The 5 Best Banks for South African Small Businesses

5 BEST BANKS FOR SOUTHAFRICAN SMALL BUSINESSES



IntroductionComing in at #73 out of 183 economies for ease of doingbusiness for 2016, South Africa is not the easiest place toopen 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 supportbehind you. And, of course, great finance solutions.Let’s look at which banks in South Africa will be the best foryour small business.



#1 Capitec – Global OneThis bank has recently been named the best bank in theworld by bank advisory group Lafferty. They have no businessaccounts in the traditional sense, but they offer good conditionsnonetheless.Account Feature CostMinimum Balance R25Monthly fee R5Deposit R0Electronic debit transactions R3,40Debit card fee R0



#2 FNB – Business Acct.According to FNB’s site, its business account is suited to soleproprietors, partnerships, close corporations, companies,incorporated businesses, trusts and co-operatives.Account Feature CostMinimum Balance R750 for sole proprietors; R1000 for juristic entitiesMonthly fee Option 1: R215,00, Option 2: R320,00,Deposit Option 3: R480,00Electronic debit transactions R0 Option 1: 30, Option 2: 50, and OptionDebit card fee 3: 75 electronic debit transactions per month, with R18, R17, and R16 for excess R0



#3 NedbankSmall Business Current AccountNamed the Bank of the Year for 2014 (and 2011 and 2013) bythe Financial Times’ The Banker, Nedbank is one of the strongerbanks with locations across Africa.Account Feature CostMinimum Balance R50Monthly fee R55Deposit R270Electronic debit transactions R8Debit card fee R180 annual



#4 Absa – BizStartWinner of the 2015 Best SME bank in South Africa, Absa offersaccounts focused on small businesses and startups in SouthAfrica.Account Feature CostMinimum Balance R0Monthly fee R22Deposit R0Electronic debit transactions R3,95 – R8,50Debit card fee R0



#5 Standard BankBizLaunchStandard Bank’s business bank accounts allow customers tomore easily do transactions and offer comprehensive services.Account Feature Cost CostMinimum Balance R0Monthly fee R165 for 12 months; R220 afterDeposit R0Electronic debit transactions limit of 30 POS + Electronic AccountDebit card fee Payments; R22,50 per transaction afterwards R0

Read our full article by following the link below: 5 Best Banks For SA Small Businesses

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