Startup bank accounts

[Shahmatt]

Any recommendations for startup corporate bank accounts?

I went to DBS and they charge $30 monthly for simple services like ibanking etc and $40 annual charge. The lady advised me to check out OCBC.

OCBC seems cheaper.. $0.10 cents per transaction for the first two years. Same annual fee. Not much difference otherwise I think. How is their internet infrastructure?

Any other accounts I can consider?

 

[weeyoung]

DBS and OCBC are the better ones.

Top 3 Bank Accounts for SMEs (2013) | MoneySmart.sg
Startup friendly corporate banking in Singapore | futurebooks.asia

 

[OCBC Bank]

Any recommendations for startup corporate bank accounts?

I went to DBS and they charge $30 monthly for simple services like ibanking etc and $40 annual charge. The lady advised me to check out OCBC.

OCBC seems cheaper.. $0.10 cents per transaction for the first two years. Same annual fee. Not much difference otherwise I think. How is their internet infrastructure?

Any other accounts I can consider?

For newly startup companies, you may open our Business Entrepreneur account with a minimal sum of S$3,000. The monthly service fee of S$35 is waived for the first six months and thereafter chargeable if the monthly average balance is below S$8,000. The annual fee is S$40.

There is no maintenance fee for our Business Internet Banking except for the one-time charge for the security tokens. If you are submitting transactions online, the respective charges will apply.

For more information, please refer to our website here:

OCBC Business Banking - Business Entrepreneur Account


^Siew Yong
For OCBC Bank

 

[archcherub]

For newly startup companies, you may open our Business Entrepreneur account with a minimal sum of S$3,000. The monthly service fee of S$35 is waived for the first six months and thereafter chargeable if the monthly average balance is below S$8,000. The annual fee is S$40.

There is no maintenance fee for our Business Internet Banking except for the one-time charge for the security tokens. If you are submitting transactions online, the respective charges will apply.

For more information, please refer to our website here:

OCBC Business Banking - Business Entrepreneur Account


^Siew Yong
For OCBC Bank

update nov2014 - ocbc no longer the best business account, i think
$38 monthly fee. and an additional $35 if average balance below $5000.
$38 monthly fee is a hefty amount!

DBS only charge annual fee of $40, and charges $25 if your monthly average is below $8000.

UOB eBusiness account has no fee and charges only $15 if your monthly average balance is below $5000. (edit: uob current account for business charge $35 if monthly average below $10,000 but has no monthly service fees)

OCBC, what happened?

Any guys using other bank's business account?

 

[djchris]

I just moved from Standard Chartered (they're shitty for corporate banking) to Maybank. Their Flexi Biz account has no min. balance to maintain and no monthly fees. They just charge a fee if you want to use cheque books and a small fee if you use their internet fund transfer service.

But they issue a card for the account and I use it to withdraw money so I don't have to pay any fees.

It's a good deal. Consider it.

 

[bigpelican]

I just moved to Standard Chartered (they're shitty for corporate banking) to Maybank. Their Flexi Biz account has no min. balance to maintain and no monthly fees. They just charge a fee if you want to use cheque books and a small fee if you use their internet fund transfer service.

But they issue a card for the account and I use it to withdraw money so I don't have to pay any fees.

It's a good deal. Consider it.

i used to have a startup business account in OCBC.
after the first 6 months of fee waiver. subsequently cant maintain a minimum balance due to my one man show business is slow..
eventually i cancel my account due to monthly maintenance fee.
been using a savings account dedicated for business use after that.

maybank Flexi biz no monthly fee and no min. balance.
this is good for small one man show business owner.
thanks for informing!

 

[archcherub]

I just moved to Standard Chartered (they're shitty for corporate banking) to Maybank. Their Flexi Biz account has no min. balance to maintain and no monthly fees. They just charge a fee if you want to use cheque books and a small fee if you use their internet fund transfer service.
But they issue a card for the account and I use it to withdraw money so I don't have to pay any fees.
It's a good deal. Consider it.

thanks for the recommendation! Will consider Maybank..
but most likely sticking to UOB since its free, and I think i am okay with $5000 min monthly balance...

i used to have a startup business account in OCBC.
after the first 6 months of fee waiver. subsequently cant maintain a minimum balance due to my one man show business is slow..
eventually i cancel my account due to monthly maintenance fee.
been using a savings account dedicated for business use after that.
maybank Flexi biz no monthly fee and no min. balance.
this is good for small one man show business owner.
thanks for informing!

yeah need those biz account with low or no fees!

 

[econsmagic]

Good info. May set up 1 in maybank

 

[djchris]

Here's more info on the account I set up with Maybank. The first time you go, they will collect info from you about your company. Then they will take some time to validate and check your company info.

Subsequently they will give you a call to confirm if your company is valid for opening the account (which 99.9% you can) and then you go down for a second time with $1000 to make the min. deposit to open the account. They will give you an ATM (or Debit, I forgot) card and then you can use it in a few hours to withdraw the money from the Maybank ATM.

 

[whiteflag]

any updates on which is the best bank to open a newly startup corporate account now?

 

[aaronlow]

any updates

 

[djchris]

Maybank should still be your best option if you do not want to maintain any minimum balance.

 

[archcherub]

any updates

Maybank should still be your best option if you do not want to maintain any minimum balance.

http://info.maybank2u.com.sg/sme/deposits-banking/current/
not sure which account are they referring to

http://www.uob.com.sg/business/deposits/eBusiness_account.html
UOB eBusiness sounds good.

Me also choosing between UOB or maybank.
if anyone want to share their experience, thanks in advance!

 

[SCG8866T]

Bump this thread. So which business account is the best now? Thinking between UoB or DBS.

 

[djchris]

http://info.maybank2u.com.sg/sme/deposits-banking/current/
not sure which account are they referring to

http://www.uob.com.sg/business/deposits/eBusiness_account.html
UOB eBusiness sounds good.

Me also choosing between UOB or maybank.
if anyone want to share their experience, thanks in advance!

I'm using Flexi biz

 

[doody_]

Bump this thread. So which business account is the best now? Thinking between UoB or DBS.

Maybank has no minimum balance requirements. If no issues with that I'll probably pick DBS cos it's more popular. Same 10k requirement for both DBS and UOB.

 

[SCG8866T]

Maybank has no minimum balance requirements. If no issues with that I'll probably pick DBS cos it's more popular. Same 10k requirement for both DBS and UOB.

Isnt UOB eBusiness Account min balance at $5k?

 

[doody_]

Isnt UOB eBusiness Account min balance at $5k?

Right, didn't see that. I still like no minimum balance, which is handy at the start.

 

[SCG8866T]

I'm using Flexi biz

Is there any hidden transaction cost for maybank?

I see ocbc first account lite has 30 free cheques monthly and $5k average balance maintenance, but need to top up $25 monthly for eservice...

DBS worse with min$10,000 and no words on transaction cost.

UOB charges $20 for otc cash deposit, withdrawal etc...

 

[djchris]

Is there any hidden transaction cost for maybank?

I see ocbc first account lite has 30 free cheques monthly and $5k average balance maintenance, but need to top up $25 monthly for eservice...

DBS worse with min$10,000 and no words on transaction cost.

UOB charges $20 for otc cash deposit, withdrawal etc...

Not that I know of. I believe there's a charge for internet fund transfer. So what I did was that, deposit the cheque and then do cash withdrawals via atm.

Always have $0 in my account.