Allied Irish Bank (GB)

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.

Compare Allied Irish Bank current accounts

1 - 4 of 4
Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Student+ Account
Not yet rated
£0
No minimum funding requirement
0% AER

No commission charges on foreign currency notes transactions.
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Graduate Account
Not yet rated
£0
No minimum funding requirement
0% AER

No commission charges on foreign currency notes transactions.
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View details
Student (12-18) - Age 12-18
Not yet rated
£0
No minimum funding requirement
1.76% AER

Commission free travel money.
View details
Classic Account
Not yet rated
£0
No minimum funding requirement
0% AER
N/A
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View details
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Types of current account from AIB

AIB doesn’t offer a huge selection of current accounts. Rather, it offers 1 personal account and 1 business account.

  • Personal current 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.

  • Business bank account

  • 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.

Benefits of opening an account with AIB

  • Overdraft facility. The first £200 of an arranged overdraft is interest-free on the personal account.
  • No maintenance fees. None of the accounts charge a monthly or annual maintenance fee.
  • Multiple ways to bank. You can bank online, by phone or at the Post Office.
  • Round the clock access. You can access your account via online banking 24/7.

How to open an account

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.

Is AIB safe?

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.

Pros and cons

Pros

  • Overdraft facility
  • Multiple ways to bank
  • No account maintenance fees
  • FSCS protection

Cons

  • High interest rate on overdrafts if you exceed interest-free limit
  • Application process can only be carried out over the phone
  • Need to be an existing customer to open personal account
  • Fees for most business banking transactions

Our verdict

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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