7 Types of Standard Bank Business Accounts You Need to Know
Are you looking for a business account that suits your needs and goals? Whether you are a sole proprietor, a small or medium enterprise, or a large corporation, Standard Bank has a range of business accounts that can help you manage your finances, grow your business, and access various benefits and rewards. In this article, we will explore the different types of Standard Bank business accounts and how they can help you achieve your business objectives.
1. BizLaunch Account
This is a basic business account for start-ups and entrepreneurs who need a simple and affordable banking solution. With a BizLaunch account, you can enjoy low monthly fees, free electronic transactions, free access to online banking and mobile app, and free debit card swipes. You also get access to business support services, such as legal and tax advice, accounting software, and mentorship programs.
2. Business Current Account
This is a flexible business account for established businesses that need more features and functionality. With a Business Current Account, you can enjoy competitive transaction fees, overdraft facilities, cheque facilities, and credit card options. You also get access to online banking and mobile app, debit card swipes, and business support services.
3. Business Evolve Zero Account
This is a digital business account for businesses that operate mostly online and want to save on fees. With a Business Evolve Zero Account, you can enjoy zero monthly fees, zero electronic transaction fees, zero debit card swipe fees, and zero ATM withdrawal fees at Standard Bank ATMs. You also get access to online banking and mobile app, debit card swipes, and business support services.
4. Business Evolve Pay As You Use Account
This is a pay-as-you-use business account for businesses that want to pay only for the transactions they make. With a Business Evolve Pay As You Use Account, you can enjoy low monthly fees, low electronic transaction fees, low debit card swipe fees, and low ATM withdrawal fees at Standard Bank ATMs. You also get access to online banking and mobile app, debit card swipes, and business support services.
5. Business Global Account
This is a foreign currency account for businesses that trade internationally and want to manage their currency risk. With a Business Global Account, you can hold up to 17 currencies in one account, make and receive payments in foreign currency, convert currency at preferential rates, and hedge against exchange rate fluctuations. You also get access to online banking and mobile app, debit card swipes, and business support services.
6. Community Banking Account
This is a social enterprise account for non-profit organizations, community groups, clubs, associations, and trusts that want to make a positive impact in society. With a Community Banking Account, you can enjoy low monthly fees, free electronic transactions, free access to online banking and mobile app, free debit card swipes, and free cash deposits up to R5 000 per month. You also get access to business support services and social impact solutions.
7. Islamic Business Banking Account
This is a Shariah-compliant business account for businesses that want to bank according to Islamic principles. With an Islamic Business Banking Account, you can enjoy competitive transaction fees, profit-sharing investment options, Zakat calculation services, and Halal trade finance solutions. You also get access to online banking and mobile app, debit card swipes, and business support services.
As you can see, Standard Bank offers a variety of business accounts that cater to different needs and preferences. To find out more about these accounts and how to apply for them, visit https://www.standardbank.co.za/southafrica/business/products-and-services/bank/accounts or contact your nearest branch.
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The Demand for Different Types of Business Bank Accounts
Business bank accounts are essential for any small business that wants to manage its money and transactions efficiently and securely. There are different types of business bank accounts that cater to different needs and preferences of business owners. In this post, we will look at some of the most common types of business bank accounts and how the global demand for them has changed over time.
Business Checking Account
A business checking account is arguably the most versatile of all business bank account types because it has the fewest restrictions on what you can do with your money. You can make deposits, withdrawals, transfers, payments, and purchases with your business checking account, as well as access it online or through a mobile app. A business checking account is also useful for separating your personal and business finances, which can help you with tax reporting and bookkeeping.
According to a report by Research and Markets, the global demand for business checking accounts is expected to grow at a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027, reaching $1.9 trillion by 2027. The main drivers for this growth are the increasing number of small and medium-sized enterprises (SMEs), the rising adoption of digital banking solutions, and the growing need for cash management services among businesses.
Business Savings Account
A business savings account is a type of business bank account that allows you to earn interest on your money while keeping it safe and accessible. A business savings account can help you build up a reserve fund for emergencies, future investments, or unexpected expenses. You can also use a business savings account to save for specific goals, such as expanding your business, buying new equipment, or hiring more staff.
The global demand for business savings accounts is projected to grow at a CAGR of 5.4% from 2020 to 2027, reaching $1.2 trillion by 2027, according to a report by Grand View Research. The main factors that contribute to this growth are the increasing awareness of the benefits of saving among business owners, the availability of various types of savings accounts with different features and rates, and the rising need for liquidity and security among businesses.
References:
https://www.standardbank.com/static_file/StandardBankGroup/filedownloads/Annual_Report_Q1_2022.pdf
http://www.standardbank.com/SB-Historical-Overview-6th-ed-2009.pdf
[5 Types of Bank Accounts for Small Businesses – The Motley Fool](https://www.fool.com/the-ascent/small-business/articles/types-of-business-accounts/)[Business Bank Accounts – Apply Online | Standard Bank]
(https://www.standardbank.co.za/southafrica/business/products-and-services/bank-with-us/business-bank-accounts/our-accounts)
[Business Checking Account Market Size, Share & Trends Analysis Report By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2020 – 2027] [Business Savings Account Market Size Report, 2020-2027](https://www.grandviewresearch.com/industry-analysis/business-savings-account-market)
