Where to bank?

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This topic contains 1 reply, has 2 voices, and was last updated by  Maya Fisher-French 9 months ago.

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  • #10555

    MiaL
    Participant

    Myself and a friend would like to start saving with the goal to start our own business.

    We can each save/invest R500 monthly (R1,000) total.

    We do not have a registered business at the moment, but would jointly want to save this for future expenses we might have when starting up…and would probably want to change this to a business account in future.

    Which bank will assist us with this joint account at low costs and held jointly by both of us?

  • #10556

    You can open a joint savings account with a bank. To keep costs low just keep it as a personal account, not a business account which usually carries higher fees. Nedbank pays good interest rates on relatively low balances so may be worth considering. So does Capitec and FNB savings account.

    If you want to open a business account in the future it is worth doing your homework first to see which bank has the best package and then start your savings account with them and consider moving your transactional banking to them. In this way you are both building up a track record.

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