Categories: Banking News Reviews

Nedbank Business Bundle Account Review

The Nedbank Business Bundle Account offers transacting power for businesses. The account comes in two variants namely the Nedbank Business Bundle 35 and the Nedbank Business Bundle 60.

Transaction power on the accounts is what sets the two variants apart. The Business Bundle 60 account comes with more transacting power giving account holders 25 more transactions than  the Business Bundle 35.

Bundled transactions on the business bundle account include ATM withdrawals, EFTs, debit orders, and point of sale swipes. Out of bundle charges do apply when the transactions are exhausted and will be billed as stated in the fees table. 

Account-holders can apply for credit such as a credit card facility or an overdraft facility for business. Credit cards come with 55 days of interest-free credit and have some travel benefits that one can take advantage of. 

Add-on services include having access to a dedicated relationship banker whose main purpose is to assist you with your business needs and other personal banking needs that you may have. The dedicated relationship banker is supported by a group of specialists to make sure that you and your business are guided accordingly. 

Nedbank Business Bundle Account Summary

Nedbank Business Bundle Account is a cheque account for small businesses and startups that haven’t undergone or don’t anticipate business rescue proceedings. The account comes in two options namely the Nedbank Business Bundle 35 Account and the Nedbank Business Bundle 60 account. 

Business Bundle 35 charges a monthly fee of R259.00 whereas Business Bundle 60 charges a monthly fee of R420.00. What makes the two accounts differ is the number of transactions that each account option offers. The Business Bundle 35 Account has up to 35 free electronic debit transactions and the Business Bundle 60 account has up to 60 electronic debit transactions. 

Another added Bundle benefit is the number of cash withdrawals that each account option offers. The Business Bundle 35 has up to 5 withdrawals that can be made at a  Nedbank ATM and the Business Bundle 60 account allows up to 10 free cash withdrawals at any Nedbank ATM per month. 

The overdraft facility fee on the account is billed at R69.00 per month with a garage cheque card charging R220.00 per annum. Greenbacks linkage comes for free for all options. 

Benefits of the Nedbank Business Bundle Account

  1. The account comes in two options that clients can choose from.
  2. With the Business Bundle 35 Account, clients get up to 35 transactions every month. The Business Bundle 60 Account comes with up to 60 transactions every month. Transactions on both options include a combination of EFT payments, debit orders, ATM withdrawals, and point of sale swipes.
  3. Unlimited Inter Account transfers.
  4. Comes with a free Greenbacks card swiper subscription.
  5. Free SMS notifications whenever you make transactions.
  6. Business credit cards offer up to 55 days of interest-free credit as well as travel benefits such as lounge access and car hire.
  7. Account-holders get access to a dedicated relationship banker for their personal and business needs. The relationship banker is supported by a team of credit, investment, global banking, and wealth specialists.
  8. A business cheque account can be linked to your current account.
  9. Can take multiple cheque cards for you and your employees.
  10. Account-holders can apply for an overdraft facility to have access to cash whenever they need it.
  11. Business Bundle 60 clients get 20% off the rental or purchase price of their first point of sale.
  12. Business Bundle 35 clients get 15% off the rental or purchase price of their first point of sale.

Nedbank Business Bundle Account Fees 2021

Fee Description Business Bundle 35Business Bundle 60
Monthly account maintenance feeR259.00R420.00
Monthly overdraft facility feeR69.00R69.00
Cheque card service feeFreeFree
Greenbacks linkage feeFreeFree
Inter Account transfer feeFreeFree

In bundle electronic debit transactions
3560
Point of sale merchant service fee15% discount (purchased or rented20% discount (purchase or rented)
Nedbank Accounting fee15% discount on basic package20% discount on basic package
Dedicated relationship banker FreeFree
Self-service banking subscription feeFreeFree
Nedbank payroll lite subscription Free for the first 5 payslips per monthFree for the first 10 payslips per month
Stop Order feeR24.90R24.90
Internal debit order feeR10.60R10.60
External debit order feeR24.90R24.90
Nedbank ATM cash withdrawals R11.00 + R2.10 per R100.00 or part thereof R11.00 + R2.10 per R100.00 or part thereof
Point of Sale transactions R11.00R11.00
Garage cheque card annual feeR220.00
Cash deposit at a Nedbank ATM or branchR7.50 plus R1.80 per R100.00 or part thereofR7.50 plus R1.80 per R100.00 or part thereof
Cash deposit at a Nedbank intelligent depositor ATM R3.75 plus R0.90 per R100.00 or part thereof R3.75 plus R0.90 per R100.00 or part thereof
Electronic depositsFreeFree
Cash withdrawal at another bank’s ATM R11.00 plus R2.10 per R100.00 or part thereof R11.00 plus R2.10 per R100.00 or part thereof
Cash withdrawal at a participating retailer’s till pointR4.30R4.30
Nedbank Business Bundle Account Fees 2021

Competitive Advantages of the Nedbank Business Bundle Account

  • Merchant solutions come at a discounted pricing when purchasing for the first time.
  • There are many free services that include but are not limited to eNotes subscription, eStatements, Nedbank payroll lite, and greenbacks linkage.
  • The account comes with a dedicated relationship banker.
  • There are account options to choose from.
  • Point of Sale merchant devices are available for account holders.
  • There is an opportunity for lending.

Competitive Disadvantages of Nedbank Business Bundle Account

  • Accounts are a little overpriced.
  • Deposits are not part of the bundle.

Account Requirements

  1. Have incorporation documents for a registered company.
  2. ID copy of the director or owner.
  3. Proof of residence that is not older than 3 months at the time of application.
  4. Be a Small business or Startup at the time of application.
  5. Must not have gone under or anticipate business rescue proceedings.

Conclusion

The Nedbank Business Bundle Account comes with two account options to choose from, giving clients an opportunity to choose an account that resonates with their transacting needs. 

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