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Business bank accounts

Discover the features that come with business accounts and find the right account for you.

Aspire Business Account

Aspire Business Account logo


Monthly Fee

  • Line of credit facility
  • No minimum deposit required
  • 1% cashback on marketing and SaaS
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Managing finances is an important part of any business, and to do that you need to find the right business bank account. There is a range of features that are available with these accounts including the ability to add multiple users, make batch payments, connect third-party apps and make local and international transfers.

This guide will show you how to compare business bank accounts in Singapore as well as explain how they work and how much they cost so you can find the right one for your business.

Compare business accounts in Singapore

Name Product Monthly fee Minimum Initial Deposit Minimum balance Mobile payments
Aspire Corporate Card
Apple Pay, Google Pay
A corporate debit card for SMEs and Startups with no annual fee and low FX fees. Enjoy 1% cashback on marketing and SaaS spend. T&Cs apply.
Aspire Business Account
Apple Pay, Google Pay
A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
OCBC Business Growth Account
OCBC Business Growth Account
Apple Pay, Google Pay
With no initial deposit or minimum balance required, this account is ideal to help get your business off the ground.
Maybank FlexiBiz Account
Maybank FlexiBiz Account
Samsung Pay
Grow your business with this interest-bearing corporate account - with no minimum account balance or fall-below fees to look out for.
Neat Corporate Visa card
Apple Pay, Google Pay
Earn 1% cashback, exclusive perks, plus coverage for corporate liability and travel accidents with this fee-free Visa debit card.

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How do business bank accounts work?

Business bank accounts are simply current accounts that are used to access and manage business finances. You can open a business bank account as a large company, a small business or a freelancer. The idea is to keep your business finances separate to your personal finances.

Business current accounts have features that are designed for businesses. For example, they usually have the option to let you add multiple users to the account with their own card to be able to spend funds in the account. The person or people in charge of the account will usually be able to set permissions for each person that has access to the account. Business bank accounts also offer other features, such as the ability to make batch payments, to give accountants access to the account or to easily track and manage receipts for tax purposes.

Businesses all have different needs for bank accounts so make sure you compare business bank accounts before you open one to make sure it’s right for you.

Are digital banks good for business accounts in Singapore?

On 4 December 2020, the Monetary Authority of Singapore (MAS) unveiled the winners of Singapore’s first digital bank licenses.

Two digital full bank (DFB) licences were awarded to Grab-Singtel consortium and SEA Group. In addition, two digital wholesale bank (DWB) licences were granted to Ant Group and a consortium comprising of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management.

These new digital banks are expected to reach under-served segments and commence operations from early 2022, so we can expect exciting new offerings in the coming years.

Digital banks in Singapore

How to compare business current accounts

There are a number of types of business bank accounts available, so keep the following in mind when you’re comparing your options:

  • Monthly fee. Some business banks don’t charge a monthly fee, but they may come with fewer features. Consider what you’re willing to pay for and if the features make the fee worth it.
  • Minimum deposit and balance. Find out if there’s a minimum initial deposit to open the account, and if there’s any minimum balance you’ll need to maintain in your account to avoid incurring a fall-below fee (if any).
  • User access. Some business banking accounts have limits on how many users you can add or how many free debit cards you can have.
  • Limits on free transfers. You may find there may be limits on the number of free over-the-counter or FAST transfers you can make. If you need to make transactions frequently, you will need to consider this.
  • Limits on transfers and currency conversion fees. If you transact in multiple currencies you should consider the currency conversion fees you might be charged as well as any limits which are imposed on the business account for non-SGD transfers.
  • Locked contracts. Do you have to sign up to the account for a certain amount of time? Check this before signing. Many business banking accounts in Singapore charge an early account closure fee if you decide to close it within 6 months of opening the account.
  • Extra features. Watch out for convenient features such as access to both a mobile and web app, extra integrations, the ability to make bulk payments and expense management.
  • Customer support networks. If you encounter an issue with your account, how convenient would it be to contact the institution’s support team? What are the various modes of contact and operating hours?

Compare Aspire business account to other banks in Singapore

Before signing up for Aspire business account, make sure to compare it to other alternative business bank accounts available in Singapore. Here’s a quick overview:

Aspire Business AccountDBS Business Digital AccountOCBC Business Growth AccountUOB Business SGD Current AccountMaybank FlexiBiz Account
Monthly account feesS$0S$18S$10S$2.91S$0
Minimum depositS$0S$1,000S$0S$1,000S$1,000
Minimum balanceS$0S$0S$0S$10,000S$0
Fall below feesS$0S$0S$0S$35S$0
Local transfer feeS$0S$0.50S$0S$0.50S$0.20
Standing instructionS$0S$10S$10S$5S$10
Overseas transfer feeLow, transparent feeFrom S$30From S$35From S$40From S$40
FX ratesInterbank rate0.47% markup0.46% markup0.48% markup0.91% markup
Card typeVirtual Visa DebitVisa debitVisa debitVisa debitVisa Debit
Card FX rates0.7% on Visa rates3.72%3.71%3.73%3.66%
Payment acceptanceFAST, GIRO, PayNow (coming soon)FAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNowFAST, GIRO, Cheque, PayNow
Customer supportPhone, Email, Online chatPhone, EmailPhone, EmailPhone, EmailPhone, Email

*Information provided is accurate as of 8 March 2021.

How to open a business bank account in Singapore

The process of opening a business bank account will depend on the bank. You will usually need to meet the following criteria:

  • Business type. Business bank accounts are usually available for freelancers, sole traders, small businesses, large business or enterprises. If your company is in the public sector or a charity there may be restrictions as to what bank accounts you can open, so check the criteria before applying.
  • Business name. Corporate bank accounts will require you to open the account using your company’s name.
  • Registration. Your business needs to be registered at the ACRA to open a business banking account as you’ll need to provide the UEN (Unique Entity Number) of your company.
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