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FNB makes it easier to open a bank account for your side hustle

FNB makes it easier to open a bank account for your side hustle
25-07-23 / Duty Editor

FNB makes it easier to open a bank account for your side hustle

Johannesburg - In response to the growing trend of customers with side hustles, coupled with over 600 thousand FNB customers currently running side businesses off their personal accounts, the Bank has now made it easier for them to separate their personal and business activities, through a new ‘FNB Solopreneur Bundle’ that offers customers an additional Business account at no additional cost. 

The bundle is intended for businesses that are owned and operated by one individual (Solopreneur), as well as individuals who are starting or already have a side business (side hustle). It is also ideal for individuals that currently bank with FNB in their personal capacity and want to open a new business account.

Gordon Little, FNB Commercial CEO says, with this new bundle offering we are conveniently solving for the needs of entrepreneurs who are currently operating without a formal business bank account. Because we understand the complexities of running a business, much emphasis has been placed on ensuring a seamless account opening, and management process, with one point of contact for both personal and business needs. We are committed to helping entrepreneurs thrive by providing solutions that enable them to focus on efficiently running and growing their businesses.

Individual customers will be able to combine their existing or new accounts with FNB’s enhanced First Business Zero account, which now includes additional benefits:

  • Saving with unlimited debit card swipes and no additional monthly fee.
  • Staying connected to clients with a separate FNB Connect SIM, that includes data, voice minutes and SMSs at no extra cost.
  • A once-off eBucks® allocation when activating this bundle and earning additional eBucks for maintaining certain behaviours relating to their Personal and Business accounts.
  • Accessing business education with Fundaba on the FNB App.
  • Choosing a payment solution that fits their business needs, available on the FNB App, like, SpeedeeQR or SpeedeeApp (for Android devices) as well as PayShap, with no monthly rental or upfront costs.
  • Making tax filing easy with TaxTim and enjoying 50% back in eBucks® on tax return submission fees.
  • Accessing interactive tools, at no additional cost, to help manage payroll, accounting, cash flow and invoicing.

Lytania Johnson, CEO of Personal Segment, says, “The solopreneurs value proposition is critical for our middle-income earners as it solves for the additional value that this segment of our customers is yearning for, while navigating the current complex economic climate.  The behaviours we continue to see where our customers are using their individual accounts for business needs, have enabled us to innovate and solve for our customer beyond their individual needs, but also understanding their business needs as well.”

Some of the top industries that have been identified to be using their personal accounts to conduct their business affairs include:

  • Retail and wholesale: sale of clothing, footwear, food, books, newspapers and beverages.
  • Construction: building contractors, restoration, electrical installation, and plumbing.
  • Professional Consulting: Freelancing in Accounting, bookkeeping and tax consultancy, legal, Engineering, Architecture and Actuarial.
  • Transportation and deliveries.

“The side-hustle phenomenon continues to grow in SA, and we believe our new value proposition is well placed to help these entrepreneurs to professionalise their operations and further get to grips with some of the complex matters associated with running a business, such as tax, cash flow management, accounting efficiency, as well as simplifying the invoice and expense management process,” concludes Little.

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