Banking services is probably one of the most irritating essential services you need when starting up a business. Unless you're a freelancer, salesperson or simply an entrepreneur, you'll likely appreciate having a merchant front to account for your business spendings and avoid checks.
If you're on a low budget and do not require a lot of services, Pay pal probably works the best. However there are low cost/ free bank services for the entrepreneurs. Some are listed here.
Standard Chartered Business $aver Current Account
There isn't much written about this on the website, except that cheque books are free with this account. If it's the rest of the account fees are the same as the previous SME banking account product, then there shouldn't be any fall below fee charges. Still, best to call the bank up directly for a chit-chat session.
Since the interest rates are high, this account is probably the best if you have high liquidity.
DBS Entrepreneur's Account
Most of the fees are waived for six months, do note the minimum monthly average balance (MMAB) is S$10,000 for DBS's Business Account.
OCBC Business Banking
This account sells on the ease of transactions with customers, i.e. offers a variety of payment options for you to collect money from your customers. It's also clearer on its bank charges.
However, there is also a monthly account charge of S$35 and a fall below fee of S$35 (MMAB is S$5,000). If your business has constant cashflow this account is probably the best option.
Maybank FlexiBiz Account
No MMAB, and similar interest rates as Standard Charted Business $aver. Charges 50cents per cheque signed though.
Banks do change their policies and product features regularly. While we make the effort to keep the information up-to-date, please call the banks for a one-on-one discussion to see if they meet your needs!
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