Categories: Banking News Reviews

Nedbank Startup Bundle Business Account Review 2021

Suitable for Startups, the Nedbank Startup Bundle Business Account offers new and existing businesses a banking boost. The account offers freebies for the first six months after opening the account. Freebies include:

  • Internal Debit order payments,
  • Payments on the Nedbank Money App,
  • External debit order payments,
  • Stop Order payments,
  • Withdrawals at a Nedbank ATM,
  • Inter Account transfers using Nedbank App or online banking,
  • Inter Account transfers at a Nedbank ATM and more.

These free services have some limitations and are available for the first 6 months from opening the Startup Bundle Business Account. Most limits are set for the first 20 transactions, however, more details about these free services are available on the Fees table. 

After 6 months of using the account, pay as you use rates apply to this account. Note that the account comes with an annual fee for the cheque card and a greenbacks linkage fee. 

Nedbank Startup Bundle Business Account Summary

Nedbank Startup Bundle Business Account is a cheque account for Sole proprietorships and private companies. Startup Bundle is for businesses with annual revenue of not more than R3,000,000.00. The account is a pay-as-you-use account, therefore, it doesn’t have a fixed monthly service fee. The account fee charged includes a cheque card service fee of R220.00 and a Greenbacks linkage fee of R288.00. 

For the first 6 months, the account offers free services that account holders can take advantage of. The account also comes with 20 free digital transactions and free  SMS notifications. 

Deposits come at a charge, Nedbank ATM and Branch deposits costs R7.50 plus R1.80 per R100.00. Electronic deposits are free and unlimited. 

Nedbank Startup Bundle Business Account Benefits

  1. Sole proprietors get a chance to bank with registered businesses in the process getting benefits that will help them grow.
  2. The account comes with a dedicated relationship banker who is there to support your business banking needs.
  3. Comes with zero fees for certain transactions for the first 6 months to get your business running without incurring major costs. Pay As You Use rates apply after 6 months.
  4. Can access your money anywhere and anytime using the Nedbank online banking and/or Nedbank Money App.
  5. There are no monthly account fees.
  6. There are no fees for electronic transactions up to a maximum of 20 transactions per month.
  7. Account-holders have an opportunity to own credit cards that offer up to 55 days of interest-free credit.
  8. Account-holders can be members of the greenbacks reward program.
  9. Can get an overdraft facility that is linked to your current account for extra cash flow when you need it.
  10. Businesses get access to Point of Sale devices and merchant solutions to allow businesses to receive payments in-store and online.

Nedbank Startup Bundle Business Account Fees 2021

Fee DescriptionFee
Annual Cheque card service feeR220.00
Cheque card: Nedbank Greenbacks linkage feeR288.00
Account maintenance feeFree for the first six months
Overdraft facility feeR69.00
Self-service banking subscription feeFree
Electronic depositsFree
Cash deposits at a Nedbank ATM or branch R7.50 plus R1.80 per R100.00 or part thereof
Cash deposit at a Nedbank intelligent Depositor ATMR3.70 plus R0.90 per R100.00 or part thereof
Withdrawal at participating retailers till point R4.30
Withdrawal at participating retailers till point and purchase R6.30
Cash withdrawal at a Nedbank ATM1st withdrawal for free per month for the first 6 months, thereafter R2.10 per R100.00 or part thereof
Cash withdrawal at a Nedbank branchR7.50 plus R1.80 per R100.00 or part thereof. With a minimum of R70.00 in addition to the flat service fee of R150.00
Withdrawal at another bank’s ATMR11.00 plus R2.10 per R100.00 or part thereof
Cash withdrawals at another bank’s self-service deviceR13.00
Cash withdrawals at an International ATM R55.00 plus R2.10 per R100.00 or part thereof
Payment at a Nedbank branch to a Nedbank accountPayment <= R25 000,00: R250,00 Payment > R25 000,00 <= R65 000: 1% of amount with a minimum of R350,00
Payment > R65 000,00: 1% of amount with a minimum of R650,00
Payment at a Nedbank branch to other bank’s accountPayment <= R25 000,00: R250,00 Payment > R25 000,00 <= R65 000: 1% of amount with a minimum of R350,00 Payment > R65 000,00: 1% of amount with a minimum of R650,00
Internal electronic Debit order paymentsFree for six months subject to the 20-transaction limit – thereafter R5,00
Electronic stop order paymentsFree for six months subject to the 20-transaction limit – thereafter R19,00
External electronic debit order paymentsFree for six months subject to the 20-transaction limit – thereafter R19,00
Nedbank Startup Bundle Business Account Fees 2021

Competitive Advantages of the Nedbank Startup Bundle Business Account

  • Clients get some financial burdens shouldered in the first 6 months from opening the account.
  • The account is a Pay As You Use account.
  • A business account can be linked to your current account.
  • Point of Sale devices and merchant solutions are available to allow your business to receive payments in-store and online.
  • Can apply for an overdraft facility.
  • Clients get 50% off their Xero subscription for the first four months.

Competitive Disadvantages of the Nedbank Startup Bundle Business Account

  • Comes with an annual card fee.
  • Have to pay for greenbacks linkage to the cheque account.

Requirements of the Account

  1. Must be a sole-proprietor or a private company registered in South Africa.
  2. Business must have a single owner or a director.
  3. Only for businesses with a turnover of not more than R3,000,000.00 per annum.
  4. Have incorporation documents for a registered company.
  5. ID copy of the director or owner.
  6. Proof of residence that is not older than 3 months at the time of application.

Conclusion

This account is for owner-managed businesses with an annual turnover of R3 million or less. The account offers a great way to start banking as a small business with many fees waived in the first 6 months of opening the account.

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