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 be really annoying especially when you are not really making profits yet. So here are the top 3 business banking accounts in Singapore.
1. MayBank FlexiBiz Account
Maybank has got to be the top of the list for Business Banking Accounts due to the no minimum balance.
Minimum Balance: $0
Fall Below Fee: $0
Minimum Initial Deposit: $1,000
2. UOB eBusiness Account
UOB has a low cost account which is 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.
Which is your favourite bank for business accounts and why?
