If you’re a business owner in South Africa, you know how important it is to have a reliable bank account. Not only does it make managing your finances easier, but it also helps you to stay on top of your expenses and revenue.
But with so many different bank accounts available, how do you choose the right one for your business? That’s where we come in.
In this blog post, we’ll be sharing the 16 best business bank accounts in South Africa. We’ve done the research and analyzed each bank account based on a variety of factors such as fees, features, and customer service.
Whether you’re a small business owner just starting out or a large corporation looking to streamline your financial operations, we’ve got you covered.
We understand that choosing the right bank account can be a daunting task, which is why we’ve made it our mission to simplify the process for you.
By the end of this post, you’ll have a clear understanding of the top business bank accounts in South Africa and the benefits of each one.
You’ll be able to make an informed decision on which account is the best fit for your business. So, sit back, relax, and let us guide you through the world of business banking in South Africa.
Best Business Bank Accounts in South Africa
1. Nedbank – Small Business Services
The Nedbank-Ecobank Alliance is the biggest banking network in South Africa and Africa, providing assistance to both big and small businesses.
Their dedication to aiding small business ventures has been demonstrated through the creation of SimplyBiz, a hub of entrepreneurs who can access helpful resources on a range of services related to business operations.
Depending on how often it is used, customers are able to choose between two account options: pay-as-you-go or fixed monthly cost.
The former will set you back R60 for administrative costs while the latter provides Business Bundles 35 & 60 that cost R259 & R420 respectively – great value for frequent users!
From daily transactions, lending, investments and even specialist solutions tailored towards certain industries such as franchising or agriculture; finding one of the best business bank accounts in South Africa with Nedbank’s Small Business Services may be your ticket to success.
2. FNB Easy Account Smart
For South African small business owners, FNB’s Easy Account is an ideal choice. The account offers two options: the Easy Smart Option and the Pay-As-You-Use Option, both of which offer unique benefits.
With the Smart Option, you’ll get all the features of a regular bank account, including writing checks and having access to money management services at an affordable rate with only an R59 monthly charge.
To make things even more convenient, you can withdraw or deposit up to R2 000 each month for free at FNB ATMs.
The bank also gives you 300MB of internet data, 30 minutes of voice calls, and 30 SMSs on your FNB Connect SIM that comes with the account – plus if you spend R51 or more monthly on airtime purchases in this SIM card, you will receive an additional 300MB as a bonus!
On top of these great perks from FNB itself, when you use this bank’s services for payment transactions like checkers Shoprite Usave Clicks etc., you’ll be rewarded with R50 eBucks each time – plus there’s always the option to pay your monthly fee using your eBucks rather than direct debit from your account.
3. FNB First Business Account
The First Business Account from FNB is widely considered one of the best business bank accounts in South Africa for entrepreneurs who are tech-savvy and have less than R5 million in revenue.
This digital option allows you to bank anytime, anywhere with the convenience of the FNB App.
Plus, it comes with no monthly costs, no account fees, and unlimited swipes – giving you an unbeatable value proposition.
With QR Speedpoint®, receive payments quickly and securely on your FNB App so you’re always connected to your money.
As a bonus, new customers also get a free Connect SIM that makes connecting simple (and sometimes even free).
For more established businesses, check out their other options like Gold, Platinum or Enterprise Business Accounts which offer further cash flow management tools as well as access to business coaching via the Fundaba feature on their app – allowing you to leverage content experts at any time without ever having to leave home!
Use their handy selection guide and price information online to determine which account is right for your needs and start enjoying all the benefits of banking with one of South Africa’s best business banks.
4. FNB Easy Account PayU
FNB Simple Account PayU is perfect for the budget-conscious businessman who wants to make sure their money is going into savings and not wasted.
With no additional fees or charges, you can get limitless card swipes with your Easy debit card, access online banking activities with the FNB App, purchase airtime and data without incurring extra costs and even receive cash at Shoprite, Checkers, Pick ‘n Pay, Boxer, and certain Spar & Usave storesᅳall FREE of charge.
Plus you will be eligible for weekly grocery coupons when shopping at Shoprite/Checkers/Usave.
The only actual payment you make with this account is an R4.95 monthly service charge for account maintenance.
This makes FNB Simple Account PayU one of the best business bank accounts available in South Africa.
5. Nedbank Pay-As-You-Use-Account
The Nedbank Pay As You Use Account is a great choice for business owners in South Africa who prefer to swiftly pay for services instead of waiting until the end of the month.
This cheque account provides immense value and major benefits, including an absence of maintenance fees, no annual charges, unhindered card swipes and debit orders, and complimentary balance inquiries through self-service channels.
Ultimately, this makes it one of the best business bank accounts available in South Africa.
6. Capitec Global One Account
Capitec’s Global One account is a great option for South African businesses looking to access funds and transact globally.
Offering 29,000+ Capitec ATMs, 800 locations spread across the world, a specialized banking app and 24-hour Internet banking – this business bank account offers an abundance of advantages.
Benefit from fee-free transactions on purchases made in all countries worldwide while enjoying a minimal monthly subscription cost of just R5!
With no purchase fees when buying petrol or making phone orders and the added assurance of a low minimum required balance of only R25 – this could very well be one of the best business bank accounts in South Africa.
Be sure to check out their fees leaflet for more information on how much you will pay for transfers, withdrawals and other activities associated with your account if you are seriously considering opening one up!
7. Discovery Bank Transaction Account
For South African small business owners, the Discovery Gold account is one of the most attractive options for a business bank account.
Combining low fees, extended features and exclusive partnerships with Vitality – South Africa’s only rewards-based health program – this best-of-breed banking option provides an unbeatable balance of affordability and added value.
The monthly fee for the Discovery Gold account is just R5, with additional savings to be gained from partnering with Vitality which also charge a nominal monthly premium of R5.
Furthermore, when it comes to withdrawals there are no hidden costs; cash withdrawals at local ATMs cost just R4.50 + 1.5 per cent of the withdrawal amount while withdrawing cash at local points of sale will set you back a mere R2 per transaction.
Should you need to withdraw cash abroad then this will incur a fee of R65 but luckily swiping locally or internationally is completely free!
Finally, basic services like ATM balance inquiries and payment alerts are provided gratis as part of your account package so that you can manage your finances without any unexpected charges coming in later down the line!
8. Bidvest Bank – Business Bank Account
The Bidvest Business Bank Account offers some of the best banking solutions in South Africa.
With its free setup, semi-competitive interest rate and no monthly administration cost, you don’t have to worry about all the usual associated fees.
The online banking system is easy and convenient to use, enabling you to make domestic and international transactions from a single platform.
Plus, you’ll get access to a Visa debit card which covers purchases anywhere Visa is accepted – cash back included for participating businesses such as Pick n Pay.
This means that not only will your business finances be conveniently managed through this account but it can also give you access to rewards on everyday purchases!
9. Access Account from Standard Bank
The Standard Bank Access account is an appealing option for small business owners looking for a reliable, affordable and simple banking solution.
With no minimum balance requirement, this bank account charges just R 5.80 per month and comes with a host of benefits such as free access to quick cash, prepaid top-up, UCount awards and even R25 airtime or 250MB data from Standard Bank Mobile every month.
However, the downside of this account is that it does not offer overdraft protection as some other popular best business bank accounts in South Africa do.
Nonetheless, if you are on the lookout for a straightforward and cost-effective solution to distribute money efficiently within your business without hefty fees involved then the Standard Bank Access Account could be worth looking into.
10. Absa – Classic Business Account
As one of Africa’s leading financial services organisations, Absa Group Limited provides a range of business banking accounts designed to suit the needs of South African SMEs.
The Basic Account choice is ideal for start-ups and businesses with annual revenue below R10 million, as it offers pay-as-you-transact pricing alongside free inter-account transfers and internal debit orders.
Not only that but Absa also allows you to establish a credit rating through additional overdraft facilities tailored to your risk profile; while their Business Development Centers provide access to funding as well as non-financial training and mentoring so you can reach higher levels of success.
Absa provides 24/7 app banking access at no monthly cost, though there are other options available including The Classic Account which carries an R80 monthly fee, plus various Shari’ah-compliant Islamic Bank Accounts, Attorney Trust Accounts and Essentials Packages offering extra benefits such as travel exclusives.
Be sure to compare fees and prices before making your decision on the best business bank account in South Africa for your needs!
11. TymeBank Everyday Account
Tymebank daily account is widely regarded as one of the best business bank accounts in South Africa, offering businesses an efficient and cost-effective way to manage their finances.
Not only does it come with zero monthly maintenance fees, but users can also take advantage of free SMS alerts, cash deposits up to R5000 per month and free online shopping at any retailer.
Moreover, if you use your TymeBank card when paying or scanning at Pick ‘n Pay, you’ll be rewarded with access to Smart Shopper points and free cash withdrawals from both Pick’n Pay and Boxer outlets.
All these features make the Tymebank daily account a great choice for small business owners looking for reliable banking solutions in South Africa.
12. Old Mutual Money Account
The Old Mutual Money Account is a great choice for South African small business owners in search of reliable financial services.
This cheque account provides customers with the perks of both a chequebook and savings account under one roof, minimising their costs and simplifying intricate banking operations.
For an affordable monthly administration fee of R4.95, you can access free card swipes and unlimited online/mobile banking anytime you want – ideal for streamlining budgeting activities on the go.
With this best business bank account in South Africa, you’ll also enjoy up to 12 outbound transactions per month at no extra cost, so your investment won’t be wasted on hefty withdrawal charges.
Plus, it’s designed with proactive security measures including free transaction alerts to help safeguard against any malicious or fraudulent activities.
13. Sasfin Bank Ltd. – Business Pay As You Use Account
Sasfin is one of South Africa’s leading independent banking and financial services providers, and its motto “beyond a bank” demonstrates the wide variety of services available for entrepreneurs.
With their business accounts, you’ll get more than just simple cash management; you could receive up to 2% interest on your transactional account balance as well.
Their popular digital platform BYOND is an ideal solution for businesses. It helps streamline payroll operations, allows customers to issue bespoke estimates and invoices quickly and easily, keeps track of transactions with tags, and much more besides.
Opening an account couldn’t be simpler – all that’s required is to fill out a form online where you can designate multiple users within the firm. Linking several Visa business debit cards comes at no extra cost either.
Depending on how many services are needed, Sasfin has two payment models: Pay as You Go (with a monthly administrative charge of R100) or Monthly Subscriptions (for an even better range of solutions).
If this sort of package sounds appealing, it may be worth taking a look through Sasfin’s brochure to find the best business bank account in South Africa for your individual needs.
14. ABSA Transact Debit
For entrepreneurs just starting out, ABSA Transact is the best business bank account in South Africa.
The account offers low fees and requires a minimum balance of only R20.00–making this the perfect choice for those with lower levels of income or businesses that may be slow month to month.
The monthly fee is a single payment of R4.90 and provides access to an overdraft facility if necessary; as well as convenient banking app capabilities, allowing you to check balances, manage payments and receive notifications at your fingertips on your mobile device–with no additional charge for card swipes either!
It’s easy to see why this is one of the top business bank accounts in South Africa for new businesses: it keeps costs low while providing reliable financial support for individuals ready to take the leap into their own business opportunities.
15. Standard Bank – BizLaunch Account
The BizLaunch Account from Regular Bank is the ideal choice for any South African business looking to make banking a cost-effective and convenient experience.
With the account, you get all the features of a standard current account combined with bundled pricing across your first twelve months – ensuring consistent costs month on month, while still enjoying reduced fees.
You can also request multiple banks and credit cards equipped with secure chip technology and complimentary lost card protection for you and your employees.
Enjoy anytime business banking through both online services and physical branches as well as UCount incentives, all capped off with personalised assistance from the BizDirect team.
Whether you’re a sole trader or part of a larger enterprise, this might just be the best business bank account in South Africa for you.
16. Nedbank Ke Yona Bundle Account
For South African small business owners searching for the best bank account, look no further than the Nedbank Ke Yona Bundle Account.
This premier banking plan offers key features that will help keep costs low while also providing seamless payment and processing options.
From month to month, you can rest easy knowing exactly what your fee structure is due to a simple maintenance fee of R49.00 – leaving more money in your pocket!
Plus benefit from transaction-free online, mobile, and app banking as well as free alerts on your transactions and free ATMs for balance inquiries.
With this exclusive bundle account from Nedbank, you’ll have one less thing to worry about when running a small business.