Business Bank Account

[Greg C]

My money is on ABSA

What makes you think I work for Absa?
Just a preference to not disclose which Bank I work for. One because I like to see what the competitors and that are doing and two if you disclose it comes with to much attention.

Banks carry a huge reputation of being pathetic,and the usual "back in my day, I could go accross the street to clear a cheque" nonsense. Back in those days there wasnt the size of volumes,number of people or market to do it.

Gov can say whatever they want,but the skills that are coming through the system and the knowledge is very poor. None the less thought Id chip in on this one. If you want to know the best bank for you, my suggestion would be the same way you do everything else. Shop around,get some Factual information and ignore the marketing. Every business is different even if you are the same industry, so what works for you may not work for another.

 

[Greg C]

What options are available for two guys doing some part time work on the side? We don't have any sort of formal company but we would like to keep that part of our finances separate so that we won't have any problems in the future. What would be the most cost effective joint type of account that we can use?

Its an interesting question. Business purposes are out I am afraid as you wouldnt be able to open one even if you wanted to without registered CIPC company.

Not that I particularly like the scenario, it is a common one as a lot of people dont disclose income, its fact. None the less, I would open a savings account(basic) being that of internet banking and cellphone sms etc. Add yourself and your friend as users on the internet banking(this ofcourse can be done). Not sure if cellphone can have more than 1 cell phone, memory serves it cant. To add extra security for any branch activities, add yourself and your friend as signing instruction on the account and make sure it is set at "2". To ensure that for anything you can do at a branch must be done with the both of you present at the same time.

 

[rodga]

Its an interesting question. Business purposes are out I am afraid as you wouldnt be able to open one even if you wanted to without registered CIPC company.

Not that I particularly like the scenario, it is a common one as a lot of people dont disclose income, its fact. None the less, I would open a savings account(basic) being that of internet banking and cellphone sms etc. Add yourself and your friend as users on the internet banking(this ofcourse can be done). Not sure if cellphone can have more than 1 cell phone, memory serves it cant. To add extra security for any branch activities, add yourself and your friend as signing instruction on the account and make sure it is set at "2". To ensure that for anything you can do at a branch must be done with the both of you present at the same time.

Thanks
It's actually so we can make it easier to identify the extra income when it's time to submit our returns.
Will go have a look at the options next week.