Regardless of which industry you work in, being a freelancer sure has its fair share of perks. From being your own ‘boss’; having control of your own time; working anywhere you want, whenever you want; the list goes on. However, contrary to popular belief, working in the freelance industry also has its drawbacks. One of the largest disadvantages is when it comes to finances.

When it comes to finances, it may be a struggle to find the right bank account for someone with inconsistent cash flow. The great news is you don’t need a fancy education to learn the ropes on how to manage your finances well for someone in the freelance economy. To get you started, here’s a simple list of some of the best bank accounts for freelancers in Singapore!

5 Best Bank Accounts for Freelancers

When opening a bank account, you’d want one that does not require minimal monthly service deductions and one that has low maintaining balance.

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1. Aspire Business Account

The Aspire Business Account offers a variety of benefits for its account holders. There is no minimum deposit, transfer fees, and fall-below fees, making it the #1 digital business account for SMEs and startups. On top of that, you’ll also be able to redeem 1% cashback for all online marketing and SaaS purchases with no strings attached.

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Probably the only downside to opening a business account with Aspire is that account holders need to be registered as a business legally. Fret not, we have provided a guide on whether freelancers should register for a private limited company here. In partnership with Osome, Aspire can help you register for a private limited company and open a business account on the same day. To find out more on just how to do this, click here.

2. DBS Multiplier Account

While the DBS Multiplier Account may not seem as attractive at first with a base interest rate of 0.05% p.a., you are rewarded with higher interest rates the more you transact. The deposit account also rewards you with a higher interest each time you credit your income or transact in credit card spend, insurance, home loan installment, and investments.

There is a minimum balance of S$3000 monthly, but this fee will be waived for account holders up to 29 years of age. So if you’re in your early twenties looking for a savings account that will bring you competitive interest rates, the DBS multiplier account may just be what you’re looking for.

3. UOB One Account

With a minimum initial deposit of just S$500 and a maximum interest rate of up to 3.88% p.a., there’s no question on why the UOB One Account is popular amongst Singaporeans. This account is straightforward and great for people who hate doing the math with their uncomplicated interest rate tiers.

With just your credit card spending, you’ll be earning 0.25% p.a., while those who credit their salary and make up to 3 GIRO payments can enjoy 0.75% p.a. and more on interest rates.

4. OCBC 360 Account

Love cashback reward programs? Say hello to the OCBC 360 Account. From 6% cashback on everyday dining to a S$80 cashback cap every month, this account is best for people with cash on hand that they’d like to use for spending. However, there are benefits for those who want to save as well.

Like most bank accounts, the bonus interest is tiered depending on how much money you have in your account, which encourages account holders to deposit more. On your first S$35,000, you’ll earn a bonus interest of 0.6% p.a. and 1.2% p.a. on your next S$35,000.

5. MayBank Save Up Account

MayBank Save Up Account holders are definitely spoiled for choice with up to ten different spending categories, which allow them to receive bonus interests. These range from credit card spend, GIRO payments, and unit trusts as well as home, renovation, car, and education loans.

The base interest for this account is at 0.3125% p.a., which is six times more than the market standard before bonuses. This makes MayBank Save Up Programme the preferred account for freelancers with moderate savings who are looking to maximise interest earnings.

Why is it important to manage your finances as a freelancer?

The freedom and flexibility that comes with being a freelancer sure comes with a price: the unpredictable income. Since freelance employees have the opportunity to take control of how many clients they have and how much they make, it is also a great way to take charge of your finances and have a financial plan set in stone as early as you can. Make sure you track your money with a budget plan, save for emergencies and future investments, use the right tools, and have the best bank accounts that cater to your needs.


Why not consider what Aspire has to offer? Aspire Kickstart offers the first same-day online incorporation and business account opening in Singapore from anywhere in the world. Say goodbye to long waits and hefty paperwork. Aspire Kickstart cuts through the stress and confusion that comes with incorporating a company and opening a business account in Singapore.

You can save money and incorporate and open a business account on the same day with Aspire Kickstart - packages start as low as S$280! That’s 11% cheaper than if you incorporated by yourself