Updated 27.01.2023

Best Online Business Banking Accounts in South Africa 2023

It is 2022, and every South African wants to avoid crowds or direct contact with anyone except their dearest. With the COVID-19 Pandemic, nobody wants to risk their lives to a death-threatening virus. That is why various banks in South Africa gone online, by setting up online business banking accounts to facilitate banking transactions wherever you are.

This has become possible because of technological advancement and widespread internet use among South Africans. Today, business owners can complete bank transactions anytime and any day in the comfort of their offices. This is a safe measure for curbing the spread of the COVID-19 virus. We looked at what the financial institutions are offering and what are currently the best online business bank accounts in South Africa.

FNB Best Online Business Accounts

FNB has one of the best online business accounts in South Africa in 2022. This core business banking product offers its members stability and innovation with many flexible channels accessible conveniently and effectively. Currently, the FNB business online banking account is one of the most sought after internet business banking solution in South Africa. It has several divergent business accounts that accommodate every South African business. The accounts include:

First Business Zero Account

This is a digital business account that targets sole proprietors who wish to bank with FNB App at all times. Opening the First Zero Business Account is easy, and all you have to do is download the bank’s app on your phone, upload some documents and start transacting. The account attracts zero monthly account fees with free unlimited card swipes. It also facilitates fast pays with other exciting offers such as free internet bundles every month.

Gold Business Account

This online business banking account is available to all South African businesses with an annual turnover of up to R5 million. It allows its members to bank through digital banking solutions and offers 24/7 support on the online business desk. Members can get access to instant solutions such as invoicing and accounting.

FNB Platinum Online Business Account

These accounts target businesses with an annual turnover of R5 million- R60 million. The bank awards the platinum account holders with a business debit card which you can use to transact online using your account number. Platinum cardholders earn eBucks rewards for their businesses and get the privilege to use their cards to access SLOW International and Domestic Lounges.

Enterprise Business Account

This business account is available to all businesses with a turnover of R 60 million and above. Business owners with this account get a dedicated relationship manager to manage their portfolios. They can always transact online when checking their daily, quarterly, and even annual transactions. So, they don’t have to visit the bank amid the COVID-19 pandemic physically.

Besides the four online business accounts, the bank has made available specialized industry accounts in 2022 to cater to the agricultural, public sector, franchises, health sectors, and general trust accounts and legal practitioners. Even the Muslim community can now enjoy their online business account thanks to FNB Islamic online business banking accounts.

FNB Bank has got all businesses in South Africa sorted under one roof regardless of their annual turnover or religious background. Every South African business owner can bank with FNB and enjoy the digital platforms that allow them to transact wherever they are using their smartphones, tablets, and computers.

Capitec Online Business Accounts

Capitec online business banking offers small and large companies banking solutions that suit their specific needs. Like other banks, Capitec allows all its business customers to transact online following the COVID-19 measures to help prevent the spread of the virus. So, as a business owner and a Capitec member, you can do all your business transactions in the comfort of your office.

The bank recently gained Mercantile Bank, which increased business owners’ opportunities to develop specialized, secure, and user-friendly online business services and products in 2022. Using the Mercantile niche method allows the bank to tailor solutions for each business concerning changing times and developing needs amidst COVID-19.

Business owners can now access transparent, professional, and experienced online business banking solutions-driven across Capitec online business banking. The bank focuses on businesses such as:

  • Transport and logistics
  • Service industries
  • Wholesale, retail, and franchising
  • Consultancy and professional services

Capitec offers business owners various services such as:

  • A range of business and commercial banking transactional products
  • Seamless and straightforward solutions to payments and collection transactions
  • Attractive rental products
  • Vanilla treasury products
  • Loans that suit any business class
  • Investment products and services that cater to all the business investment needs
  • Long- and short-term insurance needs
  • Merchant services that handle all card-based customer transactions

ABSA Online Business Banking Account

ABSA is one of the best banks in South Africa that recently launched an online business account to serve South African business owners. The account “Business Evolve” allows small businesses to grow from small to big enterprises. This account boasts different packages and segments to suit every business class’s needs. Amazingly, the account grows as your business grows.

Evolve business account allows business owners to access free integrated business management and accounting tool known as a cash flow manager. With this, they can access the bank online, savings account, and debit card.

The account is available to ABSA business owners with an annual turnover of up to R5 million. It boasts a cloud-based cash flow management that allows entrepreneurs to access modern business analytics, quotes, invoices, and payroll features.

This account also allows business owners to generate VAT reports online that help them file their monthly returns. They can also view and download their annual financial reports online via their phones and computers.

Remember this is a pay-as-you-transact account that offers free unlimited Absa-to- Absa inter-account transfers and debit orders. It only incurs fees for EFTs, external debit orders, and debit swipes. However, the bank has attached a bundle pricing package for all its business owners who transact with the bank frequently.

ABSA considers every business owner in South Africa necessary to the country’s economy because they create jobs for many citizens. They also play a significant role in ensuring that the South African economy recovers from the COVID-19 pandemic impact. So, the bank has tailor-made the Evolve Business Account to suit business-specific needs. It has come up with programs that offer payment relief, affordable banking offers, bespoke solutions, and ease of use.

Business Evolve Packages

Here are the packages you will get when you open the Business Evolve account with ABSA bank:

– Evolve Zero

Accommodates entrepreneurs with an annual turnover of R0-R 5 million. The package attracts zero monthly fees, and upon qualification, the business owner gets an Absa online and app banking, a visa debit card, and a cash flow manager.

– Evolve Pay-as-you-transact

Available to businesses that boast an annual turnover of up to R 500 million. The account attracts a monthly fee charge of R 85.

– Evolve 35

Attracts businesses with an annual turnover of up to R500. It attracts a monthly fee of R 265, and in return, you get 35 electronic transactions, ten cash withdrawals, and deposits at any Absa ATM. Members are also eligible for unlimited Absa inter-account transfers and debit orders.

– Evolve 60

Available for businesses that have an annual turnover of up to R 500. It attracts a monthly fee of R 415, and the company gets 60 electronic transactions, 15 cash withdrawals, and deposits transactions at any Absa ATMs.

– Evolve 90

Requires an annual business turnover of up to R 500 million. It involves a monthly fee of R 590. However, you get 90 electronic transactions, 15 cash deposits, and withdrawals at an Absa ATM, unlimited Absa inter-account transfers, and unlimited Absa-to-Absa debit orders.

– Attorney Trust Account

This account attracts a monthly fee of R 80 with no overdrafts. Businesses that choose this account get charged a daily interest which is then settled at the end of each month. Owners can choose to pay their preferential credit interest through credit balances.

They also choose to turn their accounts into Attorney Management Systems, where the attorney can open the reserve on behalf of the client. Besides, you can also get the chance to draw a tax certificate online and link up your business’s current account. You also get free Absa online banking which is much needed in 2021 when South Africans are fighting the COVID-19 pandemic and need to transact in the comfort of their offices or home.

– Trust Account

This Account offers competitive interest rates that are calculated daily and capitalized every month. However, it does not require trustees to transfer funds to investment accounts, as the name suggests. Businesses with a trust account get 24-hour access to the bank’s electronic channels and immediate cash access. They also linked various accounts with the business account.

All these packages are available to all accounts, including Islamic accounts. So, if you are not sure which business account is suitable for you, call Absa Bank customer care and let them advise you.

Standard Bank

Standard Bank of South Africa is another bank that offers online business accounts to business owners in South Africa. It allows businesses to move their money freely, quickly, and securely through various devices such as mobile phone apps online on computers. The bank boasts of different online business accounts that include:

MyMoBiz Business Account

This is an ideal online business banking account for small businesses. It allows owners to manage their finances while on the go with the help of a team of dedicated standard bank bankers. It also allows you to buy stock using your business debit card and save with a free Market Link Account. Your customers can transact using their cards with this account and engage in more business with Standard Bank Pocket-Biz. At the end of the business, you can view your statements online or ask for free email statements from the bank to keep track of your daily transactions.

Bizlaunch Account

This is an online business account that offers all its members special rates on business tools. You also get some support and guidance if you are a first-time subscriber and your account is less than a year old. The bank also awards you free online banking access using your phone and computer. The good thing about the BizLaunch account is that it offers you the same functionalities as the standard current account but with additional benefits on bundled pricing.

Business Current Account

The business current account allows you to manage your money and transact the whole day and night using the bank’s app on your phone or internet banking. It also boasts of electronic transfers, prepaid payments, and purchases that help you expand your business cash flow using some unique lending options.

Executors Current Account

The executors current account is an online business bank account for attorneys, executors, curators, consultancy firms, and administrators. It allows the holders to manage third-party estates transactions online and access their bank statements monthly.

Third-Party Fund Admin

Third-party fund admin online business account allows holders to run funds for various versions from one bank account. The account offers competitive rates on all deposits and ample security on all automated facilities. They make the shield possible through the use of unique passwords, IDs, and tokens.

Third-party fund admin business accounts holders enjoy multiple account releases, which are calculated on full accounts balance, and access to balances, statements, and VAT invoices. Even better, they can access electronic property guarantees for attorneys.

Attorney Trust Account

This online business account allows clients to manage their trust funds with the bank that ticks every legal box as it earns tax. It forms an ideal trust account for managing third-party funds and allows the users to extract monthly online statements.

Online business accounts in South Africa are booming in 2022 because of their convenience during the COVID-19 pandemic. With the virus requiring people to work from home, less face to face meetings and keep social distances measures, online banking keeps people safe and ongoing. Besides, they also offer lower interest rates with low maintenance levels. Online business banking is available 24/7 and allows many transactions, including deposits and withdrawals, without physical contact with money. You can choose either of Absa, Standard bank, FBN bank or Capitec for your business account.