Best Online Business Banking Accounts in South Africa

By Dave Nyam •  Updated: 07/07/24 •  6 min read

For any South African business owner, a reliable online bank account is one thing one needs to have. It eases financial management and keeps one in bookkeeping with expenses against the revenue. However, so many bank accounts make it devastatingly discouraging to do so. This post describes some of the finest online business bank accounts in South Africa. We review each of them by considering fees, features of each, and customer service. Whether a small business just starting or a large corporation desiring easier financial operations, we have your back. By the end of this post, you will know the best online business bank accounts in South Africa and their many benefits. This shall help you decide on the best account to issue to your business.

Best Online Business Banking Accounts in South Africa

1. Nedbank – Small Business Services

The Nedbank-Ecobank Alliance has the most extensive banking network across the continent, assisting big and small businesses. Their SimplyBiz hub is a repository of tools for companies’ operations. One can either pay per use—R60 admin fees—or take up fixed monthly costs, Business Bundles 35 & 60 at R259 and R420, respectively. Added to this are daily transactions, lending, investments, and sector-specific tailored solutions made individually available to customers across franchising or agriculture sectors. Therefore, Nedbank’s Small Business Services is an excellent option for any growing business.

2. FNB Easy Account Smart

The Easy Account is just the right fit for the small entrepreneur at FNB. There are two variants: the Easy Smart Option and the Pay-As-You-Use Option. At just R59 a month, the Smart Option offers many features of a regular bank account, including checks and money management. Free ATM transactions are worth R2,000 a month; that’s 300MB of data, including 30 voice minutes and 30 SMSs. Spend over R51 every month on airtime to get that extra 300MB. Get R50 back in eBucks for every payment transaction, and your monthly fees can also be paid in eBucks.

3. FNB First Business Account

The First Business Account from FNB is ideal for the tech-savvy entrepreneur with less than R5 million in revenue. There are no monthly or account fees in this value-beating digital account, and all swipes are free. The QR Speedpoint® ensures fast and secure payments. All new clients will receive a free Connect SIM. For the more established business client, there are Gold, Platinum, or Enterprise Business Accounts that have advanced cash flow tools and coaching on creating wealth through their Fundaba app.

4. FNB Easy Account PayU

FNB Easy Account PayU is a service that is perfect for business people who are sensitive to spending. It does not come with any additional costs for card swipes, online banking through the FNB App, free airtime and data purchases, or access to one’s cash at participating retailers within South Africa, plus R4.95 only as a monthly service fee. Weekly Grocery coupons at Shoprite/Checkers/Usave enhance the value. Also, this account is ideal for saving to the fullest while trying to minimize unnecessary expenses, making it among the greatest in South Africa.

5. Nedbank Pay-As-You-Use Account

The Nedbank Pay-As-You-Use Account will fit any business owner who prefers to pay for services quickly. There are no maintenance fees, annual charges, unlimited card swipes, or debit orders. In addition to that, it gives balance inquiries free on self-service channels for improved convenience. This account offers tremendous value and is one of the reasons it tops the list of most-used business people in South Africa. It helps them efficiently and economically manage their banking needs with a flexible payment structure that allows for variable business needs.

6. Capitec Global One Account

Global One is the account at Capitec for businesses transacting globally. This product offers customers access to over 29,000 ATMs, over 800 locations worldwide, a specialized banking app with advanced functionality, and 24-hour Internet banking. It offers fee-free transactions on worldwide purchases, only requesting a minimal R5 monthly subscription. Adding to its luring, there are no fees for petrol purchases or phone orders, and a mere minimum R25 balance is required. Capitec Global One caters to businesses that need international transaction facilities coupled to achieve consistent, cost-effective banking solutions.

7. Discovery Bank Transaction Account

This is the Discovery Gold account with low fees, extended features, and Vitality partnerships. The monthly payment is R5, with an additional R5 from Vitality. A local ATM withdrawal costs R4.50 + 1.5%, while a local point-of-sale withdrawal is R2. International withdrawals attract an R65 fee. Free swipes, ATM balance inquiries, and payment alerts make it a very good value. So, this has been the beckoning Discovery Gold account for small business owners in South Africa looking for a marriage between affordability, added value, and comprehensive banking services.

8. Bidvest Bank – Business Bank Account

The Bidvest Business Bank Account is free to set up, has competitive interest rates, and has no monthly admin cost. It also features online banking with one platform for all domestic and international transactions. Use a Visa debit card that gives cash back to participating businesses such as Pick n Pay. This account deals in ease of financial management with rewards on purchases. At Bidvest, the tailored solutions are custom-made for companies who want smooth operations with added advantages that make them highly preferred within South Africa.

9. Access Account from Standard Bank

This is a no-fuss, low-cost solution for small business owners who want to bank hassle-free. It comes with no minimum balance of R5.80 per month and no minimum balance, along with other benefits such as free quick cash, prepaid top-up, UCount awards, and airtime/data bonuses every month. Suppose one wants to conveniently and economically distribute money within the business without worrying about overdraft protection. In that case, the Standard Bank Access Account in South Africa is the way to go.

10. Absa – Classic Business Account

Absa offers different accounts that suit South African SMEs. For example, the Basic Account suits start-ups with less than R10 million annual turnover. The latter comes with pay-as-you-transact pricing, free inter-account transfers, and debit orders. Absa supports the establishment of credit ratings and makes available overdraft facilities. There is also funding and training through Business Development Centers. Access to the 24/7 app is free, while other options include The Classic Account (R80 monthly fee).

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