Comparing South Africa’s Cheapest Bank Accounts: Business Banking

If you’ve registered your company with the CIPC in South Africa and are looking for the most affordable business banking solutions available; you’ve come to the right place. We are going to compare entry-level business bank accounts from the biggest banks in the country.

Having a dedicated business account, no matter how small your company is, has benefits namely;

  • Helps organise financial records
  • Taxes and deductions
  • Accept credit card payments
  • Allows multiple (authorised) people to use the account

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South Africa has four major banking institutions, and with the help of wheretobank.co.za, we’ll be looking at the costs and benefits that they offer for entry-level business bank accounts.

  • ABSA
  • FNB
  • Nedbank
  • Standard Bank

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Account information and what’s included:

Account Name ABSA – Business Account FNB – Business Current Account Nedbank – Small Business Current Account Standard Bank – Enterprise Business Cheque Account
Monthly Fee R200 R45 R51 + R153 annual card fee R59,50
Online and Cellphone Banking

R170 pm

(subscription to internet banking)

Swiping for purchases R4,15 + 0,67% of the value per transaction R4 R3,95
Internal Debit Orders 30 transactions included each month R5 each R6 R5
External Debit Orders 30 transactions included each month R15,90 each R18,50 R6,95 +1% of the amount
Electronic Payments 30 transactions included each month R5 Negotiable 30 free transactions p/m thereafter R15 per transaction

 

Company Registration at CIPC

Transaction fees:

Account Name ABSA – Business Account FNB – Business Current Account Nedbank – Small Business Current Account Standard Bank – Enterprise Business Cheque Account

Cash withdrawal at own bank ATM

 

Up to 5 free per month R4,70 + 1,09% R3,50 + 1,25% R3,95 + 1,30%
Cash withdrawal at another banks ATM R11,50 + 1,35% R11,40 + 1,09% R9,50 + 1,25% R6,95 + 1,30%

Cash withdrawal at the branch

 

R40 + 2,42% (this % varies based on the amount) R25 + 1,45% of the amount 1,25% with a minimum fee of R25 R33 + 1,45%

Cash deposit at own bank ATM

 

10 free per month if done at ADT machines

R4 + between 0,68% and 1,262%

(this % varies based on the amount)

R4,20 + 1,25% R3 + 1,30%

Cash deposit at the branch

 

R8,40 + 2,42% (this % varies based on the amount)

R4 + between 1,05% and 1,466%

(this % varies based on the amount)

R4,20 + 1,25% R7,00 + between 0,90% up to 1,45% depending on the amount deposited
Cheque card replacement R95 R76 Free R80

We hope this table comparison makes your decision on who to bank with slightly easier. If you are also contemplating your personal banking situation, check out the cheapest transactional accounts and make the switch to the bank that suits your needs the most.