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SMEs Guide to Choosing the Best Business Bank Account Singapore

Best Business bank account singapore

In Singapore’s vibrant economy, SMEs seek sustainable growth and strategic achievements, often looking for dependable banking partners. According to a DBS study, 58% of SMEs value a trusted banking partner with a strong business support history. 

This is echoed by the Banking Trust Index of Singapore, where 74% of people show high trust in their banks. This trust arises from banks’ resilience during the pandemic and their proactive approach to security and data integrity. Thus, SMEs are primed to choose a business bank account that truly supports their goals.

Furthermore, customers hold banks in high regard for their proactive measures to safeguard clients from potential scams and for treating customer data with the utmost integrity and responsibility. With such pivotal elements in play, SMEs are well-positioned to make an informed choice in selecting the best business bank account that aligns with their aspirations and promises unwavering support in their journey.

Comparison of Top Business Bank Accounts in Singapore

Business Banking Accounts Fees Minimum Monthly Balance Account Features Benefits
DBS Business Multi-Currency Account (Starter Bundle) S$10 monthly account fee No initial deposit required
  • Manage SGD and up to 12 foreign currencies
  • Ideal for international transactions
  • Unlimited free FAST and GIRO
  • Suitable for businesses incorporated less than 3 years
  • Multi-currency capability
OCBC Business Growth Account
  • S$10/month (waived for first 2 months)
  • S$15 monthly fall-below fee
S$1,000
  • Designed for SMEs
  • All-you-can-use FAST and GIRO transactions are free
  • Low monthly fees
  • Easy online application
  • Up to 1% cashback with your free debit card
UOB eBusiness Account
  • S$35 annual account fee
  • S$15 monthly fall-below fee
S$5,000 (fee waived for the first 12 months)
  • Designed for startups and SMEs
  • Free FAST and bulk GIRO payroll transactions
  • UOB SME app for digital access
  • Enjoy a S$100 fee waiver when you apply for UOB Express Banker’s Guarantee
  • Round-the-clock banking convenience
Maybank Flexibiz Account
  • No monthly account fee
  • S$50 early closure fee
None
  • High-interest rates
  • No monthly fees and no minimum balance required
  • Designed for start-ups and young businesses
  • Up to 0.0038% p.a. interest rate for account balances above S$500,000
  • Complimentary all-in-one business debit card
CIMB SME Account None None
  • Designed for digital banking
  • No fall-below fees or minimum balance requirements
  • Fees are waived for all FAST, GIRO, and Payroll transactions
  • Quick account opening (less than 15 minutes)
  • No hidden costs.

dbs logo

DBS Business Multi-Currency Account (Starter Bundle) – Best for Businesses with Global Operations

The DBS Business Multi-Currency Account – Starter Bundle is a single account that enables you to manage local and foreign currencies with ease. This bundle allows your business to hold SGD and up to 12 other currencies, making it convenient for international transactions.

What We Like About

  • This account is accessible for businesses incorporated for less than 3 years.
  • Multi-currency capability enables you to hold SGD and 12 other foreign currencies.
  • Free transactions, including FAST and GIRO for payments made via DBS IDEAL.

What People Are Saying

“Had visited here to get an account opened. DBS has made account opening a seamless process with Singpass. One can do it by themselves. Although it was rushed when I visited, the bank employee assisted me to complete the account opening steps. If you have Singpass, the account opening is instant. You can even get the debit card right away.” – Venu

OCBC

OCBC Business Growth Account – Best For SME Business Growth 

The OCBC Business Growth Account is specifically designed to cater to the needs of SMEs in Singapore. With a low minimum initial deposit of $1,000, you can open an account online and receive your account number almost instantly. The account also offers a digital business banking platform with OCBC Velocity or the OCBC Business app for efficient management of your business finances.

The OCBC Business Growth Account can be a suitable option for Singapore-based SMEs, offering affordability, ease of opening, and efficient digital banking features to streamline your business operations.

What We Like About

  • Easy online application. You can open an OCBC Business Growth Account using MyInfo Business via your Singpass login.
  • With a low minimum deposit of $1,000, this business account offers an attractive and cost-effective solution for new and growing SMEs in Singapore.
  • Low monthly fees – S$10/month account fee, which is waived for the first 2 months. Fall below fee may apply.

What People Are Saying

“I visited the OCBC bank in Holland Village today. They were really helpful, in 30 minutes I opened a bank account and got my debit card too.” – YuY 

UOB

UOB eBusiness Account – Best For Startups and SMEs with Limited Cashflow

The UOB eBusiness Account is designed for modern businesses and offers users an opportunity to save on transaction fees, enjoy the low minimum balance requirement (S$5,000 average daily balance), and easily access the account through the UOB SME app. This account helps businesses streamline their financial transactions and keep track of their cash flow with ease.

What We Like About

  • Enjoy zero fees on FAST and bulk GIRO payroll transactions. This is particularly beneficial for small businesses or startups trying to minimize operating costs.
  • Low minimum balance requirement of S$5,000. Additionally, the fall below fee is waived for the first 12 months from the account opening.
  • The UOB SME app offers a user-friendly dashboard where you can view your account balance, cash inflow, and outflow for the past six months.

What People Are Saying

“Me and my wife served by customer service Aida, she was patient with our inquiries and take some time to understand and also to explain it to us. It was really pleasant to be served by her. ” – Benjamin Cheh

maybank

Maybank FlexiBiz Account – Best For Start-Ups and Young Businesses

Maybank’s FlexiBiz Account offers attractive interest rates, no monthly fees, and no minimum balance requirements. Designed with start-ups and young businesses in mind, this account aims to provide convenient banking services while minimizing costs.

What We Like About

  • The Maybank FlexiBiz Account does not charge any monthly maintenance fees, ensuring that your business can save on operational costs.
  • Attractive interest rates of up to 0.038% p.a. when you reach an account balance of more than S$500,000, helping your business grow its savings.
  • The account comes with a complimentary all-in-one business debit card, offering convenience and ease of access to your funds.

What People Are Saying

“Went to this branch today. The counter staff who attended to me is intelligent and helpful. She is one of the old staff. I had pleasant encounters with her in the past too.” – Jinzhi Pei

cimb logo

CIMB SME Account – Best For Low-Cost, Fuss-Free Digital Banking 

CIMB’s SME Account is a business current account that offers an easy and convenient way to manage your business finances. With no fall-below fees and no minimum average balance requirements, this account is designed to help SMEs focus on growing their businesses without worrying about extra costs.

What We Like About

  • No fall-below fees, unlike traditional banks
  • No minimum average balance is required to maintain your SME Account, making it accessible for businesses of all sizes.
  • Easy account opening. You can complete the process in less than 15 minutes, benefiting from same-day account opening.

What People Are Saying

“Following the procedure to apply for an account online, everything went through smoothly. Waiting time could be around 2 weeks, but I’m glad that I don’t need to be physically present on the branch.” –Johnson Pua

Steps To Open a Corporate Bank Account

To open a corporate bank account in Singapore, follow these simple steps:

  1. Choose the right bank for your business needs: Consider factors like fees, accessibility, online banking features, and customer service. Some popular options include DBS Business Multi-Currency Account and OCBC Business Growth Account.

  1. Prepare the necessary documentation: You will need your company’s registration documents. Additionally, gather personal identification documents for all directors and account users. Note that document requirements may vary per bank, but here are the most common:

a. User proof of address, identity, and a selfie
b. Business Certificate of Shareholding
c. Business Constitution or Memorandum and Articles of Association
d. Proof of ID for business director and majority shareholders

  1. Submit your application: Depending on the bank, you can apply online or at a branch. Online applications can be quicker, with some banks like DBS offering an application process in as little as 5 minutes.

  1. Wait for the bank’s approval: The bank will review your application and perform due diligence checks. This process may take up to a few weeks, depending on the bank and the complexity of your business.

  1. Set up your online banking and other banking services: Once your account is approved, set up online banking access, order checks, and apply for any necessary services like international debit cards for your team.

Tips For Choosing The Best Business Bank Account In Singapore

When looking for the best business bank account in Singapore, it’s essential to consider a few essential factors that can make a difference in how efficiently you manage your company’s finances. Here are some tips to help you make the right choice:

  • Understand your business requirements: Start by evaluating your business needs and requirements. Analyze your transaction volume, cash flow, and the type of banking services you’ll need, such as international payment options or payroll management.
  • Compare fees and charges: Each bank may offer different fees and charges for their services. Spend some time comparing the fees and charges of different banks, including account maintenance fees, minimum balance requirements, and transactional charges. 

According to DBS, one of the major banks in Singapore, “free” isn’t always the best. There may be business accounts that lack features and value-added services, which will hurt your business in the long run.

  • Consider accessibility: An essential factor to examine is the accessibility of the bank’s services. Check if they have a user-friendly online banking platform or mobile app for easy access to account information and transactions. Look for a bank with a strong network of ATMs and branches for efficient cash handling and support.
  • Look for additional benefits: Some business bank accounts offer additional benefits such as waivers on bulk payroll fees and discounts on financial products. Keep an eye out for such advantages when comparing the different bank accounts.
  • Financial stability and reputation: Working with a well-established and reputable bank can help ensure that your business finances are secure and provide confidence in your banking partner.

See Also: SME Business Loan in Singapore with Low Interest Rates

Conclusion

With the right insights and understanding of individual business needs, choosing the ideal banking partner becomes a seamless process. This guide has endeavored to provide SMEs with a comprehensive comparison, ensuring they make well-informed decisions to bolster their financial operations and growth trajectory.

Key Takeaways:

  • Look for accounts that offer added value to your business growth, such as facilitating customer payments, issuing e-invoices, monitoring cash flow, and providing business financing options.
  • Be mindful of monthly fees, minimum deposits, and balance requirements when comparing business bank accounts.
  • Prioritize accounts with user-friendly interfaces and strong customer support networks for a seamless banking experience.

Need a boost in your cash flow? 365 Credit Solutions offers the best business loans in Singapore at attractive interest rates. Address your financial woes with their fast and hassle-free loan application. Request a quote today!

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