Standard Bank Bizlaunch Account Review 2022

The Standard Bank Bizlaunch account offers the same standard functionality as the Standard Bank Business Current Account, but with additional benefits such as increased ATM withdrawals and cash deposits at a discounted rate. Due to the fact that the Bizlaunch account is an upgrade from the Business Current account, the account comes at a higher fee with additional package possibilities.

The Bizlaunch and Bizlaunch Plus bundles are available. However, the Bizlaunch and Bizlaunch Plus bundles include limited services. As a result, Standard Bank charges additional fees for out-of-bundle transactions, which are critical since they can affect your monthly service fee payments. The Bizlaunch Account is for new clients with less than a year of account history. By opting for the Bizlaunch bundle, you may save R58.00 each month on your business.

After twelve months, the monthly maintenance fee will revert to the original amount. Account holders receive complimentary digital banking; as a result, consumers can utilize cell phone, internet, and telephone banking for free. This enables account users to effectively and efficiently manage their accounts remotely, simplifying banking with Standard Bank.

Bizlaunch account holders are permitted to engage in a variety of lending activities. Credit cards are offered to Bizlaunch account holders and include interest-free payment durations of 55 days. Clients may obtain several credit cards issued by the company.

Standard Bank Bizlaunch Account Summary

Standard Bank Bizlaunch Account is a cheque account that caters for the financial needs of businesses in different industries. Bizlaunch account comes in two forms, namely Bizlaunch Account and Bizlaunch Plus Account. The Bizlaunch Account offers two options for charging monthly service fees. The charges depend on the amount of months or years the firm has held the account with Standard Bank. The first category is for a business having a Bizlaunch account that is less than 12 months and has a monthly subscription charge of R210.00. The second group is for accounts that are older than 12 months, and have a monthly service cost of R268.00. Out of bundle charges are applicable to the Bizlaunch account. For firms who are looking for more transactional power, the best choice would be the Bizlaunch Plus account variant. This account option carries a higher monthly service fee of R596.00.

Standard Bank Bizlaunch Account Benefits

1. The account has different billing options to choose from.
2. New account holders pay less monthly service fees for the Bizlaunch account option.
3. Bizlaunch Plus account comes with more transactional and banking benefits.
4. There is no opening deposit required to open the account.
5. The account doesn’t require a business to have a minimum balance in the account.
6. The annual Card fee is included in the monthly service fee.
7. Can use the business debit card to Tap to Pay at till points for amounts of less than R500.00.
8. Can link the business debit card to the Snapscan or Master pass apps to pay by phone.
9. Can have multiple bank cards.
10. The account comes with a  support team.
11. Digital banking comes for free.

Standard Bank Bizlaunch Account Fees 2022

Competitive Advantages of the Standard Bank Bizlaunch Account

• Clients get an opportunity to get multiple credit cards for business and staff. Credit cards come with up to 55 days of interest-free settlement terms.
• Comes with a support team that is there to address and deal with your queries.
• The digital banking platforms come free of charge.
• Accounts come at a fixed fee.
• There are a number of options that one can choose from depending on how much they transact each month.
• Can use the Bizlaunch account for Tap to Pay at tills or link it with Snapscan or Masterpass to pay with your cell phone.

Competitive Disadvantages of the Standard Bank Bizlaunch Account

• Older clients are charged more for the same account with the same benefits.
• The Bizlaunch Plus account is a little bit overpriced.

Requirements for the Account

1. Have ID of owners of the business.
2. Have ID of the company signatories.
3. Must have proof of address that is not older than 3 months at the time of application.
4. Company registration documents if the company is a registered entity.

Conclusion

Bizlaunch Business Account is suitable for those businesses that have a need to transact multiple times in a month.