Picking the right business bank account in South Africa can be tricky. You want an account that fits your needs and doesn’t cost too much.
This guide looks at the top choices for business owners.
In an ideal market, the best business bank accounts in South Africa offer the lowest monthly and transactional fees, ultra-modern business features, and excellent customer service.
However, we are not in an ideal setup, and thus we make do with the best deals we can find.
Some banks have special deals for new businesses. Others focus on bigger companies. You’ll find options that work no matter what size your business is.
Banks like Standard Bank, FNB, and Absa offer popular business accounts. Each has its own set of perks.
Table of Contents
Key Features of Top Business Bank Accounts
When choosing a business bank account in South Africa, several key features can make a big difference for your company.
These include fees, access to credit, cash flow tools, and digital banking options.
a) Monthly Fees and Transaction Costs
The fees you pay can have a big impact on your bottom line.
Many banks offer accounts with low or no monthly fees for small businesses. For example, the FNB First Business Zero Account has no monthly account fee.
Transaction costs are also important to watch. These can include:
- Cash deposit fees
- Electronic transfer charges
- ATM withdrawal costs
Some accounts offer a certain number of free transactions each month. After that, you’ll pay per transaction.
Take time to compare these costs carefully, as they can add up quickly for busy businesses.
b) Access to Credit and Business Loans
Having easy access to credit can help your business grow. Many top business accounts offer:
- Overdraft facilities
- Business credit cards
- Term loans
The Standard Bank Business Current Account provides tailored lending solutions. This can be helpful when you need to buy equipment or manage cash flow gaps.
Look for accounts that make it easy to apply for credit. Online applications and quick approval processes can save you time and hassle.
c) Cash Flow Management
Good cash flow management is crucial for business success. Top business accounts offer tools to help you:
- Track income and expenses
- Set up recurring payments
- Manage multiple accounts
Some banks provide cash flow forecasting features, helping you plan for future expenses and spot potential issues early.
You might also want to consider accounts that integrate with accounting software. This can save you time on bookkeeping and give you a clearer picture of your finances.
d) Digital Banking and Mobile Apps
When running a business today, you need to be sure that you can access your financial services as and when you need them.
Your financial institution should be able to provide you with robust digital banking solutions that meet your needs.
Such could include:
- 24/7 online banking access
- User-friendly mobile apps
- Secure payment options
Check if the bank’s app allows you to:
- Make payments
- View statements
- Apply for loans
- Access expense tracking and business budgeting tools
- Experience seamless account management
- Access real-time notifications and analytics
- Access exportable statements and reporting tools
Good digital tools can save you trips to the bank and help you stay on top of your finances on the go.
Best Business Bank Accounts
1) FNB First Business Zero Account
The FNB First Business Zero Account is perfect if you’re a sole proprietor looking for a fee-free account with plenty of features.
Key features:
- Zero monthly fees: Save on operational costs with no account maintenance fees.
- Free card swipes: Avoid charges when you accept payments via card.
- Digital tools: Access invoicing and accounting tools directly through the FNB app.
Who it’s best for: Sole proprietors and startups with an annual turnover of less than R5 million.
Pros:
- Easy to use and cost-effective.
- Access to business coaching and growth tools like Fundaba.
Cons:
- Limited to sole proprietors.
Learn more about FNB First Business Zero
2) Absa Business Evolve Lite
The Absa Business Evolve Lite account combines affordability with flexibility, making it ideal for small businesses with variable transaction needs.
Key features:
- Affordable monthly fee: Starting from just R45 per month.
- Pay-as-you-use pricing: You only pay for the transactions you perform.
- Free inter-account transfers: Save on transfers between your Absa accounts.
Who it’s best for: Businesses with an annual turnover of up to R1.5 million.
Pros:
- Cost-effective for businesses with fewer monthly transactions.
- Access to the Absa Banking App for online account management.
Cons:
- Transaction costs can add up for businesses with high activity.
Learn more about Absa Business Evolve Lite
3) Nedbank Business Pay-As-You-Use Account (Business PAYU)
If you’re just starting or your business has low transaction volumes, the Nedbank Business Pay-As-You-Use Account is a solid choice.
Key features:
- Low monthly fee: R75 to maintain your account.
- Flexibility: Pay only for the transactions you use.
- Digital banking tools: Manage your account through the Nedbank Money app.
Who it’s best for: Startups and small businesses that don’t require frequent transactions.
Pros:
- Cost-effective for low-volume users.
- Access to expert business banking support.
Cons:
- Frequent transactions can become expensive over time.
Learn more about Nedbank Business Pay-As-You-Use
4) Standard Bank MyMoBiz Account
For businesses seeking affordability without compromising on essential features, the Standard Bank MyMoBiz Account delivers.
Key features:
- Low monthly fee: R9 per month.
- Digital tools: Manage payments and finances via the Banking App.
- Dedicated support: Receive personalized advice from business bankers.
Who it’s best for: Micro-businesses and entrepreneurs.
Pros:
- One of the lowest monthly fees in the market.
- Access to innovative payment solutions like PocketBiz.
Cons:
- Limited advanced features for larger businesses.
Learn more about Standard Bank MyMoBiz
5) Capitec Business Account
Capitec offers a straightforward business banking solution, making it an attractive option for small and medium-sized businesses.
Key features of Capitec’s business banking include:
- A day-to-day transactional account with a simple, uniform pricing structure for all businesses.
- Digital-first approach with free access to online and mobile banking platforms.
- Cost-effective transaction fees, including free local card payments and competitive rates for inter-bank transfers and cash transactions.
- A free virtual card for online transactions, enhancing security and convenience for e-commerce activities.
- Integrated personal and business banking, allowing easy switching between profiles in the mobile app.
- Robust digital tools for business management, including real-time payments, batch payments, and payroll processing.
- Customizable user access and permissions, with authorization flows and controls for enhanced security.
- Audit trail functionality for improved financial oversight.
Key features:
- Affordable monthly fee: R50 per month.
- Low transaction fees: R1.20 per R100 cash deposit at Capitec ATMs.
- User-friendly app: Easily manage your account online or through the app.
Pros:
- Low costs for everyday banking needs.
- Transparent pricing for cash deposits and withdrawals.
Cons:
- Limited features compared to other accounts.
Learn more about Capitec Business Banking
Capitec’s business banking solution emphasizes simplicity, affordability, and digital accessibility, making it an attractive option for entrepreneurs and businesses looking for a streamlined banking experience.
The flat monthly service fee of R50, combined with the range of free and low-cost services, positions Capitec as a cost-effective choice for business banking in South Africa
6) Investec Business Account
If your business is well-established and requires tailored financial services, the Investec Business Account offers premium options.
Key features:
- Variable fees: Pricing depends on your business profile.
- Specialized solutions: Enjoy tailored financial services and tools.
- Dedicated support: Access to professional banking advisors.
Who it’s best for: Medium to large businesses with complex banking needs.
Pros:
- Exclusive tools for cash flow management.
- Premium customer service.
Cons:
- Higher fees compared to standard business accounts.
Learn more about Investec Business Banking
7) TymeBank Business Account
The TymeBank Business Account is fully digital, offering convenience and affordability for modern businesses.
The bank offers an innovative solution for small businesses and entrepreneurs with their EveryDay Account Plus Business Benefits.
This account combines the features of its standard TymeBank Everyday Account with additional tools designed specifically for business needs.
Key features of the EveryDay Account Plus Business Benefits include:
- No monthly fees: The account maintains TymeBank’s commitment to free banking, allowing businesses to save on operational costs.
- Free transactions: Many day-to-day banking transactions are offered at no cost, helping businesses manage their cash flow more effectively.
- Business tools: The account comes with innovative business tools to help manage finances and streamline operations.
- Bulk payments: The account enables payments to up to 30 different accounts in one go, making it easier to settle monthly bills and pay salaries.
- Low transaction fees: For transactions that aren’t free, TymeBank maintains competitive, low fees to help businesses minimize their banking costs.
As a digital bank, TymeBank offers robust online and mobile banking capabilities, allowing businesses to manage their finances anytime, anywhere.
About the Pay-as-You-Use Business Account Model
The Pay-as-You-Use (PAYU) business account is a flexible banking option for South African entrepreneurs.
This model lets you pay only for the services you use.
PAYU accounts often have no minimum deposit requirements. This means you can open an account without worrying about keeping a set amount of money in it.
Instead of monthly fees, PAYU accounts charge transaction fees.
You pay for each action you take, like withdrawals or transfers.
This model works well for new or small businesses with varying incomes. It’s also good if you don’t use your account often.
Here are some key features of PAYU accounts:
- Low monthly fees (around R65-75)
- Pay only for transactions you make
- Often no minimum balance is needed
- Suitable for businesses with irregular cash flow
Many South African banks offer PAYU accounts. These include FNB, Nedbank, and Standard Bank.
Tailored Solutions for Startups and Entrepreneurs
New businesses need special banking services.
South African banks offer accounts and tools to help startups grow. These options make managing money easier for entrepreneurs.
a) Specialized Accounts for New Businesses
Many banks in South Africa have accounts just for startups.
The FNB Gold Business Account is good for new companies making up to R5 million a year. It has low fees and useful features.
Nedbank has a Startup Bundle. This package gives you basic banking plus extras to help your business.
It includes a debit card, online banking, and some free transactions each month.
b) Financial Tools and Resources
Banks offer more than just accounts. They provide tools to help you run your business better.
Many banks have apps that let you do your banking on your phone. You can check your balance, pay bills, and send money easily.
Some banks give you accounting software for free or at a discount. This helps you keep track of your money without spending a lot.
Standard Bank’s Business Current Account comes with business lending options. If you need money to grow, they can help.
Banks also offer classes and advice on running a business. This can be very helpful when you’re just starting out.
Exploring Low-Fee and Zero-Minimum Deposit Options
South African banks now offer business accounts with low fees and zero minimum deposits.
These options make banking more accessible for small businesses and startups.
Let’s look at some of the best choices available.
a) Bank Zero and Their Approach
Bank Zero stands out with its zero monthly fees for business accounts.
This digital-only bank keeps costs low by operating without physical branches.
Bank Zero’s business account offers:
- No monthly fees
- Free electronic transactions
- Multiple user access
- Easy approval settings
You can set up to three levels of transaction approvals with a few clicks. This feature helps you manage your business finances more securely.
Bank Zero’s app lets you do all your banking on your smartphone. You don’t need to visit a branch or ATM for most transactions.
b) Old Mutual and the Money Account
Old Mutual’s Money Account is a good choice for businesses looking for low fees and extra benefits.
This account combines banking and investment features.
Key features of the Old Mutual Money Account include:
- Low monthly fees
- No minimum balance required
- Free inter-account transfers
- Access to investment products
You can earn interest on your account balance, helping your money grow. The account also offers free cash withdrawals at select retailers.
Old Mutual provides online and mobile banking options. You can manage your account easily from anywhere.
c) TymeBank’s Everyday Account
TymeBank offers the Everyday Account, which is suitable for personal use though you can leverage it for your business.
This account has some of the lowest fees in South Africa.
TymeBank Everyday Account features:
- No monthly account fees
- Free card swipes and online purchases
- Earn interest on your balance
- Easy account opening process
You can open an account online or at a TymeBank kiosk in Pick n Pay or Boxer stores. The process takes just a few minutes.
TymeBank doesn’t have physical branches, which helps keep their fees low. You can do most of your banking through their app or website.
The bank also offers a separate business account with additional features for companies. This account includes multiple user access and detailed transaction reporting.
Maximizing the Perks of Bank Reward Systems
Bank reward systems offer great benefits for businesses in South Africa.
You can save money and get extra perks by using your account smartly. Let’s look at two top programs.
i) FNB’s eBucks Rewards for Businesses
FNB’s eBucks Rewards for business is a popular program. You earn eBucks on card swipes, fuel purchases, and other transactions.
Here’s how to get the most out of it:
- Use your FNB business card for all purchases
- Pay suppliers through FNB to earn more points
- Book flights and hotels through eBucks Travel for discounts
- Redeem eBucks for fuel, groceries, or electronics
- Shopping via Takealot
FNB often runs promotions where you can earn bonus eBucks. Keep an eye out for these deals to boost your rewards faster.
ii) Discovery Bank’s Transaction Account Benefits
The Discovery Bank Transaction Account comes with unique perks. You get rewards for healthy business practices.
Key benefits include:
- Cashback on card swipes
- Discounts on business insurance
- Lower fees for maintaining a minimum balance
- Free inter-account transfers
To maximize these benefits:
- Use your Discovery card for all business spending
- Keep a healthy account balance
- Link your Vitality Business account for extra rewards
Discovery also offers travel benefits. You can get up to 35% off flights booked through their portal.
