post-title What services to expect from a business bank

What services to expect from a business bank

Last modified: July 9, 2018

What services to expect from a business bank

What services to expect from a business bank

Singapore consistently ranks as one of the best countries in the world for living. Many believe these rankings stem from the multicultural way of life or from the bustling economy. In fact, many consider Singapore’s financial sector to be one of the most competitive in the world as well. The city state is already one of the most attractive locations for new and growing businesses; thanks to the nation’s innovative nature and ability to grow, it doesn’t look like that will be changing any time soon. Banks in Singapore have also adopted this spirit of innovation. The FinTech industry is booming, meaning that it is easier than ever to set up a business entity in Singapore.

One of the first things to do when you start a company is to open a bank account. Compared to personal accounts, bank accounts can be far more expensive to maintain. Annual fees and minimum balance fees can really add up, especially when you aren’t making profits yet. So here are the top 3 business banking accounts in Singapore.

1. MayBank FlexiBiz Account

Maybank has got to be at the top of the list for Business Banking Accounts, if only for their no minimum balance policy. 

Minimum Balance: $0

Fall Below Fee: $0

Minimum Initial Deposit: $1,000

 

2. UOB eBusiness Account

UOB has a low cost account geared for entrepreneurs who mainly use internet banking.

Minimum Balance: $5,000

Fall Below Fee: $15

Minimum Initial Deposit: $1,000

 

3. OCBC Business First Account

OCBC waives the fall below fee for the first 6 months; however, it does have an annual fee of $38.

Minimum Balance: $5,000

Fall Below Fee: $35

Minimum Initial Deposit: $3,000

Annual Fees: $38

 

MayBank has grown significantly in Singapore with a wide network of branches across the country. With the no minimum balance, their FlexiBiz account is the top choice for entrepreneurs. OCBC’s main strength is their wide outreach of branches compared to UOB and MayBank, but if you do mostly internet banking, then UOB eBusiness account is a good choice as well.

 

Digital Business Accounts: a cost comparison

Banks in Singapore have been scrambling to create digital accounts so that they can create and pass on savings and convenience to customers. Below are three of the most popular digital accounts in Singapore, broken down into a cost comparison. Find whichever one below best fits your needs!

 

  DBS Digital Business OCBC Business Growth UOB eBusiness
Initial Deposit $1000 $500 $1000
ACCOUNT FEES
Minimum Balance NIL $3000 $5000
Annual Account Fee NIL $38 / year NIL
Monthly Account Fee $18 / month NIL NIL
Fall Below Fee NIL $35 $15
Debit Card FREE FREE NIL
INTERNET BANKING FEES
Internet Banking Fees FREE FREE FREE
Internet Banking App? Yes Yes Yes
Security Device FREE Minimum 1 free token and various fees for different Service Package Types No free devices

$20 per device

FAST Transfer Per Transaction (from 1st May 2017) $0.50 $5 $5

 

 

If you’re still interested in other bank services, consider reading customer reviews on banks here. If you’re looking to incorporate your company, you can also browse incorporation service providers on our website. Alternatively, you can sign up (no payment required) to receive custom recommendations for your specific needs. Start your journey today!

 

 

 

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