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.
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
Customer service information for AIB
Email support
Telephone support
In-app or live chat
Contact form
Branch support
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
You can call the bank between 9am and 5pm Monday to Friday (excluding bank holidays).
Yes, AIB is part of the Current Account Switch Service and offers the Current Account Switch Guarantee. This means the switch from your old account to your new one must be completed within 7 working days and if anything goes wrong with the switch, any interest or charges must be refunded to you.
Northern Ireland has 7 AIB branches plus 6 specialist business centres. There are also 12 business centres across England and Scotland. However, you can also manage your AIB account in any Post Office branch.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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