The startup culture in Singapore is gaining traction with plenty of government support. As such, more and more Singaporeans and foreigners are becoming entrepreneurs. The first step for any new business owner or self-employed individual is keeping personal and business finances separate.
Doing so will make it easier to manage business finances. This is especially true for accounting and tax-paying purposes. Additionally, having a business bank account will improve your company’s image as your company name will appear on cheques and other payment methods for clients.
As such, it is crucial to choose a good banking partner. The right business account will add value to your business growth. To help you compare your options, here are some of the best business bank accounts for startups in Singapore.
5 Best Business Bank Accounts in Singapore
With so many options, it is natural to feel overwhelmed. Let’s take a look at the rundown of the most popular business accounts in Singapore with low setup costs.
1. OCBC Business Growth Account – Best for Small Businesses and Startups
With a low initial deposit and low minimum monthly balance requirement of S$1,000, the OCBC Business Growth Account offers an attractive low-cost set-up. This is an excellent option for small businesses and startups looking to scale their business.
On top of that, you can set up an additional OCBC Multi-Currency Business Account if you want to make transactions in 13 foreign currencies, including USD, Euro, Hong Kong Dollars, and CNH.
Highlights
- Unlimited free FAST & GIRO transactions
- Easily see your business trends and cashflow health in your OCBC Business app
- Use your Singpass for instant account opening
Price Range
- Minimum Initial Deposit: S$1,000
- Monthly Fee: S$10 (waived for the first two months)
- Minimum Monthly Balance and Fall Below Fee: S$1,000 with a S$15/month fall-below fee
Contact Info
Website:
Address:
- OCBC Centre Branch – 65 Chulia St #01-00 OCBC Centre
- OCBC Centre South – 18 Church St, Singapore 049479
- Bedok North Street Branch – 204 Bedok North Street 1, #01-403 405/407, Singapore 460204
Operating Hours:
- Weekdays: 9:00 am to 4:30 pm
- Saturdays: 9:00 am to 11:30 am
Phone:
- +65 6538 1111
2. DBS Business Multi-Currency Account Starter Bundle – Best for Startups Looking To Scale Globally
If you are gearing up your new business for global operations, then choosing a bank account that provides local and international payments and collections is a must. With DBS Business Multi-Currency Account (Starter Bundle), you can transact in SGD and 12 other foreign currencies.
Perfect for startups, this business bank account is available for businesses that are incorporated less than 3 years from the application date. If your company is fully locally owned and registered, you can register online.
Highlights:
- Unlimited free FAST and GIRO transactions
- Easily keep track of business expenses with DBS iBanking
- Local and international payments and collections in one account
Price Range
- Minimum Initial Deposit: S$1,000
- Monthly Fee: S$10
- Minimum Monthly Balance and Fall Below Fee: N/A
Contact Info
Website:
Address:
- DBS SME Branch @ South Bridge – 531 Upper Cross Street #01-51 Hong Lim Complex, Singapore 050531
- DBS SME Branch @ Suntec City – 3 Temasek Blvd, #02 – 709 710 / 711, Singapore 038983
- BS SME Branch @ Harbourfront – 1 Maritime Square #02-122/123 Harbourfront Centre Singapore 099253
Operating Hours:
- Weekdays: 8:30 am to 4:00 pm
Phone:
- 1800 222 2200 (in Singapore)
- +65 6222 2200 (Overseas)
3. UOB eBusiness Account – Best for Startups Looking For Low-Cost Set-Up
UOB recommends its eBusiness account for startups and new businesses. Business owners can open an account for as low as S$1,000. Plus, it offers fee waivers for new customers, including no annual fee for the first year. For easy banking, you can manage your money online using the UOB BizSmart digital business account tools.
Highlights
- Free monthly subscription for payroll, payments, and collection bulk services via UOB Infinity (digital banking for business)
- 12 months fall-below fee waiver
- 100% rebates for Bulk Payroll fees via UOB Infinity
Price Range
- Minimum Initial Deposit: S$1,000
- Monthly Fee: approximately S$2/month (S$35/year)
- Minimum Average Daily Balance and Fall Below Fee: S$5,000 with a S$15/month fall-below fee
Contact Info
Website:
Address:
- Main Branch – No. 80 Raffles Pl, #1 UOB Plaza, Singapore 048624
- Holland Branch – No. 211 Holland Avenue, Holland Rd, #01-12 Shopping Centre, Singapore 278967
- Tai Seng Hub – No. 30 Tai Seng Street #02-07 BreadTalk IHQ, Singapore 534013
Operating Hours:
- Weekdays: 9:00 am to 6:30 pm
Phone:
- +65 6259 8188
4. CIMB BusinessGo Lite – Best Fuss-Free Business Banking
Another option for new business owners is the CIMB BusinessGo Lite. It is an online business account with no initial deposit, no fall-below fees, and no minimum balance requirements. It is the ideal choice for young entrepreneurs.
With a startup needing a high number of transactions and capital, the zero fall-below fees and no minimum monthly balance can go a long way in lowering unnecessary costs.
Highlights
- Free FAST, GIRO, and payroll transactions
- Receive free eAlerts to keep track of new transactions and monitor your account
- Zero fall-below fees and no minimum monthly balance
Price Range
- Minimum Initial Deposit: N/A
- Monthly Fee: S$28
- Minimum Monthly Balance and Fall Below Fee: N/A
Contact Info
Website:
Address:
- 30 Raffles Place #03-03 Singapore 048622
Operating Hours:
- Weekdays: 9:00 am to 4:30 pm
- Saturdays: 9:00 am to 1:00 pm
Phone:
- +65 6438 7888
5. Maybank FlexiBiz Account – Best for Earning Interest on Your Balances
If you want to earn interest on your balances, you can consider the Maybank FlexiBiz Account. Although minimal compared to its PremierBiz Account, you can earn approximately 0.018% for your first $50,000; 0.028% for the next $450,000, and 0.038% for balances above $500,000.
Best of all, the Maybank FlexiBiz Account doesn’t have monthly maintenance fees so you can focus on your business.
Highlights
- No monthly fees
- Attractive interest rates of up to 0.038% p.a. on balances
- Complimentary all-in-one business debit card
Price Range
- Minimum Initial Deposit: S$1,000
- Monthly Fee: N/A
- Minimum Monthly Balance and Fall Below Fee: S$1,000 with a S$10/month fall-below fee
Contact Info
Website:
Address:
- Maybank@Chinatown – 101 Upper Cross St, #01-22, Singapore 058357
- Maybank Tower – 2 Battery Road Maybank Tower Singapore 049907
- Maybank@HDB Hub – 480 Lor 6 Toa Payoh, #01-11 HDB Hub, Singapore 310480
Operating Hours:
- Weekdays: 9:15 am to 4:45 pm
Contact
Phone:
- 1800-777 0022
- +65 6777 0022 (Overseas)
Summary
The best business bank account for startups will depend on the business’s unique needs. Typically, a business account must be able to facilitate customer payments, issue e-invoices, keep track of expenses and earnings, and get business financing.
Here are a few factors to look out for:
- Minimum initial deposit: Banks usually require a minimum deposit of approximately S$1,000 to S$10,000.
- Monthly fees: This is the fee that your bank charges to keep your account up and running. Typically, it costs around S$18 to S$35.
- Minimum monthly balance (and fall-below fee): This is the minimum amount you need to keep in your business account per month to avoid getting charged a fall-below fee.
- Online banking features: The business account must provide online banking features, such as viewing transaction history, paying bills without checks, account alerts and reminders, and more.
- Multi-currency features: Consider if you want a business account that will allow you to change between different currencies.
|
Business Bank Accounts |
Best For |
Minimum Initial Deposit |
Monthly Fee |
Minimum Monthly Balance and Fall Below Fee |
|
OCBC Business Growth Account |
Small Businesses and Startups |
S$1,000 |
S$10 |
S$1,000 S$15/month fall-below fee |
|
DBS Business Multi-Currency Account Starter Bundle |
Startups Looking To Scale Globally |
S$1,000 |
S$10 |
S$1000 S$10/month fall-below fee |
|
UOB eBusiness Bank Account |
Startups Looking For Low-Cost Set-Up |
S$1,000 |
(approx.) S$2 |
S$5,000 S$15/month fall-below fee |
|
CIMB BusinessGo Lite |
Fuss-Free Business Banking |
N/A |
S$28 |
N/A |
|
Maybank FlexiBiz Account |
Earning Interest in Your Balances |
S$1,000 |
N/A |
S$1,000 S$10/month fall-below fee |
Which Bank Is the Best for Startups?
For businesses that are open to global markets and accept multi-currency payments, the DBS Business Multi-Currency Account (Starter Bundle) is one of the best business banking accounts to consider. It holds SGD and 12 other foreign currencies. Plus, you only have to pay a S$10 monthly fee which is waived for the first 2 months.
If you want fuss-free transactions with a low-cost setup, then the CIMB BusinessGo Lite is a good start. With no minimum initial deposit, zero fall-below fees, and no minimum monthly balance, you don’t have to worry about incurring additional costs. That said, you can focus more on your business.
Closing
Choosing your business banking partner is essential for your business growth. The right business bank account will help streamline your financial processes. Plus, it will allow you to keep track of your transactions, payments, and collections for easier financial management.
Key Takeaways:
- When comparing business bank accounts, consider the minimum initial deposit, minimum monthly balance, and monthly fees.
- Choose a bank that offers convenient digital banking services to easily access your account online.
- The right business bank account for your company will depend on your business’s unique needs.
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