Cheapest, most expensive basic business bank accounts

An analysis of basic business bank accounts offered by the country’s major banks as well as newer entrants has revealed that small businesses are paying shockingly stark differences in bank charges. To compare costs, a basket of ‘typical’ transactions of a small business with under R5 million in turnover was used. This basket was developed in conjunction with professionals who have considerable experience in the industry.

This further shows that disregarding a bundled pricing option with a higher monthly fee may not make sense when a small business has a fair amount of transaction activity each month. * Inexplicably, electronic payments are free via Nedbank’s USSD channel. ** Excludes currency conversion fee. Digital banks raise competition It is obvious that the launch of TymeBank and Bank Zero in recent years caused most traditional ‘big four’ banks to relook at their entry-level propositions.

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