online payments of up to €20,000 per day and access their account at any time.

  • Business Online Subscription (BOL)

Business Online (BOL) is the Bank of Ireland’s online banking service for businesses. It waives the subscription fee for this service for two years for new business customers.

  • Facilities

Their Workbench program offers facilities for startups and entrepreneurs, such as free Wi-Fi, hot desks, interactive screens, and events.

  • How do I open a business account with the Bank of Ireland?

If you are a sole trader or a limited company, you have the option of opening your business account online, without having to visit a branch.

Partners and other types of business customers can make an appointment online with one of the Bank’s business advisors.

2. Permanent TSB commercial bank

The Permanent TSB bank does not offer a tailor-made formula for start-ups. Their services are more tailored to individual entrepreneurs and more mature businesses.

  • Transaction fees

There are no transaction fees in Europe, including in countries outside the Eurozone.

  • Bundled payments

Permanent TSB Bank offers you the possibility to pay salaries or suppliers in a single transaction. This is done by uploading a payment file rather than setting up each transaction individually each month.

  • Visa Business Debit Card

Your Visa Business debit card allows you to deposit cash and checks. You can also withdraw up to €1,500 per day at the branch.

  • In-person banking

You always have the option of banking in person if that’s your preferred option. Permanent TSB has over 70 branches in Ireland.

  • How do I open an account with Permanent TSB?

To open an account, simply make an appointment with a local branch by calling them.

3. The AIB Startup pack

The AIB Startup pack is intended for companies that have been in business for less than three years and are opening an AIB Business Startup current account for the first time.

  • No fees

You will have no account management and transaction fees for two years.

  • Discount on cash handling fees

This package allows you to benefit from up to €100 discount on quarterly cash processing fees.

  • AIB Merchant Services

You have access to AIB’s merchant services for in-store, online, or telephone payments, so you can find a payment solution that suits your business.

  • Online Service for Small Businesses

The AIB package offers an online service specifically designed for small businesses. It also offers an online banking service for medium and large companies.

  • Brexit support

The AIB pack offers Brexit support to all its business customers. This support includes calls with specialist advisors on the subject of Brexit.

  • Business support for women entrepreneurs

AIB organizes training courses for women business owners. These events are aimed at business owners who have been in business for more than 18 months.

  • How do I open a business bank account with AIB?

To open an account, it is imperative that the manager, as well as a person authorized to sign transactions on the company’s accounts, meet with a bank representative at the branch.

You will be asked to print and sign a document highlighting the terms of the package. Two directors, or a director and a company secretary, are required to sign these forms.

Non-residents can open an account with AIB but may need to provide additional information and documentation.

Other banking services

Among the banks that offer similar services and have a high popularity rating, we can mention:

Is it necessary to open a business bank account?

Sole traders and limited liability companies are not legally required to open a bank account for their business. However, it is considered good practice to have a separate account for your business transactions for a variety of reasons.

A business bank account can help you keep your business accounts separate from your personal accounts. This ensures clarity and accuracy in your accounting. It makes it easier to track Irish income reports and budgeting for your business.

A separate business account is also important for essential tasks such as paying bills, receiving payments from customers, and paying yourself and your employees.

EEA nationals and business bank accounts in Ireland

Online banks such as N26 and Fire conduct their account opening process online. Note that for N26 accounts, you will need to be a resident of the country where the bank operates.

Regarding AIB and Permanent TSB, you will have to meet the bank at least once in person to finalize the creation of your account. As mentioned earlier, the Bank of Ireland is the only company that has a procedure for foreign business owners.

In terms of documentation, you will need a certified copy of your ID and proof of address if you cannot provide the original. However, we recommend that you contact an advisor at the bank of your choice directly, who will be able to answer all your questions.

Shall you wish to discover your options available based on your current situation, do not hesitate to book a free consultation with our team now.


Widelia and its affiliates do not provide tax, investment, legal or accounting advice.  Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, investment, legal or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Please consult for more information.


Jason Curtis

Nomad Crypto Expert – News Staff
Jason is a content editor at Widelia and writes about relocation, investments, and Crypto. He is a graduate of Michigan State University's journalism school, and his bylines include Issue Media Group, Michigan History Magazine, When he's not writing, he's investing into crypto, watching Tottenham Hotspur FC, or reading a book at the beach.

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