Bank of Scotland ahead in survey of business fees

A survey by the Irish Financial Services Regulatory Authority has shown wide variation in the fees charged to business current accounts by six of the main banks. The survey shows that Bank of Scotland (Ireland) imposes no charge for a range of services that clients must pay for at other banks.

Consumer director with the financial regulator Mary O'Dea said the survey had been conducted to help people find the most suitable bank accounts for their business.

"While the cost of banking services for your business is very important, there are other factors to consider, such as the level of service and availability of dedicated business banking staff.

"These factors are as significant a cost as they are important for the efficient running of your business. Remember, even if you do not want to switch your account, it is often possible to negotiate with your bank to have your fees and charges reduced."

A new switching code will be introduced in July to make it easier for businesses to move accounts. Details of how the code will operate, as well as results of the survey, can be viewed at www.itsyourmoney.ie. "If you are thinking about switching your account, you can consult our survey to see which accounts offer the best value," Ms O'Dea said. The survey looks at the charges imposed by AIB, Bank of Ireland, Bank of Scotland, NIB, Permanent TSB, and Ulster Bank.

All banks charge for automated transactions and credit transfers. Permanent TSB charges 20 cent per €100 for cash notes lodgments, while AIB charges 45 cent per €100, Bank of Ireland 48 cent per €100, NIB 50 cent per €100, and Ulster Bank 50 cent per €100.

Many of the banks do not pay interest on credit balances, the survey found.