Best Bank for a Small Business?

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Fern9do

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Hi, im looking for a bank for my new business. Have read all 4 banks info on business banking and it all seems like the same stuff, except for fnb who offers ebucks.

Who would you guys say is the best bank for Small business banking? any bank in particular you would recommend?

Also what are the fees for a standard cheque/current account?
I just want to know if I can even afford to open an account as my business is not making that much money but i want to be professional so thats why I want it.

As usual thanks in advance:)
 
Very happy with the service from Standard Bank Business Banking - feels like you have a private banker. And they're very good at keeping you up to date on legislative and tax changes that could affect your business.

Unfortunately, not cheap. But I don't think cheap business banking exists in SA. At the moment, I rarely use the debit card and never draw cash on it, but rather make internet transfers into the accounts of regular and ad hoc service providers to cut costs. Would love to know if anyone has a solution to the high fees.
 
Thanks b.billionare, I kinda figured it whould be high when I could find a price/Fees list on the websites. But what kind of monthly fee will i be looking at ?
 
Some article in the Sunday Times' small business supplement worked out that FNB was the most expensive while Nedbank was the cheapest in terms of a set of transactions.

The article was written several weeks ago so I can't remember which week exactly.
 
Just got a 2009 fee brochure from Standard Bank in the mail this week. Too much detail to mention everything, but broadly there's a base fee of R4,20 plus a % of the value of each transaction.

A minimum monthly service charge of R65 applies. The fee when you transact above your overdraft limit is R95. Post-dated cheque deposit fee is R70. The maximum fee for a debit order is R16.25; for a debit card purchase is R15; for a cheque service fee R33; etc. Best to walk into the branch and get the brochure with all details.
 
Thats not too bad barefoot billionare. I guess the overal cost will be high depending on how busy your business is. Thanks for that info, I will go to the major banks to see who has the best terms.
 
I know that Nedbank has a start up offer i.e.: not yet in operation or less than 2 yrs old
free unlimited chqs (from own chq book), free unlimited debit orders, internet banking and cash deposits.
 
I'm using FNB Business Transact, monthly charges are R15 if there are no transactions. It is the Pay as you go offer, business transact, with no overdraft, includes online banking. It suits my needs at the moment because there is very little transactions projected for the next few months for my account. So paying a little more for a transaction is fine with me at the moment.

I also looked around, but ya, cheap banking does not exist!
It's important to check your requirements first, and then select a product. Be careful of the bank sales person trying to sell a product with overdraft or services you don't need, as these have higher monthly costs. I had to avoid this like the plague! and be very firm so I was not roped into one of those accounts!
 
skoob said:
I know that Nedbank has a start up offer i.e.: not yet in operation or less than 2 yrs old
free unlimited chqs (from own chq book), free unlimited debit orders, internet banking and cash deposits.
Click to expand...

Yeah, but read the fine print, I think YOU HAD to take a loan of R100 000 at xyz interest rate! (if its the same offer I heard about.)
 
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