The first thing after incorporating my company, was to set up a Business Bank Account.
Every business will have their own needs. These are the criteria I’m looking for :
Low minimum balance
I’m frankly not interested in any bank that requires me to leave 10K sitting there so as not to incur fall-below fee. The lower the required amount, the better.
Low or no monthly subscription
Since I already have to put a sum of money there to meet the minimum daily balance, paying a high monthly fee simply does not make any sense.
Free cheque book and free cheque deposit
I will be needing this to reimburse my business spendings done on my personal credit card.
Free transaction alerts
This is a no brainer. I would like to keep track of any movement of cash from my account for obvious reasons.
Free internet banking
This is again a no brainer. I do almost all my banking online. If I have to pay for this, it’s definitely a minus.
Looked into a few options, and these are the ones I was looking at. I ruled out the ones that require more than 5K minimum daily balance. Take note that this table is based only on my own needs and preferences. Your needs may differ 🙂
Pricing Guide for DBS can be found here.
Pricing Guide for OCBC can be found here.
Pricing Guide for UOB, I got them from enquiry email I sent them.
We have an obvious winner here. In my opinion, UOB eBusiness Account is the best business account in Singapore 🙂 But that’s me 😉