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IntroductionComing in at #73 out of 183 economies for ease of doing business for 2016, South Africa is not the easiest place to open up your small business.
So in order to succeed, you’ll need to have a great idea, the right accounting software, and a great team of support behind you. And, of course, great finance solutions.
Let’s look at which banks in South Africa will be the best for your small business.
#1 Capitec – Global One
This bank has recently been named the best bank in the world by bank advisory group Lafferty. They have no business accounts in the traditional sense, but they offer good conditions nonetheless.
Account Feature Minimum Balance Monthly fee Deposit Electronic debit transactions Debit card fee
CostR25R5R0R3,40R0
#2 FNB – Business Acct.
According to FNB’s site, its business account is suited to sole proprietors, partnerships, close corporations, companies, incorporated businesses, trusts and co-operatives.
Account Feature Minimum Balance Monthly fee
Deposit Electronic debit transactions
Debit card fee
CostR750 for sole proprietors; R1000 for juristic entitiesOption 1: R215,00, Option 2: R320,00, Option 3: R480,00R0Option 1: 30, Option 2: 50, and Option 3: 75 electronic debit transactions per month, with R18, R17, and R16 for excessR0
#3 Nedbank
Small Business Current Account
Named the Bank of the Year for 2014 (and 2011 and 2013) by the Financial Times’ The Banker, Nedbank is one of the stronger banks with locations across Africa.
Account Feature Minimum Balance Monthly fee Deposit Electronic debit transactionsDebit card fee
CostR50R55R270R8R180 annual
#4 Absa – BizStart
Winner of the 2015 Best SME bank in South Africa, Absa offers accounts focused on small businesses and startups in South Africa.
Account Feature Minimum Balance Monthly fee Deposit Electronic debit transactions Debit card fee
CostR0R22R0R3,95 – R8,50R0
#5 Standard Bank
BizLaunch
Standard Bank’s business bank accounts allow customers to more easily do transactions and offer comprehensive services.
Account Feature CostMinimum BalanceMonthly fee Deposit Electronic debit transactions
Debit card fee
CostR0R165 for 12 months; R220 afterR0limit of 30 POS + Electronic Account Payments; R22,50 per transaction afterwardsR0
5 Best Banks For SA Small Businesses
Read our full article by following the link below:
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