Online business bank accounts for Irish small businesses and sole traders

Looking to set up an online bank business account? Larissa Feeney, founder and CEO of Accountant Online, takes us through what is on offer in Ireland.

If you're a sole trader, freelancer or small business, you should have a business bank account.

At the moment, there is a lot of movement in the fintech space as more online banks are able to enter the Irish market, providing more opportunity to those who run a fully digital business.

Larissa Feeney takes a look at three of the online banks offering business accounts to Irish businesses, and points out some of the selling points of each one. She says:

"One question we get all the time is 'Can I just use my personal bank account, especially if the business is just starting off?'.

"It's important to have a business bank to keep those business transactions separate to your personal transactions. And it means that if your accountant or your bookkeeper analyses your account, there's no need for them to see personal transactions. It’s also costing you more money in the long run."

Online business bank accounts – your options

Fire

• Provides digital accounts for businesses in UK and Ireland

• Have both Sterling and Euro accounts

• Perfect for e-commerce businesses that want to transfer money easily between accounts

• Offers direct debits

• Can have multiple users on the account with different access levels

• Multiple Mastercard debit cards for account users

• Compatible with most major accounting software packages

• Instant notification when payments received – sends push notifications if there is activity on the account

• Real-time foreign exchange transfers between accounts

• Fees displayed before transactions

• Can use open API to link into your own accounting system

• No set-up costs or ongoing monthly maintenance fees

N26

• Mainly aimed at sole traders and freelancers

• Online set-up is fast but you must be a European citizen and in the country where N26 operate

• Gives you a business Mastercard but also gives you 0.01% cashback

• N26 are not in the UK, which may affect the decision of those who regularly do business with the UK

• Has good features for budgeting, allowing you to create up to 10 'spaces' where you can set aside money for taxes or perhaps different projects

• Allows you to tag transactions to help you understand profitability on different projects

• Sends push notifications for account activity

Revolut

• Business account is a recent addition

• Offers a fully digital account in over 30 currencies, so great for businesses who need to receive and make payments in multiple currencies

• You can hold, receive and exchange up to 24 currencies using the interbank exchange rate, with no added fees from Revolut

• You can have business cards for multiple currencies and offers prepaid business cards – physical and virtual

• Offers direct debits

• Can connect directly to your accounting software using open API

• You can create invoices directly from Revolut app

Enterprise Nation Ireland has teamed up with a range of finance partners to show you which funding options are available and help you gain access to them.

Take part in interactive workshops, e-learning modules and free in-person consultations to move your business to the next level.

Visit the Access to Finance Hub now