The FNB Zero business account fees are some of the most affordable in South Africa’s business banking scene – and the account’s requirements are similarly easy to meet.
FNB introduced the account, known officially as the FNB First Business Zero Account, in 2019. It is specifically aimed at sole proprietors who have an annual turnover of less than R5 million.
FNB Zero business account fees
As the name suggests, the monthly FNB Zero business account fees are zero. This means that holders of the account do not pay a monthly fee to maintain it.
In addition, card swipes and internal debit orders (raised by FNB, WesBank and Direct Axis) are free. There are no payment honouring, unpaid and decline fees.
However (there’s always a catch), account holders pay transactional fees as follows:
- External debit order: R4
- Electronic Funds Transfer (EFT): R1.50
- Immediate payment (Pay&Clear Now and FNB Instant Payment): R7
- Cash withdrawals and deposits at FNB ATM: R9 per R1,000 or part thereof.
- Cash withdrawals and deposits at an FNB branch: R4 per R100 of part thereof (minimum fee of R55.
You can view these details and further information in the full FNB business account fees PDF pricing guide for 2022/2023. Navigate to pages 6 and 7.
FNB First Business Zero Account requirements
As stated earlier, the main requirement to open an FNB First Business Zero Account is that you must be a sole proprietor with an annual turnover of less than R5 million (it could even be zero as you start off your business).
According to the South African Revenue Service (SARS), a sole proprietorship is a business that is owned and run by one person. The business is not registered with the Companies and Intellectual Properties Commission (CIPC) and is therefore not a legal entity.
Additionally, there is no legal distinction between you as the business owner and the business. This means that you, as the sole proprietor, accept all risks associated with your business. You also take all business decisions yourself.
There are several benefits that come with the FNB Zero business account, starting with the zero monthly account fee and various free transactions.
These free transactions include:
- Unlimited card swipes.
- The first deposit into your account.
- Account confirmation letters from the FNB App and Online Banking.
- Card deliveries to a FNB Branch.
- Cash@Till withdrawals (limited to R3,000 per transaction).
- InContact and payment notification messages.
- Emailed statements, plus your last 12 stamped statements available online or on the FNB App.
- Balance enquiries on the FNB App, online banking or at an FNB ATM.