Why switch your Business Current Account to us?
A business current account is an efficient way to successfully manage the day-to-day operation of your business.
Whether you manage your account online or through your branch, you can use your business current account to receive payments and to pay your suppliers and expenses.
With a business current account you can:
- Set up direct debits or standing orders to pay your business bills.
- Pay your suppliers electronically through iBusiness Banking (iBB).
- Make international payments.
- Save time and money by paying your employees' salaries electronically.
- Collect payments from customers electronically.
- Receive bank statements at intervals to meet your business needs.
- Apply for an overdraft facility on your account, for flexible, short-term working capital.
Our commitment to you
We know you don't have time to waste, so we've created a business banking package that's simple to use and easy to access. Switching to us is not as complicated as you may think - just follow the step by step guide to make it as quick and hassle free as possible. You will also have a Business Relationship Manager on hand to assist you with any queries throughout the process. Switching to us is free - there are no set-up charges for direct debits and standing orders.
What are your switching options?
Option A: Current Account Switch Service
Switch your business current account to us and close your business current account with your old bank. The switch from your old account to your business current account will be completed within seven working days of your preferred switch date (which you will specify on the Current Account Switch Agreement Form, signed by you). This will transfer all of your direct debits, standing orders and bill payments (Online and Phoneline Banking only) over to us. The Current Account Switch Guarantee provides peace of mind for SMEs, small charities and small trusts switching their business current account.
If we agree, bank accounts that include an overdraft can switch using the Current Account Switch Service. And if you'd like to have an overdraft with your new bank account, speak to us before starting your switch. We will be able to advise if you're eligible for an overdraft, dependent on our lending criteria and your credit status.
If you have given permissions to Third Party Providers to make payments on your behalf, or to access your financial data, access to these services won’t be transferred automatically to your new account as part of the Current Account Switch Service.
1. Before you close your old account, check whether you have any Third Party Provider permissions set up and if so, who with.
2. Once your new account is open you can give your permission to the Third Party Provider to access your new account by providing them with your new account details. You will need to contact the Third Party Provider directly yourself to set this up.
3. If you are unsure as to whether we will support the Third Party Provider permissions on your account, you will need to discuss this ahead of your switch with us and we will be able to advise you of this. Please check our terms and conditions for more information about Third Party Providers.
Option B: Partial Switch
Partial Switch: move all or some of your direct debits, standing orders and bill payments (Online and Phoneline Banking only) to your new business current account, but you can keep your existing account open with your old bank. The Current Account Switch Guarantee does not apply to a partial switch.
Current Account Switch Guarantee
We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days. As your new current-account provider we offer the following guarantee.
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
- If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
Full details of the Current Account Switch Guarantee are available in the Business Current Accounts brochure
A list of frequently asked questions can be found on the Current Account Switch Service website at currentaccountswitch.co.uk/help-support
If your existing bank* is not a participant of the Current Account Switch Service, then you have the option to Switch Manually with no cost by giving us your Old / New Account details so we can contact your existing bank*
(Note - The Current Account Switch Service Guarantee does not apply to the manual process. If you’re not sure whether your current bank or building society participates in the Current Account Switch Service. Ask us when you start your switch)
If you are switching your current account to us, simply call into any of our branches to initiate the request. We will request you to confirm that your direct debit and standing order details are correct, once these are provided by you or your Old Bank*.
If any direct debits and standing orders originate from a third party (e.g. your employer), then you will need to complete an authority form which we will then use to contact the credit/debit originator on your behalf. We will request your Old Bank* to transfer any credit balance to your new current account with us, and on your request ask them to close your old account. The process will take approximately 12 working days.
(Note – this timeframe excludes any time taken for a response from your Old Bank* or you).
If you are switching from us into another UK based financial institution, we will send them a list of your Direct Debits, Direct Credits, Standing Orders and Bill payments within 5 working days. We will transfer any credit balance and close the account on the switch date as requested from your New Bank*.
How to make a complaint
If you are unhappy with any aspect of this service, please visit aibni.co.uk/help-and-guidance/customer-complaints-homepage
* includes building societies or any payment service provider
Talk to Us
Simply call 0345 6005 925† or drop into any AIB branch. We’ll be happy to answer any questions you may have about switching to us.
† Lines open: 9am to 5pm Monday - Friday (except on bank holidays). Calls may be recorded. Call charges may vary - refer to your service provider.