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5 Best Banks For SA Small Businesses

Written by on July 14, 2016

Coming in at #73 out of 183 economies for ease of doing business for 2016, South Africa is not the easiest place (though admittedly not the hardest either) to open up your small business.

Nonetheless, many make it and thrive here.

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So if you’ve done a great business plan, you know what’s next:

How can I secure my financial success?

For the most part, you’ll need to have a great idea, the right accounting software, and a great team of support behind you. For the financial considerations, you may have another question:

Which banks in South Africa will be the best for my small business?

Today we’ll check which South African banks will offer you the best conditions to make your small business successful.

#1 Capitec – Global One

Capitec offers the best conditions for opening a bank account in South Africa

This bank has recently been named the best bank in the world by bank advisory group Lafferty. They have no business accounts in the traditional sense, but they offer good conditions nonetheless.

Account Feature Cost
Minimum Balance R25
Monthly fee R5
Deposit R0
Electronic debit transactions R3,40
Debit card fee R0

#2 FNB – Business Account (Single Fee Pricing Option)

FNB offers great conditions for small business bank accounts

According to FNB’s site, its business account is suited to sole proprietors, partnerships, close corporations, companies, incorporated businesses, trusts and co-operatives.

Account Feature Cost
Minimum Balance R750 for sole proprietors; R1000 for juristic entities
Monthly fee Option 1: R215,00, Option 2: R320,00, Option 3: R480,00
Deposit R0
Electronic debit transactions Option 1: 30, Option 2: 50, and Option 3: 75 electronic debit transactions per month, with R18, R17, and R16 for excess
Debit card fee R0

#3 Nedbank – Small Business Current Account

Nedbank offers good, though not great, banking conditions for small businesses in SA

Named the Bank of the Year for 2014 (and 2011 and 2013) by the Financial Times’ The Banker, Nedbank is one of the stronger banks with locations across Africa.

Account Feature Cost
Minimum Balance R50
Monthly fee R55
Deposit R270
Electronic debit transactions R8
Debit card fee R180 annual

#4 Absa – BizStart

Absa Bank conditions are fine for small business accounts, but not the best

Winner of the 2015 Best SME bank in South Africa, Absa offers accounts focused on small businesses and startups in South Africa.

Account Feature Cost
Minimum Balance R0
Monthly fee R22
Deposit R0
Electronic debit transactions R3,95 – R8,50
Debit card fee R0

#5 Standard Bank – BizLaunch

Standard bank may not have the best conditions for small businesses in South Africa

According to their website, Standard Bank’s business bank accounts allow customers to more easily do transactions and offer comprehensive services, from their traditional branch locations, to their advanced electronic services.

For all that, however, it still scored lowest in the 2015 South African Customer Satisfaction Index (SAcsi).

Account Feature Cost
Minimum Balance R0
Monthly fee R165 for 12 months; R220 afterwards
Deposit R0
Electronic debit transactions limit of 30 POS + Electronic Account Payments; R22,50 per transaction afterwards
Debit card fee R0

Choose the best bank for your needs

Obviously, however, this is a general overview of some of the conditions for the best banks in SA.

Your needs may be different than my needs, so it’s important to

(a) know exactly what you want to get form your bank, and

(b) thoroughly research the banks.

This includes speaking to a bank representative either on the phone or by visiting them to have any of your lingering questions answered.

Did we miss anything? What’s your favorite banks for doing business in SA? Let us know in the comments below!

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