Best Bank Accounts for Small Enterprises in South Africa

Selecting the right business bank account is a critical yet often overlooked step in the early stages of starting a business. The right account can greatly influence the financial stability and success of your venture.

Before applying for a business bank account, ensure your company is formally registered. Company registration with the Companies and Intellectual Property Commission (CIPC) is straightforward and can be completed online. (Read "Registering Your Business 2024").

Absa

Absa provides several bank accounts tailored for small businesses with an annual turnover of up to R20 million. The entry-level Business Evolve Lite account has no monthly fees and is available to sole proprietors and PTY Ltd companies with an annual turnover of up to R5 million.

First National Bank (FNB)

FNB offers various bank accounts for small businesses with an annual turnover between R0 and R60 million. Their entry-level First Business Zero account features zero monthly fees and is available to sole proprietors with an annual turnover of up to R5 million. PTY Ltd companies with a turnover up to R5 million can opt for the Gold Business Account at R83 per month.

Nedbank

Nedbank’s Startup Bundle is designed for sole proprietors and private companies with a single director and an annual turnover of less than R3 million. It has no monthly fees for the first six months and thereafter costs R70 per month.

Standard Bank

Standard Bank offers the entry-level MyMoBiz Account at just R7 per month with pay-as-you-transact pricing. For additional support and features, the Business Current Account is available at R85 per month.

Alternatives to the “Big Four” Banks

Tymebank offers standard business accounts with zero monthly fees, regardless of turnover. Capitec provides a standard transactional account for all businesses at R50 per month.

Choosing the right bank account is vital for managing your business finances effectively. Consider the options carefully to find the best fit for your business needs. Did you find this article helpful? Let us know in the comments. You can also mail suggestions for future articles to cteadmin@proton.me. #business #banking #finance