By: Lance Teo
If you’re in the early stages of building your business, you might want to consider signing up for the best business accounts in Singapore as early as now. It’d be the easiest way to effectively keep track of expenses and the cash flow of your company.
Luckily, there are more than a few options for the best corporate bank accounts in Singapore for both emerging and small businesses.
We scouted all corners of the island in search of the best business accounts in Singapore to save you some time. Check out our list below to see which one offers services that match the long-term needs of your business.
1. Aspire Digital Business Account
| BEST FOR | SMEs and startups |
| PERKS | No monthly fees, no hidden fees low exchange rates, and cash rebates |
| MINIMUM DEPOSIT | No minimum deposit |
| ELIGIBILITY | All businesses registered in Singapore |
| WEBSITE | https://sg.aspireapp.com/ |
| CONTACT DETAILS | +65 3165 1500 |
Perfect for small business and startups, the Aspire Digital Business Account is among the few that don’t require a minimum deposit. It doesn’t ask account holders for monthly fees too, unlike other banks.
Since it’s a digital bank account, it helps business owners manage their finances and keep track of expenses anywhere and at any time. It even comes with an online platform so account holders can make and accept payments while on the go.
In terms of exchange rates, Aspire Digital Business Account uses only the lowest rates, making it an ideal bank account for international transactions.
There’s even a notification system that alerts users to incoming funds and scheduled money transfers. So, if you’re looking for the best corporate bank accounts in Singapore, we strongly recommend checking out this one!
Highlights
- Virtual bank account
- Fast, easy application
- Low exchange rates
- Cash rebates
Customer Reviews
Here’s what a small business owner had to say about his experience with the Aspire Digital Business Account:
“Aspire gives us the confidence to run our business while on the go. With real-time notifications we know who paid and when, and can make faster and smarter decisions.”
2. OCBC Business Banking
| BEST FOR | Easy application process |
| PERKS | No monthly fees, no minimum balance, unlimited free FAST and GIRO transactions |
| MINIMUM DEPOSIT | No minimum deposit |
| ELIGIBILITY | All businesses registered in Singapore |
| WEBSITE | https://www.ocbc.com/ |
| CONTACT DETAILS | +65 6363 3333 |
As one of the most trusted banks on the island, OCBC offers one of the best business accounts in Singapore. As long as your business is registered in Singapore, you will be able to apply and enjoy its multiple benefits.
For one, business owners can apply for OCBC Business Banking online and get approved in less than a day. It doesn’t have a required minimum initial deposit nor minimum maintaining balance.
Another reason we consider it one of the best corporate account openings in Singapore is the fact that it’s the only bank on the island with free unlimited Fast and Giro Transactions, making it a cost-effective option for small businesses.
OCBC is also known as a bank that goes the extra mile for their account holders, so expect more than the usual banking services from them!
Highlights
- No initial deposit
- No minimum maintaining balance
- unlimited Fast and Giro transactions
3. DBS Business Account
| BEST FOR | Convenient banking |
| PERKS | No minimum balance, no fall below fees, and wide banking network |
| MINIMUM DEPOSIT | $1,000 |
| ELIGIBILITY | All businesses registered in Singapore |
| WEBSITE | https://www.dbs.com.sg/ |
| CONTACT DETAILS | 1800 222 2200 | +65 6222 2200 |
DBS is known for having the largest banking network, with branches in almost every corner of the island. In line with that, it’s made it a lot easier for businesses to receive, transfer and withdraw money.
On top of that, DBS Iis determined to offer a comprehensive range of services designed to help all businesses grow. All business owners have to do is consult with their team of financial experts to know the best step moving forward.
One reason we call it one of the top options for the best corporate bank accounts is its low monthly fees and flexible maturity periods.
If you’re interested in opening a business account with DBS, all you have to do is go online and sign up on their online platform. As long as your business meets the requirements, your application is pretty much already approved.
Highlights
- No initial deposit
- No minimum maintaining balance
- Flexible maturity periods
- Low exchange rates
4. Standard Chartered Smart Business$aver Account
| BEST FOR | High interest rates |
| PERKS | Online banking, low remittance costs, and high interest rates |
| MINIMUM DEPOSIT | Check their website for more details |
| ELIGIBILITY | All businesses registered in Singapore |
| WEBSITE | https://www.sc.com/sg/business/ |
| CONTACT DETAILS | +65 6747 7000 |
Considered one of the best corporate bank accounts in Singapore, the Smart Business$aver Account offers one of the highest interest rates on the island for corporate accounts, with up to 1.68 interest p.a.
Account holders will receive 2 types of interest in their business accounts: prevailing and bonus interest. It’s quite rare for banks in Singapore to offer not only high interest rates, but 2 classifications of them as well!
A Smart Business$aver Account comes with 30 free outgoing FAST transactions per month and a 75% rebate on Outward Telegraphic Transfer, making it an ideal business account for those with frequent overseas business deals.
Highlights
- Low maintaining balance
- High interest rates
5. HSBC Business Account
| BEST FOR | Global banking |
| PERKS | Easy access to cash, dedicated service, 24/7 banking, |
| MINIMUM DEPOSIT | Check their website for more details |
| ELIGIBILITY | All businesses registered in Singapore |
| WEBSITE | https://www.business.hsbc.com.sg/ |
| CONTACT DETAILS | 1800 216 9008 |
With more than 140 years of experience in business banking, HSBC has become one of the go-to banks of both small and large businesses in Singapore. It’s a bank committed to safeguarding its clients’ funds while helping their business grow at the same time.
HSBC is known for going the extra mile to provide more than just transactional services to their clients. It’s more than willing to tailor its services according to the needs of its client’s business, without overcharging them with hidden fees.
Another reason we consider it one of the best business accounts in Singapore is that it has endless perks and benefits that account holders are entitled to, from attractive interest rates down to low exchange rates.
Highlights
- 140 years of experience
- No hidden fees
- High interest rates
And with that, we put an end to our list of the best business accounts in Singapore. As long as you’re protected by any of these banks, you won’t have to worry about making transactions and keeping your funds secure!
Anyway, if you’re also looking for someone to help in starting your own company, you might want to consult with the best business consultants in Singapore. Our list features some of the most trusted business advisors and consultants on the island!