Guaranty Trust Bank (GTBank) has special business accounts like most traditional African banks. The bank has two business account packages, depending on your business size.

• What features do the accounts have?

• What kind of businesses fits each package?

• Should you use any of them?

In this article, we are providing comprehensive answers to these questions and helping you make more informed business decisions.

GTBank Account Packages

The two business account packages GTBank runs are:

• GT Business Account
• GTBusiness Premium

GT Business Account

This account package was explicitly created with small and medium enterprises in mind. Any business that has a maximum of N50 million as a monthly turnover is best suited for this account.

The minimum balance a business can maintain under this package is N20,000. Business owners have access to almost all their funds in an emergency. Also, there is a fixed monthly charge of N5000. Additionally, there is an N1/Mille commission on a turnover fee if the monthly turnover surpasses N50 million.

That’s not all; businesses registered under this package have unfettered access to unlimited withdrawals while operating the account.

It is worth of mention that other features are limited to specific business niches. For example, SMEs in the education and healthcare sector can access QuickCredit for small businesses.

The loan offers up to 50% of SME’s annual turnover, the tenure is six months except for businesses in the education sector which have 12 months to repay the money, and the interest on the loan is 16% per annum. The catch is that the business needs to have operated the account for at least 12 months.

Furthermore, business accounts have access to online support. For example, the GTPay is set up for businesses to use the bank’s payment solutions like a point of sales system, USSD transactions, virtual accounts, and shared links.

Besides, business owners can schedule SME appointments to talk to financial experts who can provide working insights on how to grow their businesses and manage finances judiciously.

GT Business Premium

This business account is strictly for the ‘big boys.’ It is meant for versions with N400 million and above monthly turnover. Once a business crosses that limit, N1 per mille will be deducted from the account. 

The GTBusiness Premium account’s minimum opening and operating balance are N500,000. Once you’re left with that amount, you cannot make any withdrawals until there is a deposit in the account. Once you open an account, you get a corporate account card and chequebook for free.

Similarly to the GTBank Business Account, premium customers can access different loan and advance packages. However, the amount is bulkier for premium customers. Asides from that, businesses operating this package can access financial advisory and business tools on the go via the GTBANK ResourceHub.

To open this account, a business must have a GTBank corporate account. In addition, the corporate account must have an annual turnover of N1BN – N5BN and the figure must reflect in financial statements or management accounts that auditors have vetted.

Are the accounts worth it?

The onus of answering this question lies on businesses that want to opt for either. Instead, we want to chip in the fact that there is a disparity between both offerings. For example, customers using the business account package need to schedule an appointment before getting help from a financial expert. In contrast, the resource hub is just one click away for premium account owners.

Go the Lenco Way

*Enters a digital solution that lightens the yoke on your business.*

Before you make your decision, you should note that there is a digital financial solution that has the perfect account for your business needs. The name is Lenco. With Lenco’s free (yes, accessible) current business account, you can take control of your business activities without any paperwork or unnecessary charges.

Lenco’s digital banking offers your business zero monthly fees, automated expense management, hassle-free payouts, individual and team bill payments from the comfort of your abode, and overdraft for the times your business needs more money to achieve a goal.

With all these offerings, it is beneficial for your business to port to Lenco. Even if you had other bank accounts, they could be linked to Lenco at no cost.