Opening a business bank account is the first step for a new business owner, a self –employed or a freelancer to separate your business finances and personal account. It will also make it easier for your taxpaying and accounting purposes.

Established businesses must also switch to the right corporate bank account to enhance their operations. A business bank account can also add value to your growth, facilitate customer payments, monitor cash flow, issue e-invoices, and drive digital drives.

Factors to Consider When Choosing Your First Business Bank Account

When choosing the best business bank account in Singapore, consider the following factors. Evaluating these factors will help you assess the suitability and overall cost of maintaining the account for your business.

  • Minimum Initial Deposit: Consider the amounts required to open a business bank account and ensure it aligns with your financial capabilities and business plan.
  • Minimum Monthly Balance (and Fall Below Fee): Assess the monthly minimum balance requirements and potential fees for falling below the minimum. Evaluate if your business’s cash flow consistently meets this requirement to avoid unnecessary charges.
  • Monthly Maintenance Fee: Look for business accounts that provide easy mobile and online banking access, cutting down administrative time. Check the bank’s support system for any assistance you may require.
  • Online Banking Features: Evaluate the quality and range of banks’ online banking services. Features like fund transfers, bill payments, payroll services, and real-time transaction tracking can significantly enhance your business’s financial operations.
  • Multicurrency Features: If your business deals with foreign transactions, consider a bank that offers convenient currency conversion, competitive fees, and the ability to hold multiple currencies in a single account.
  • Cheque Book: Even in the digital age, cheques remain important for some businesses. Look for a bank that offers easy ordering of checkbooks, prompt delivery, and transparency regarding associated costs.
  • Other charges: Take note of additional charges such as wire transfer fees, cash handling charges, and costs for extra services. Understanding all potential charges beforehand can help you assess the overall cost of maintaining your account.

By evaluating these aspects carefully, you can select a bank that best supports your business’s financial needs and operations in Singapore.

Best Business Bank Accounts in Singapore

Here is a list of Singapore’s leading banks to open a business bank account:

Bank/Business Account Minimum Initial Deposit Minimum Monthly Balance and Fall Below Fee Annual/Monthly Maintenance Fee
DBS Business Multi-Currency Account Starter Bundle S$1,000 S$10,000 S$10/month
UOB eBusiness Account S$1,000 S$5,000

Fall Below Fee: S$15/month
Waived for the first 12 months of new account opening (including opening month)

S$35/year (approx. S$2/month)
OCBC Business Growth Account N/A S$15 per month if monthly average balance falls below S$1,000 S$10/month (first 2 months waived)
Maybank FlexiBiz Account S$1,000 S$1,000

Fall Below Fee: S$10/month

No monthly fees
CIMB SME Account S$5,000 N/A $28 (for digital account) per month

In a nutshell, each bank listed has its own advantages and considerations. 

  • DBS Business Multi-Currency Account offers comprehensive online banking capabilities and multicurrency features for business serving a global market. 
  • UOB eBusiness Account provides attractive waivers for the first 12 months and robust online banking features. 
  • OCBC Business Growth Account has a monthly low maintenance fee, which is relatively lower than other business accounts.
  • Maybank FlexiBiz Account doesn’t charge monthly maintenance fees and offers instant transfers. 
  • CIMB SME Account provides flexibility and free transactions.

Consider reaching out to each bank directly to discuss your needs and compare the services they offer to make an informed decision.

dbs logo

1. DBS Business Multi-Currency Account – Best For Businesses Serving the Global Market

With over 50 global awards and a presence in 18 markets, DBS is among the leading banks in the world. It promises to make banking a simple and seamless part of your life. If you have a business incorporated less than three years ago, you can get the starter bundle for the most optimized banking experience.

You will have access to customized banking services to support your business growth. You will get to transact Singapore dollars and other currencies, including Canadian Dollars, Australian dollars, Euros, Japanese Yen, and Chinese Yuan, among others, all under one account.


  •  Minimum Initial Deposit: S$1,000
  •  Minimum Monthly Balance (and Fall Below Fee): S$1,000
  •  Monthly Maintenance Fee: S$10/month)
  • Cheque book charges: S$25
  • Cheque clearing fee: S$3/cheque
  • Other charges: Over-the-counter transaction fee of S$40 and Outward TT of S$30

Online Banking Features

DBS has the most comprehensive online banking capabilities, which have been praised for their comprehensiveness and ease of use. This means that you can perform most of your banking activities online. It is very convenient for entrepreneurs, and it has mobile phone access. It also comes with a free security device. 

Multicurrency Features

One of the primary features of the DBS Business Multi-Currency Account is its ability to handle multiple currencies. This feature allows businesses to transact and hold balances in various currencies, an advantage for companies operating in the international market.

uob logo

2. UOB eBusiness Account – Best for Opening a New Account

United Overseas Bank, or UOB, has been in operation for the past 80 years, and it has since expanded to different countries, including Malaysia, Singapore, Thailand, Indonesia, and China. With an eBusiness Bank account, you can enjoy banking services anytime from anywhere. You will have online banking access through UOB Infinity after registration.


  • Minimum Initial Deposit: S$1,000
  • Minimum Monthly Balance (and Fall Below Fee): S$5,000
    • Fall Below Fee: S$15/month
    • Waived for the first 12 months of new account opening (including opening month)
  • Monthly Maintenance Fee: S$35/year (approx. S$2/month)
  • Cheque Clearing Fee: S$0.75 per cheque
  • Other Charges: Over-the-counter cash deposits or withdrawals fees at S$20 and account set up fee for foreign incorporated businesses at S$ 500.

Online Banking Features

The UOB eBusiness Account offers robust online banking features. These might include fund transfers, bill payments, payroll services, and real-time tracking of transactions, providing convenience and efficiency for businesses.

Multicurrency Features

If your business involves foreign transactions, the multicurrency features of UOB eBusiness Account could be beneficial. These may include easy currency conversions and the ability to hold multiple currencies in one account. The exact features should be verified with the current UOB offerings.

ocbc bank logo

3. OCBC Business Growth Account – Best for Low Maintenance Fee 

To open an OCBC Business Growth Account, you need to go online, and no need to visit a physical banking hall. Once you sign up, you will receive your account number. With this account, you can manage your business account through the OCBC Business App and OCBC Velocity.


  • Minimum Initial Deposit: N/A
  • Minimum Monthly Balance (and Fall Below Fee): S$15 per month if monthly average balance falls below S$1,000
  • Monthly Maintenance Fee: S$10/month the first two months waived
  • Cheque book charges: S$25 per book and the first book is waived
  • Cheque clearing fee: S$0.75/cheque

Other charges: Early closure fee of S$50 for closure within the first 12 months of opening. And S$20 per over the counter bank transaction.

Online Banking Features

With the OCBC Business Growth Account, you can access OCBC’s online banking platform, Velocity@ocbc. This allows you to manage your business finances effectively and conveniently. Key features include real-time account monitoring, funds transfers, bill payments, and bulk payroll processing. The platform’s intuitive interface makes managing your account and carrying out transactions easy, saving you valuable time and resources.

Multicurrency Features

You can set up OCBC Multi-currency Business Account within your OCBC Business Growth account. It allows you to transact in 13 foreign currencies including the Euro, US dollar, Australian Dollar, Chinese Yuan, and Hong Kong Dollar. All your accounts will be charged the same monthly fee of $10.

maybank logo

4. Maybank FlexiBiz Account – Best for Instant Transfers 

The Maybank FlexBiz Account is ideal for anyone starting in business in Singapore. With over 2,600 branches across 18 countries, the business account does not charge monthly fees. It also allows instant transfers through FAST for only S$0.50 per transaction.


  • Minimum Initial Deposit: S$1,000
  • Minimum Monthly Balance (and Fall Below Fee): S$1,0000 and Fall Below: S$10/month
  • Monthly Maintenance Fee: N/A
  • Cheque clearing fee: S$0.75/cheque

Online Banking Features

Manage all your business transactions with free access to Maybank’s Business Internet Banking Services. The bank also offers attractive rebates based on your average daily balance on automated salary payments, FAST and GIRO transfers, and International Telegraphic Transfers.

Multicurrency Features

The Maybank FlexiBiz Account only operates in SGD.

cimb logo

5. CIMB SME Account – No Minimum Balance

The CIMB SME Account is another great option for an SME business owner. It does not require you to keep a minimum balance, and you can complete free payroll, GIRO, and Fast transactions. You will also receive free eAlerts to allow you to keep track of all your transactions.


  • Minimum Initial Deposit: S$5,000
  •  Minimum Monthly Balance (and Fall Below Fee): N/A
  •  Monthly Maintenance Fee: $28 for digital account
  • Cheque Book: S$25 per cheque book
  • Cheque Clearing Fee:Fee is waived
  • Other Charges: Early closure fee at S$40 for all business accounts closed within the first 6 months. 

Online Banking Features

CIMB SME Account offers comprehensive online banking features to streamline your business operations with the e-alerts and digital tokens.

Multicurrency Features

CIMB SME Account provides multicurrency features with dedicated support from UOB FX specialists


1. How Long Does It Take to Open a Corporate Bank Account in Singapore?

It takes anywhere around 1 to 2 weeks to open a corporate bank account in Singapore. The duration depends on the complexity of your corporate structure, including your payroll and all the transactions you need to make when running your business efficiently.

2. Are cheques still relevant for business transactions?

While digital transactions are increasing, some businesses still rely on cheques. If your business requires cheque usage, consider a bank that offers easy ordering of cheque books, quick delivery, and transparency regarding associated costs.

3. What is the significance of the minimum monthly balance and fall below fee?

Banks often require a minimum monthly balance in your account. You may be charged a fall-below fee if you fail to maintain this balance. Consider your business’s cash flow and ensure it consistently meets the minimum balance requirement to avoid unnecessary fees.

4. What other charges should I know when choosing a business bank account?

It’s crucial to understand any additional charges imposed by the bank. These may include wire transfer fees, cash handling charges, and costs for extra services. Familiarize yourself with these charges to assess the overall cost of maintaining your account.


Choosing the best bank for your business in Singapore hinges on several factors, each carrying its own weight depending on your specific needs. Whether it’s the minimum initial deposit, monthly maintenance fee, or the robustness of online banking features, each bank offers different benefits and requirements.

Key Takeaways

  • Consider your business needs. Evaluate transaction fees, online banking features, and multicurrency capabilities that align with your requirements.
  • Compare requirements and fees. Assess minimum deposits, monthly balance requirements, and maintenance fees to ensure they fit your financial capabilities.
  • Prioritize online banking. Look for user-friendly platforms with features like fund transfers and real-time tracking to streamline your operations.

If you’re looking to finance your business startup, you may consider borrowing from Fortune Credit. We are a licensed moneylender in Singapore that provides the best business loan to help you kickstart your business. Don’t let financial constraints hold you back – let us be your trusted partner in success.