Bank Accounts for Singapore Companies
One of the next steps for the setting up of your new company is to have a bank account, for receiving funds from your customers as well as manage the cash for the company’s operations.
We have provided below a monthly-updated summary and breakdown of services, provided by Singapore’s 3 local banks, as well as foreign banks in Singapore:
OCBC |
Business Growth Account | Business Entrepreneur Account | Business Entrepreneur Account+ |
|---|---|---|---|
| Description | 100% Local Shareholders and Directors Only & Start-up friendly account (More suitable for only Online Banking & Cost Savings) | >50% foreign shareholders and above (Mixture of local/foreign shareholders/directors) with or without Business Operations in Singapore | >50% foreign shareholders and above (Mixture of local/foreign shareholders/directors) with or without Business Operations in Singapore |
| Minimum Initial Deposit | S$500 | S$3,000 | S$30,000 |
| Minimum Balance | S$3,000 | S$5,000 | S$30,000 |
| Account Fee | Annual fee of S$38 | Monthly fee of S$38 and waived for the first 3 months | None |
| Fall below Fee or Service fee | Waived for first 6 months. Thereafter S$35 per month if monthly average balance falls below minimum balance. |
Waived for first 6 months. Thereafter S$35 per month if monthly average balance falls below minimum balance. |
S$50 per month if monthly average balance falls below minimum balance. |
| Early Account Closure Fee | A charge of S$50 for accounts closed within a year of opening. | A charge of S$50 for accounts closed within a year of opening. | A charge of S$50 for accounts closed within 6 months of opening. |
| Cheque Book Fee |
Issuance Fee of S$25 per cheque book. First 30 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque. |
No Issuance Fee First 30 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque. |
No Issuance Fee First 50 free cheques per calendar month. Thereafter S$0.75 for each subsequent cheque. |
| Transaction Fees | Standard charges apply to any other transaction(s) as per sections “Transaction Charges” & “Other Service Charges” |
Free bundled package via Velocity@ocbc • 200 GIRO transactions • 20 FAST Payment transactions For any other type of transaction that exceeds the free monthly bundled package listed above, please contact OCBC. |
GIRO – S$0.10 per item via Velocity@ocbc. Standard charges apply to any other transaction(s) as per sections “Transaction Charges” & “Other Service Charges” |
UOB |
Biztransact Account | SGD Current Account | E-Business Account |
|---|---|---|---|
| Description | Ideal for business who mostly does online transaction | Ideal for business who does both online and over-counter transaction | Ideal for Start-up business |
| Minimum Initial Deposit | S$1,000 | S$1,000 | S$1,000 |
| Minimum Daily Balance | S$80,000 | S$10,000 | S$5,000 |
| Fall below Fee – Service fee | S$80 | S$35 | S$15 |
| Early Account Closure Fee | Closure of account within a year of opening, there will be charges of S$200 | Closure of account within 6 months of opening, there will be charges of S$30 | Closure of account within 6 months of opening, there will be charges of S$30 |
| Cheque Book Fee | Waived for the first 100 cheques per month. Subsequent cheques at S$0.75 each | Free 30 cheques per month and subsequent S$0.75 each | S$0.75 per cheque |
| Others | Waiver on monthly subscription of BIBPlus Premium Services | S$20 monthly subscription for BIBPlus Premium Services | Over the Counter Cash Deposit and Withdrawal S$20 per transaction |
DBS |
Digital Business Account | Corporate Multi-Currency Account |
|---|---|---|
| Description | Ideal for start-ups with low minimum balances. Mostly transact online. |
Transact in SGD and up to 12 foreign currencies with only one account to maintain |
| Minimum Initial Deposit |
S$1,000 | S$3,000 |
| Minimum Balance | None | S$10,000 |
| Monthly-Annual Account Fee | S$18/month | S$40/year |
| Fall below Fee – Service fee | None | S$35 |
| Cheque Book Fee | S$25 each | Free |
| Internet & Mobile Banking (IDEAL) Fee | None | None |
| Transaction Fees |
S$20 + extra Charges: Account Transfer = S$5 per Transaction Giro – Payment = None Payroll Over Counter Cheque Express = S$5 per Cheque FAST (Transfer) = S$20 per Transaction |
|
CIMB |
BusinessGo | SGD Current Account |
|---|---|---|
| Description | An SGD Current Account with interest rates of up to 1.88% p.a. complete with complementary features for your business. | Non-interest bearing for SGD current account. |
| Minimum Initial Deposit |
S$30,000 | S$8,000 |
| Minimum Balance | S$30,000 | S$8,000 |
| Early Account Closure Fee | S$50 for accounts closed within 6 months of opening | S$40 for accounts closed within 6 months of opening |
| Monthly-Annual Account Fee | None | None |
| Fall below Fee – Service fee | S$50 | S$35 |
| Cheque Book Fee | None | None |
STANDARD CHARTERED |
BusinessOne |
|---|---|
| Description | A non-interest bearing fully enabled current account that offers preferential pricing on transactions and remittances |
| Minimum Initial Deposit |
S$30,000 |
| Minimum Balance | S$30,000 |
| Early Account Closure Fee | S$500 for accounts closed within 6 months of opening |
| Monthly-Annual Account Fee | None |
| Fall below Fee – Service fee | S$50 |
| Cheque Book Fee | 2 free on account opening, subsequent cheque books at S$5 each |
| Others | Free Internet Banking Service (S2B) |
MAYBANK |
PremierBiz | FlexiBiz |
|---|---|---|
| Description | PremierBiz Account is an interest-bearing current account that gives you the flexibility and convenience of a checking facility, plus up to 0.318% p.a. interest on your account balance. | The current account for young business and new start-ups with attractive interest rates, no monthly fee and no requirement to maintain a minimum balance in the account. |
| Minimum Initial Deposit |
S$1000 | S$1000 |
| Minimum Balance | S$30,000 | None |
| Early Account Closure Fee | S$50 for accounts closed within 6 months of opening | S$50 for accounts closed within 6 months of opening |
| Monthly-Annual Account Fee | None | None |
| Fall below Fee – Service fee | S$35 when the monthly average balance falls below S$30,000 | None |
| Cheque Book Fee | None | S$0.50 per cheque upon presentation |
| Others | Free round-the-clock Business Internet Banking | |
RHB |
Bizpower Quad+ | Bizpower Quad |
|---|---|---|
| Description | The premier business current account that rewards you with an interest of up to 0.99% per annum | Competitive Interest-Bearing Current Account |
| Minimum Initial Deposit |
S$200,000 (fixed deposit) | S$50,000 |
| Cheque Book Fee | None | 2 free on account opening, subsequent cheque books at S$5 each |
| Transaction Fee |
None for inward telegraphic transfers Flat rate of S$20 per transaction for outward transfers |
|
BANK OF CHINA |
Current Account (Corporate) |
|---|---|
| Description | Non-interest bearing statement-based chequeing account. |
| Minimum Initial Deposit |
S$2000 |
| Minimum Balance | S$10,000 |
| Early Account Closure Fee |
S$30 for accounts closed within 6 months of opening |
| Fall below Fee – Service fee | S$15 when the monthly average balance falls below S$10,000 (Corporate) |
CITIBANK |
MaxiSave & MaxiSave Sweep Account | SGD Checking Account | SGD Money Market Savings Account |
|---|---|---|---|
| Minimum Initial Deposit | S$15,000 | S$15,000 | S$30,000 |
| Fall below Fee or Service fee | S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month. | S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month. | S$15 per month if Total Relationship Balance (TRB) is less than S$15,000 at the end of each month. |
| Early Account Closure Fee | A charge of S$50 for accounts closed within a year of opening. | A charge of S$50 for accounts closed within a year of opening. | A charge of S$50 for accounts closed within 6 months of opening. |
| Others | Free Online Banking, Phone Banking and Debit/ATM Card | ||