The FNB First Business Zero Account was first launched in October 2020 and it is targeted at small businesses. The account is designed for sole proprietorships, therefore, registered businesses do not qualify for this account.
Sole proprietors face numerous hurdles on their way up to become registered companies. Accounting for sole proprietors can be cumbersome, on the other hand, banking fees may swallow a huge chunk of the business profits. An answer to these problems was to create an account that is cost-effective and can allow users to access value-added services at no additional cost.
The FNB First Business Zero Account comes at a zero monthly service fee and allows account holders to access the FNB instant accounting software at no additional charge. These free services allow sole proprietors to save money while staying compliant with organizations like SARS and CIPC.
The FNB First Zero Account is a pay as you use account meaning that account holders are billed per transaction that they perform. However, the account comes with a number of free services and has a reduced rate for pay and clear transactions.
FNB First Business Zero Account is a pay as you use cheque account for sole proprietors. The account is for sole proprietors with annual revenue of R0 to R5,000,000.00. The account comes with a R0.00 monthly account fee which is the lowest for any business account from FNB.
There are free services that the account comes with, these include a business call account, access to instant solutions, FNB Connect SIM which comes with free 100MB data, 30 voice minutes, and 30 SMSs. The account has free debit card purchases and has a reduced pay and clear rate of R8.00 per transaction.
|1||Monthly Account Fee||R0.00|
|2||Local debit card purchases fee||Free|
|3||International debit card purchases fee||Free|
|4||Electronic third party payments||R1.50|
|5||Pay and clear now fee||R8.00|
|6||Consultant assisted third party payments||R80.00|
|8||Unpaid account fees||Free|
|9||Point of sale decline fee||Free|
|10||ATM decline fee||Free|
|11||Internal debit order fee||Free|
|12||External debit order fee||R4.00|
|13||Cash deposit at FNB branch||R3.95 per R100.00 with a minimum of R50.00 per deposit|
|14||Cash withdrawals at FNB branch||R3.74 per R100.00 with a minimum of R50.00 per withdrawal|
|15||Payment notification by email||Free|
|16||Payment notification by SMS||Free|
|17||FNB ATM cash withdrawal fee||R2.00 per R100.00|
|18||Other banks’ ATMs cash withdrawal fee||R10.00 + R2.00 per R100.00 or part thereof|
|19||Cash@till cash withdrawal fee||Free|
Sole proprietors have been neglected for years in South Africa and banking for them has not been easy. FNB’s ability to integrate banking and compliance for sole traders has made the First Business Zero Account attractive for sole traders.
This is because the FNB instant accounting software doesn’t require much knowledge of accounting for one to use, just a series of tutorials can get one started, in the process making this banking account an ideal choice for savvy sole traders.