5 BEST BANKS FOR SOUTH AFRICAN SMALL BUSINESSES
Introduction Coming 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
Cost R25 R5 R0 R3,40 R0
#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
Cost R750 for sole proprietors; R1000 for juristic entities Option 1: R215,00, Option 2: R320,00, Option 3: R480,00 R0 Option 1: 30, Option 2: 50, and Option 3: 75 electronic debit transactions per month, with R18, R17, and R16 for excess R0
#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 transactions Debit card fee
Cost R50 R55 R270 R8 R180 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
Cost R0 R22 R0 R3,95 – R8,50 R0
#5 Standard Bank BizLaunch Standard Bank’s business bank accounts allow customers to more easily do transactions and offer comprehensive services. Account Feature Cost Minimum Balance Monthly fee Deposit Electronic debit transactions Debit card fee
Cost R0 R165 for 12 months; R220 after R0 limit of 30 POS + Electronic Account Payments; R22,50 per transaction afterwards R0
Read our full article by following the link below:
5 Best Banks For SA Small Businesses
LEARN MORE ABOUT INVOICEBERRY’S ONLINE INVOICING SOFTWARE InvoiceBerry simplifies invoicing and expense tracking, helping you save your time and money. You can create your first invoice in under 60 seconds.
Send invoices
Track expenses
LEARN MORE
Create reports
Manage clients
Track payments
SIGN UP
Multicurrency