The 6 best bank accounts for small businesses in South Africa

Starting a small business is super exciting, but it also comes with its fair share of tough decisions—and one of the most important ones is your bank account.

In business, your relationship with your bank can have a major impact on your financial success and day-to-day operations. It’s not just a place to stash your earnings, it’s a hub that can give you access to loans, advice, and the peace of mind that comes with effective financial management.

But how do you pick the right one? Every business has unique needs and there’s no one-size-fits-all banking solution. Here are a couple of things to keep in mind:

• Fees: Compare the fees associated with maintaining the account, including monthly fees, transaction fees, and ATM fees. But remember, the cheapest bank account might not be the best one for your business!

• Transaction limits: Check out how many free transactions you get each month and the fees for exceeding those limits.

• Internet and mobile banking: User-friendly online and mobile banking platforms make it easy for you to manage your finances on the go.

• Branches and ATMs: Find out how many branches and ATMs are in your area, especially if your business deals mostly with cash.

Ready to find the best bank account for your business? We’ve put together this guide to help you navigate the world of business banking in South Africa.

At a Glance: The Best Banks for Small Businesses in South Africa

FNB First Business Zero Account

The FNB First Business Zero Account is designed exclusively for sole proprietors with an income of up to R5 million per year. It understands that, as a sole proprietor, you are your business. There's no red tape or bureaucracy—just you and your ambition.

First Business Zero caters exclusively to sole proprietors, so if you’re not a sole proprietor you won’t be able to access this account. However, FNB does offer a Gold Business Account to cater to other types of business owners.

Pros:

• No monthly account fee.

• Access to business coaching via Fundaba.

• Free cash withdrawals at a till.

Cons:

• You cannot earn eBucks on this account.

• The account is only available to sole proprietors.

FNB Gold Business Account

The FNB Gold Business Account is a user-friendly banking option designed for small businesses, startups, and micro-companies. It's a handy everyday bank account that makes it easy to manage your money, whether you're dealing with local or international transactions.

FNB also provides a variety of financial services and products to go along with the Gold Business Account. These include:

• A Gold credit card

• PayPal integration

• Overdraft options

• Global payments

• Various loans and financial solutions

Keep in mind that this account is mainly meant for micro-companies and startups. While it offers basic banking services, it might not have the features and perks that rapidly growing businesses need.

Pros:

• Various pricing options.

• Ability to earn eBucks.

• Airtime, data, and electricity rewards.

Cons:

• Higher monthly fees than other entry-level business bank accounts.

Capitec Business Transactional Account

If you're in search of a business transactional account that prioritises simplicity, transparency, and affordability, then the Capitec Business Transactional Account is worth considering.

One of the standout features of the Capitec Business Transactional Account is its straightforward fee structure. At a flat rate of R5 per transaction for EFT payments, debit orders, and debit card transactions, it's easy to keep track of your banking costs.

The monthly fee of R65 includes a bundle of services, making it easy to budget without hidden fees or surprises.

Pros:

• The R65 monthly fee makes it a cost-effective option.

• Includes access to a Relationship Banker.

• Access to 3,000 Capitec ATMs nationwide.

Cons:

• The R5 fee for EFT payments can become costly.

• Limited physical branch presence.

TymeBank EveryDay Business Account

TymeBank's EveryDay Business Account stands out as an efficient and cost-conscious solution tailored for small business owners. This account doesn’t have a monthly service fee, which is straightforward and easy on your wallet.

The EveryDay Business Account account will be linked to your personal TymeBank account so you can easily manage it from your main account.

It’s particularly great for companies that do business internationally, with a transaction fee of just 2%. This is lower than what most other banks charge (they usually hit you with fees ranging from 2.25% to 2.75%).

Pros:

• No monthly service fee.

• Simple, straightforward banking.

• Low international transaction fees.

Cons:

• Limited business services.

Absa Evolve Lite Business Account

If you're a small business owner or just starting your journey, the ABSA Evolve Lite Business Bank Account is all about simplifying your business budgeting without breaking the bank.

What sets this account apart is its affordability. The monthly fee? A grand total of zero. That's music to the ears of small businesses operating on tight budgets. In addition, if you're the type of business that wants to accept payments on mobile devices, you're in luck. Mobile Pay is included with this account, and it won't cost you a monthly fee.

While the first five transactions per month are free, thereafter you’re looking at anywhere from R12.50 to R48 per transaction. If your business racks up a lot of transactions in a month, you'll need to be cautious about out-of-bundle fees.

Pros:

• You can upgrade to one of the other ABSA Evolve Business accounts without changing your account number.

• Mobile Pay is available without a monthly fee.

Cons:

• Frequent transactions can lead to out-of-bundle fees.

Standard Bank MyMoBiz Account

At only R5 per month, the Standard Bank MyMoBiz Business Account is an ultra-affordable way to take care of your business’s banking needs.

The standout feature here is the PocketBiz point-of-sale device, which lets you accept card payments from your customers. Then, you get those funds in your account on the same day.

What makes the MyMoBiz account even more fantastic is its flexibility. Whether you're on the move or at your desk, you can easily manage your finances through the banking app or internet banking. In addition, you can set up savings goals for your business and earn interest on your savings.

Pros:

• R5.00 monthly service fee, perfect for small businesses on a budget.

• The PocketBiz point-of-sale device lets you receive payments almost instantly.

• You'll have a team of business bankers ready to help when you need it.

Cons:

• You're stuck with just one type of point-of-sale device, although Standard Bank has more options available.

• If your business makes a ton of transactions, the monthly costs can creep up.