The cheapest bank for a business account in Singapore is rarely the one with the lowest headline fee. What quietly drains a new company's cash is the fall-below charge: keep less than the required average balance and you pay a monthly penalty whether or not you transact. As of June 2026, OCBC's Business Growth Account asks for S$1,000, UOB's eBusiness Account wants S$5,000, and DBS's multi-currency account expects S$10,000 before the penalty kicks in. Fintech accounts from Aspire, Wise and ANEXT skip the minimum entirely but trade it for per-transfer pricing. This guide lines up the 2026 numbers so you pick the account that fits how money actually moves through your business.
Three things decide your real cost, and the monthly fee is only one of them. The other two are the minimum average balance and what happens to each transfer you send.
A traditional bank charges a small monthly or annual fee but expects you to park a minimum balance. Drop below it for the month and a fall-below fee lands on your statement. A fintech account flips the model: no minimum, no monthly fee in most cases, but you pay per international transfer and sometimes a one-time setup cost. Neither is cheaper in the abstract. It depends on whether your money sits in SGD locally or flies across borders.
Before you open anything, sketch out a typical month. How many FAST and GIRO payments? Any payroll runs? Do you invoice overseas clients or pay foreign suppliers? A local cafe paying Singapore staff and CPF behaves nothing like a dropshipping store settling in USD, and the right account differs accordingly. If you are still mapping out cash flow, our budgeting calculator is a quick way to estimate monthly outflows before you commit to a balance requirement.
These are the five local and regional banks most Singapore SMEs open with. Figures are as of June 2026 and verified against each bank's own pricing pages; fees change, so confirm before you apply.
| Bank / account | Account fee | Initial deposit | Min. average balance | Fall-below fee | Notes |
|---|---|---|---|---|---|
| OCBC Business Growth | S$10/mo (waived 2 mo) | S$1,000 | S$1,000 | S$20/mo | 80 free FAST + 80 free GIRO each month |
| UOB eBusiness | S$35/yr (~S$3/mo) | S$1,000 | S$5,000 | S$15/mo (waived first 12 mo) | Incoming PayNow FAST waived to 31 Dec 2028 |
| DBS Business Multi-Currency | S$10/mo (Starter Bundle) | None for Starter | S$10,000 | S$40/mo | Holds 13 currencies; Starter for firms under 3 years |
| Maybank FlexiBiz | S$0 | S$1,000 | S$1,000 | S$10/mo | Pays small tiered interest; SGD only |
| CIMB SME Account | S$8/mo (waived 12 mo) | S$0 | None | S$0 | Free FAST, GIRO and payroll; SGD only |
Built for startups, with a S$1,000 floor that most new companies clear easily. Watch the fall-below fee: OCBC's own notice sets it at S$20 a month if your monthly average balance slips under S$1,000, higher than the S$15 some comparison sites still quote. You also get 80 free FAST and 80 free GIRO transactions a month, which covers a small operation's outgoing payments at no extra cost.
The annual S$35 fee works out cheaper per month than most rivals, but the S$5,000 minimum average balance is the steepest among the entry accounts here. UOB waives the S$15 fall-below fee for the first 12 months, so the trap only bites in year two. A useful sweetener: incoming PayNow FAST transfers are free until 31 December 2028, handy if customers pay you by QR.
DBS holds 13 currencies in one account, which few traditional banks match. Companies incorporated within the last three years can open the Starter Bundle: a flat S$10 a month, no initial deposit and no minimum balance for that tier. Outside the Starter window, the standard multi-currency account expects a S$10,000 average daily balance or a S$40 monthly fall-below fee, so plan to migrate before the third birthday.
Maybank's FlexiBiz has no monthly fee and the gentlest fall-below penalty at S$10, with a S$1,000 minimum. CIMB's SME account goes further with no minimum balance and no fall-below fee at all, plus free local and payroll transfers; the S$8 monthly fee is waived for the first year. Both are SGD-only, so they suit a domestic business rather than one billing overseas.
Non-bank providers (technically e-money or major payment institutions licensed by MAS, not banks) skip minimum balances and monthly fees. They earn on transfers and currency conversion instead. For a business with overseas clients or suppliers, this often works out cheaper than a bank's foreign telegraphic transfer charges.
One trade-off matters for risk: money in these accounts is not covered by Singapore's deposit insurance the way a bank deposit is. The SDIC scheme insures SGD bank deposits up to S$100,000 per depositor per bank, and it does not cover e-money balances or foreign currency. Many founders run a hybrid setup for exactly this reason: a local bank for SGD payroll and reserves, a fintech account for cross-border flows.
| Provider | Account fee | Min. balance | Currencies | Send / receive cost | Best for |
|---|---|---|---|---|---|
| Aspire | S$0 (Basic) | None | SGD, USD, EUR, GBP | Free local; intl. from US$15 (SHA) | Startups with SaaS and ad spend |
| Wise | S$99 one-time | None | 40+ held, 20+ receive | Send from ~0.23%; receive varies | Global payouts, foreign founders |
| ANEXT | S$0 | None | SGD, USD, CNH, EUR | Free local; SWIFT from S$15 | SG-incorporated, China-facing trade |
| Airwallex | S$0 | None | Multi-currency | Free local; competitive FX | E-commerce, cross-border SMEs |
There is no single best bank for a business account. The right pick falls out of how you operate.
Most Singapore-registered businesses can open online in minutes if a director is a Singapore citizen or PR with Singpass. Complex ownership or foreign directors usually triggers a branch visit and a longer review. Statrys reports that 96% of its applicants are approved within three business days, a rough benchmark for the fintech route.
Have these ready before you start, since a missing document is the usual reason an application stalls.
Freelancers cannot open a business account as individuals. You first register a sole proprietorship with ACRA, which is what gives you a business entity to bank under. Once set up, the same money habits apply to your company that apply to your own finances; if you want a refresher on keeping the two separate, our expense-tracking app guide is a practical start.
Your business account is where the taxman eventually looks. Once your taxable turnover crosses S$1 million in a year, GST registration becomes compulsory, and a clean account makes filing far less painful. Understanding how GST flows through your invoices and supplier payments early saves a scramble later.
Keeping company and personal money in separate accounts is not just tidy bookkeeping. It is what lets IRAS, your accountant and any future lender trust your numbers. If you are also weighing where to park idle business cash, compare the safe options in our Singapore Savings Bonds, T-bills and fixed deposits breakdown before leaving large sums earning nothing.
For a purely local SGD business, CIMB's SME Account is among the cheapest with no minimum balance and no fall-below fee, and the S$8 monthly fee waived for the first year. Fintech accounts like Aspire charge S$0 monthly but bill per international transfer, so the cheapest option depends on whether you transact locally or across borders.
It depends on the account. OCBC and Maybank ask for a S$1,000 initial deposit and minimum balance, UOB wants a S$5,000 average balance after the first year, and DBS expects S$10,000 outside its Starter tier. Fintech providers such as Aspire, Wise and ANEXT require no minimum balance at all, which suits early-stage businesses with thin cash buffers.
Yes, but it is easier through fintech providers. Wise, Aspire and ANEXT accept foreign founders of Singapore-incorporated companies and open fully online. Traditional banks like DBS, OCBC and UOB generally want at least one director who is a Singapore citizen or PR for instant online opening; foreign directors usually face a branch visit and a longer compliance review.
No. Singapore's Deposit Insurance Scheme covers SGD deposits in licensed banks up to S$100,000 per depositor per bank, but it does not cover e-money balances held by payment institutions such as Wise or Aspire, nor any foreign currency. Many businesses keep core reserves in a bank and use a fintech account only for transactional cross-border flows to manage that risk.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.