AIB current accounts review
With Allied Irish Banks (AIB), you can choose from a personal current account and a business current account.
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Allied Irish Banks, or AIB, offers a range of financial products including savings accounts, mortgages, credit cards and current accounts. Here we review its current account offering.
AIB doesn’t offer a huge selection of current accounts. Rather, it offers 1 personal account and 1 business account.
This is a straightforward day-to-day bank account with no monthly maintenance fees. It offers a £200 interest-free overdraft (subject to certain criteria) and comes with a Visa debit card. You can manage the account online, by phone or by visiting your nearest Post Office branch.
AIB’s business account can be accessed via the bank’s Internet Business Banking service any time. You can also pay in cash at certain Allied Irish Banks (GB) Business Centres and via the Post Office. There is a fee for most banking transactions and these will be charged to your account on a quarterly basis. It’s also possible to arrange an overdraft, though interest will be charged.
To open a personal account you must be a UK resident and an existing Allied Irish Banks customer. Both personal and business accounts must be opened by phoning the AIB Business Centre on 0345 6005 204.
You will need to provide proof of ID, such as a passport or driving licence, and proof of address such as a utility bill.
Yes, AIB is regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). All funds you deposit with the bank are protected under the Financial Services Compensation Scheme (FSCS).
This protects deposits up to £85,000 per person, per financial institution (£170,000 for joint accounts) in the event the bank went bust.
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AIB doesn’t offer a huge range of current accounts, but if you’re looking for a straightforward personal or business bank account with no monthly maintenance fees, you might want to consider what it does offer. The personal account’s £200 interest-free overdraft might also appeal to those who tend to dip into the red. However, if you’re after an account that pays interest or offers cashback or other rewards, you will need to look elsewhere.
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