Absa Business Evolve Accounts
Absa’s Business Evolve Accounts are designed to support the growth of small and medium enterprises (SMEs) in South Africa. With flexible pricing options and a range of services, the Business Evolve accounts are ideal for businesses with an annual turnover of up to R20 million. Here’s a closer look at the options and benefits offered by Absa’s Business Evolve suite.
1. Business Evolve Lite
Monthly Account Fee: R45
Account Type: Bundle package
Benefits: Zero monthly fees for the first 6 months, offering unlimited internal transfers, debit orders, and more. Perfect for startups and small businesses looking to reduce costs while managing essential transactions.
Who It’s For: Small businesses looking for an affordable, feature-rich account to get started with day-to-day banking.
2. Business Evolve Start
Monthly Account Fee: R300
Account Type: Bundle package
Benefits: Includes 50 free transactions per month, helping streamline cash flow with fixed fees and predictable costs.
Who It’s For: Growing businesses that need a steady flow of transactions and fixed monthly costs for easy budgeting.
3. Business Evolve PAYT (Pay As You Transact)
Monthly Account Fee: R95
Account Type: Pay as you transact
Benefits: Offers tiered pricing, allowing businesses to save on banking costs by only paying for the transactions they need.
Who It’s For: Businesses with variable transaction volumes, providing flexibility in managing banking expenses.
Specialized Business Banking Options
Women in Business: This account supports women entrepreneurs, offering a monthly fee of R45 with zero monthly fees for the first 6 months and unlimited internal transfers. It provides the financial tools women-led businesses need to thrive.
Youth in Business: For young entrepreneurs, Absa’s Youth in Business account comes with the same benefits as Business Evolve Lite, encouraging youth to kickstart their entrepreneurial journey with minimal banking fees.
Commercial Banking: For businesses with an annual turnover of over R20 million, Absa’s Commercial Banking provides tailored solutions that go beyond the Business Evolve accounts to meet complex and high-volume banking needs.
Islamic Banking: Absa’s Shari’ah-compliant business account aligns with Islamic banking principles, offering financial products that meet specific ethical standards.
Attorney Trust and Trust Accounts: Tailored for legal professionals, these accounts provide a secure way to manage client funds, with features that make it easy to hold, transfer, and earn interest on behalf of clients.
Additional Business Banking Solutions
Business Credit Cards: Absa offers corporate and business credit cards to help manage company expenses and control spending efficiently.
Absa Business She Thrives: A dedicated program for women entrepreneurs, supporting female-led businesses every step of the way.
Emerging Entrepreneur Solutions: Absa provides extra support for emerging entrepreneurs, going beyond basic banking to offer business development tools and resources.
Frequently Asked Questions (FAQs)
How do I open an Absa business account?
Sole traders and proprietors can apply online or via a banker. For entities with four or more directors, speak to an Absa banker or visit a branch.
How will I know my application was received?
Absa will send a reference number via SMS and email. If additional information is needed, you’ll be prompted to complete the application online.
What are the requirements to open an Absa Business Evolve account?
Depending on the account type, you’ll need identification, business registration documents, and proof of address. Specific requirements may vary for each account option.
For more information on Absa’s Business Evolve Accounts, visit the official Absa website or consult an Absa banker. With flexible solutions and dedicated support, Absa’s Business Evolve suite is crafted to grow alongside your business, adapting to your needs as they evolve.
