6 Best Bank Accounts for Business in Singapore

As an entrepreneur running a business in the dynamic city of Singapore, the selection of a suitable bank account holds immense weight in shaping your financial endeavors and expansion. Given the array of choices at your disposal, the task of pinpointing the most fitting account for your business may seem daunting. In this article, we will explore some of the top bank accounts for businesses in Singapore, highlighting their features and benefits. 

1. Standard Chartered Smart Business$aver Account

For businesses seeking a seamless banking experience that prioritizes convenience and flexibility, the Standard Chartered Smart Business$aver Account stands out as an exceptional choice. This account presents a host of features meticulously crafted to streamline your financial transactions and elevate your business operations. Moreover, it extends its services beyond mere banking, encompassing essential financial solutions such as cash management, payroll management, lending options, and foreign exchange.

Key Features and Benefits:

  • Competitive interest rates: Experience the allure of compelling interest rates reaching up to 2.28% per annum, which facilitate the growth of your time deposits and investments.
  • Digital banking services: Standard Chartered offers a comprehensive range of digital banking tools, empowering you to effortlessly and securely handle your financial affairs at your convenience, regardless of your location.
  • 24/7 customer support: With the Smart Business$aver Account, you can rely on round-the-clock customer support to address any queries or concerns you may have, ensuring a smooth banking experience.

Price Range

Minimum Initial DepositS$50,000
Minimum Monthly Balance and Fall Below FeeS$50,000, with a fall-below fee of S$50 per month

2. CIMB BusinessGo Lite

Introducing the CIMB BusinessGo Lite account, a game-changer designed specifically for small businesses and startups. This exceptional account presents a suite of customized features and advantages meticulously crafted to address their distinct needs. CIMB understands the challenges faced by small businesses and has skillfully crafted this account to offer effective solutions. Plus, enjoy the added advantage of complimentary E-Alerts, enabling seamless management and monitoring of your accounts.

Key Features and Benefits:

  • Easy account setup: Open your BusinessGo Lite account effortlessly through the online platform, saving valuable time and energy during the setup procedure.
  • Zero initial deposit requirement: Embark on your business banking venture without the burden of a mandatory minimum balance requirement, enabling efficient allocation of your valuable resources.
  • Dedicated business support: CIMB extends dedicated support services specifically designed for small businesses, offering expert guidance and customized solutions.

Price Range

Minimum Initial DepositNone
Monthly FeeS$28
Minimum Monthly Balance and Fall Below FeeNone 

3. Maybank FlexiBiz Account

When it comes to businesses in search of adaptability, convenience, and a wide array of banking services, the Maybank FlexiBiz Account stands out as an excellent option. Designed with businesses of all scales in mind, Maybank strives to streamline your banking journey and fuel your financial advancement. With an extensive network of branches and partners spanning the region, you gain access to instant payment solutions available around the clock. 

Key Features and Benefits:

  • Versatile Option: Maybank presents an excellent choice for various business categories, encompassing small enterprises and charitable organizations.
  • No Monthly Charges: The Maybank FlexiBiz Account eliminates the burden of monthly maintenance fees, allowing you to direct your attention toward your business operations.
  • Competitive Returns: Benefit from attractive interest rates of up to 0.038% p.a. on your balances, enabling you to earn interest on your funds.

Price Range

Minimum Initial DepositS$1,000
Monthly FeeN/A
Minimum Monthly Balance and Fall Below FeeS$1,000 with a S$10/month fall-below fee

4. UOB eBusiness Bank Account

Amidst the ever-evolving digital realm, possessing a bank account that embraces technology and delivers streamlined digital banking services has become paramount. Introducing the UOB eBusiness Bank Account, purpose-built for businesses seeking the utmost convenience, efficiency, and state-of-the-art digital solutions. This account empowers entrepreneurs to effortlessly handle their finances within a unified platform, courtesy of UOB BizSmart digital banking.

Key Features and Benefits:

  • Streamlined digital banking: UOB’s eBusiness Bank Account delivers a seamless digital interface enabling swift financial management, online transactions, and instant access to up-to-date account details.
  • Waived minimum balance fee: Enjoy a full year without worrying about minimum balance fees after opening your account.
  • Dedicated customer support: Benefit from UOB’s dedicated customer support team, ready to assist you with any inquiries or concerns regarding your eBusiness Bank Account, ensuring a smooth banking experience.

Price Range

Minimum Initial DepositS$1,000
Monthly FeeApproximately S$2/month (S$35/year)
Minimum Monthly Balance and Fall Below FeeS$5,000 with a S$15/month fall-below fee

5. OCBC Business Growth Account

As a business owner, growth is likely one of your top priorities. The OCBC Business Growth Account is designed to fuel your business expansion by offering a range of features and benefits that support your financial goals and provide you with the resources to thrive. Moreover, the hassle-free setup and absence of fees make the OCBC Business Growth Account a premier choice among small businesses and startups seeking optimal banking solutions.

Key Features and Benefits:

  • Diverse Currency Options: Conduct transactions in 13 different foreign currencies, such as USD, Hong Kong Dollars, Euro, and CNH.
  • Simplified Application Process: Instantly open your account using Singpass, ensuring a hassle-free experience.
  • App Perk: Gain valuable insights into your business trends and monitor the financial well-being of your cash flow with the user-friendly OCBC Business app.

Price Range

Minimum Initial DepositS$1,000
Monthly FeeS$10 (waived for the first two months)
Minimum Monthly Balance and Fall Below FeeS$1,000 with a S$15/month fall-below fee

6. DBS Business Multi-Currency Account Starter Bundle

Optimized for businesses engaged in international trade and the handling of various currencies, the DBS Business Multi-Currency Account Starter Bundle stands as the ultimate preference. This business banking solution simplifies your cross-border transactions and guarantees the smooth administration of foreign currencies. With a modest initial deposit requirement of only S$1,000, this account empowers you to effortlessly manage both SGD and multiple other currencies.

Key Features and Benefits:

  • Multi-currency capabilities: With the DBS MCA Starter Bundle, you can hold SGD and a dozen other currencies in your account, granting you the freedom to handle global transactions and mitigate foreign exchange uncertainties.
  • Streamlined payment management: This account facilitates both local and international payments and collections, consolidating your business transactions into a single, convenient platform.
  • Digital banking convenience: DBS offers a user-friendly digital solution called DBS iBanking, empowering you to effortlessly oversee your multi-currency account, execute international payments, and keep track of foreign exchange rates.

Price Range

Minimum Initial DepositS$1,000
Monthly FeeS$10
Minimum Monthly Balance and Fall Below FeeNone

Choosing the Best Bank Account for Your Business

After looking at some of the best business bank accounts in Singapore, the following table shows what each bank is best for. This is meant to help you make a good choice:

Business Bank AccountsBest For
DBS Business Multi-Currency Account Starter BundleStartups That Want to Grow Internationally
OCBC Business Growth AccountSmall Businesses and New Ventures
UOB eBusiness Bank AccountStartups Looking for Low-Cost Set-Up
Maybank FlexiBiz AccountEarning Interest in Your Balances
CIMB BusinessGo LiteHassle-Free Financial Services 
Standard Chartered Smart Business$aver AccountHigh-Interest Rates

Considerations

When searching for the ideal business bank account in Singapore, it all comes down to your specific requirements and growth goals. Take a moment to think about the unique features, benefits, and compatibility of accounts like Standard Chartered Smart Business$aver, CIMB BusinessGo Lite, Maybank FlexiBiz, UOB eBusiness, OCBC Business Growth, and DBS Business Multi-Currency Starter Bundle. By doing this, you’ll find the banking partner that not only aligns with your business objectives but also provides the necessary tools and support for success.

Remember, choosing the right bank account is crucial for optimizing your financial operations and driving business growth. Invest time in thorough research, compare options, and seek guidance from banking professionals to make an informed decision that caters to your business needs.


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