Quick Poll

10 Best cheque accounts for businesses in South Africa 2023

Business banking has grown in South Africa as banks accommodate a wider range of businesses. Sole proprietors can now open a business bank account, which was previously not prioritized.

Banks such as TymeBank have also made it simple to open business accounts in South Africa, with the process taking less than 10 minutes. Furthermore, business accounts include features that were previously unavailable, such as free accounting software or accounting software integration onapp.

With all of these extras and features of business accounts in South Africa, business banking is becoming more competitive. Business owners are now looking for banks that will make it simple for them to not only bank but also to manage their businesses. As a result, not all business accounts are appropriate for all types of businesses.

Because SMMEs account for more than 60% of all businesses in South Africa. Our list is based on what small and medium-sized businesses require to operate successfully in a banking environment. Cost, ease of use, no hassle and ease of opening, availability, and a lack of administrative burden are all important considerations for SMMEs.

Our top 10 business bank accounts are chosen for the reasons stated above. The following are the top 10 business bank accounts in South Africa.

FNB Gold Business account

The FNB Gold Business account is one of South Africa’s most popular business accounts. The FNB Gold Business Account is available to businesses with annual revenues ranging from R0 to R5 million. This account includes free access to the FNB digital platforms as well as 24-hour support from the FNB business desk.

Account holders can manage their finances using free accounting software. Account holders can use the instant solution software to access invoicing, payroll, and accounting solutions. Furthermore, account holders receive a value-added service with Business Directory, which allows them to have their business listed on the FNB business directory for free.

The account includes a free membership in the FNB eBucks business rewards program. Gold business account holders receive rewards when they spend using the eBucks reward program. The eBucks rewards program also offers discounts and vouchers.

Other solutions are available through the FNB Gold Business account, including:

  • Gold Business Credit card, 
  • PayPal services, 
  • Overdraft facility, 
  • Key Person Insurance
  • eWallet pro, 
  • Global payment solutions and more. 

Standard Bank MyMoBiz account 

The Standard Bank MyMoBiz account is an entry-level cheque account for small business owners. At a monthly cost of R5.00, the account provides good value for money because it includes many built-in features. This account includes dedicated support from a team of bankers who are available 24/7.

The account is aimed at ordinary business owners and allows them to bank at a low cost. Account holders can easily make payments and pay employees using automated payments. Moreover, account holders have free access to the Standard Bank digital platform with this account.

Account holders can do a lot with the Standard Bank digital platform, including:

  • PocketBiz where account holders can accept card payments from customers and do more business. 
  • MarketLink where account holders can save towards a goal for free. 
  • View statements and make payments to third parties. 

While the account does not include many free transactions, it does include a solid banking application that makes banking simple for small to medium-sized business owners. This account is a good place for a small business to start banking because it can be upgraded later.

Nedbank Business Bundle 60 account 

Companies can open a Nedbank business bundle 60 account for R420.00 per month. The account promises to save account holders up to 40% on banking fees by providing free 60 transactions per month. This account provides a free service for eNotes SMS notifications.

The account includes a business cheque linked to the current account. Account holders can obtain credit with up to 55 days of interest-free credit. Under the account, multiple credit and debit cards can be issued. For a monthly fee of R69.00, an overdraft facility can be added to the account.

Businesses that conduct their operations online will undoubtedly benefit from the use of the business bundle 60 account. Customers can use the account to pay safely and securely online or in-store. Account holders can use tap-and-go functionality to convert their mobile device into a POS device. This enables contactless payment solutions without the need for a POS system.

The account can be linked to multiple Nedbank profiles and switched at any time. Secondary users can be granted limited access to the business profile by sharing the account profile.

The multiple transaction options and access to a dedicated private banker make the Nedbank business bundle 60 one of the best business accounts in the country. The account also includes a dedicated business help desk that is available 24/7, making business banking much easier.

Absa Evolve business lite account

The Absa Evolve business lite account has a monthly account fee of R0.00. With access to Absa online banking 24/7, the account provides a convenient way to the bank. This allows account holders to bank for free from anywhere.

Any registered business with an annual turnover of less than R5 million is eligible for the account. Furthermore, sole proprietors can open this account. The goal is to provide low-cost banking for new and startup businesses.

Account holders can bank with the account and upgrade to a better account as their finances allow. For those looking for Islamic banking, there is also an Evolve business lite which is Shari’ah compliant account. The account provides Islamic business banking benefits as well as Islamic savings and investment opportunities.

Secondary cards and personalized cards are available through the account. The account includes complimentary Absa Smart Pay and mobile pay POS services. 

The account offers a strong entry to business banking and doesn’t require much to open. As a savvy business account, the Absa Evolve business lite account is one of the cheapest business accounts to maintain in South Africa which is why it is in our top 10.

Investec Business account 

Investec bank is known for its wealth management services, but its less well-known private business account does not disappoint. The monthly account fee for the Investec business account is R305.00, which is low for a private business account.

Account holders with an Investec business account can access foreign exchange services. Account holders can transact with forex using the bank’s simple exchange solution. A team of foreign exchange experts are available to assist account holders in managing the foreign exchange requirements of a business.

The account also provides insurance products, such as short-term business insurance. Cash and investment solutions are also available to assist businesses in managing their cash flow and investing. With this business account, Investec provides cash investment and structured investment opportunities for businesses.

The Investec business account distinguishes itself from the competition by providing tailored banking solutions. Owner-managed businesses, property entrepreneurs, and medical professionals are eligible for the account. The Investec business account should not be overlooked by anyone looking for a customer-focused account.

Sasfin business account

The Sasfin business account is a simple way to bank, with a monthly fee of R199.00 for the bundled option. The account is designed to allow business owners to bank without having to deal with a bank. This action saves account holders money on branch transaction fees, which can be quite high.

The account includes the “B/YOND” mobile app. Account holders can integrate Xero software into their accounts. This simplifies accounting because payments, receipts, and prepaid can be recorded without requiring records from other sources.

Account holders have access to funding. The Sasfin business loan is available to account holders. The loan includes a one-month payment holiday to relieve pressure on loan repayments. Only companies that have been in operation for more than a year, are registered, and have yearly revenue of more than R1 million can apply for a business loan.

The Sasfin business loan is unique in that it is a one-stop shop for small business owners. By opening an account, account holders gain access to nearly every tool they need to run a small business. And the “B/YOND” app simplifies transactions and cash flow management.

TymeBank business account 

Business owners can open a TymeBank business account for free. This account does not require any paperwork, the business bank account is arguably the simplest to open in South Africa. For those who have the necessary information, the account can be opened in less than 5 minutes.

TymeBank’s business account is still relatively new, having been introduced in 2021, but the account is worthy of a top-10 mention due to its features. Account holders can earn up to 7% interest on their savings and double Smart Shopper rewards points when they use their accounts at Pick n Pay.

Account holders are entitled to the following free services and transactions:

  • Monthly account fee, 
  • Debit card purchase transactions, 
  • Online purchase transactions, 
  • Bulk payments on inter bank payments and payments to other bank’s bank accounts, and
  • Till point deposits. 

Mercantile bank business account 

The monthly account fee for the Mercantile Bank business account is R65.00. The account provides access to multiple users as well as 24/7 business internet banking to manage cash flow. Mercantile business accounts are especially affordable when used online and through Capitec Bank’s banking services.

The account has a lot of potential, especially when it comes to charges, because most of them are low. In addition, the account has a business manager who can be contacted for all business banking needs. Furthermore, a positive balance earns interest.

FNB First Business Zero account 

The monthly service fee for the FNB business zero accounts is R0.00. This account is for sole proprietorships with annual revenues ranging from R0 to R5 million. The account includes free access to FNB’s digital platforms. Account holders can also open virtual cards and use them to transact online.

Fundaba provides free educational content to FNB’s first business zero account holders. Fundaba is a 12-module business management and leadership course. Account holders can learn the following business modules through Fundaba:

 operations management

  • Creating a business plan,
  • Financial management, 
  • Operating management, 
  • Mergers and acquisitions, 
  • Human Resources and recruitment, 
  • Regulatory environment, 
  • Funding, 
  • Company structure and corporate governance, and more. 

The FNB first business zero account includes a free FNB connect Sim card. Every month, if you make at least one transaction through your Sim account, you will receive a free bundle. Account holders receive 400MB of data, 30 voice minutes, and 30 SMS messages.

The FNB first business zero account is an excellent way for sole proprietors to bank at a low cost. This account is simple to manage and maintain, making it one of the best business accounts in South Africa.

Nedbank Start Up bundle account

The Nedbank Start Up bundle is arguably the best account in South Africa for sole proprietors. The account is designed for business owners with annual revenues of less than R3 million. Account holders are not required to pay a monthly account fee for the first six months after opening the account, but must pay R65.00 thereafter.

The account is only available online and comes with a personal relationship banker. Every month, account holders receive 20 free digital transactions. Account holders can also get help with other solutions such as forex and others. Furthermore, there is no fee for eNotes SMS notifications with this account.

Sole proprietors who do not have a registered company can register one with Nedbank online through BizPortal or in a branch through SwitfReg. Account holders have access to the Avo platform, which allows them to sell their products. Avo gives account holders access to millions of Nedbank account holders on the platform to view and purchase their products.

The Nedbank Startup bundle is available online, it includes 24-hour access to Nedbank’s digital platforms. Account holders can grant secondary users limited access to the business profile by sharing their profile.

The fact that the Nedbank Startup bundle is available for both sole proprietorships and private companies makes it one of the best business accounts in South Africa. The account charges a low fee which can be enjoyed by registered and non-registered businesses. 


Business banking in South Africa can be expensive, so determining which account is best for your company should be the first step. Not every account is appropriate for every business, and finding the right business account can be difficult, especially for someone who is just starting to bank. Our list undoubtedly assists prospective customers in opening a business account that is best suited to their needs.



South Africa’s primary source of financial tools and information

Contact Us



Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.