Best business account for farming.
I know there are other posts on the sub about best business accounts. But I need advice for a farm specifically. I already bank at FNB with my personal account and am happy with them. But I am not married to them so will consider other banks.
Currently all business expenses and income are run through my personal account. I am operating as a Sole Proprietorship. I use my credit card/account for business transactions and my normal debit account for personal transactions. As far as I can see this seperation of finances is the only reason to get a business account, but I am already achieving this as stated above.
I am not sure if I need to get a business account as the above mentioned method is working for me. Therefore I firstly need advice on why I need a seperate business account with seperate banking fees.
The account will basically have two to three large deposits per year as livestock are sold after weaning. Turnover per year is between R1mil and R1.5mil, however a really good year the turnover can push to R2 mil. I have monthly expenses for consumables like fuel, feed, wire etc and other things like wages.
From what I have seen FNB Gold Business seems like it might work. But since I will not have monthly income and only a few large deposits per year I am worried about hidden fees that penalise that.
I do not need the account to apply for financing. This is a debt free farm and will stay that way. So ease of getting a business loan or interest rates are irrelevant for me.
So should I get a business acount and with which bank?