What is the cheapest business bank account in Singapore?

Aspire, CIMB BizChannel, Airwallex, ANEXT, and Wise Business all offer SGD 0 monthly fee with SGD 0 minimum balance. Of these, Aspire offers the most features (corporate cards, expense management, accounting integration) at no cost.

Can I open a business bank account with no revenue?

Yes. Fintechs do not require proof of revenue. Traditional banks may ask about expected revenue but do not require existing revenue. A clear business description and realistic projections are sufficient.

Is Aspire safe for business banking?

Aspire is a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS). Funds are held in segregated accounts at partner banks. However, Aspire is not a bank and deposits are not covered by the Singapore Deposit Insurance Scheme (SDIS). For SDIS-protected accounts, consider traditional full banks (DBS, OCBC, UOB).

Best Bank Accounts for Small Business in Singapore (2026)

What Small Businesses Need From a Bank Account

Small businesses and startups in Singapore have different banking priorities than established SMEs:

Zero or minimal fees: every dollar matters when you are bootstrapping
Fast opening: you need to invoice clients and receive payments immediately
Simple requirements: no minimum balance that locks up working capital
Invoicing tools: built-in or integrated invoicing saves time and money
Scalability: the account should handle growth without forcing you to switch

The good news: Singapore has more free business banking options than most countries. Five providers offer genuine SGD 0 accounts with no minimum balance.

Small Business Bank Accounts Compared

Free and Low-Cost Accounts


Aspire	SGD 0	SGD 0	1-2 days	Corporate cards + expense mgmt
CIMB BizChannel	SGD 0	SGD 0	3-5 days	Zero-cost basics
ANEXT Bank	SGD 0	SGD 0	1-3 days	MAS-licensed digital bank
Airwallex	SGD 0	SGD 0	1-3 days	Best for e-commerce/marketplaces
Wise Business	SGD 0	SGD 0	1-3 days	40+ currencies at mid-market rate
OCBC Business Growth	SGD 0 (first year)	SGD 0 (first year)	2-3 weeks	Full traditional banking access

Information as of April 2026. Verify with each provider.

Start with a free fintech account for speed. Add a traditional bank later when you need credit facilities or GIRO.

When to Upgrade to a Full Business Banking Relationship

A free fintech account is perfect for your first 6-12 months. But as your business grows, you will hit limitations. Here are the signals that it is time to add or switch to a traditional bank:

You Need Credit Facilities

Fintechs do not offer overdrafts, business loans, or trade financing. When you need working capital beyond your cash reserves, DBS, OCBC, or UOB become essential. Government-backed Enterprise Financing Scheme (EFS) loans are only available through participating banks.

You Need GIRO for Government Payments

CPF contributions, IRAS tax payments, and some government grants require GIRO, which is only available through traditional Singapore banks. If you hire employees, you need a GIRO-capable account.

Your Business Outgrows Basic Banking

At this level, you benefit from relationship banking: dedicated relationship manager, preferential FX rates, priority processing, and access to structured products. DBS and UOB both have dedicated SME banking teams.

You Need Letters of Credit or Trade Financing

Import/export businesses need trade financing instruments (LCs, bank guarantees, trust receipts) that only traditional banks provide. UOB and DBS have the strongest trade financing capabilities in Singapore. For a full comparison of providers for growing businesses, see our best SME bank accounts guide.

Best Bank Accounts for Small Business in Singapore