Recommended Bank acoount for start up?

[pratlou]

So just finished doing legal stuff required for registration of company. Now I need to open bank account, which bank has affordable fees for start up that doesn't have much sales volumes monthly?

FNB is definitely out of picture :banghead: seen their fees.

Which one would you recommend?

 

[DominionZA]

My personal is with FNB and business with ABSA. Moving from also to FNB cause the fees are so much less.

 

[bromster]

I did Standard Bank Bizlaunch. Very happy with the service, and by far the cheapest. Only trick is that your monthly fee goes up to the standard tariff after a year. They also offer you basic insurance for an extra R150pm which isn't too bad, but the cover is low and obviously targets new businesses without much stock.

 

[HavocXphere]

There are quite a few threads about commercial accounts already... you can filter them

go to google type in

site:mybroadband.co.za business bank account

or similar terms...the site part is the pro tip here

In your particular situation...I'd look at pure fees to decide.

On the business side Investec & HSBC have been the most responsive in my experience (by a wild margin)...but they're also the most expensive.

So...go for the cheapest and then re-evaluate your situation once you're in a more establish situation.

 

[midnightcaller]

Check nedbank
I used them for mine business account

 

[HavocXphere]

Check nedbank
I used them for mine business account

why / details pls?

 

[midnightcaller]

It was a quick and simple process to sign up. They sent a personal banker to meet me and verify documents.

Maintenance fee is R51 per month
Nedbank app
Nedbank website

 

[Paul Hjul]

All of the banks providing small business banking (so no Capitec) offer special products for startups which differ and you need to find the one to suit your purpose. If your capital is entirely owners equity then I think Standard Bank offers the best deal whereas Nedbank have a very good deal if you are taking 100k or more financing from Nedbank (when you take the interest into account the deal is still very good)

 

[pratlou]

I did Standard Bank Bizlaunch. Very happy with the service, and by far the cheapest. Only trick is that your monthly fee goes up to the standard tariff after a year. They also offer you basic insurance for an extra R150pm which isn't too bad, but the cover is low and obviously targets new businesses without much stock.

How much do they charge pm without insurance?

 

[ld13]

Depends on your needs I guess and why you would need a "business" account. We have a business account because back in the day all our merchant services were directly linked to our business account and we had a big overdraft. 10 Years later and we are now looking at closing our [-]absa[/-]ripoff... let me try again, [-]absa[/-]ripoff ... odd, but you get what I'm saying. We are looking at closing our account and moving over to Capitec completely since they now offer merchant services and the overdraft is something we don't need anymore. With capitec we are only looking at a R5 monthly account fee + R300 odd device rental fee.

Good luck with the new company though, it is never easy. Got a stack of SA document/letter templates that might come in handy, drop me a PM if you want a copy.

 

[jerome000]

FNB - CIPC registration