Categories: Banking News Reviews

Standard Bank MyMoBiz Business Account Review 2021

One of the most affordable business bank accounts in the republic, the Standard Bank MyMoBiz Business account comes at a very affordable monthly service fee of R5.00. This business account is the most affordable business account at Standard Bank.

The MyMoBiz Business Account comes with some of the most generous benefits for a business account while charging a low monthly fee. Account-holders get access to a dedicated business support team from Standard Bank’s business bankers to help account holders with their day-to-day business needs. 

With the Standard Bank digital banking support, businesses with the MyMoBiz Business Account can do more using the digital platforms such as paying suppliers, paying staff, receiving cash, and more. Standard Bank digital platforms consist of Internet Banking, Mobile banking, and banking App. 

Businesses can save towards a goal by saving money every month and earning interest. The minimum savings that a business can make is not specified so a business can save any amount of money. 

MyMoBiz Business Account Summary

MyMoBiz Business Account offers cheap rates to businesses that want to start banking with Standard Bank. The MyMoBiz business account comes with a monthly service fee of R5.00. The account has a cash deposit fee of R9.00 for every R1,000.00 deposited at a Standard Bank ATM. 

Branch payments cost more than ATM and online transactions. For example, account payments at a Standard Bank branch cost R90.00 plus 0.1% whereas ATM and online account payments charge R5.00 with no further marginal percentage charges.

Account-holders can get PocketBiz point of sale devices for convenient payments. The PocketBiz point of sale device is portable and can be used on the go. Moreover, by virtue of having the MyMoBiz business account, you get access to a team of professional bankers that are there to help your business whenever you face banking problems.

Standard Bank MyMoBiz Business account Benefits

  1. Free access to Standard Bank digital platforms.
  2. An opportunity to join the Standard Bank UCount Rewards Program.
  3. Can open a free MarketLink account for savings purposes. Savings on a MarketLink account earn interest.
  4. Account-holders can create a virtual card online on their Banking App.
  5. Your business can accept card payments from customers with the Standard Bank PocketBiz solution.
  6. Clients receive notifications via SMS and/or email whenever payments are made.
  7. Clients can view statements online or receive email statements for free.
  8. Can activate or deactivate the MyMoBiz business card for free online using the Standard Bank banking App.
  9. The MyMoBiz Business Account comes with dedicated business support from Standard Bank’s team of business bankers.
  10. Comes with a tap to pay feature for purchases under R500.00.
  11. The MyMoBiz Business debit card comes with a secure chip and pin. This keeps cardholders in control of purchases.

Standard Bank MyMoBiz Business Account Fees 2021

Fee Description Fee
Monthly service fee R5.00
Cash deposit at a Standard Bank ATM R9.00 per R1,000.00
Cash deposit at a Standard Bank branch R15.00 per R1,000.00
Cheque deposit at a Standard Bank ATMR60.00 plus R8.50 per cheque
Cheque deposit at a standard bank branchR60.00 plus R8.50 per cheque
Cash withdrawal at a Standard Bank ATMR9.00 per R1,000.00
Cash withdrawal at a Standard Bank branchR15.00 per R1,000.00
Other bank ATM withdrawals R15.00 per R1,000.00
Declined transaction fee a Standard Bank ATMFree
Declined transaction fee at other banks’ ATMR9.00
Cash withdrawal at participating retailers R2.00
Inter account transfers at Standard Bank ATMR5.00
Inter account transfers at Standard Bank ATMR85.00
Account payment at Standard Bank ATMR5.00
Account payment at Standard Bank branchR90.00 + 0.1% to a maximum of R5,000.00
Immediate payment at Standard Bank branchR505.00 + 0.26% up to R10,000.00
Instant Money online banking/ appUp to R500 = R8.00R500.00 to R1,000.00 =R10.50Above R1,000.00 =R12:50
Scheduled payment setup/change/cancel at an ATMFree
Scheduled payment setup/change/cancel at a branchR20.00
Debit order feeR3.50
Debit order Reversal before 40 daysFree
Reversal of a debit order after 40 days at a branch R135.00
Card purchases Free
Stop lost or stolen cardFree
Pin reset at a branch R10.00
Standard Bank MyMoBiz Business Account Fees 2021

Competitive Advantages of the Standard Bank MyMoBiz Business account

  • The account costs only R5.00 to maintain per month which is the lowest fee for a business account at Standard Bank.
  • Clients can view statements of up to two years via internet banking or banking App.
  • The account holders can apply for a PocketBiz merchant solution to make payments easy.
  • Clients can verify the details of their accounts before making payments.
  • Can sign up for a permissions manager to jointly approve payments on internet banking if you have partners.
  • Debit card purchases and inter-account transfers are free.
  • Comes with free access to all Standard bank digital platforms.
  • Can save towards a goal with a free MarketLink account that will earn your business interest in the process.

Competitive Disadvantages of the Standard Bank MyMoBiz Business account

  • The account only offers one type of point of sale device while Standard Bank has multiple POS devices on hand.
  • The more transactions the business makes the higher the monthly costs will be.

How to open the Account

  1. Must be a registered company in South Africa or a partnership or a sole proprietorship.
  2. Have a mandate to appoint a director to open the MyMoBiz Business Account. This is only applicable if the company has over 1 director.
  3. ID document of the owners and signatories of the business.
  4. Proof of residence not older than 3 months at the time of application.
  5. Company registration documents if it’s a registered company.

Conclusion

The Standard Bank MyMoBiz Business account offers an affordable way to start business banking with Standard Bank. With just R5.00 , you can easily maintain your business account with ease during hard times.

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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