05 July 2016
Bank of Ireland UK has been awarded 5 Star Ratings for both its Small Business Growth account and its Agri business current account by Moneyfacts, the UK’s leading independent provider of personal financial information.
Bank of Ireland UK was the only local bank to be included in this year’s 5 Star Ratings following Moneyfacts annual assessment of the business current account market across the UK.
Bernard Rooney, NI Consumer & Small Business at Bank of Ireland UK said: “As Northern Ireland’s Enterprise Bank we work hard to create the products and local services and advice that will support ambitious business owners.
“We know that growth businesses face challenges around competition, pricing, profitability and cash flow and we’re particularly delighted that the business current accounts we launched early last year, with their discounted fees and other real benefits, have been recognised by independent experts for the added value they bring to our business customers who are working hard to seize on growth opportunities.”
Lee Tillcock, Editor at Moneyfacts, said: “The day-to-day costs of having a business current account are an important concern for many business owners. In light of this, the accounts from Bank of Ireland UK have achieved the highest rating in the 2016 Business Current Account Star Ratings due to their cost-effectiveness. These competitive accounts can support small businesses in their early stages and can reduce their financial burdens while they continue to grow.”
Bank of Ireland UK’s packages for new small business customers consist of a three-year deal for established growth* businesses, which gives two years of free transactions followed by a third at a 50% discount, and a two-year deal for new start-ups** offering a year’s fee-free banking followed by a year at a 50% discount.
Moneyfacts Star Ratings assess the technical merit of a range of financial products, paying close attention to the ‘added quality’ features.
The 5 Star Rating follows a comparison of important charges and features including account management, card availability, credit interest, overdraft availability, introductory offers, standing charges and transfer and faster payments costs.
Ends
Notes to Editors
*Growth: In years 1 and 2, no Transaction Fees (as detailed in the Transaction Fees on Business Accounts section of the Schedule of Charges for Business Customers) will apply to your current account. In year 3, a 50% discount on these Transaction Fees will apply. During this 3 year fee deal, if cash lodged is more than £10,000 per quarter, a fee of 35p per £100 is charged on the excess amount over £10,000 per quarter.
**New Start Up: In year 1, no Transaction Fees (as detailed in the Transaction Fees on Business Accounts section of the Schedule of Charges for Business Customers) will apply to your current account. In year 2, a 50% discount on these Transaction Fees will apply. During this 2 year fee deal, if cash lodged is more than £10,000 per quarter, a fee of 35p per £100 is charged on the excess amount over £10,000 per quarter.
All other standard charges apply, including Electronic Banking, Foreign Exchange and Service charges as outlined in the Schedule of Charges for Business Customers.
