Absa Business Evolve Start Account Review 2023

The Absa Business Evolve Start account is specifically designed for companies that want to plan and budget for transactional fees. It has a fixed monthly account fee of R290.00 and is suitable for businesses with annual revenue ranging from R0.00 to R500 million.

This account includes 50 monthly payments, which can be used for bill payments, external debit orders, and debit card purchases. In addition, the bundle comprises of 5 ATM withdrawals and cash deposits per month, or R50,000.00 in withdrawals or deposits, whichever comes first. The account also provides two monthly interbank payments.

The Absa Business Evolve Start Account offers various benefits to account holders, and there are no additional fees for these benefits. Below, we will discuss the benefits provided by this account.

Benefits of the Absa Business Evolve Start Account

The Absa Business Evolve Start Account is not only one of the most affordable business accounts in South Africa, but it also offers a range of benefits. Additionally, this account is available to those who require a Shari’ah-compliant transactional account.

Account holders can open a demand call account and begin saving money while earning interest. The liquidity plus account has no minimum opening deposit requirement and accepts any amount. Moreover, the Cashflow Manager feature, which allows businesses to monitor their cash flow, is included in the account and does not require an additional monthly account fee.

The Absa Business Evolve Start Account can also cater to businesses that require multiple accounts by offering them multiple business accounts. These accounts can be personalized according to the account holder’s preferences. If multiple business accounts are opened under the Evolve Start account, each account will have its own monthly fee. If the bundles are depleted, out-of-bundle charges will be applied to each account.

Lastly, the Evolve Start Account provides account holders with free access to the Absa digital platforms. Account holders can conduct transactions in real-time and access Absa and Absa-supported ATMs, the Absa internet banking service, the Absa mobile app, and the Absa mobile banking.

Absa Business Evolve Start Account Fees 2023

Advantages of Absa Business Evolve Start Account

• A Shari’ah-compliant equivalent account is available.
• Inter-account transfers are free of charge.
• The account can be used to open multiple accounts for the same business.
• Absa digital platforms are free and are made available when an account is opened.
• The account can be expanded to include an investment account, and there is no minimum opening balance.
• Any type of business, including sole proprietorships, can open an account.
• The account can be completely opened online.
• The account includes a number of transactions for payments, withdrawals, and deposits.
• There is no monthly or one-time fee for the Mobile Pay system.
• It comes with an unlimited number of Notify Me options.

Disadvantages of Absa Business Evolve Start Account

The account can be expensive for businesses that transact less or for those that transact many times.
The account is pricey and doesn’t come with a private banking facility.

Absa Business Evolve Start Account Application

• To apply for the Absa Business Evolve Start Account, a registered business or a sole proprietorship with an annual revenue of no more than R500 million is required.
• All directors of a company must have a valid South African ID book or Smart card.
• Proof of business address must be provided, and a sworn affidavit can be produced as proof of business address if you are a sole trader.
• You will also need to provide your company’s registration documents.
• If a company has more than one director, the applicant must provide a company mandate stating the company’s support for opening the bank account.
• Existing businesses must provide three months of bank statements for the company or three months of personal bank statements if the business is a sole proprietor.

Conclusion

The Absa Business Evolve Start Account is a suitable option for businesses that transact up to 50 times per month and want to save on bank fees. It offers a range of advantages, including the ability to open multiple accounts, free inter-account transfers, and the option to expand into an investment account. However, it may not be the best choice for small businesses that transact less than 30 times per month.