Allied Irish Bank
Last Rated in Oct 2024
Allied Irish Bank has been moving in the right direction for a number of years now. It has been increasing the amount of financing it provides to renewable energy projects while winding down its support for the fossil fuel sector.
AIB has measured greenhouse gas emissions enabled by its lending and has set definitive and independently validated targets.
AIB offers a diverse range of financial services to suit all customer needs such as personal banking options, investing options, and business financing options. Importantly, these include green mortgages and green loans for home retrofits!
We would like to see a marked improvement in their online banking and customer service which both seem to be a significant contributor to negative customer feedback.
Have you opened an account with Allied Irish Bank since visiting Bank.Green?
Key Facts
Type: Bank
Mobile Banking: Yes
Environmental Policy: No
Founded: 1966
Serving: Consumers and Businesses
Local Branches: Yes
Products
Checking Accounts: Yes
Savings Accounts: Yes
Credit Cards: Yes
Mortgages or Loans: Yes
Business Lending: Yes
ISAs: No
Fees
Overdraft Fee: Yes
Account Maintenance Fee: Yes
Free ATM Network: No
Impact
• AIB has been rated favorably from an ESG perspective by CDP, S&P Global and the FTSE4Good with Sustainalytics giving it a low risk rating.
• AIB have an ambition for 70% of new lending to be green or transition by 2030 and have a target to achieve Net Zero in financed emissions by 2040. Their target of becoming Net Zero in their own operations is the year 2030.
• They are aligned with the Net Zero Banking Alliance since 2021 and their financed emissions targets were validated by SBTi in 2023.
• Their exclusion policy is particularly robust with a 2025 cut off for lending to companies engaged in fossil fuel production and exploration.
• €11.6 billion in Green lending since 2019 including Green mortgages and Green loans for retrofitting homes.
Security
• AIB is licensed and regulated by the Central Bank of Ireland and is subject to the provisions of the Central Bank of Ireland's Corporate Governance Requirements for Credit Institutions 2015.
• Deposits up to €100,000 per person are protected by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland
• Access to accounts over the Internet is secured using 128-bit Secure Socket Layer (SSL) encryption to protect your information. The Auto Time-Out feature aims to protect the user against unauthorised access.
Service
• AIB Personal Banking customer service is available from 9am until 5pm (GMT) 7 days a week. Business Banking customer service is available 9am to 5pm 9 (GMT) Monday to Friday. Their website also lists contact numbers for the UK and Northern Ireland.
• They have a live webchat feature.
• Many customers on review sites have noted long wait times and poor customer service via telephone.
Accessibility
• AIB has over 170 branches across Ireland.
• There have free to use cash machines located all over Ireland. There are also Sterling/Euro machines available free to use in Northern Ireland.
• Their digital experience appears to be particularly burdensome. Several reviews highlighted their antiquated security features with customers comparing AIB unfavorably to the fintech offerings presently on the market.
• Many reviewers have noted that certain procedures take longer than average often having to spend long periods on the phone with customer service.
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