Allied Irish Bank (GB) business banking review
Allied Irish Bank (GB) (AIB GB) is a UK-based subsidiary of Allied Irish Banks, catering specifically to businesses in Great Britain. The bank provides a range of corporate banking, business finance, and commercial lending solutions, positioning itself as a trusted partner for SMEs and larger enterprises.
Key features of Allied Irish Bank (GB)
1. Business current accounts
- Tailored for SMEs and corporates: Suitable for businesses of all sizes.
- Access to relationship managers: Personalised banking support.
- Online and mobile banking: Manage accounts, payments, and transactions efficiently.
- FSCS protection up to £85,000: Ensuring deposit security.
2. Business savings accounts
- Fixed-term deposit accounts: Earn higher interest on long-term savings.
- Instant access savings: Flexibility to access funds when needed.
- Notice accounts: Higher rates for businesses that can plan withdrawals in advance.
3. Business lending and finance
- Commercial mortgages: Finance for property acquisition and refinancing.
- Asset finance: Funding for vehicles, machinery, and equipment.
- Working capital loans: Supports cash flow management.
- Trade finance solutions: Helps businesses engage in international trade.
4. Digital banking services
- Online banking: Manage payments, transfers, and accounts remotely.
- Mobile banking app: Accessible banking on the go.
- Integration with accounting software: Connects with platforms like Xero and QuickBooks.
5. International banking services
- Multi-currency accounts: Hold and transact in foreign currencies.
- Foreign exchange (FX) services: Competitive exchange rates for global transactions.
- Trade finance solutions: Letters of credit and guarantees for international business.
Allied Irish Bank (GB) fees and pricing
1. Business current account fees
- Monthly maintenance fee: Standard charges apply.
- Transaction fees: Based on account type and transaction volume.
- International payments: Charges apply for SWIFT and FX transactions.
2. Business savings account fees
- No maintenance fees.
- Competitive interest rates based on the selected savings product.
3. Lending fees
- Commercial mortgage rates: Vary based on loan size and terms.
- Asset finance pricing: Custom pricing depending on equipment value.
- Loan arrangement fees: One-time fees apply based on the finance package.
Pros and cons of Allied Irish Bank (GB)
Pros
- Dedicated relationship managers for business banking.
- Comprehensive lending solutions, including asset and trade finance.
- Strong international banking services, including FX and trade finance.
- Competitive savings rates for business deposits.
- FSCS protection on eligible deposits up to £85,000.
Cons
- Limited branch presence in the UK, mainly focused on key business hubs.
- No personal banking services, strictly business-focused.
- Monthly account maintenance fees may apply.
- Transaction fees for payments and international transfers.
How Allied Irish Bank (GB) compares to competitors
| Feature | AIB GB | HSBC Business | Barclays Business | NatWest Business |
|---|---|---|---|---|
| Business current accounts | Yes | Yes | Yes | Yes |
| Business savings | Yes | Yes | Yes | Yes |
| Business lending | Yes | Yes | Yes | Yes |
| International banking | Yes | Yes | Yes | Yes |
| Relationship manager | Yes | No (except large businesses) | No (except large businesses) | No (except large businesses) |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | SMEs, corporate clients | SMEs, large businesses | SMEs, large businesses | SMEs, large businesses |
Who should use Allied Irish Bank (GB)?
- SMEs and large businesses: Suitable for companies needing relationship banking and tailored financial solutions.
- Businesses with international operations: Provides FX, trade finance, and multi-currency accounts.
- Companies looking for commercial mortgages or asset finance: Offers flexible lending solutions.
- Businesses seeking competitive savings options: Good rates for term deposits and notice accounts.
Our verdict
Allied Irish Bank (GB) is a strong choice for businesses seeking personalised banking, lending solutions, and international financial services. Its relationship banking model, strong trade finance services, and competitive savings options make it a suitable alternative to mainstream UK banks.
However, businesses looking for personal banking, free business accounts, or extensive branch access may find its offerings limited. For SMEs and corporates in need of dedicated support, competitive business finance, and international banking, AIB GB is a reliable and robust option.