Why You Need a Business Bank Account
A dedicated business account separates personal finances from company funds, simplifies bookkeeping and builds credibility. Banks also require proof of registration and compliance before opening an account.
Required Documents
- Company registration certificate and CoR 14.3
- CIPC-issued MOI
- Certified IDs of directors
- Proof of residential and business address
- Tax clearance certificate or TCS PIN
- Board resolution authorising signatories
Comparing Major South African Banks
- First National Bank (FNB)
- Offers an “Instant Business Account” online within minutes.
- Includes low monthly fees, digital banking, integrated accounting tools and access to eWallet for staff payments.
- Standard Bank
- Flexible account options (My Business Account, BizLaunch).
- Includes unlimited electronic transactions for a fixed monthly fee.
- Provides merchant services for card payments.
- Absa
- Tailored packages for small businesses.
- Free access to Absa Small Business Friday webinars.
- Offers overdraft facilities and trade finance.
- Nedbank
- “Startup Bundle” with discounted fees for new companies.
- Access to essential business tools like Sage accounting software.
- Physical and online banking channels.
- Capitec and TymeBank
- More affordable monthly fees.
- Mobile‑first services and easy account opening.
- Suitable for micro‑enterprises needing simplicity.
Choosing the Right Bank
- Consider Your Transaction Volume: High‑volume businesses should seek low transaction fees or bundle deals.
- Evaluate Digital Integration: Select a bank that integrates with your accounting software.
- Access to Credit: If you plan on seeking finance, choose a bank that supports SME lending.
- Branch Access vs Online: If you require face‑to‑face interaction, consider banks with a strong branch network.