A comprehensive guide to help you choose the right business banking solution for your business
As a founder who recently navigated this journey myself, I can tell you that opening a dedicated business bank account is one of the most crucial early steps for any Irish startup. While it might be tempting to use your personal account initially, separating your business finances from day one establishes professionalism and credibility with investors, customers, and suppliers. It also creates a clean financial record that simplifies tax filing, accounting, and financial reporting - saving you headaches when it's time to prepare your annual returns.
A business account provides essential features tailored to company needs that personal accounts typically lack, such as multiple user access for team members, integration with accounting software, and specialized business support. Perhaps most importantly, having a separate business account creates the legal separation necessary to establish your company as its own entity, protecting your personal assets and strengthening your business's financial foundation.
Additionally, many suppliers, enterprise customers, and potential investors will require payment to or from a business account, not a personal one. As your startup grows, a proper business banking relationship gives you access to crucial financial products like business loans, overdraft facilities, and merchant services that will be vital for scaling operations. Choosing the right business bank account from the start positions your Irish startup for both immediate operational efficiency and long-term growth.
To discover which bank is right for your business, you need to ask the following questions:
If your company is a startup, you may want to check if the bank supports startup companies in any way through incubators, business support programs, workstations, work hubs, or other resources designed specifically for early-stage businesses.
The Irish banking landscape offers two distinct paths for startups: traditional pillar banks and newer digital banks. Pillar banks like AIB, Bank of Ireland, and Permanent TSB offer the security of established institutions with physical branches, relationship managers, and comprehensive service offerings. They typically provide more personalized support and may better understand the local business environment, but often come with higher fees and more bureaucratic application processes requiring in-person meetings.
Digital banks such as Revolut, N26, and Wise have disrupted the market with streamlined, fully online experiences designed for modern businesses. These fintech companies typically offer faster account opening, lower fees (especially for international transactions), and innovative app features. While they lack physical branches, their digital-first approach often results in superior user interfaces and integration capabilities with other business tools. For tech-savvy startups operating internationally, these digital options can provide significant advantages in speed, cost, and convenience.
Your choice ultimately depends on your specific business needs - consider factors like how often you'll need in-person banking services, the importance of international transactions, integration requirements with your business systems, and whether relationship-based banking will benefit your particular industry or growth stage.
Bunq is a Dutch digital bank that entered the Irish market with a focus on sustainability and flexibility. Operating under a Dutch banking license with €100,000 deposit protection, Bunq offers business accounts designed for entrepreneurs and small businesses with unique customization options.
What is most distinctive about Bunq was their commitment to sustainability - they plant a tree for every €100 spent with their cards, which will align well with any company's environmental values. Their sub-account system (25 business accounts included) makes it exceptionally easy to organize finances by project or department. The ability to create custom workflows for payments requiring multiple approvals can be particularly useful for teams as your business grows.
| Key Features | Description |
|---|---|
| Account Plans | Freelancer and Limited Company Accounts |
| Sub-accounts | Multiple business accounts included |
| Card Options | Physical and virtual cards |
| Sustainability | Tree planting for card spending (varies by plan) |
| Team Access | Multiple user access with approval workflows |
| API Access | Open API for custom integrations |
| Pros | Cons |
|---|---|
| Strong environmental commitment | Free account only for Freelancers or Sole Traders |
| Excellent account organization options | Less name recognition in Ireland |
| Multiple user access with controls | Smaller ATM fee reimbursement network |
| Earn Interest on your account balances | Customer service sometimes slow to respond |
Bunq Free available for Freelancers
Plans for Limited Companies start at €7.99 per month
N26 is a German digital bank that has gained popularity across Europe, including Ireland. Founded in 2013, N26 operates under a German banking license with deposit protection up to €100,000. Their business accounts are designed with entrepreneurs and freelancers in mind, offering a completely digital banking experience.
N26 Business accounts stand out for their streamlined mobile experience, transparent pricing model, and cash-back rewards on business purchases. The interface is exceptionally user-friendly, making it easy to categorize expenses and export statements for accounting purposes. One notable advantage is the speed of account opening through their app, with verification completed entirely online.
| Key Features | Description |
|---|---|
| Account Types | Freelancer or Sole Trader Accounts Only |
| Card Options | Virtual and physical Mastercard |
| International Transfers | Competitive rates via Wise integration |
| Sub-accounts | Up to 10 Spaces for organizing funds |
| Cash Withdrawals | 3-5 free ATM withdrawals monthly (plan dependent) |
| Customer Support | In-app chat and email (no phone support) |
| Pros | Cons |
|---|---|
| Quick digital onboarding process | No physical branches in Ireland |
| No monthly fee for standard account | Limited customer service options |
| 0.1% cashback on all purchases | No overdraft facilities |
| Excellent mobile app experience | Not ideal for cash-heavy businesses |
N26 Customers can only hold a personal account or a business account not both. If you already hold a personal account with N26 you will be unable to open a business account.
Revolut launched in 2015 and has quickly become one of the most popular digital banking options for businesses in Ireland. Operating under a Lithuanian banking license with €100,000 deposit protection, Revolut Business offers tailored solutions for startups, SMEs, and freelancers with a focus on international operations.
What stands out for some businesses about Revolut is their unmatched currency exchange capabilities - holding and converting between 28+ currencies with minimal fees can save businesses significant money on international transactions. The expense management tools are excellent, allowing team members to upload receipts directly in the app and simplifying expense reconciliation. Their API access also enables you to integrate banking data directly with your accounting software.
| Key Features | Description |
|---|---|
| Account Types | Same account types for Freelancer and Limited Companies |
| Multi-currency | Hold and exchange 28+ currencies at competitive rates |
| Team Access | Multiple team member access with permission controls |
| Integration | API access and accounting software connections |
| Payment Options | Physical and virtual cards with spending controls |
| International Payments | Competitive rates for global transfers |
| Pros | Cons |
|---|---|
| Excellent multi-currency capabilities | No Longer offering free tier |
| Powerful expense management | No physical branches |
| Scalable pricing tiers | Occasional account freezes for verification |
| Advanced API for integrations | Some features require more expensive paid plans |
Pricing starts at €10 per month plus VAT for their Basic Plan
SumUp started as a payment processing company in 2012 and has expanded into business banking services. Popular among small merchants and service businesses in Ireland, SumUp Business Account is designed to complement their payment processing solutions, creating a seamless financial ecosystem for small businesses.
Some find SumUp particularly useful for its integration with their card readers - funds from card payments appear in the business account almost instantly. Their fee structure is refreshingly simple with no monthly charges, making it an economical choice for early-stage startups. The account comes with a free Mastercard and supports both Apple Pay and Google Pay for convenient payments.
| Key Features | Description |
|---|---|
| Account Cost | No monthly fees |
| Card Payments | Seamless integration with SumUp card readers |
| Payment Methods | Free Mastercard, Apple Pay, Google Pay support |
| Transaction Fees | Free SEPA transfers |
| Mobile App | Dedicated business app with sales reports |
| Withdrawal Limits | €1,000 daily ATM limit |
| Pros | Cons |
|---|---|
| No monthly account fees | Limited functionality compared to full banks |
| Instant access to card payment funds | No lending or overdraft facilities |
| Simple, transparent pricing | Primarily designed for merchants |
| Easy account opening process | Limited customer service options |
Sumup is not a bank, however it is an authorised electronic money institution regulated by the Central Bank of Ireland. Funds held in a Sumup business bank account are segregated in order to safeguard your funds.
Vivid Money is a Berlin-based fintech that expanded into the Irish market in 2022. Operating under a German banking license, Vivid combines banking, investments, and cashback in one platform. Their business offering caters to small businesses and freelancers looking for an all-in-one financial solution.
What makes Vivid stand out is their Super Deals program, which offers enhanced cashback rates with selected business partners. Their pocket feature allows for effective expense management by creating multiple sub-accounts. The integrated investment platform can be particularly useful for managing excess business capital.
| Key Features | Description |
|---|---|
| Account Types | Freelancer and Limited Company Accounts) |
| Card Options | Virtual and Plactic Visa card included |
| International Transfers | 15-30 free SEPA transfers monthly |
| Sub-accounts | Multiple "pockets" for expense categorization |
| Investment Options | Stocks, ETFs, and cryptocurrencies integrated |
| Cashback | Enhanced rates at partner businesses (up to 25%) |
| Pros | Cons |
|---|---|
| All-in-one financial platform | Limited Irish-specific business integrations |
| Generous cashback program | Relatively new to Irish market |
| Integrated investment options | Higher monthly fees than other digital banks |
Standard plan is free of charge for both Freelancers and Limited Companies
Premium plans start at €7 per month
Formerly TransferWise, Wise launched its Business account in 2017 as a solution focused primarily on international transactions. Regulated by the Central Bank of Ireland, Wise has built a reputation for transparent currency exchange and international payment services.
The standout feature of Wise that benefits some businesses is the ability to hold balances in 50+ currencies and get local bank details in 10 countries. This can be invaluable for receiving payments from international clients without them incurring high transfer fees. Their mid-market exchange rates consistently beat traditional banks by 0.5-2%, potentially resulting in significant savings for businesses with global operations.
| Key Features | Description |
|---|---|
| Account Cost | One-time €50 setup fee, no monthly account management charge |
| Local Bank Details in 22 currencies | Accounts in EUR, GBP, USD, AUD, NZD, etc. |
| Currency Support | Hold and convert 40+ currencies |
| International Transfers | Mid-market rates with transparent fees |
| Team Access | Delegate access with custom permissions |
| Mass Payments | Batch payment capability for paying multiple recipients |
| Pros | Cons |
|---|---|
| Best-in-class currency exchange rates | Limited domestic banking features |
| Local bank details in multiple countries | No lending products |
| Transparent fee structure | No virtual card option |
| Excellent international payment options | Not a full-service bank |
Wise is not a bank, however it is an authorised electronic money institution regulated by the Central Bank of Ireland. Funds held in a Sumup business bank account are segregated in order to safeguard your funds.
AIB is Ireland's largest commercial bank and offers comprehensive business banking services with a strong focus on supporting Irish startups and SMEs. With over 200 branches nationwide, AIB combines traditional banking stability with increasingly digital services.
AIB's standout offering for startups is their AIB Start-up Academy, which provides mentorship, networking opportunities, and potential funding for early-stage businesses. The relationship banking model means having access to decision-makers when we needed financing for growth.
| Key Features | Description |
|---|---|
| Account Types | Start-up Business Account (fee-free for 2 years), Standard Business Account |
| Branch Network | 200+ locations throughout Ireland |
| Startup Support | AIB Start-up Academy, sectoral specialists |
| Digital Banking | Advanced online and mobile banking platforms |
| Payment Solutions | Comprehensive merchant services and POS systems |
| Business Insights | Financial analysis and benchmarking tools |
| Pros | Cons |
|---|---|
| Extensive startup support programs | Fee structure becomes costly after promotional period |
| Largest business banking network in Ireland | Sometimes bureaucratic decision-making |
| Comprehensive financing options | Longer account opening timelines |
| Strong domestic payments infrastructure | Foreign exchange margins higher than digital banks |
Account maintenance charge once promotional period ends of €4.50 per quarter. Plus per transaction charges
Bank of Ireland is one of the country's oldest financial institutions, established in 1783, and offers extensive business banking services targeting everything from startups to large corporations. Their nationwide branch network and deep roots in the Irish business community provide a stable banking option with comprehensive services.
Their Business Start-up Package includes fee-free banking for the two years and dedicated startup support team. Their thinkbusiness.ie platform provides sectoral information and tools and templates to startups.
| Key Features | Description |
|---|---|
| Account Options | Business Start-up Package, Standard Business Current Account |
| Promotional Offer | Fee-free banking for first 24 months (startups) |
| Physical Presence | Extensive branch network throughout Ireland |
| International Services | Global markets team for FX and international trade |
| Business Support | Dedicated startup support managers |
| Pros | Cons |
|---|---|
| Established reputation and stability | Higher fees after promotional period |
| Comprehensive business ecosystem | More formal application requirements |
| Strong connections to Irish business community | Digital features lag behind neobanks |
Account maintenance charge once promotional period ends of €15 per quarter. Plus per transaction charges
Permanent TSB is one of Ireland's traditional pillar banks with a history dating back to 1884. As a fully Irish-owned retail bank (Majority Shareholder Government of Ireland), PTSB offers a range of business banking services focused on Irish SMEs and startups, with physical branches throughout the country.
Their Business Current Account provides the security and stability of a traditional bank with the advantage of in-person support at over 98 branches nationwide. Some value having a designated relationship manager who understands the Irish business landscape and can provide personalized advice. Their commitment to supporting local businesses is evident through their partnerships with Enterprise Ireland and various startup initiatives.
| Key Features | Description |
|---|---|
| Account Types | Business Current Account, Partnership, & Sole Trader Account |
| Physical Presence | 90+ branches across Ireland |
| Transaction Fees | Quarterly maintenance fee |
| Overdraft Options | Flexible business overdraft facilities available |
| Business Support | Relationship manager assignment |
| Digital Banking | Online and mobile banking available |
| Pros | Cons |
|---|---|
| Established Irish banking presence | Higher transaction fees than digital alternatives |
| In-person support at branches | More complex application process |
| Comprehensive lending options | Less competitive FX rates |
| Local market knowledge | Less intuitive digital interfaces |
PTSB have rapidily increased their business banking options in recent years and have indicated in press releases etc., that this trend will continue in the coming years.
Choosing the right accounting software for your Irish startup is a critical decision that will impact your financial operations for years to come. Consider starting with a free trial of your top contenders to experience their interfaces and features firsthand before committing.
Remember that the best solution for your business depends on your specific needs, industry, growth plans, and comfort level with financial management. Many Irish startups find that locally developed solutions like BigRedCloud, BulletHQ, or Surf offer the ideal balance of Irish tax compliance and user-friendly design, while others prefer the extensive feature sets of international platforms like Sage or QuickBooks.
Whichever solution you choose, the most important step is implementing a proper accounting system early in your startup journey. The financial visibility, time savings, and professional credibility that accounting software provides will pay dividends as your business grows.