Bank account for a startup

[mentallydiseasedapostate]

Howdy guys

I’m in the process of registering my startup company. I need some advice on what bank accounts would be the best option please, I.e most cost effective.

So far according to my research I’ve found Absa which has a business acc with R0 monthly charges, as well as TymeBank business account. I know the constraints are that R5mil pa turnover limit however I won’t be near that anytime soon.

What’s your take on it?

 

[kawaiilover22]

@mentallydiseasedapostate Look into Bank Zero.

 

[mentallydiseasedapostate]

@kawaiilover22 Are they reputable? Never seen anyone I know personally bank with them ?

 

[kishanugen]

@mentallydiseasedapostate Very reputable. I bank with them. So does one of my sons.
Do yourself a favour and look them up and read some articles about them.

 

[mentallydiseasedapostate]

@kishanugen I’ll definitely do so. Thanks for the recommendation. Where do you print the physical card ?

 

[lavender741]

@mentallydiseasedapostate They print and then courier it to you (or nearest partner store).

 

[kishanugen]

@mentallydiseasedapostate They printed it and delivered it to my house.

 

[forgiveness44]

@mentallydiseasedapostate Congratulations OP. On an unrelated topic, please don’t forget to complete your tax duties, SARS have some hectic penalties these days.

 

[mentallydiseasedapostate]

@forgiveness44 Thanks a lot. I’ll be getting an adhoc accountant to help me sort that out

 

[mjnor1]

@mentallydiseasedapostate Tyme for business. Quick and easy and low fees.

 

[mentallydiseasedapostate]

@mjnor1 Considering them.

 

[mentallydiseasedapostate]

@mjnor1 Only problem now is in future should I add additional directors to the company, does Tyme allow more directors on their business account? The info online isn’t of much use

 

[mjnor1]

@mentallydiseasedapostate As you grow in the future.
I always recommend a business to have two business accounts. Get Capitec for Business

 

[mippop]

@mentallydiseasedapostate I opened the free ABSA business option a few months ago and they actually gave me a savings account + a checking account for my PTY LTD - also switching between your personal account and bank account is very easy

 

[mentallydiseasedapostate]

@mippop This is cool. The only snag to the absa free business acc is once you reach the 5 limit free transaction, the transaction fees can rack up quick. I’ll worry about that only once Income is generated.

 

[carlv_52]

@mentallydiseasedapostate I'm with FNB for personal banking, so that was by far the simplest way to go about it for me.

 

[westcoastdan]

@mentallydiseasedapostate Don't just think about the monthly admin fees. The transactional fees can pile up very quickly.

I'd consider a Capitec Business account. Their transaction fees are as low as it can be (R1)