Business bank account

[Ancalagon]

Anyone care to share their experiences with any of the banks in terms of business banking? Or any special deals?

I'm looking to open a business bank account, I wont be applying for a loan.

 

[PsyWulf]

We use standard and nedbank,would dump nedbank if we could,horrible site,exporting transations is a pain

 

[Ancalagon]

But Standard bank is good?

I'm probably going to look at Standard and FNB.

 

[PsyWulf]

Fairly open to negotiation,import and export feature works,fairly okay online banking software ( Java )

Their support departments could do with an asskicking though

 

[Ancalagon]

Like all banks it seems.

Thanks!

 

[Billy]

Try the FNB Essential Account.

No monthly fees. Pay as you transact. Internet based.

https://www.fnb.co.za/business-banking/business-accounts/fnb-essential-account.html

 

[heartbroken]

I currently have a Nedbank account, getting r#pped in the ear by bank charges. Useless internet banking, only works in IE with compatibility mode. Considering moving to FNB.

 

[DJ...]

Standard Bank have been very good to me for years. And I would apply for some line of credit, whether it be an overdraft or something a little more complex is up to you. From experience I can guarantee you that it will at some point become a very worthwhile safety net to have...

 

[ice_cubes]

I have a standard bank business savings account. Costs me R15 per month. All transactions are around R4 per transaction.

I also have an FNB business cheque account...costs me R45 per month. Debit cardl transactions are R2 per transaction, cash withdrawal is R10 each & debit orders are R14 per debit order. Bloody ripoff!

 

[morkhans]

Any suggestions for a business account for our home owners association levies? I need to recieve payments by EFT and have at most 3 EFT payments I need to make each month. Looks like a PAYG option might be best. Having some form of 30 day savings account option to attach to that would be nice.

 

[DigitalSoldier]

We are using Nedbank and they are responsible for a lot of hair loss from me.

High banking costs.

Useless site, but they have done some changes in the very recent past.

Support is useless and horrible customer service.

Also they recently transferred our business banker to another branch and now our branch doesn't have a business banker. At the end of last month we had trouble with our account and they couldn't help us. We had to go stand in a queue behind 100s of other people even though we pay a lot more for business service.

Also get an overdraft account as DJ said its very worthwhile and sooner or later you will need it.

 

[morkhans]

Thanks, will avoid Nedbank.

We're currently running out of a personal Capitec account, but there are some liability concerns so need to move to a business account. It's annoying that the costs are so high "just because". Maybe it's time for a business banking shake up like we had for personal banking?

FNB PAYG looks like an option, but R52 just to have an account and then the rediculous sliding scale charge rate for transfers. It seriously doesn't cost a bank more to move R10 than it does R1000.

 

[Swa]

Capitec has business accounts.

 

[morkhans]

Capitec has business accounts.

Where? All I see is business services: Card machines etc., but no business accounts.

 

[Swa]

Where? All I see is business services: Card machines etc., but no business accounts.

You just open an account with the business name as I understand it. It doesn't come with any additional functions though, but you can request sms notification of transactions. Perfect if all you want is to avoid liability.

 

[AlmightyBender]

You just open an account with the business name as I understand it. It doesn't come with any additional functions though, but you can request sms notification of transactions. Perfect if all you want is to avoid liability.

This is terrible advice. They will not let you take out the account in a legal entity's name. It is an account for natural persons. Also it is not appropriate for business purposes.

Try FNB or Standard.

 

[Flidiot]

I have my business accounts with FNB. I am extremely happy.

Avoid the "Essential" account if you transact quite a bit though. It may sound like a bargain, but the transaction fees add up quite quickly.

 

[HavocXphere]

I deal with pretty much all of the bank's commercial division as a result of my job.
...Investec. Lightning fast to respond and always on the ball. Flawless.
...HSBC. Nearly as fast to respond and delivered as expected. I don't see a lot of HSBC accounts though. Not far behind Investec.
...Standard bank. Best out of the big 4. OK response times & no major fckups.
...Nedbank. Nothing specific to report. Kind of in the middle on all fronts. No major fckups.
...FNB. Slowish and decent number of serious screwups.
...ABSA. Deathly slow. Decent number of serious screwups. Do not want.
...Capitec. Can't recall seeing a single one of these tbh. They don't seem to be very popular among established businesses.

To give you a sense of the timing. Lightning fast (Investec) = usually <48hr turnaround time, saw one or two <8hrs. Deathly slow ABSA means 21+ days with emphasis on the "+". And those times aren't taking from one or two instances, its like that every damn time. Pretty sure ABSA charges more for the honor too...

Keep in mind that this is me dealing with the banks commercial division directly, not me using their online banking interfaces - so no comment on that aspect & it might change things.

 

[Swa]

Seems Capitec has services for businesses (including salary payments) but no accounts for close corporations, companies, partnerships, or trusts. This is rather confusing.

They have rolled out all the other services including the first real debit card and credit cards are next in line so I guess we'll see the full package soon.