Standard Bank Bizlaunch Account Review 2021

The Standard Bank Bizlaunch account has a standard functionality like that of the Standard Bank Business Current Account, however, the account comes with some added benefits such as more ATM withdrawals and cash deposits at a bundled price.

Since the Bizlaunch account is an upgrade from the Business Current account, the account comes at an increased rate with bundle options to choose from. Bundle options include the Bizlaunch option and the Bizlaunch Plus option. 

The Bizlaunch and Bizlaunch Plus bundles, however, come with limited services. Because of this, Standard Bank has extra charges for out-of-bundle transactions and these are very important as they can affect your monthly service fee charges.

The Bizlaunch Account is lenient towards new clients with accounts less than 12 months functioning. By choosing the Bizlaunch bundle, you get to save R58.00 for your business on a month-to-month basis. After 12 months the monthly maintenance fee will increase to its original price. 

The account offers free digital banking for account holders, therefore, clients can access cell phone, internet, and telephone banking for free. This allows account holders to manage their accounts effectively and efficiently remotely, making banking easier with Standard Bank. 

Different forms of lending are permitted for Bizlaunch account holders. Credit cards are available for Bizlaunch account holders and come with 55 days interest-free settlement terms. Clients can get multiple company credit cards. 

Standard Bank Bizlaunch Account Summary

Standard Bank Bizlaunch Account is a cheque account that caters for the banking needs of businesses in different industries. Bizlaunch account comes in two variations, namely Bizlaunch Account and Bizlaunch Plus Account. 

The Bizlaunch Account has two categories for charging monthly service fees. The charges depend on the number of months or years the business has held the account with Standard Bank. The first category is for a business with a Bizlaunch account that is less than 12 months and has a monthly service fee of R210.00.

The second category is for accounts that are older than 12 months, and have a monthly service fee of R268.00. Out of bundle charges are applicable to the Bizlaunch account. 

For businesses that are looking for more transacting power, the best choice would be the Bizlaunch Plus account variant. This account option charges 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 2021

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.