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 |
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.
