
Whether you’re self-employed, a freelancer, or a business owner, you need to keep your personal finances separate from your business finances. For one, it is an ACRA mandate for business owners to have a business bank account. Secondly, it makes it easier for tracking, managing, and accounting purposes.
The right business bank account can make your financial operations easier and more streamlined. As such, your choice must depend on the nature of your business and its specific needs. Here’s a shortlist of the top banks with business accounts to help you compare and pick the perfect match for your needs.
5 Things To Look Out for When Comparing Business Bank Accounts
- Minimum Initial Deposit: How much initial deposit do you need to open the business bank account? Banks usually require a minimum deposit of S$1,000 up to S$10,000.
- Minimum Monthly Balance: How much balance do you need to maintain every month to avoid being charged a fall-below fee.
- Monthly Fees: This is the fee that your bank charges to keep your bank account open and running. Banks normally charge between S$18 and S$35.
- Ease of Access: Does the bank offer online banking? Is the mobile app user-friendly? You must be able to access your account online with features such as viewing your transactions and history, paying bills without checks, account alerts, and more.
- Transfers and Foreign Currency Conversion Fees: Does the bank have a minimum and maximum transfer amount? How much do they charge on international transfers?
- Cheque Book: It’s best to choose a bank account that allows you to conveniently request new cheque books.
Best 6 Business Bank Accounts in Singapore

1. DBS Business Multi-Currency Account Starter Bundle – Best For New SMEs
DBS is one of the major banks in Singapore and it offers a wide range of SME banking options. One of the best options for new SMEs is the DBS Business Multi-Currency Account – Starter Bundle. It has a low initial deposit of S$1,000 and can hold SGD and 12 other currencies.
This Starter Bundle is applicable for businesses that are incorporated for less than 3 years. If your account is fully locally owned and registered, you can easily complete the registration online.
Highlights
- Hold SGD and 12 other currencies in your account
- DBS iBanking makes it easy to track your expenses
- Provides business both 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 Information
- Website:
https://www.dbs.com.sg/sme - Phone:
1800 222 2200 (in Singapore) / +65 6222 2200 (Overseas) - Address:
– DBS SME Branch @ Towner – Blk 101 Towner Road #01-238/240/242 Singapore 322101
– DBS SME Branch @ MBFC – 12 Marina Boulevard Level 3 MBFC Tower 3 #01-12 Singapore 018982
– DBS SME Branch @ Harbourfront – 1 Maritime Square #02-122/123 Harbourfront Centre Singapore 099253 - Operating Hours:
Weekdays: 8:30 am to 4:00 pm

2. OCBC Business Growth Account – Best for Growing Your Startup Business
OCBC is one of the oldest and longest-established banks in Singapore as well as Southeast Asia’s second-largest financial services group. They offer a wide range of financial services and a variety of business bank accounts for businesses of varying scales.
With its fuss-free and no-cost setup, the OCBC Business Growth Account is one of the best business banking accounts for small businesses and startups. Plus, it also charges a low monthly fee of S$10 – the first two months are waived.
Highlights
- All-you-can-use FAST and GIRO transactions for free
- Use your Singpass for instant account opening
- Transaction in 13 foreign currencies, including S Dollar, Euro, Australian Dollar, Hong Kong Dollar, and CNH
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 Information
- Website:
https://www.ocbc.com/ - Phone:
+65 6538 1111 - Address:
– OCBC Centre Branch – 65 Chulia St #01-00 OCBC Centre
– North Branch – 460 North Bridge Road #01-00, Singapore 188734
– Tiong Bahru Plaza Branch – 302 Tiong Bahru Road #01-125/126 Tiong Bahru Plaza, Singapore 168732 - Operating Hours:
Weekdays: 9:00 am to 4:30 pm
Saturdays: 9:00 am to 11:30 am

3. UOB eBusiness Bank Account – Best for Startups
With over 80 years of experience, United Overseas Bank, or UOB is one of Asia’s leading banks. It offers a wide range of financial services, including business banking alongside its commercial and corporate bank accounts.
With its eBusiness Bank Account, it allows business owners to manage their finances on a single platform using UOB BizSmart digital banking. It is an excellent option for startups with its low initial deposit of S$1,000 as well as a low average daily balance of S$5,000.
Highlights
- Fee waivers for new customers, including a 1-year annual fee waiver
- No fall below fee for 12 months after opening
- 100% rebates for Bulk Payroll fees via UOB Infinity digital banking
Price Range
- Minimum Initial Deposit: S$1,000
- Monthly Fee: approximately S$2/month (S$35/year)
- Minimum Monthly Balance and Fall Below Fee: S$5,000 with a S$15/month fall-below fee
Contact Information
- Website:
https://www.uob.com.sg/ - Phone:
+65 6259 8188 - Address:
– Northwest Hub – No. 6 Woodlands Square #08-02, Woods Square Tower 2, Singapore 737737
– South Hub – No. 60 Albert Street #09-01, OG Albert Complex, Singapore 189969
– Tai Seng Hub – No. 30 Tai Seng Street #02-07 BreadTalk IHQ, Singapore 534013 - Operating Hours:
Weekdays: 9:00 am to 6:30 pm

4. Maybank FlexiBiz Account – Best for a Wide Range of Business Types
Another excellent business account is the Maybank FlexiBiz Account with a minimum initial deposit of S$1,000 and no monthly maintenance fees. It is a great option for a wide range of business types, including small companies and charities.
With branches and partners all around the region, you can access instant and 24/7 payment services. What makes this business account stand out is that it pays interest on your balances.
Highlights
- No monthly fees
- Attractive interest rates of up to 0.038% p.a.
- Instant fund transfer via FAST at only S$0.50 per transaction
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 Information
- Website:
https://www.maybank2u.com.sg/ - Phone:
1800-777 0022 / +65 6777 0022 (Overseas) - Address:
– Maybank MSpace – 321 Orchard Road #01-01/02 Orchard Shopping Centre Singapore 238866
– Maybank Tower – 2 Battery Road Maybank Tower Singapore 049907
– Maybank@AMK – Block 710A Ang Mo Kio Avenue 8 #01-2627 Singapore 561710 - Operating Hours:
Weekdays: 9:15 am to 4:45 pm

5. CIMB BusinessGo Lite – Best for Fuss-Free Transactions
CIMB BusinessGo Lite was specially curated for SME business owners who want fuss-free transactions. It has no minimum balance requirement and zero fall-below fees. Plus, with this account, you can complete free FAST, GIRO, and payroll transactions. However, you need to pay S$28 per month to use your business account.
Highlights
- Easy maintenance with its zero fall-below fees
- Fuss-free transactions since fees are waived for all FAST, GIRO, and Payroll transactions via BizChannel@CIMB
- Receive free E-Alerts to manage and monitor your accounts
Price Range
- Minimum Initial Deposit: N/A
- Monthly Fee: S$28
- Minimum Monthly Balance and Fall Below Fee: N/A
Contact Information
- Website:
https://www.cimb.com.sg/ - Phone:
+65 6438 7888 - 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

6. Standard Chartered Smart Business$aver Account – Best for High Interest Rates
Want to earn interest on your funds? The Standard Chartered Smart Business$aver Account offers the highest interest rates of up to 2.28% p.a. This helps time deposits and investments grow. On top of that, this business account also offers financial services, including payroll, foreign exchange, cash management, and lending.
However, since it focuses more on growing your money, Standard Chartered Smart Business$aver Account has the highest minimum monthly balance requirement on this list. You need to have a minimum monthly average of S$50,000 with a S$50/month fall-below fee.
Highlights
- Make and receive payments seamlessly with PayNow Corporate and SGQR.
- High interest rate of 0.28% on all balances and an additional 2% p.a on the first S$500,000.
- Enjoy a 1% rebate on all qualifying spend using your Business Debit Card
Price Range
- Minimum Initial Deposit: S$50,000
- Minimum Monthly Balance and Fall Below Fee: S$50,000 with a S$50/month fall-below fee
Contact Information
- Website:
https://www.sc.com/ - Phone:
1800-777 0022 / +65 6777 0022 (Overseas) - Address:
– Marine Parade – Blk 87, Marine Parade Central, #01-500, Singapore 440087
– Tampines – 3 Tampines Central 1, #01-01, Tampines Plaza 1, Singapore 529540
– Marina Bay Financial Centre – 8 Marina Boulevard, #01-01, Marina Bay Financial Centre Tower 1, Singapore 018981 - Operating Hours:
Weekdays: 9:00 am to 6:00 pm
Summary
All banks in Singapore have different strengths and offer different benefits to business owners. Choose a business bank account that suits your preferences and needs. For instance, if you prefer fuss-free transactions without worrying about keeping a minimum balance, then the Maybank FlexiBiz Account may be a good option.
If you’re a start-up business that plans to accept multi-currency payments, then the DBS Business Multi-Currency Account Starter Bundle is a good option since it holds SGD and 12 other currencies. Plus, it has a low minimum deposit and no minimum monthly balance.
Business Bank Accounts |
Best For |
Minimum Initial Deposit |
Monthly Fee |
Minimum Monthly Balance and Fall Below Fee |
DBS Business Multi-Currency Account Starter Bundle |
New SMEs |
S$1,000 |
S$10 |
N/A |
OCBC Business Growth Account |
Growing Your Startup Business |
S$1,000 |
S$10 |
S$1,000 S$15/month fall-below fee |
UOB eBusiness Bank Account |
Startups |
S$1,000 |
(approx.) S$2 |
S$5,000 S$15/month fall-below fee |
Maybank FlexiBiz Account |
Wide Range of Business Types |
S$1,000 |
N/A |
S$1,000 S$10/month fall-below fee |
CIMB BusinessGo Lite |
Fuss-Free Transactions |
N/A |
S$28 |
N/A |
Standard Chartered Smart Business$aver Account |
High Interest Rates |
S$50,000 |
N/A |
S$50,000 S$50/month fall-below fee |
Closing
As a business owner, choosing the most suitable business banking account is essential. The right bank account will help streamline the financial process of your business. It allows you to keep track, arrange, and manage your money more easily.
Key Takeaways:
- Your choice of a business bank account must depend on the nature of your business and its specific needs
- Some factors you need to consider when comparing accounts include the minimum initial deposit, minimum monthly balance, and monthly fees.
- Choose a bank account that offers easy access, such as online banking and user-friendly mobile apps.
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