Ultimate Guide to SME Corporate Banking in Singapore

Now that you have registered your company, closed your first deal and received your first payment from client. Now you need a corporate account to manage your cash-flow. Which bank should you go to?


Lowest Monthly Minimum Balance + Lowest (Almost Free) Service Fees

You are starting up and do not have that much extra cash to park in the bank account just so you can prevent paying the monthly fall-below fees. If so, then Maybank FlexiBiz is the one for you. The only corporate bank account with No minimum balance required and still pays you some interests for your account balance.

FlexiBiz Account is an interest-bearing current account that gives you the flexibility of managing your company funds without the need to maintain a minimum account balance, plus up to 0.038% p.a. interest on your account balance. Find out more about FlexiBiz and their transaction fees.

Summary of Maybank FlexiBiz

  • $1,000 initial deposit

  • No monthly minimum balance required

  • Charges S$0.50 per cheque

  • Charges S$0.20 per FAST transactions

  • No annual or monthly service fee


Widest Network with Most Convenient SME Banking + Lowest Initial Deposit

If convenience is what you need, then consider the DBS Entrepreneur's Account For Startup. Open an account with just S$500 initial deposit within the first 6 months of your company/ business incorporation. And you get to enjoy waiver of fall-below fee for the first 6 months from the opening of your account. Thereafter, a minimum balance of S$8,000 is required else a fall-below fee of S$25 will be charged every month.

Enjoy preferential rates and services with our customised package for start-ups. Set your business on a path for success with the DBS Entrepreneur's Account for Start-Ups. This customised package is designed specifically for start-ups to provide affordable and convenient banking services that help you grow. You will also receive a wide range of value-added benefits including fee waivers and complimentary add-ons. Find out more about DBS Entrepreneur's Account for Startup and their pricing guide.

Summary of DBS Entrepreneur's Account For Startup

  • For new companies or businesses incorporated within the first 6 months

  • $500 initial deposit

  • No monthly minimum balance required for the first 6 months of account opening

  • Setup fee waived for IDEAL (Internet Banking) - monthly service fees applicable if require more than enquiry transactions

  • Free 30 cheques per month

  • Free ATM card


The All-In Deal For Those Who Has High Banking Transaction Volume

The Maybank and DBS accounts though have very attractive banking requirements that is ideal for startups, but the OCBC Business First Account is ideal for startups with high volume of banking transactions. E.g. bank transfers, issuing of cheques, telegraphic transfers etc. OCBC though charges a monthly account fee of S$38, it includes their internet banking facilities, Velocity@ocbc for free. It also gives you a free personalised OCBC Business debit card, ideal for businesses who need to deal with online payments or high purchase volume with MasterCard or NETS transactions.

Find out more about OCBC Business First Account and their transaction fee guide.

Summary of OCBC Business First Account

  • For new companies or businesses incorporated within the first 6 months

  • $3,000 Initial Deposit

  • No minimum balance requirement for first 6 months

  • No account fee for first 3 months, S$38 per month thereafter

  • Free 30 cheques per month

  • Free monthly transactions

  • Free OCBC Business debit card

For The Lowest Fall-below Fees

UOB eBusiness Account offers you banking convenience so that you can manage your business while enjoying savings at the same time. Benefit from a suite of round-the-clock banking channels for your banking needs. Find out more.

These are the four best deals available for Startups in Singapore for now. All details accurate at time of posting this up. Please check the respective bank's website for latest details and information.