{"id":662351,"date":"2023-02-12T17:00:05","date_gmt":"2023-02-12T15:00:05","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=662351"},"modified":"2023-02-10T16:16:30","modified_gmt":"2023-02-10T14:16:30","slug":"the-cheapest-business-accounts-from-south-africas-top-banks","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/662351\/the-cheapest-business-accounts-from-south-africas-top-banks\/","title":{"rendered":"The cheapest business accounts from South Africa&#8217;s top banks"},"content":{"rendered":"<p>Despite ongoing economic hardships, South Africa still offers numerous opportunities for businesses of all sizes &#8211; and one of the first steps in establishing a successful business is to open a business account.<\/p>\n<p>Some of the advantages of opening a business account include the separation of personal and business finances, increased credibility and safety, and gives you access to business banking services.<\/p>\n<p>One of the cheapest and most flexible accounts afforded to entry-level South African businesses and entrepreneurs is the Pay-As-You-Use (PAYU) business account.<\/p>\n<p>This type of account offers a flexible and cost-effective solution for small businesses. Several South African banks offer a PAYU business account, and some of the advantages of this account include the following:<\/p>\n<ul>\n<li><strong>Low or no monthly fees<\/strong> \u2013 PAYU accounts typically have low or no monthly fees, which makes it a cost-effective option for small businesses.<\/li>\n<li><strong>Pay only for what you use <\/strong>\u2013 businesses only pay for the services they use, such as transactions, debit card usage, or online banking.<\/li>\n<li><strong>No minimum deposit requirements <\/strong>\u2013 unlike traditional business accounts, PAYU accounts do not have minimum deposit requirements, making it easier for small businesses to manage their finances.<\/li>\n<li><strong>Improved cash flow management <\/strong>\u2013 businesses can keep track of their cash flow and manage their expenses more efficiently.<\/li>\n<li><strong>Easy to open <\/strong>\u2013 PAYU accounts are typically easy to open and require minimal documentation, making them a convenient option for small businesses.<\/li>\n<\/ul>\n<p>BusinessTech looked at all the banks that offer a PAYU business account and compared these accounts using several points of interest:<\/p>\n<ul>\n<li>Monthly account fee;<\/li>\n<li>External debit order fee (to other banks);<\/li>\n<li>Electronic payment fee;<\/li>\n<li>Card purchases fee; and<\/li>\n<li>Cash withdrawals and deposits at an ATM.<\/li>\n<\/ul>\n<p>For this comparison, we looked at offerings from Absa, FNB, Standard Bank, Nedbank, Mercantile Bank (a division of Capitec Bank), and TymeBank.<\/p>\n<p>The table below shows the fee comparison of a PAYU business account from all the abovementioned banks.<\/p>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<th bgcolor=\"#CCCCCC\" width=\"10%\">Bank<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"20%\">Account<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"10%\">Monthly fee<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"10%\">Debit order<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"10%\">Electronic payment<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"10%\">Card purchases<\/th>\n<th style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"30%\">Cash withdrawals and deposits at an ATM<\/th>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/www.absa.co.za\/business\/bank-my-business\/business-evolve-accounts\/explore\/\" target=\"_blank\" rel=\"noopener\">Absa<\/a><\/td>\n<td style=\"text-align: center;\">Business Evolve Lite<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R24 (first five are <strong>free<\/strong>)<\/td>\n<td style=\"text-align: center;\">R12.50 (first five are <strong>free<\/strong>)<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R2.20 per R100 (first two or up to R3000 free)<\/li>\n<li style=\"text-align: left;\">Deposits: R4.65 + R1.50 per R100 (first two or up to R3000 free)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">Capitec (<a href=\"https:\/\/www.mercantile.co.za\/rates-and-pricing-guide\" target=\"_blank\" rel=\"noopener\">Mercantile Bank<\/a>)<\/td>\n<td style=\"text-align: center;\">\u00a0Business Account<\/td>\n<td style=\"text-align: center;\">R65<\/td>\n<td style=\"text-align: center;\">R5<\/td>\n<td style=\"text-align: center;\">R5<\/td>\n<td style=\"text-align: center;\">R5<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R8 per R100<\/li>\n<li style=\"text-align: left;\">Deposits: R1 per R100<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/www.fnb.co.za\/business-banking\/business-accounts\/?gclid=CjwKCAiAxP2eBhBiEiwA5puhNRH5eWdqZKeBtFDqYzG3MXpgW0iG1lIChqtHG3R90ry0C2mO574uEhoC4UsQAvD_BwE&amp;gclsrc=aw.ds\" target=\"_blank\" rel=\"noopener\">FNB<\/a><\/td>\n<td style=\"text-align: center;\">Gold Business Account<\/td>\n<td style=\"text-align: center;\">R83<\/td>\n<td style=\"text-align: center;\">R12<\/td>\n<td style=\"text-align: center;\">R7.50<\/td>\n<td style=\"text-align: center;\">R5.68<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R2.30 per R100<\/li>\n<li style=\"text-align: left;\">Deposits: R4.65 + R1.20 per R100<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/business.nedbank.co.za\/rates-and-fees.html\" target=\"_blank\" rel=\"noopener\">Nedbank<\/a><\/td>\n<td style=\"text-align: center;\">\u00a0<span class=\"nbd-breadcrum nbd-text-dark\">Business PAYU<\/span><\/td>\n<td style=\"text-align: center;\">R65<\/td>\n<td style=\"text-align: center;\">R19<\/td>\n<td style=\"text-align: center;\">R8.35<\/td>\n<td style=\"text-align: center;\">R4.30<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R2.50 per R100<\/li>\n<li style=\"text-align: left;\">Deposits: R8.75 + R2.10 per R100<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/www.standardbank.co.za\/southafrica\/business\/products-and-services\/bank-with-us\/business-bank-accounts\/our-accounts\" target=\"_blank\" rel=\"noopener\">Standard Bank<\/a><\/td>\n<td style=\"text-align: center;\">MyMoBiz Account<\/td>\n<td style=\"text-align: center;\">R5<\/td>\n<td style=\"text-align: center;\">R3.50<\/td>\n<td style=\"text-align: center;\">R5.25<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: RR2.20 per R100<\/li>\n<li style=\"text-align: left;\">Deposits: R4.50 + R1.10 per R100<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/www.tymebank.co.za\/business-banking\/accounts\/business-banking-account\/\" target=\"_blank\" rel=\"noopener\">TymeBank<\/a><\/td>\n<td style=\"text-align: center;\">EveryDay Business<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R10 per R1000<\/li>\n<li style=\"text-align: left;\">Deposits: R7 per R1000<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/www.bankzero.co.za\/\" target=\"_blank\" rel=\"noopener\">Bank Zero<\/a><\/td>\n<td style=\"text-align: center;\">Business Banking<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">R0<\/td>\n<td style=\"text-align: center;\">\n<ul>\n<li style=\"text-align: left;\">Withdrawals: R9 per R1000<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>Considering these accounts target small businesses, most of these bank account offers have a business turnover limit.<\/p>\n<p>For example, Absa&#8217;s Business Evolve Lite account is offered to companies with an annual turnover of up to R1.5 million.<\/p>\n<\/div>\n<p>Other banks with turnover limits include FNB&#8217;s Gold Business and Standard Bank&#8217;s MyMoBiz accounts, with an annual turnover of up to R5 million. In contrast, Nedbank&#8217;s <span class=\"nbd-breadcrum nbd-text-dark\">Business PAYU account is offered to those with less than R3 million turnover per annum.\u00a0<\/span><\/p>\n<p>Additionally, although TymeBank&#8217;s EveryDay Business has minimal fees, it is linked to your personal account profile \u2013 meaning your limits are shared between your Personal and Business accounts.<\/p>\n<p>The EveryDay Business offering limits holders to a maximum account balance of R700,000 at any given point, with a transaction limit of R1.4 million.<\/p>\n<p>It also doesn&#8217;t offer unique business banking services as the other banks do. This includes Bank Zero, which lists a host of third party charges such as card customisation and delivery, balance requests, and proof of payment via SMS.<\/p>\n<p>For example, Absa, FNB, Standard Bank and Capitec offer 24\/7 banking assistance or a personal banker to help with your needs.<\/p>\n<p>FNB also offers eBucks Rewards for business, and Nedbank offers Greenbacks for an annual linkage fee of R324.<\/p>\n<p>Another nice-to-have option Absa offers is the POS Mobile Pay device at no extra cost, while Standard Bank provides the machine for an additional R69 per month.<\/p>\n<p>While these PAYU accounts are the cheapest business accounts you can get, most of the banks mentioned in this article offer tiered accounts to suit a business&#8217;s specific needs.<\/p>\n<p>These offers include bundle accounts with unrestricted transactions, access to credit facilities, and business loans at competitive rates. To view the accounts on offer, click the link to the respective bank in the table provided.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/661389\/the-most-valuable-banks-in-south-africa-in-2023\/\" rel=\"bookmark\">The most valuable banks in South Africa in 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>These are the cheapest business bank accounts on offer in South Africa. <\/p>\n","protected":false},"author":10,"featured_media":310938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-662351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/662351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=662351"}],"version-history":[{"count":21,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/662351\/revisions"}],"predecessor-version":[{"id":664009,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/662351\/revisions\/664009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/310938"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=662351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=662351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=662351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}