Ulster Bank business banking review
Ulster Bank is a retail and commercial bank operating in Northern Ireland, offering personal, business, and corporate banking services. It is part of the NatWest Group, providing access to a wide range of financial products and services.
Key features of Ulster Bank
1. Personal and business current accounts
- Personal current accounts: Standard, student, and premium account options.
- Business banking accounts: Tailored for SMEs and larger businesses.
- FSCS protection up to £85,000: Ensures deposit security.
- Reward current accounts: Cashback and benefits on eligible spending.
- Overdraft and credit facilities: Subject to approval and eligibility.
2. Business lending and commercial finance
- Business loans: Borrow from £1,000 to £10 million.
- Commercial mortgages: Finance for property acquisition and expansion.
- Invoice and asset finance: Unlocks working capital for businesses.
- Government-backed loans: Participation in support schemes such as Recovery Loan Scheme (RLS).
3. Savings and investment products
- Instant access savings: Flexible withdrawal options.
- Fixed-term savings: Competitive interest rates for long-term deposits.
- Cash ISAs: Tax-free savings for individuals.
- Business savings accounts: Secure fund management solutions.
4. Digital and mobile banking
- Ulster Bank mobile app: Secure and feature-rich, supporting payments and transfers.
- Online banking: Comprehensive web-based account management.
- Integration with accounting software: Compatible with Xero, QuickBooks, and Sage.
- Fraud detection and security tools: Biometric login, encryption, and instant alerts.
5. International banking services
- Foreign currency accounts: Hold and transact in multiple currencies.
- International payments: Supports SWIFT, SEPA, and FX services.
- Trade finance: Solutions for businesses engaged in global trade.
Ulster Bank fees and pricing
1. Personal and business current account fees
| Account Type | Monthly Fee | Overdraft Charges | Additional Benefits |
|---|---|---|---|
| Personal Current Account | £0 | Variable | Standard banking features |
| Reward Account | £2 – £9 | Variable | Cashback on bills |
| Business Account | £0 – £8.50 | Variable | Free banking for startups (24 months) |
2. Transaction fees
- UK bank transfers: Free for most accounts.
- International transfers: Fees apply based on currency and destination.
- ATM withdrawals: Free in the UK; fees apply abroad.
3. Lending fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Early repayment fees: Apply to fixed-term business loans.
- Invoice finance fees: Charged as a percentage of the invoice value.
Pros and cons of Ulster Bank
Pros
- Wide range of personal and business banking products.
- Strong digital banking capabilities with mobile and online banking.
- FSCS protection up to £85,000 for depositors.
- Comprehensive lending and commercial finance solutions.
- Good customer support with both in-branch and digital services.
Cons
- Monthly fees apply to some premium accounts.
- Business account fees after the free period.
- International transactions may incur higher fees.
- Lending eligibility criteria can be strict.
How Ulster Bank compares to competitors
| Feature | Ulster Bank | Barclays | HSBC | NatWest |
|---|---|---|---|---|
| Personal current accounts | Yes | Yes | Yes | Yes |
| Business banking | Yes | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Digital banking | Yes | Yes | Yes | Yes |
| International banking | Yes | Yes | Yes | Yes |
| Cashback rewards | Yes | No | No | No |
| Ideal for | Individuals, SMEs, corporate clients | Startups, SMEs | Global businesses | UK-based businesses |
Who should use Ulster Bank?
- Individuals looking for personal current and savings accounts with strong digital features.
- Startups and SMEs needing business banking and lending solutions.
- Businesses engaged in international trade and transactions.
- Customers preferring a bank with both branch and online banking support.
Our verdict
Ulster Bank is a leading retail and commercial bank in Northern Ireland, offering a wide range of personal and business banking services. Its strong digital banking features, business lending options, and customer support make it a reliable option for individuals and SMEs.
However, monthly fees on some accounts, business banking costs after the initial free period, and international transaction charges may be drawbacks. For those seeking a well-rounded banking experience with global reach, Ulster Bank remains a strong financial provider in the UK and Ireland.