Danske Bank UK business banking review
Danske Bank UK is a leading Northern Ireland-based bank offering personal, business, and corporate banking services. As a subsidiary of Danske Bank Group, it serves customers with traditional and digital banking solutions.
Key features of Danske Bank UK
1. Business and personal current accounts
- Range of business accounts: Tailored for SMEs, startups, and larger enterprises.
- Personal current accounts: Various options, including student and premium accounts.
- FSCS protection up to £85,000: Ensures deposit security.
- Overdraft and credit facilities: Available for eligible businesses and individuals.
2. Business lending and corporate finance
- Business loans: Secured and unsecured options available.
- Commercial mortgages: Property financing for business expansion.
- Asset finance: Helps businesses acquire essential equipment.
- Invoice finance: Unlocks cash flow from unpaid invoices.
3. Savings and investment products
- Instant access savings: Flexible savings for businesses and individuals.
- Fixed-term deposits: Higher interest rates for long-term savings.
- Cash ISAs: Tax-free savings options.
- Investment services: Available for wealth management clients.
4. Digital and mobile banking
- Danske eBanking: Online banking platform for personal and business customers.
- Mobile app: Secure banking access with biometric login and mobile payments.
- Integration with accounting software: Compatible with Xero and QuickBooks.
- Contactless and mobile payments: Supports Apple Pay, Google Pay, and Samsung Pay.
5. International banking services
- Foreign currency accounts: Hold and transact in multiple currencies.
- Competitive foreign exchange (FX) rates.
- International payment services: SWIFT, SEPA, and trade finance solutions.
Danske Bank UK fees and pricing
1. Business current account fees
- Monthly account fees: Ranges from £7.50 to £12.50, depending on the account type.
- Transaction charges: Fees may apply for cash deposits, withdrawals, and international payments.
- Overdraft interest rates: Custom rates based on eligibility.
2. Savings account fees
- No maintenance fees.
- Interest rates vary based on account type and term length.
3. Lending fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Early repayment fees: Apply to fixed-rate business loans.
- Invoice finance fees: Charged as a percentage of the invoice value.
Pros and cons of Danske Bank UK
Pros
- Comprehensive banking solutions for businesses and individuals.
- Strong digital banking platform with a feature-rich mobile app.
- FSCS protection up to £85,000 per eligible depositor.
- Competitive business lending and mortgage options.
- Strong international banking support with multi-currency accounts.
Cons
- Monthly fees apply to most business accounts.
- Limited branch presence outside Northern Ireland.
- Transaction fees on certain account types.
- Strict eligibility criteria for some lending products.
How Danske Bank UK compares to competitors
| Feature | Danske Bank UK | Barclays Business | HSBC Business | NatWest Business |
|---|---|---|---|---|
| Business current accounts | Yes | Yes | Yes | Yes |
| Monthly fees | £7.50 – £12.50 | £8 – £12.50 | £6.50 – £12.50 | £8 – £12.50 |
| Business lending | Yes | Yes | Yes | Yes |
| Digital banking | Yes | Yes | Yes | Yes |
| International banking | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | SMEs, corporates, individuals | SMEs, startups | SMEs, large businesses | SMEs, freelancers |
Who should use Danske Bank UK?
- Businesses in Northern Ireland: Strong local presence with tailored SME banking solutions.
- Companies needing international banking: Multi-currency accounts and trade finance available.
- Individuals seeking a full-service bank: Provides personal, business, and investment products.
- Businesses requiring flexible financing: Offers business loans, asset finance, and invoice financing.
Our verdict
Danske Bank UK is a well-established financial institution offering business, personal, and corporate banking services. Its strong digital banking platform, competitive business lending, and international services make it a top choice for SMEs and corporates in Northern Ireland.
However, its limited UK-wide branch presence and account fees may not suit all customers. For businesses and individuals looking for a trusted, full-service bank with international capabilities, Danske Bank UK provides a strong, reliable financial solution.