Best Business Accounts in Singapore

5 Options for the Best Business Accounts in Singapore

If you’re in the early stages of building your business, having a business account will help make tax work, accounting, and expense tracking easier. Besides, wouldn’t it be unprofessional to tell a client or an employee to deposit or cash out from your personal account?

So, if a corporate account’s what you’re looking for, then this article is for you. We’ve rounded up our picks of the best business accounts in Singapore to save you some time.

We also added a brief discussion on what you should consider when opening a business account. And if you still have questions afterwards, you can also check out our list of FAQs for more information.

How Much Do Business Accounts Cost in Singapore

Business accounts in Singapore have different investment rates, minimum deposits, and maintaining balance requirements. So, you’ll have to enquire about these details directly from your bank.

However, you’ll also be spending money while preparing documents for your business account setup. Here are averages for all these costs:

Types of CostAverage Cost
Registration fee for incorporation$300
Business name registration for incorporation$15
Business profile$5.50
Minimum deposit$1,000-$10,000
Recurring/monthly fees$18-$35

The Best Banks for Business Accounts in Singapore

Let’s take a look at our picks for the best banks for your business account here in Singapore. With these banks, you can easily track the financial inflow and outflow of your company.

1.   Aspire Digital Business Account

Aspire Digital Business Account's Homepage
BEST FOR   SMEs and startups
PERKSNo monthly fees, no hidden fees low exchange rates, and cash rebates
DEPOSITNo minimum deposit
ELIGIBILITYAll businesses registered in Singapore
CONTACT DETAILS+65 3165 1500

Aspire Digital Business Account has excellent business solutions with a dynamic financial flow. It offers a convenient, accessible, and secure digital account from which businesses can send and receive money within an instant, anytime and anywhere.

This digital business account features multi-user access so expense management can be convenient for everyone. Additionally, Aspire also offers an option to set a monthly spending limit to make sure businesses stay within budget.

It also values transparency, thus claiming no monthly fees or hidden fees. Thus, Aspire is a great option for SMEs and startups that are still building their way up.

To add to its transparency, Aspire is also convenient from the get-go up to the maintenance. This is because the application process takes only up to five minutes and because it doesn’t have a minimum deposit.

Its ease of access doesn’t end with application because Aspire also requires no minimum maintaining balance at all. Additionally, this digital business account is also integrable with accounting accounts like Xero and Quickbooks.


  • Multi-user access for expense management
  • Transparent and convenient international transfers
  • Compatible with third-party accounting apps
  • Easy signup with no minimum deposit


  • No option for cheques and cash
  • Reliant on your technological capability and security

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

OCBC Business Banking's Homepage
BEST FOR   Easy application process
PERKSNo monthly fees, no minimum balance, unlimited free FAST and GIRO transactions
DEPOSITNo minimum deposit
ELIGIBILITYAll businesses registered in Singapore
CONTACT DETAILS+65 6363 3333

OCBC is one of Singapore’s large banks, catering to both large corporations and small businesses. This business provides more than just a place to store and utilise your business funds because OCBC also offers investment banking.

With such feature and its industry experience and constant market research, OCBC guarantees to help its clients grow their finances. It also has credit facilities to fund projects.

Another great thing that OCBC features is its vast industry experience. So, it can provide the same quality of services for healthcare, energy, real estate, technology, and other types of industries.

OCBC also caters to SMEs by providing business loans, thus helping them reach goals faster in a more sustainable and cost-effective approach. To sum it all up, this bank can help you handle all financial aspects of your business with minimal to no cost at all.

It is also compliant with the country’s deposit insurance schemes. However, foreign deposits, dual currency and other investment products aren’t covered by this insurance.


  • Large sum insurance for investments and deposits
  • Unparalleled experience across all types of industries
  • Up-to-date market research for investment growths
  • Cost-effective and sustainable loans for SMEs


  • Limited insurance for investments and deposits
  • Relatively fewer financial services

3.   DBS Business Account

DBS Business Account's Homepage
BEST FOR   Convenient banking
PERKSNo minimum balance, no fall below fees, and wide banking network
ELIGIBILITYAll businesses registered in Singapore
CONTACT DETAILS1800 222 2200 | +65 6222 2200

If you’re looking for the best business accounts in Singapore that’s accessible anywhere, virtually and physically, DBS may be a good choice. This is one of the country’s largest corporate banks, with 900 ATMs on the island alone.

It also has a digital and mobile application to make its services more accessible. However, despite this accessibility, some people still find its customer support to be lacking.

Luckily, with the use of KYC platforms, DBS guarantees fast and seamless transactions. This feature is known to enhance security and reduce risks of identity theft, financial fraud, and money laundering.

To further help its clients, DBS offers project and syndicated financing options. DBS also offers fiduciary services and global trade and supply chain so its clients can venture into more projects.

DBS even offers business insights to help its clients improve their businesses in more ways than one. To improve employee retention and satisfaction, companies can also seek out this bank’s Holistic Wellness Toolkit and relief programmes.


  • KYC registry for seamless transactions and added security
  • Wide range of corporate solutions
  • Highly-accessible services
  • Follows and promotes sustainable financing


  • Not the best customer support
  • Requires a minimum deposit amount

4.   Standard Chartered Smart Business$aver Account

Standard Chartered Smart Business$aver Account's Homepage
BEST FOR   High interest rates
PERKSOnline banking, low remittance costs, and high interest rates
DEPOSITCheck their website for more details
ELIGIBILITYAll businesses registered in Singapore
CONTACT DETAILS+65 6747 7000

If you’re looking for the best business accounts in Singapore to cater to all your financial needs, then you should consider Standard Chartered. It has among the highest interest rates, with up to 1.68 interest p.a.

Standard Chartered even has two types of interest within its accounts, helping time deposits and investments grow for those with excess funds. This feature alone sets it apart from the other business accounts in Singapore.

This bank also offers a diverse set of services, with payroll, credits, foreign exchange, cash management, insurance, and lending grouped in the Smart Bussiness$aver account. Standard Chartered also guarantees transparency through its monthly consolidated statements.

However, since it focuses more on growing your money, Standard Chartered’s Smart Business$aver has a minimum monthly average of $50,000. If you fall below this, then you’d have to pay a fall-below fee of $50 per month.


  • Two different types of interest in one account
  • High interest rates
  • Various additional financial services in one account
  • Low remittance costs


  • High minimum monthly average
  • Less applicable for transactional businesses

5.   HSBC Business Account

HSBC Business Account's Homepage
BEST FOR   Global banking
PERKSEasy access to cash, dedicated service, 24/7 banking
DEPOSITCheck their website for more details
ELIGIBILITYAll businesses registered in Singapore
CONTACT DETAILS1800 216 9008

Among the banks with the best business accounts in Singapore, HSBC may just be the oldest and most experienced, with 140 years of services. With its wide variety of services, it can cater to SMEs and large corporations.

HSBC even has branches in over 53 countries, so it can be advantageous to clients looking to expand their business internationally. That said, it also caters to nine other major currencies to minimise any foreign exchange fees.

This bank also excels in customer support, with numerous hotlines for different concerns to accommodate numerous customers without neglecting others. With this service and its paperless transactions, HSBC guarantees convenience and accessibility.

To promote paperless transactions, it even charges fees for paper transactions. Given that, you’d have to avoid using fax or physical documents to submit or claim loans, settlements, and other financial services.


  • 24/7 online banking and paperless transactions
  • Excellent customer support
  • Applicable for multinational and expanding companies
  • 3-month fee waiver for first-time business accounts
  • Applies deposit insurance schemes


  • Imposed fees on paper transactions
  • Limited insurance coverage for investments

What to Consider when Choosing Business Accounts

  1. Security. Security is the most important factor to consider. You should only do business with a bank you trust, and not one that has lax security protocols and untrustworthy policies.
  2. Monthly fees. Some business accounts charge monthly fees. However, some banks also have none of that and even provide incentives such as interest rates.
  3. Minimum deposit. Business accounts without a minimum deposit are best for those who are still building a business.
  4. Minimum balance. If you’re looking to invest, then this won’t be too much of an issue. However, if your business involves constant payments and receivables, then you have to make sure to meet the minimum balance to avoid paying extra.
  5. Limits on transfers. If your long-term plan includes being a giant in your industry, you’ll have to set up a business account with a large limit on transfers.
  6. Ease of access. The easier you can access your business account, the easier you’ll handle your business transactions and monitor your cash flow.
  7. Customer support. Even the best business accounts can have several issues from time to time. So, make sure you are with a bank that can solve, or at least recognise, your concerns immediately.
  8. Conversion fees. Some banks charge more for international transfers so just make sure you find someone with minimal conversion fees if your clients or partners are abroad.

Frequently Asked Questions about Business Accounts

And that concludes our list of where you can get the best business accounts in Singapore. Any of these banks will surely give you peace of mind in keeping your funds and transactions secure!

Do you think we missed any bank or financial firm offering business accounts? If so, let us know so we can also assess them!

Now, if you’re also looking for someone to help in starting a company, you may need advice from the best business consultants in Singapore. Our list has trusted financial and business advisors to make sure your business is built on the strongest of foundations.