Nedbank Startup Bundle Business Account Review 2024

The Nedbank Startup Bundle Account is a business cheque account that charges a monthly fee of R0.00 for the first […]

The Nedbank Startup Bundle Account is a business cheque account that charges a monthly fee of R0.00 for the first 6 months from opening the account. Thereafter, the account charges a monthly account fee of R65.00.

This account is designed for sole proprietorships and private businesses with an annual turnover of R3,000,000.00 or less. Only businesses with a single owner or director are eligible to apply.

As an entry-level business account, the Nedbank Startup Bundle Account offers several benefits to users.

The benefits of the Nedbank Startup Bundle Account include:

  1. Dedicated Banking Support: Your dedicated banker is equipped to understand both your business and personal needs. They can provide financial advice, assist with queries, and manage credit applications on your behalf.
  2. 24/7 Helpdesk Assistance: Access our dedicated helpdesk round the clock at 0800 116 400 or via email for any assistance you may require.
  3. 24/7 Digital Banking: Manage your finances conveniently with the Money app and Online Banking, allowing you to handle both personal and business banking in one place. You can link multiple profiles and switch between them effortlessly. Additionally, you can share your profile with secondary users, giving them limited access to your business profile. MoneyTracker helps you track business finances and send invoices seamlessly.
  4. Beyond Banking Services: Register your business online through BizPortal or in a branch via SwitfReg. Join SimplyBiz, a free networking and resource platform for entrepreneurs and business owners, to expand your business connections. Download the Essential Guide for Small-business Owners to make informed decisions crucial for your business. You can also leverage Avo, our super app with over one million registered users, to sell your products and services effectively.

Ideal for startups, the Nedbank Startup Bundle Business Account provides a banking boost to both new and established businesses. This account grants complimentary benefits for the initial six months following the account’s opening.

Complimentary Free Services of The Nedbank Startup Bundle Account 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 complimentary services are subject to certain restrictions and are accessible for the initial 6 months from the activation of the Startup Bundle Business Account. The majority of limitations are imposed on the first 20 transactions. For further information regarding these complimentary services, refer to the Fees table.

Following the 6-month introductory period, pay-as-you-use rates are applicable to this account. Please note that the account incurs an annual fee for the cheque card and a greenbacks linkage fee.

Nedbank Startup Bundle Account Fees 2024

Type of Transaction/Fee/InterestNotesFees (including VAT at 15%)
Cheque Card Service FeeIncluding lost card protectionR185
Garage Debit CardR185
Cheque Card: Nedbank Greenbacks Linkage FeeR324
Account Maintenance FeeFree for six months; thereafter R65R65
Overdraft Facility FeeR69
eNotesFree for six months; thereafter R12R12
Electronic DepositFree for six monthsFree
Cash Deposit at a Nedbank ATM/BranchR8.75 + R2.10 per R100 or part thereofVaries
Cash Deposit at a Nedbank Intelligent Depositor ATMR4.38 + R1.05 per R100 or part thereofVaries
Cash Deposit at a Participating Retailer’s TillpointR19.95 per R5,000 or part thereofVaries
Withdrawal at a Nedbank ATM (First per month free)R2.50 per R100 or part thereofVaries
Withdrawal at Another Bank’s ATMR12 + R2.50 per R100 or part thereofVaries
Debit/Cheque Card Withdrawal at a BranchCash deposit fee per R100 or part thereof (min R80)Varies
International ATM WithdrawalR60 + R2.50 per R100 or part thereofVaries
Debit Order (Internal)Free for six months; thereafter R3.50R3.50
Debit Order (External)Free for six months; thereafter R19R19
Payment Notifications (SMS/Email/Fax)R0.50 – R22
Instant-Payment FeeVaries based on transaction amountVaries
Autotransfer Processing FeeR16
Purchase at a TillpointFree for six months; thereafter R4.30R4.30
Fuel PurchaseR4.30R4.30
Card Replacement FeeR150
Request for Transaction Voucher Copy (Local/Intl)R165 – R200
International Currency Conversion Fee2% of transaction valueVaries
Airtime/Data/Electricity/Lotto TicketsR1.50 – R2
No-Funds AlertPer SMSR10
Certificate of BalanceR380
Tax Certificate (Current/Prior Years)VariesR40 – R10
Set-Up/Change/Cancel Stop OrderFreeFree
Archived Image of Deposit Slip on Nedbank Online BankingFreeFree
Denied Transaction at a Nedbank ATMFree
Denied Transaction at Another Bank’s ATMR10
Disputed Debit OrderR10
Deposit BookR40
Stop-Payment InstructionR69
Letter of AuthorityR72
Excess FeeR67
Copy of Letter of GuaranteeR145 + 0.1% per day
Preparation of Security DocumentsR65
Unpaid Payment Due to Insufficient FundsR65
Cash Deposit Correction FeeR65
Change to a MandateR65
Penalty Fee for Non-Prior-Arranged Cash TransactionsR22
Copy of Finance/Bond/Loan AgreementR22 – R65
Account Confirmation LetterR22
Confirmation of Signatories LetterR22
Cross-Border LetterR350

Competitive Advantages of Nedbank Startup Bundle

  1. Freebies and Discounts: The account offers complimentary services and discounts for the first six months, including free electronic deposits, certain ATM withdrawals, and debit order transactions.
  2. Dedicated Banking Support: Customers benefit from dedicated banking support, including financial advice, credit management, and 24/7 assistance through a dedicated helpdesk.
  3. Digital Banking Convenience: The account provides access to 24/7 digital banking through the Money app and Online Banking, allowing customers to manage their finances conveniently on-the-go.
  4. Business Registration and Networking: Customers can register their businesses online through BizPortal, join SimplyBiz for networking opportunities, and access resources such as the Essential Guide for Small-business Owners.
  5. Payment Options and Flexibility: The account offers various payment options, including instant payments, autotransfers, and the ability to send money to South African cellphone numbers.
  6. Transparent Fee Structure: While certain fees apply after the introductory period, the fee structure is transparent, allowing customers to understand and plan for their banking costs effectively.

Competitive Disadvantages of The Nedbank Startup Bundle Account

  1. Fee After Introductory Period: After the initial six months, customers are subject to fees for various transactions, including account maintenance, overdraft facility, cash deposits, withdrawals, and international transactions, which may impact overall banking costs.
  2. Transaction Limits and Charges: Some free services are limited to a specific number of transactions per month, after which charges apply. For example, debit orders, electronic payments, and certain ATM withdrawals are free up to a maximum limit.
  3. Additional Charges: The account incurs additional charges for services such as card replacements, international currency conversions, and certain types of transactions, which may increase the overall cost of banking.
  4. Limited Free Services: While the account offers freebies and discounts initially, these benefits are limited in duration and scope, particularly for businesses with higher transaction volumes or specific banking needs.
  5. Complexity of Fee Structure: The detailed fee structure, including different fees for various transactions and services, may be complex for some customers to navigate, potentially leading to confusion or unexpected charges.

Requirements of The Nedbank Startup Bundle Account 

  • The applicant must be either a sole proprietor or a registered private company in South Africa.
  • The business must be owned by a single individual or have a sole director.
  • Eligible businesses should have an annual turnover of no more than R3,000,000.00.
  • Submission of incorporation documents is required for registered companies.
  • A copy of the ID of the director or owner is necessary.
  • Proof of residence, dated within the last 3 months from the application date, must be provided.

Conclusion 

The Nedbank Startup Bundle Account presents a compelling opportunity for startups and small businesses in South Africa to access a range of banking benefits and services. With its initial six-month freebies, dedicated banking support, digital banking convenience, and resources for business registration and networking, the account offers a competitive edge in the banking landscape.

However, customers should be mindful of the fees that apply after the introductory period, transaction limits, and additional charges to make informed decisions aligned with their business needs and financial goals. Overall, the Nedbank Startup Bundle Account serves as a valuable tool to empower entrepreneurs and business owners on their journey to

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