Best Business Bank Accounts in Singapore: A Beginner’s Guide (2024)

Best business bank accounts singapore

Opening a business bank account streamlines the flow of your finances. It serves as a helpful divide between your business and personal finances, making it even more manageable to deal with your business assets, expenses, and cash flow.

In Singapore, some of Asia’s leading banks are available where you can start up your business bank account. The kind of corporate bank you’d need depends on the nature of your business or what it specifically requires.

To help you out, here’s your guide on the top business bank accounts in Singapore, the features to look for when choosing one, and more as you read on. 

Factors to Consider When Choosing a Corporate Bank Account

Business accounts provide you with ease once the tax season comes or when you’re trying to achieve a smooth accounting process. However, not all banks are created equal; hence, you must carefully consider a few factors when deciding which one to go for.

Here’s a list of essential factors to look for so you can have a positive experience in having a business bank account:

1. Fees and Charges

The fees and charges are imposed by your chosen financial institution for your account’s maintenance and minor transactional services. Learn how much the account charges when you fall below your minimum monthly balance and the fee to maintain your account. 

Although transaction fees aren’t significant, they can exponentially take up a lot of your finances over time. This is especially so if you do several transactions in a month. That said, it’s crucial to determine which corporate account charges the least.

2. Account Features and Benefits

Your corporate bank account should make business financial management convenient for you. Below are some of the numerous facilities it may provide:

  • Check your balance
  • Allow you to transfer money
  • Enables you to apply for a loan
  • Protects your resources from theft, fires, etc.
  • Helps you build credit in buying a home, a car, etc. 
  • It may come with a business debit card for cashless transactions
  • Comes with email and text alerts for every transaction made

3. Online Banking and Mobile Apps

Account users find it convenient when their corporate accounts have easy-to-use and speedy mobile banking. It’s preferable if the bank comes in a mobile app. After all, a mobile banking app works faster than websites; the data is stored locally on a mobile device instead of on web servers. 

In turn, it takes proactive actions, allowing a business owner to economize their time since data retrieval is done swiftly. 

4. Customer Service and Support

How clients are treated by any financial institution can make or break their future decisions involving their banks. With these two potential outcomes, around 88% of companies, including financial services, emphasize customer service and support. 

You can learn how a bank performs through the lenses of its clients through reviews which are available online. 

5. Additional Services

An ideal corporate bank should also be able to extend various additional services. These may include the ones on the list below:

  • Corporate credit
  • Waiver of penalties
  • International banking services
  • Regulation of rates of interests

Comparison of Top Corporate Bank Accounts in Singapore: Which Bank Is Best for SMEs?

The best business bank accounts in Singapore are compared to help you in your decision-making. Our top picks are the OCBC Business Growth Account, DBS Business Multi-Currency Account – Starter Bundle, UOB eBusiness Account, CIMB BusinessGo Lite, and Maybank Flexibiz Account. 

Name of Bank Loan Amount Interest Rate Repayment Period
OCBC Business Growth Account S$100,000 10.75% 4 years
DBS Business Multi-Currency Account – Starter Bundle S$100,000 7%  4 years
UOB eBusiness Account S$100,000 4.5% 5 years
CIMB BusinessGo Lite Up to S$350,000 Up to 10.88% Up to 4 years
Maybank Flexibiz Account S$100,000 Up to 10.88%  Up to 5 years

The figures shown on the table are not final and are subject to the bank’s assessment and approval.

ocbc bank logo

1. OCBC Business Growth Account – Best for Cash Flow Management

Features:

  • E-invoicing tool
  • Cash Flow management tool
  • Digital banking with OCBC Velocity and OCBC Business Application
  • Bulk payments

Benefits:

  • Free and unlimited FAST and GIRO transactions
  • Up to 1% cashback on your business everyday expense
  • Know business trends and cashflow health through the OCBC business app
  • OCBC OneCollect app for healthcare, logistics, F&B, and more industry solutions

What we like about OCBC Business Growth Account: 

  • Easy to apply online.
  • The only bank that offers free and unlimited FAST and GIRO transactions.
  • It may come in an OCBC Multi-Currency Business Account where transactions in 13 foreign currencies are allowed. 

Fees and Charges: 

  • S$15 for below S$1,000 balance
  • S$10 monthly maintenance fee (waived for the first two months)
  • S$20 per OTC Transactions (free for the first three months
  • S$0.075 per cheque
  • S$25 per checkbook (first cheque book is free)
  • S$50 for accounts closed within 12 months of opening

What people are saying: 

dbs logo

2. DBS Business Multi-Currency Account – Starter Bundle – Best for Local and International Payments

Features:

  • 50 free FAST and GIRO payments via IDEAL
  • S$30 fee for every outward
  • Telegraphic transfer via IDEAL
  • Only S$1,000 is the required minimum deposit
  • Competitive foreign exchange rates on FX online

Benefits:

  • Hold SGD and 12 other currencies: AUD, CAD, CHF, CNH, EUR, GBP, HKD, JPY, NOK, NZD, SEK, and USD
  • Starter Bundle includes 50 free FAST and GIRO transactions

What we like about DBS Business Multi-Currency Account – Starter Bundle: 

  • Easy account online application through the DBS website. It takes only 5 minutes.
  • The Starter Bundle comes with unlimited and free FAST and GIRO transactions.
  • Allows international transfers and transactions in Singapore dollars and 12 other foreign currencies.

Fees and Charges: 

  • S$50 annual maintenance fee
  • No charge for a monthly maintenance fee
  • S$40 monthly fall-below fee
  • Minimum S$30 incidental OD interest charge
  • S$20 OTC transaction
  • S$0.75 per cheque issued

What people are saying: 

uob logo

3. UOB eBusiness Account – Best for Multi-currency Transactions

Features:

  • Free access to UOB SME application or online
  • Free UOB Corporate ATM card to bank at any ATM for your convenience
  • Free account alerts through email notifications

Benefits:

  • Fast transactions
  • Free GIRO transactions
  • Waived fee for the first 12 months fall-below
  • First year’s annual fee waived

What we like about UOB eBusiness Account:

  • Manage invoicing, HR, and accounting using the UOB BizSmart Digital Solution platform.
  • Zero remittance charges for Taiwan Dollar, Burmese Kyat, Korean Won, and Vietnamese Dong.
  • Affordable monthly fees of only S$3 or S$35 annually for account maintenance.

Fees and Charges: 

  • S$35 annual account fee
  • S$15 monthly fall-below fee
  • S$20 OTC deposit or withdrawal fee
  • S$0.75 per cheque
  • S$50 early closure fee (within 12 months after opening)

What people are saying: 

cimb bank logo

4. CIMB BusinessGo Lite – Best Low-Cost Business Account

Features:

  • Free e-alerts
  • Telegraphic transfer
  • Online banking

Benefits:

  • Zero fall-below fees
  • Free transactions
  • No initial deposit required

What we like about CIMB BusinessGo Lite:

  • Free FAST and GIRO transactions.
  • The bank charges no fall-below monthly account fees. 
  • Seamlessly receive notifications and updates on your account, including the transactions made. 

Fees and Charges: 

  • S$28 monthly fee for account maintenance
  • S$40 early account closure (within six months after opening)

What people are saying: 

maybank logo

5. Maybank Flexibiz Account – Best for Growing Businesses

Features:

  • Online banking
  • Instant fund transfer via FAST

Benefits:

  • 24/7 digital account access with Maybank2E – Regional Cash

What we like about Maybank Flexibiz Account: 

  • Only requires a S$1,000 low initial deposit.
  • It charges no monthly maintenance fees for accounts.
  • Refunds monthly cheque fees when the average daily balance exceeds S$30,000.

Fees and Charges: 

  • S$50 early account closure fee (within six months after opening)
  • S$0.75 per cheque (refundable if the average daily balance is S$30,000)
  • S$2 monthly account fee
  • S$8.50 for monthly fall-below fees if the average daily balance is S$3,000
  • S$0.50 per FAST transaction

What people are saying: 

Steps to Open a Corporate Bank Account

Opening a corporate bank account is necessary should account holders need their business’ finances in order. Carefully review what services, perks, and offers each bank has since they all come with different incentives, internet banking systems, trade financing, and more. 

Diving into business banking accounts lets you determine which suits your needs best. You can also set expectations when studying what these accounts can do for your business. 

Here are the steps for opening a corporate bank account:

1. Choose the bank you’d like to do business with.

2. Either visit the bank in person or complete the online application form. In case an in-person visit is required, it is because some banks require the authorized director or signatory to be present. 

3. Submit all documents required by the bank and the minimum deposit.

4. Wait for the bank to go through and review your documents.

5. After carefully reviewing your documents, the bank shall decide to approve your application and go through with an instant account opening for your business.

The whole process of opening up a business bank account may take up to 1 to 4 weeks. The authorized signatory and directory should be physically present during the account application to avoid delays. 

Managing a Corporate Bank Account

Once you have your corporate bank account opened, maintaining it is the next step. Accounting, financing, and everything revolving around your business and account requires order. 

Below lists a few tips for an excellent and seamless business operations with your corporate bank account:

1. Keep a record of all the transactions made in the bank account.

2. Always keep and check through your checking and bank statements. 

3. Use bank statements to keep track of the business’s financial operations.

4. Ensure only the appropriate individuals are authorized to pay from the business bank account.

5. Always cross-check your statements with your business records to see if all transactions are correct and eligible. 

If your corporate bank account offers online banking, keeping records of your business’s account is much easier. 

Closing

Setting up a business account can help you in many ways than you’d expect. It makes accounting easier and paves the way for your business to build its credit history in case you need a business loan. Aside from that, you’ll look like a professional, serious business entrepreneur.

Key Takeaways:

  • Choosing the right business bank account makes it easier to run your business.
  • It’s always important to study the features of the best business banking accounts and put them against what your business needs.
  • Consider a bank account with online banking, affordable or minimal fees, minimum balance required, higher transaction limits, and a convenient location.

Does your business need an urgent financial boost? A1 Credit is a licensed moneylender in Singapore, offering a low-interest business loan up to S$200,000. Apply now and get your funds on the same day!

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