Top 15 Best Business Bank Accounts In Singapore part 2 – Part one is here.
Top 15 Best Business Bank Accounts In Singapore
Business bank accounts are essential to run your business successfully, especially if you deal in cash or receive a large sum of payments. There are various services that different banks provide for businesses, and among the most common is an account with a cheque book facility.
This allows your customers to pay you through money orders. On top of this convenience, there are also standard services such as Internet banking and SMS alerts for transactions. Choosing a suitable bank account can be challenging, especially if you do not have prior experience in business management.
To make things easier for you, we compiled a list of the best bank accounts for businesses in Singapore currently available on the market. Without much talk, could you take a look at it below?
1. HSBC Premier Business Account
HSBC is one of the biggest banks in England and has been around for now. They have an extensive network of branches worldwide, so it is easy to find a physical branch if you need one. Their online banking platform is easy to use and has a lot of great features that make banking convenient.
The HSBC Premier Business Account is a business bank account with one of the highest interest rates in Singapore. They offer discounts on credit card fees, insurance coverage for your mobile phones and tablets, discounted cash withdrawal from other banks ATMs in Singapore, free usage of Wires and CHATS, and a lot of other features that you can take advantage of as a business.
2. Standard Chartered Unlimited Cashback Business Account
Standard Chartered is one of the biggest banks from England that has been around for a very long time now. They have an extensive network of branches worldwide, so it is easy to find a physical branch if you need one. Their online banking platform is easy to use and has a lot of great features that make banking convenient.
The Standard Chartered Unlimited Cashback Business Account offers not just the highest interest rate in Singapore but also an unlimited cashback rebate on any debit card purchases that you make with your business account. That’s not all; they also have a strong local presence, with many branches all over Singapore.
3. Citibank Rewards Platinum Business Account
Citibank has been around for a very long time and is one of the most prestigious banks in Singapore. Their website is easy to navigate, and their mobile app makes banking convenient from anywhere.
The Citibank Rewards Platinum Business Account is a business bank account that offers one of the highest interest rates in Singapore. Their other features are not too shabby either, with discounts on insurance coverage for your mobile phones and tablets, no ATM withdrawal fee when you use other bank’s ATMs in Singapore, free usage of Wires and CHATS services, among many other things.
4. Maybank Business Account
Maybank is one of the biggest banks in Singapore, and they have been around for a very long time. They are known to provide quick customer support, so if you ever need assistance with your account or bank transactions, they are easy to get in touch with.
The Maybank business Account is a business bank account with one of the highest interest rates in Singapore. They also offer discounts on insurance coverage for your mobile phones and tablets free usage of Wires and CHATS services, among other great features.
5. DBS Hot Smart Account
DBS is another very reputable and prestigious bank in Singapore with many branches spread throughout the country. Their online banking platform is easy to use, and they have a mobile app that makes banking convenient.
The DBS Hot Smart Account is a business bank account that has one of the highest interest rates in Singapore, as well as an unlimited cash rebate on any ATM withdrawal you make locally. Aside from that, they offer free usage of Wires and CHATS services and discounts on insurance coverage for your mobile phones and tablets.
6. OCBC 360 Account
OCBC is another bank that has been around for a long time now, and they are one of the biggest banks in Singapore right now. Their online banking platform is easy to use, making managing your business finances more convenient.
The OCBC 360 Account is a business bank account that comes with one of the highest interest rates in Singapore and also has an unlimited cash rebate on any ATM withdrawal you make in Singapore. They also offer discounts on insurance coverage for your mobile phones and tablets free usage of Wires and CHATS services, among other great features.
7. Aspire Business Platinum Account
Aspire is a bank that many people in Singapore do not know about, but if you are looking for an account with one of the highest interest rates in Singapore, this business bank account might be worth checking out.
It comes with free cash rebates on any ATM withdrawal you make locally and also offers discounts on insurance coverage for your mobile phones and tablets. Aside from that, they also have a strong local presence with many branches all over Singapore.
8. Spenmo Business Current Account
Spenmo is another business bank account that offers one of the highest interest rates in Singapore. They also offer free cash rebates on any ATM withdrawal you make locally and discounts on insurance coverage for your mobile phones and tablets. That’s not all; they also have a strong online presence with customer service available 24/7 over the phone, as well as a mobile app that makes banking convenient from anywhere.
9. Volopay Smart Business Account
Volopay is a business bank account that comes with an unlimited cash rebate on every ATM withdrawal you make locally. Aside from that, it offers much more than just an interest rate because they also offer free usage of Wires and CHATS services discounts on insurance coverage for your mobile phones and tablets, among many other great features.
10. Bank of China Business Account
The Bank of China is one of the biggest banks in Singapore right now, and they offer many different business bank accounts. Their online banking platform is very easy to use, making managing your finances more convenient. Additionally, their customer support is available 24/7 over the phone, so if you ever need assistance with your account or banking-related transactions, you can get them resolved in a timely manner.
11. ICICI Business Bank Account
Another business bank account that offers an interest rate of 2.4%, also available for online banking, is the ICICI business bank account. Their customer support is available 24/7 over the phone, so if you ever need help or assistance with your account or any other banking-related issues, you can get them resolved quickly and efficiently.
12. SBI Business Bank Account
The State Bank of India is one of the biggest banks in Singapore right now, offering many different business bank accounts. Their online banking platform is very easy to use, making managing your accounts more convenient.
Additionally, they have 24/7 customer support available over the phone, so if you ever need assistance with your account or any other banking-related transactions, you can get them resolved quickly.
13. ABN AMRO Business Banking Account
ABN AMRO is one of the oldest banks in Singapore, and they offer three different bank accounts for small businesses. Their online banking platform is easy to use, making managing your finances more convenient. They also have 24/7 customer support available over the phone, so if you ever need assistance with your account or banking-related transactions, you can get them resolved quickly and efficiently.
14. POSB Business Bank Account
POSB is a business bank account with an interest rate of 2.2%. They also offer unlimited cash rebates on any ATM withdrawal you make locally and discounts on insurance coverage for your mobile phones and tablets. That’s not all; they also have a strong online presence, with customer service available 24/7 through a mobile app that makes banking convenient from anywhere.
15. Crowdo Business Bank Account
Crowdo is a business bank account that comes with an unlimited cash rebate on every ATM withdrawal you make locally. Aside from that, it offers much more than just an interest rate because they also offer free usage of Wires and CHATS services discounts on insurance coverage for your mobile phones and tablets, among many other great features.
Requirements to Open a Business Bank Account in Singapore
Today, there are many types of business bank accounts that you can apply for. Depending on the size of your business, it will determine which type of bank account would be the best. All new businesses need to have a good banking relationship to establish credibility. Here are 5 requirements to open a business bank account in Singapore.
Company Profile and Address
All Singapore companies need to have a registered company profile. The business owner will be the director, and they need to provide their details such as NRIC number and full name for verification purposes. You will also need your company’s address and status (i.e., Pte Ltd). The bank will not open an account without these details.
Company Operating Evidence
You will need to supply the bank with evidence that you have a company operating. You will need to submit a certified copy of your certificate of incorporation and the extract of particulars for submission. The extract must be within 3 months from the date it was certified; otherwise, this would mean an additional administrative fee for getting a new copy of the extract.
Directors’ Details
Each director needs to provide their personal information such as NRIC number and full name for verification purposes. The bank requires this to ensure no discrepancies between the directors listed on the company profile and those opening up a business account. You can check if your company is registered with ACRA here
Tax Documents
The banks require the latest Income tax documents for all directors/shareholders of the company. You can check if your company is registered with ACRA here. For shareholders, you will need to provide a copy of their latest income tax assessment notice. If you have just started your business, you can show your projected income for the year ahead.
Governing Documents
All Singapore companies are required to have governing documents. The documents include but are not limited to Memorandum & Articles of Association (M&A), copies of board resolutions, and contract/agreement between shareholders or directors. You can refer here for a guide on setting up a company in Singapore.
Frequently Asked Questions about Business Bank Account
How do I start a business account?
Firstly, you must go to the business section of your local bank or credit union and tell them that you want to open a new account for your small business. They will ask you what the purpose of the account is (i.e., to make deposits, pay bills, etc.), the name of your business (if you haven’t already thought it up), and how long you want the account to last.
What type of bank account should I use?
If your business is new or does not have a lot of cash flow yet, you will probably need a checking account. If you have a lot of expenses and your business is profitable. You will probably be better off with a savings or money market account because it pays more interest than a checking account.
What’s the cost of opening an account?
Many businesses need less than $100 to open up a small business account, and most banks charge less for a checking account than they do for a savings account. However, you need to check with your bank to see how much your monthly fee is and be charged for every transaction. If you stay below a certain number of transactions, the fees may be waived.
Who can open a business account?
If you have a D-U-N-S Number and at least three years of company financial activity, then you are eligible to open up a business account. (A D-U-N-S Number is used for all major companies and government institutions.)
What’s the best bank for a business account?
That depends on what type of service you want and how much money your company makes. If you’re looking for the most comprehensive banking service, then Chase is probably the best choice for you. However, if you just want an account to make deposits and withdrawals and don’t care about other services like check printing, then you should consider small business accounts.
Conclusion
In the fast-paced corporate world, where business is king and efficiency counts, timing can be everything. In this day and age of technology, time was not only of the essence but money too. Business owners can get better deals on their financial needs if they have a keen eye for saving opportunities while maximizing tax benefits. And the only way to do that is to open a business account. Refer to this guide to know better.
