It’s a great idea to have a business account when you own a business, it separates the money earned by your business from your personal income. A lot of the major banks in South Africa offer a business account. Does Capitec also offer a business account?
Capitec bank does not offer a business account outright. They have acquired Mercantile Bank, which is a bank that offers business solutions and accounts. The acquisition of Mercantile Bank means that Capitec Bank now offers a business account.
The main difference is that it won’t feel like you are using Capitec, it will feel like it’s a different bank altogether. Mercantile Bank has been around for over 50 years. They offer a lot of specialized or more personalized business banking services at an affordable price.
Should you use Mercantile Bank
I personally use FNB for my business banking but that’s because I registered by business through FNB and they automatically created a business card for me. The offering from Mercantile Bank is very attractive.
As mentioned above, they offer a lot of personalized services, this makes it easier to choose a bank an account that is suited to your business needs. Instead of a one size fits all solutions, the solutions are personalized and have very competitive rates.
I would recommend you to check out the Mercantile Bank, which is now under Capitec Bank. They are not really a big bank but have seen a steady growth throughout the years. Their financial statements are published on their websites.
Why not just merge Mercantile bank with Capitec? I am not completely sure of their reasons but it is not uncommon to have this kind of business setup. This setup is mostly common in vehicle financing in other banks. Whereby the main bank has a subsidiary that only specializes in vehicle financing like WesBank of FNB.
Conclusion
Capitec bank does have a business account but it doesn’t offer it outright, instead, it offers it through a subsidiary. Do you have any thoughts or questions? Comment below.
