Top 10 cheapest business bank accounts in South Africa 2023

Starting and running a successful business account in South Africa is crucial. It assists every entrepreneur or business owner in separating personal funds from business monies. It also makes it much easier to track a venture's cash flow.

A dedicated business account is a must-have for any business. Besides separating personal and business cash, it helps to establish a relationship with a bank for credit purposes. The best account is one with a minimal maintenance fee.

The best business account in SA: top 10 list

Did you know that a business account can assure your clients that your venture is legitimate? Besides, it helps you to manage your finances in a business-like manner and prevents headaches as your venture grows.

Below is a list of the best business bank accounts you should consider opening in 2023 and their monthly account fees.

10. FNB Gold Business Account - R83 pm

FNB Gold Business is ideal for businesses with a turnover of between R0 and R5 million per annum. It has a monthly fee of R83. You can also pick a bundled option, and you earn eBucks for business as a reward for using the product.

The fee structure is Pay-As-You-Use (PAYU) or Single Fee Pricing bundles. If you choose PAYU, you pay for transactions made. The latter allows you to pick a bundle of transactions to assist you budget for your fees.

9. Capitec business account - R65 pm

Capitec offers a day-to-day transactional account to all businesses at the same price of R65 pm. The bank has a simple and transparent fee structure.

Did you know you get free inter-account transfers and monthly email statements with this account? If you install the Capitec app, you can easily switch between your business and personal banking profiles.

8. Nedbank's Business Pay-As-You-Use - R65 pm

This product is suitable for business owners just starting out or those with lower transactional volumes. You can manage your money on the go with the Money app or online banking.

Nedbank's Business Pay-As-You-Use enables your customers to pay you safely and securely. One of its perks is free networking for entrepreneurs and business owners.

7. Standard Bank's MyMoBiz Account - R5 pm

If you are looking for an affordable Standard Bank business account, consider MyMoBiz Account, which attracts a monthly maintenance fee of R5.

With this product, you can accept card payments via PocketBiz. You can access the funds deposited into your account on the same day and also make payments on the go using the Standard Bank app.

6. Standard Bank's Attorney Trust account - R0 pm

This product was created for lawyers of attorneys in business. They can start accounts with zero monthly charges to manage client funds in trust. The best part is this account ticks all the legal boxes and earns you interest.

You can activate the automatic transfer of net interest into your preferred account. The bank also offers online statements every month for your records.

5. ABSA Business Account Evolve Lite - R0 pm

The ABSA Business Evolve Lite has no monthly account fee. The bank has ensured there is a dedicated team of bankers to take care of all your banking needs.

You get the choice to pick your pricing level. You pay for what you can afford and save. Kindly note that Liquidity Plus is not available if you have an Islamic account.

4. Tyme Bank business account - R0 pm

If you have ever wondered how to open a business account in SA, consider using Tyme Bank because it will take you less than five minutes to start one. The account requires no paperwork and no monthly fees.

With this product, your first cash deposit will be free, and you can easily access bank statements and proof of account. The withdrawal fee is also affordable.

3. Nedbank Startup Bundle - R0 pm

The Startup Nedbank business account is sole business owners with less than R3 million turnover per year. It is only available online.

Once you open an account, you get six months of zero monthly maintenance fees and 20 free digital transactions. You will not be charged for eNotes SMS notifications, and you can access dedicated relationship banking services.

2. ABSA Business Evolve Core - R0 pm

With zero monthly fees, the Business Evolve Core package is a pay-as-you-transact option designed for sole proprietors. You can access your money 24/7.

There is a tiered pricing strategy on eTransactions. With this product, you will build a good credit history for your business.

1. FNB First Business Zero account - R0 pm

This FNB business account is ideal for a sole proprietor, with a turnover of between R0 and R5 million annually. The sole proprietor must want to separate their business and personal accounts.

There is no monthly fee for an FNB Business Zero business bank account. The fee structure is Pay-As-You-Use (PAYU). This means that you pay for transactions made only.

Recap of the best business account in SA

RankAccount nameMonthly charge
1FNB First Business Zero accountR0
2ABSA Business Evolve CoreR0
3Nedbank Startup BundleR0
4Tyme Bank business accountR0
5ABSA Business Account Evolve LiteR0
6Standard Bank's Attorney Trust accountR0
7Standard Bank's MyMoBiz AccountR5
8Nedbank's Business Pay-As-You-UseR65
9Capitec business accountR65
10FNB Gold Business AccountR83

What is a business account for?

A business account is used for business-related transactions instead of personal finances. It is opened in the name of the venture rather than an individual's name.

How much does it cost to open an ABSA business account?

It will not cost you anything to open ABSA Business Evolve Core or ABSA Business Account Evolve Lite accounts.

How much does it cost to open a business account at FNB Bank?

You will not be charged anything to open your FNB First Business Zero account. However, other business products may attract charges.

Which bank is the cheapest in South Africa?

It is challenging to pinpoint the cheapest in South Africa because each offers multiple products and services. Always ask for more information about fees and other charges before opening an account with any bank.

Which documents are needed to open a business account?

You need a valid ID document for yourself or your venture and proof of address. Additional requirements may be needed depending on the bank.

What are the 4 types of business accounts?

The four main types of business accounts are checking, savings, certificate of deposit, and money market accounts.

Can I open a business account online?

Yes, most banks allow you to start your account online. Ensure you choose the best bank for a business account for your needs.

Starting a business account is important for all South African entrepreneurs. These accounts help in money management by keeping personal affairs separate from those related to the venture.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

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