The FNB Gold Business Account is tailored for small businesses, startups, and micro-enterprises in South Africa. This account offers a blend of essential banking services and additional perks to support businesses with an annual turnover of up to R5 million. Whether you’re just starting out or looking to grow, this account offers flexible and comprehensive solutions.
Key Features of the FNB Gold Business Account
The FNB Gold Business Account is designed to accommodate the diverse needs of businesses in South Africa. Here are the key features:
- Flexibility in Pricing:
- Pay As You Use (PAYU): This option charges a monthly fee of R83, with an additional R156 for trust entities.
- Gold Business Bundle: A monthly account fee of R99.
- Single Fee Pricing Option 1: Charges a monthly fee of R299.
- Single Fee Pricing Option 2: Charges a monthly fee of R399.
- Digital Banking Access:
- Access to FNB’s digital platforms, including internet banking, the FNB App, and 24/7 business desk support.
- Free access to FNB Instant Solutions, such as Instant Accounting and Instant Invoicing, which simplify financial management for businesses.
- Business Growth Support:
- Access to Fundaba, a business coaching service available through the FNB App.
- Free eBucks Rewards for Business, allowing you to earn rewards on everyday transactions.
- A free FNB Business Call Account with a guaranteed minimum interest rate of 2.25% per annum.
- Global and Local Transactions:
- Ability to transact locally and internationally with ease.
- Free airtime, data, and electricity purchases through FNB’s digital platforms.
- Company Registration Assistance:
- FNB collaborates with the Department of Trade and Industry (DTI) to assist with company registration through the Companies and Intellectual Property Commission (CIPC). You can open your FNB Gold Business Account simultaneously with your business registration.
FNB Gold Business Account Benefits
The FNB Gold Business Account is packed with benefits that cater to the varying needs of businesses:
- Multiple Pricing Options: The account offers four pricing options, including PAYU and single fee pricing options, providing flexibility based on your transaction volume.
- Instant Business Solutions: Instant Accounting and Invoicing are free for account holders, simplifying financial management.
- Unlimited Card Swipes: Enjoy unlimited card swipes for purchases, both locally and abroad, without extra charges.
- Free Access to Business Coaching: Through Fundaba, businesses can access expert coaching at no additional cost.
- eBucks Rewards: Earn eBucks on qualifying transactions, which can be redeemed for various products and services.
- Seamless Digital Experience: The account is fully integrated with FNB’s digital platforms, making it easy to manage your business finances from anywhere.
FNB Gold Business Account Fees 2024
Understanding the fee structure is crucial for businesses to manage costs effectively. Here’s a breakdown of the 2024 fees:
| Fee Description | Gold Business Bundle | Pay As You Use (PAYU) |
|---|---|---|
| Monthly Service Fee | R99.00 | R83.00 / R156 (for trusts) |
| Cash Withdrawals at FNB ATM | R2.30 per R100 | R2.30 per R100 |
| Cash Deposits at FNB ATM | R4.65 + R1.20 per R100 | R4.65 + R1.20 per R100 |
| Internal Debit Orders | Free | Free |
| Pay and Clear Now Transaction Fee | R10 (up to R3,000) | R10 (up to R3,000) |
| R45 (above R3,000) | R45 (above R3,000) | |
| Global Payments | Max R150 | Max R150 |
| Prepaid Purchases | FNB Connect Free | FNB Connect Free |
| Consultant Assisted Transfers | R80.00 | R80.00 |
| International Currency Conversion | 2.75% of transaction | 2.75% of transaction |
Competitive Advantages of the FNB Gold Business Account
The FNB Gold Business Account stands out in several ways:
- Comprehensive Instant Solutions: Free access to Instant Accounting and Invoicing tools helps businesses manage their finances efficiently.
- Business Call Account: A free account with competitive interest rates, supporting your business’s savings goals.
- eBucks Rewards for Business: The account includes free entry into FNB’s eBucks rewards program, providing additional value for your spending.
- Easy Account Opening: The account can be opened online, simplifying the process for new businesses.
- Transparent Fees: There are no hidden costs, ensuring businesses know exactly what they are paying for.
Competitive Disadvantages of the FNB Gold Business Account
While the FNB Gold Business Account offers numerous benefits, there are some drawbacks:
- Higher Monthly Fees: The account’s monthly fees are higher compared to many entry-level business cheque accounts available in South Africa.
- Limited Free Transactions: While some transactions are free, exceeding the threshold can result in additional charges.
Qualifying for the FNB Gold Business Account
To open an FNB Gold Business Account, businesses must meet the following criteria:
- Registered Company: The business must be registered in South Africa.
- Annual Revenue: The business should have an annual turnover of up to R5 million.
- Director’s Documentation: Directors must provide green barcoded ID books or Smart cards, proof of address, company registration certificate, and the company’s income tax number.
How to Apply
Applying for the FNB Gold Business Account is straightforward. Businesses can apply online or visit an FNB branch. The application process includes submitting the necessary documentation and meeting the qualifying criteria.
Conclusion
The FNB Gold Business Account is a robust offering for small businesses in South Africa. With its flexible pricing options, access to essential business tools, and the ability to earn rewards through eBucks, this account provides significant value. While the monthly fees may be higher compared to some entry-level accounts, the additional features and support make it a worthwhile investment for businesses looking to streamline their financial operations. If your business is registered in South Africa and meets the turnover criteria, the FNB Gold Business Account is an excellent choice to consider for your banking needs in 2024.
