By MoneyBees
Compare minimum balances, fall-below fees and account fees for business current accounts at DBS, OCBC, UOB, Maybank and Standard Chartered, from each bank's own page, totalled for the balance you keep.
For the DBS Business Multi-Currency Account for businesses over 3 years old, a S$40 monthly service charge applies unless the average daily balance is at least S$10,000. The account fee is S$50 a year. The Starter Bundle for businesses under 3 years has no minimum and costs S$10 a month.
A monthly charge when your balance drops under the bank's minimum. Banks measure it as an average daily balance or a monthly average balance, so a short dip may or may not trigger it depending on the bank.
On the pages we read, the OCBC Business Growth Account and Maybank FlexiBiz Account ask for S$1,000, the UOB eBusiness Account S$5,000, and the DBS Starter Bundle none. Each has its own account fee or fall-below fee.
Some do. OCBC waives the Business Growth Account's S$10 fee for the first 2 months. UOB waives the eBusiness Account's fall-below fee for the opening month and the next 11 months. Choose First 12 months to include these.
Initial deposits on the banks' pages range from S$1,000 for OCBC Business Growth, UOB and Maybank accounts to S$30,000 for the OCBC Business Entrepreneur Account Plus. DBS and Standard Chartered did not state one on the pages we read.
No. Banks also charge for some transfers, cheques, over-the-counter services and early closure. For example, OCBC and UOB charge S$50 to close certain accounts early. Read each bank's full pricing guide.
The Maybank and Standard Chartered pages we read list the minimum balance and fall-below fee but no account fee. We do not guess; ask the bank or check its full pricing guide.
It depends on the balance you keep, how many transfers you make and which currencies you need. This comparison shows the fees each bank publishes for your balance; it does not rank the banks.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).