Top 17 cheapest business bank accounts in South Africa 2024

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. Discover the cheapest business bank accounts in contemporary SA.

Dedicated business bank accounts are a must-have for any business. Besides separating personal and business cash, they help to establish relationships with a bank for credit purposes. The cheapest accounts have minimal maintenance fees.

Overview of the best business bank accounts in South Africa

Below is a table of the top business bank accounts in SA. They are selected based on their charges and features.

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Top business bank accounts in SA

Did you know that having a business account can assure your clients your venture is legitimate? The account 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 and their monthly account fees.

17. Standard Bank's Bizlaunch Account - R225 pm

Standard Bank's Bizlaunch Account offers special rates on business tools. It offers guidance and support if your startup is under a year old. It gives you all the functionality of a standard current account but with the added benefit of bundled pricing.

16. ABSA Business Evolve Ignite - R190 pm

Did you know you can improve your cash flow with your Business Evolve Ignite Account? You can save on banking fees and boost your business with this product. The monthly fee is R190 pm.

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15. Standard Bank's MyMoBiz Plus Account - R155 pm

Standard Bank's MyMoBiz Plus Account attracts a monthly fee of R155. It is a business account that is tailored to fit your growing business banking needs.

MyMoBiz Plus is an all-in-one solution. It puts banking at your fingertips with a bundle of products and services at a fixed monthly service fee.

14. FNB Platinum Business Account - R120 pm

The FNB Platinum Business Account has a monthly charge of R120 pm. It is ideal for businesses with a turnover of between R5 million and R60 million per annum.

With this account, you get a dedicated relationship manager, access to Domestic and International SLOW, and global travel insurance.

13. ABSA Business Evolve PAYT - R95 pm

With Business Evolve PAYT, you pay only for the transactions you actually do. You also enjoy access to a host of benefits when you apply online for this package.

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The account comes with a Visa Debit Card and 24/7 access to Absa Online and the Banking App. You also get a cash flow manager at no additional cost.

12. Standard Bank's Attorney Trust Account - R89 pm

This product was created for lawyers of attorneys in business. They can Attorney Trust 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.

Lawyers can activate the automatic transfer of net interest into their preferred accounts. This Standard Bank business account offers online statements every month for holders' records.

11. Standard Bank's Business Current Account - R85 pm

Standard Bank's Business Current Account offers you convenient payment solutions. With this product, you gain access to secure electronic transfers and pre-paid purchases and payments. You can also boost your business’s cash flow with tailored business lending solutions.

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10. FNB Gold Business Account - R80 pm

The FNB Gold Business account is among the best business bank accounts in South Africa. It 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 on your FNB Gold Business Account. The latter allows you to pick a bundle of transactions to assist you budget for your fees.

9. Nedbank's Business Pay-as-you-use Account - R70 pm

Nedbank's Business Pay-as-you-use is among the top business bank accounts. This product is perfect for business owners just starting out or those with lower transactional volumes.

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This product allows you to pay for the transactions you use only, access to Nedbank's world-class digital banking channels, and the services of a dedicated banker.

8. 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 Capitec business account? If you install the Capitec app, you can easily switch between your business and personal banking profiles.

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

This Nedbank business account 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.

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6. Standard Bank's MyMoBiz Account - R7 pm

If you are looking for an affordable Standard Bank business account, consider MyMoBiz Account, which attracts a monthly maintenance fee of R7.

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.

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 are looking for free business bank accounts in South Africa, 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.

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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 for sole business owners with less than R3 million turnover per year. It is only available online. The Nedbank Startup Bundle is one of the top small business bank accounts in South Africa.

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 ABSA business account, you will build a good credit history for your business.

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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.

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. Other types of business accounts offered by the bank may have monthly fees.

Can a foreigner open a business bank account in South Africa?

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Yes, a foreigner with the necessary legal documents can open a business bank account in SA.

How much does an FNB business account charge per month?

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

What is the best business bank account in South Africa?

It is challenging to pinpoint the best business bank account 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.

Which bank is best for business accounts in South Africa?

The best bank meets your needs and wants. It offers great features and favours business growth.

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What are the four types of business accounts?

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

Can you 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. Business bank 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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Briefly.co.za recently published a list of code 14 learnership opportunities in South Africa. Transport and logistic companies in SA prioritise applicants with the code 14 learnership qualifications or certifications.

Driver job opportunities have become competitive. You need more than a driving license to stand out. It would help if you considered enrolling for code 14 learnerships.

Source: Briefly News