Posted on Mar 26, 2021 by Staff Writer
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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 Summary
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.
FNB First Business Zero Account Benefits
- The account comes with no monthly service fee.
- The account comes with an FNB Connect Sim which comes with 100MB data bundles, 30 voice minutes, and 30 SMSs.
- Clients only get billed for services that they use and there are no additional costs for unused services.
- The account comes with access to instant accounting solutions to account for business financial activities.
- Comes with a business coach with Funda on the FNB App at no additional cost.
- Access to QR speed point.
- Comes with free debit card purchases whether online or in-store.
- The account comes with free email notifications for every transaction made.
- Cash withdrawals at a till are for free across South Africa.
- The account comes with free SMS notifications for every transaction made.
- Internal debit orders are free of charge and are unlimited.
FNB First Business Zero Account Fees 2021
| Fee Description | Fee |
|---|---|
| Monthly Account Fee | R0.00 |
| Local debit card purchases fee | Free |
| International debit card purchases fee | Free |
| Electronic third party payments | R1.50 |
| Pay and clear now fee | R8.00 |
| Consultant assisted third party payments | R80.00 |
| Honouring fees | Free |
| Unpaid account fees | Free |
| Point of sale decline fee | Free |
| ATM decline fee | Free |
| Internal debit order fee | Free |
| External debit order fee | R4.00 |
| Cash deposit at FNB branch | R3.95 per R100.00 with a minimum of R50.00 per deposit |
| Cash withdrawals at FNB branch | R3.74 per R100.00 with a minimum of R50.00 per withdrawal |
| Payment notification by email | Free |
| Payment notification by SMS | Free |
| FNB ATM cash withdrawal fee | R2.00 per R100.00 |
| Other banks’ ATMs cash withdrawal fee | R10.00 + R2.00 per R100.00 or part thereof |
| [email protected] cash withdrawal fee | Free |
Competitive Advantages of the FNB First Business Zero Account
- The account has the lowest monthly account fee of R0.00 for a business account from First National Bank.
- The account comes with a business coach that can be accessed on the FNB App.
- There are no charges for services that are unused, therefore, clients are only billed for transactions that they perform.
- Cash withdrawals at tills are for free.
- Ability to manage cash flow with the FNB digital platform.
- Access to the FNB instant accounting software to record transactions and to ensure that accounts are up to date.
- Free access to FNB digital platforms.
- Don’t need airtime when logging in to FNB App.
Competitive Disadvantages of the FNB First Business Zero Account
- The account doesn’t offer eBucks rewards for any purchases or money spent.
- The account is only for sole proprietorships and not for established businesses.
How to open the Account
- Must be a sole proprietor operating in South Africa.
- Have an annual income of R0.00 to R5,000,000.00 per annum at the time of application.
- Present proof of address as the owner of the business which is not older than 3 months at the time of application.
- Be over the age of 18 at the time of application.
- Have a valid South African ID book or a Smart card.
- Have your personal income tax number.
Conclusion
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.
