What bank for business?





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  1. #1
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    Default What bank for business?

    I'm opening a new business with two other stake holders and we need to open a business account.

    Current business has it's account with FNB, lets say the service has been as such that I'm not falling over myself to open another account with them.

    Or is it maar just a case of 6 of the one and half dozen of the other?

    Inputs appreciated.
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  2. #2
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    Default Re: What bank for business?

    They are all equally ###!
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  4. #3
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    Default Re: What bank for business?

    Investec, Never used them myself but are they not a good option?
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    Default Re: What bank for business?

    Quote Originally Posted by KurtG View Post
    Investec, Never used them myself but are they not a good option?
    Bloody hell, I've just compared their fee structure to FNB and they are are helluva lot cheaper.
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  7. #5
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    Default Re: What bank for business?

    I have experience with FNB and Standard business banking, both is pretty much the same as your experience with FNB.
    Must say, if I ever have to open a business bank account again, I'll take a serious look at Capitec's offering. My last 5 or 6 years banking with them has been a very good experience over all.
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    Default Re: What bank for business?

    We are with Standard Bank for 21 years......Currently type of mediocre, but much better than they were five years ago! (Used to call them SATAN-dard bank)

    My suggestion is to set up a business plan, give it to all the banks and see which one gives the best bet.

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  10. #7
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    Default Re: What bank for business?

    Capitec doesn't do business - yet.

    It depends on the size and value of the business. Small company gets one service and big company different. I am still with Standard. Private and Company. Too big hassle to move. I work around their system.
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    Default Re: What bank for business?

    My view; first thing; cross Nedbank off the list - I am beyond frustrated with them. Company account credit card collection; branch nearest to me closed, no offer to deliver the card, looong queues at alternative branch, indifferent service once in and horrible systems - I feel sorry for the helpline operators. Mad policies; first call they cannot deliver, after threatening to close the account (to an operator who was really trying), suddenly they can!

    Big 4 and even Capitec (for personal) are much of a muchness. Investec may be an option thanks.

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  13. #9
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    Default Re: What bank for business?

    [QUOTE=Jouko;4426665]Capitec doesn't do business - yet.

    Yes Capitec does to business - They purchased Mercantile bank last year I think. Mercantile is the business branch of Capitec. I am using them at the moment and so far service has been good. Pis there is no local branch. I find driving from Tzaneen to Pretoria may be quicker than standing in our local ABSA or FNB queue.
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    Default Re: What bank for business?

    Quote Originally Posted by Jouko View Post
    Capitec doesn't do business - yet.

    It depends on the size and value of the business. Small company gets one service and big company different. I am still with Standard. Private and Company. Too big hassle to move. I work around their system.
    https://www.capitecbank.co.za/busine...iness-banking/

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    Default Re: What bank for business?

    From personal experience:

    ABSAlutely useless, stay away. Their online systems is a mismash of legacy system so every online platform looks and feel different
    Standard - haven't used them, FIL seems happy with them
    Nedbank - meh - haven't used them in 8 years but back then they were soso
    FNB - mixed bag - also our current bankers and was about to be kicked to the kerb when they changed our account manager and since then things have been much better
    Investec - my personal bankers, service cant be beat but comes at a price
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  16. #12
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    Default Re: What bank for business?

    Nedbank very bad. Lots of fees.

    Investec I have personal not business account. I would have switched business acc to them from Nedbank but for Investec bus acct I must be South African citizen (am not, and not an issue for a personal acct).

  17. #13
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    Default Re: What bank for business?

    Quote Originally Posted by Dirk View Post
    Thanks to both who commented. I knew that they were buying but did not know that they were operating already.

    Do they do the business banking in all Capitec branches or only in dedicated places?

    With the banking I learned one valuable lesson many years back when on a management course. You talk to the REAL bank manager. Inside banks you can find many Bank Managers. They have the title only. After you have the right person you have a discussion. That bank manager must understand that he/she is working for you and you pay the salary. After the manager understands that you as the customer should be OK.

    Discussion can be started by asking "Please give your superior's full name and contact details."

    The same works in very many places.
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  18. #14
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    Default Re: What bank for business?

    Quote Originally Posted by Jouko View Post
    Thanks to both who commented. I knew that they were buying but did not know that they were operating already.

    Do they do the business banking in all Capitec branches or only in dedicated places?

    With the banking I learned one valuable lesson many years back when on a management course. You talk to the REAL bank manager. Inside banks you can find many Bank Managers. They have the title only. After you have the right person you have a discussion. That bank manager must understand that he/she is working for you and you pay the salary. After the manager understands that you as the customer should be OK.

    Discussion can be started by asking "Please give your superior's full name and contact details."

    The same works in very many places.
    At his stage only in Mercantile branches. Not sure about charges but I generally dont use many of the banks faciltes so this does not really affect me.
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  19. #15
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    Default Re: What bank for business?

    Quick update.

    After much deliberation, and one of my partners expressing disinterest in going to sit in a queue at a bank branch, I decided to give my personal banker at FNB a call. Better the devil you know, right? Told her I need a business account, and I don't want to go into a branch. No problem says she, someone will call me.

    Within 2 minutes I get a call from someone locally, he emailed me the list of documents needed. I replied. This was Wednesday. A couple of mails up and down, and my account was open the next day. Delivery of debit cards have been organised, the lot.

    Absolutely seamless. I am very impressed.
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