10 Best Business Account in Singapore for Integrated Services [2021]

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Singapore Business Owners



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Do you feel that your business account is all over the place because you engage in different banks for different services? Or are you a sole proprietor who is using your personal account as a business account?

If so, you have come to the right place. A good business account should not only provide you with higher interest rates than a personal account, but it should also be able to provide a whole-rounded service package to aid your business needs.

As such, in this post, we have gathered a list of the 10 best business account in Singapore for integrated banking services.

1. Aspire

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://aspireapp.com
Contact+65 3165 1500
Email[email protected]

(Response expected within 1 business day)
Operation HoursMonday – Friday
9.30 am – 6.30 pm
Highlights to Note– Suitable for SMEs and Startups
– Free account opening
– No minimum deposit, no fall below fees
– Free local transfers
– Multi-user access
– Card budgeting
– Lowest FX rates
– User friendly on Mobile and Desktop

Aspire offers digital business account for SMEs and Startups. Its business account is 100% digital and account opening is free with no hidden fees.

Signing up online only requires 5 minutes with no minimum deposit, which means there is no fall below fees. On top of that, there are free local transfers so you can send and receive money from any bank account without any surcharge.

Aspire business account also enables multi-user access so that the business owner and accounts team can work together to make prompt payments. If you are worried about exceeding budget with multi-user access, Aspire business account allows card budgeting to limit card usage as well.

For businesses that need to transfer to overseas clients, Aspire business account provides mid-market exchange rate, with low international transaction fees.

Moreover, the business account application interface is user-friendly on both Mobile and Desktop, so you can have an ease of transfer anywhere you go.

2. CIMB BusinessGo

best business account in Singapore_yvonne

Type of InformationDetails
Websitehttps://www.cimb.com.sg/en/business/home.html
Contact+65 6438 7888
Operation HoursMonday – Friday (Excluding PH):
9 am – 6 pm
Email[email protected]
Highlights to Note– Minimum initial deposit S$30,000
– Maintain monthly average balance S$30,000. Otherwise, fee of S$88 per month
– Free FAST transfer
– No monthly or annual maintenance fee
– No transactions fees when you issue your employees’ salary on [email protected]
– First cheque book at no charges

The minimum initial deposit required for this account is S$30,000 and you would need to maintain a monthly average balance of S$30,000. Otherwise, a fee of S$88 applies per month. The account uses tiered interest rates, calculated as follows:

Balance TiersBase Interest p.a
Account Balance of S$0 – S$30,000Nil
Account Balance of S$30,001 – S$1,000,0000.10%
Account Balance of S$1,000,001 – S$2,000,0000.30%
Account Balance of S$2,000,001 and above0.05%

With CIMB BusinessGo account, you can transfer funds instantly to any FAST participating banks for free. There is also no monthly or annual maintenance fee for this account.

On top of that, you can enjoy no transactions fees when you issue your employees’ salary on [email protected], which is a digital banking platform for CIMB business accounts.

Otherwise, if you prefer to issue payroll through cheques, you can receive your first checkbook at no charge.

3. CitiBusiness

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.citibank.com.sg/gcb/citibusiness/home/index.htm?lid=SGENCBLQTNTLCitiBusinessCSHM
Contact+65 6238 8833
Highlights to Note– Unlimited free cheques
– Tiered interest rates
– FAST transfer, MEPS transfer, bill payments
– Citibank Global Transfer to any overseas Citibank account instantly
– Inbound Funds Transfer from other bank accounts
– Minimum initial deposit S$ 100,000
– Account Service Fee of S$ 100 per month if total balance falls below S$ 50,000

CitiBusiness boasts of providing unlimited free cheques which are replenished automatically. It is also a high yield account, with tiered interest rates as shown below:

Balance Tier (SGD)Base Interest Rate (% p.a.)
Less than $30,0000.03
$30,000 to less than $50,0000.05
$50,000 to less than $200,0000.05
$200,000 to less than $500,0000.08
$500,000 and above0.10

Other functions includes FAST transfer, MEPS transfer, Citibank Global Transfer to any overseas Citibank account instantly, bill payments and Inbound Funds Transfer from other bank accounts.

The minimum initial deposit required is S$ 100,000 or equivalent in US dollar. If your total balance falls below S$ 50,000, an account service fee of S$ 100 per month will be chargeable.

4. DBS Business Multi-currency Account

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.dbs.com.sg/corporate/default.page
ContactOverseas: +65 6222 2200
In Singapore: 1800 222 2200
Operating HoursMonday – Friday (Excluding PH):
8.30 am – 8.30 pm
Highlights to Note– Annual Fee: S$40
– Fall Below Fee: S$30
– Minimum initial deposit & average daily balance: S$10,000
– DBS IDEAL: internet banking for Corporate account
– DBS Rapid: bank account verification, real-time payments & collections, and direct debit authorization
– DBS Max: reconcile across Cards, PayLah! and QR transactions, serve more customers with acceptance on mobile wallets and QR codes

DBS offers DBS IDEAL, which is internet banking for corporate accounts. Transactions and enquiries using DBS IDEAL are at no charge at all. Also, a digital token will be free of charge, with unlimited users. On top of that, the setup fee and maintenance fee for DBS IDEAL is waived.

Another solution available to DBS corporate clients is DBS Rapid, which is a digital solution for bank account verification, real-time payments & collections, and direct debit authorisation.

Engaging in DBS Rapid helps your business save time on administrative work and better channel resources for business development.

DBS MAX is a merchant solution which allows your business to reconcile across Cards, PayLah! and QR transactions. With DBS MAX, your business can go cashless instantly with no integration needed.

With the greater rise of digital payments due to Covid-19, DBS MAX allows you to serve more customers with acceptance on mobile wallets and QR codes and it is suitable for businesses of all sizes.

Access to the DBS MAX is free for all DBS merchants but fees are applicable when you subscribe to the services.

5. HSBC

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.business.hsbc.com.sg/en-sg/large-corporates
Contact1800 216 9008 (Singapore)
+65 6216 9008 (Overseas)
Highlights to NoteHSBCnet:
– 24/7 support
– Biometric login functionality
– Global access
– GetRate: access to real-time pricing for foreign exchange

HSBC business account mainly operates through online banking, on HSBCnet. HSBCnet offers 24/7 support through live chat and virtual assistant, so you do not have to worry about dealing with technical issues in the middle of the night.

There is also biometric login functionality for added security. HSBCnet can also be accessed globally, whichever country you are in.

One thing that stands out about HSBCnet is that it allows you to make timely payments to local and overseas suppliers and subsidiaries in almost 30 foreign currencies.

With HSBCnet GetRate, you can access real-time pricing in G10 currencies such as the US dollar, Euro, Japanese Yen, and Pound Sterling to emerging market currencies such as the Chinese Renminbi, Indian Rupee, and Philippine Peso.

However, for specific fee charges and minimum balance, you would need to speak to a relationship manager to find out the details as they do not provide the details on their website.

6. Maybank FlexiBiz Account

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.maybank2u.com.sg/en/business/local-enterprise/index.page?
Contact1800 629 2265
Highlights to Note– Receive S$50 cash when you open FlexiBiz Account with S$5,000 fresh funds and also register and receive funds via PayNow before 31 December 2021
– Tiered interest rates, first S$50,000 earns 0.018% p.a., next S$450,000 earns 0.028% p.a., remaining balance above S$500,000 earns 0.038% p.a.
– S$0.50 per cheque
– S$0.50 per FAST transaction
– No monthly fees, no minimum balance
– Minimum deposit S$1,000

Maybank FlexiBiz Account is currently running a promotion. If you open a FlexiBiz account with S$5,000 fresh funds, register and receive funds via PayNow before 31 December 2021, you will receive S$50 cash rewards!

Maybank FlexiBiz Account uses tiered interest rates, with first S$50,000 earning 0.018% p.a., next S$450,000 earning 0.028% p.a. and remaining balance above S$500,000 will earn 0.038% p.a..

Cheque issued costs S$0.50 per cheque and instant FAST transfer costs S$0.50 per transaction.

There is no monthly fees and no minimum balance required. The FlexiBiz Account is most suitable for start-ups and young businesses as the minimum deposit required is only S$1,000.

7. OCBC Business Growth Account

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.ocbc.com/business-banking
Contact +65 6538 1111
Highlights to Note– OCBC Velocity: internet banking in both English and Mandarin, generate QR codes for payment and collection
– OCBC Business Growth Account: zero initial deposit, zero minimum balance, unlimited free FAST/GIRO transactions
– Business Mobile Banking: application for mobile banking
– Business Debit Card: 0.5% rebate on foreign currency spend, 0.2% rebate on local currency spend with no minimum spending and no rebate cap

OCBC velocity is an internet banking platform for business accounts, where user can make transfers locally and internationally. Moreover, OCBC Velocity is available in both English and Mandarin which is suitable for some SMEs owners who are more comfortable with Mandarin.

OCBC velocity allows you to generate PayNow QR codes for payment to businesses and collection from customers.

OCBC Business Growth Account is designed for start-ups or new businesses as you can enjoy zero initial deposit, zero minimum balance and unlimited free FAST/GIRO transactions.

OCBC business accounts includes Business Mobile Banking, which allows user quick access to account balances through their mobile phones, using fingerprint verification. Users are also able to make payments and approve transactions on-the-go.

Additionally, OCBC business accounts comes with Business Debit Card which is entitled to 0.5% rebate on foreign currency spend and 0.2% rebate on local currency spend. There is no minimum spending and no rebate cap!

8. Standard Chartered Smart Business$aver Account

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.sc.com/sg/business-accounts/
Contact1800 743 3000 (Singapore)
(65) 6743 3000 (Overseas)
Operating hours: 9.00am to 6.00pm, Mon – Fri
Highlights to Note– Earn up to 1.68% interest p.a.
– Free 30 outgoing FAST transactions per month
– Business Debit Card: 1% rebate on all qualifying spend with no rebate cap
– Free registration and generation of SGQR labels
– Fee waiver on incoming PayNow transactions using PayNow Corporate

SCB Smart Business$aver Account allows you to earn up to 1.68% interest p.a., which involves a combination of the following:

  • All balances: 0.08% interest p.a.
  • Eligible Business Banking lending relationship with SCB: 0.60% interest p.a.
  • Eligible monthly FX transactions of at least S$30,000: 0.60% interest p.a.
  • Total monthly credits of at least S$30,000: 0.20% interest p.a.
  • At least one Payroll transaction monthly: 0.20% interest p.a.

On top of the above, you can also enjoy free 30 outgoing FAST transactions per month. The Business Debit Card that comes along with the account entitles you to 1% rebate on all qualifying spend with no rebate cap.

There is also free registration and generation of SGQR labels and enjoy fee waiver on incoming PayNow transactions using PayNow Corporate with SCB Smart Business$aver Account.

9. UOB BizTransact Account

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://www.uob.com.sg/business/index.page
Contact+65 6259 8188
Highlights to Note– Receive up to S$2,000 cash bonus when you open UOB business account before 31 May 2021
– UOB BusinessConnect: invites to exclusive networking events, special offers from UOB’s reputable suppliers
– UOB BizTransact Account: free FAST transactions, preferential fees for outward remittance, free GIRO transactions, S$100 fee waiver when you apply for UOB Express Banker’s Guarantee
– Initial deposit S$1,000
– Minimum daily balance S$50,000
– Fall-below fee S$50
– Cheque clearing charges S$0.75 per cheque

UOB is currently running a promotion whereby new UOB business account opened and deposited a minimum of S$100,000 from 1 April 2021 to 31 May 2021, together with qualifying transactions from 1 June 2021 to 31 August 2021 would be able to receive up to S$2,000 of cash bonus.

One main service where UOB stands out is UOB BusinessConnect, which is a community for business owners to grow their network through invites to exclusive networking events and save costs through special offers from UOB’s expansive network of reputable suppliers.

UOB BizTransact Account is most ideal for businesses that manage large payment and collection volumes. The account provides free access to UOB Infinity, which is a digital banking platform for businesses.

The account also provides free FAST transactions, preferential fees for outward remittance, free GIRO transactions, and S$100 fee waiver when you apply for UOB Express Banker’s Guarantee.

Initial deposit required is S$1,000 and minimum daily balance is S$50,000. Fall-below fee will be at S$50 and cheque clearing charges is at S$0.75 per cheque.

10. Wise

best business account in Singapore_yvonne
Type of InformationDetails
Websitehttps://wise.com/sg/business/
Address1 Paya Lebar Link, #13-06 PLQ 2, Paya Lebar Quarter, Singapore 408533
Highlights to Note– Pay invoices to overseas at affordable exchange rates
– Pay 1,000 people at once
– Receive overseas payment at low conversion fee
– Debit card for online and in-store purchase, no foreign transaction fees
– One-time setup fee of S$54

Formerly known as TransferWise, Wise is an authorised financial services provider.

Wise allows you to pay invoices in 70+ countries with an exchange rate that is better than banks and PayPal. With Wise, you can pay 1,000 people at once without high transaction fees, which is especially useful for payroll transactions.

You can also receive overseas payment at a low conversion fee. Wise business account comes with a debit card which you can use both online and in-store with no foreign transaction fees.

Wise business banking only requires a one-time setup fee of S$54 which will include all the features mentioned above.

Conclusion

Do you have any reviews and comments to share regarding our choices for the best business accounts in Singapore?

While SBO is committed to supporting our local businesses, we welcome any feedback and anonymous sharing regarding your experience with the listed banks for business accounts in Singapore.

We hope that this guide will be useful in helping you to make an informed decision when it comes to finding the best business accounts in Singapore.

If you are also looking to start a business but are unsure of the detailed procedures, do check out our guide here!

Featured Image by Austin Distel on Unsplash

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    Professionally, I write about Finance, with the backing of knowledge from my Degree in Mathematics & Economics. Personally, I love to write about lifestyle and poems!
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