Why do you need a Pillar Bank?

 Last Reviewed June 2026  

Deposit Interest Rates

Historically, AIB and Bank of Ireland have not always offered particularly attractive rates on everyday deposit account.

Bank Fees

Bank fees charged by the pillar banks tend to be relatively high when compared to many digital and challenger banks. Making direct comparisons can be difficult, as fee structures vary significantly between providers and are often complex.

Technology

This is not to be dismissed or overlooked. If your bank has good technology, it can really help with the running of your business. There tends to be a learning curve with both pillar banks technology, they are based on legacy systems that were designed before the internet, mobile phones and Apps were invented. They can be both limited and frustrating.

The human touch

Both banks tend to score well here. Invariably there is an account manager who is there to help. You can email, phone, zoom or even meet this person in the flesh. These account managers tend to be good people who are motivated to help you open a bank account.

Credit Cards, Loans, Financing, Pensions

These are all available but you need to establish a track record with the bank first. You need to trade with them for at least a year before you can get any type of debt funding from them. Irish Banks are very risk-averse.

How safe is your money?

Irish Banks are subject to the same regulation as any EU bank.

So what next?

If you have an Irish company, then you should have an account in one of these banks. You can 100% run your company through this account but we think that a fintech bank like Revolut makes your business life easier. Parking some of your funds in one of the pillar banks is an essential part of your diversified banking strategy.