What’s a business without a corporate bank account? Following our series where we tackle the different banks in Singapore and their business banking products, we’re taking a closer look at Maybank Business Banking Accounts in comparison to Aspire Business Account.
Along with DBS and OCBC Bank, Maybank is one of the top five banks in Southeast Asia with an extensive international network with a total asset value of USD165 billion. Across all of their banking services and product offerings, these two business accounts stand out among the rest:
To compare both Aspire and Maybank’s business accounts side by side, here’s a table summing up the different fees related to each of these business accounts:
Now that we’ve covered the basics, let’s get down to business and learn more about Maybank’s Flexibiz and PremierBiz Accounts.
Just like its name suggests, the Flexibiz Account gives users financial flexibility, which is especially useful for entrepreneurs that are just starting in the industry. Some of its most notable benefits include the low initial deposit, attractive interest rates, and no minimum balance or monthly fees required.
However, one downside is the high FX mark-up rate at 0.91%, which is significantly higher than most banks in Singapore. If your business deals mostly with local transactions, that is one less thing to worry about. But if you’re on the other side of the coin, you may want to take some time to reconsider.
The PremierBiz Account is considered to be the ‘most rewarding current account for businesses in Singapore’. Similar to FlexiBiz, this account also allows for the same financial flexibility for its users as well as a low initial deposit of $1,000. But one major difference between the two is the interest rate. While you can earn up to 0.038% p.a. With the FlexiBiz account, users can receive up to 0.318% p.a.
Regardless of whether you’re a small business owner or a growing corporation, these interest rates are one of the most competitive in the market and will give your money the opportunity to grow alongside your business. While this may seem like an attractive incentive, it’s also essential to balance the fees you might pay against the interest you could earn.
Despite having only been around for three years unlike its counterparts in the industry, Aspire is one to watch. In a short amount of time, over 10,000 modern businesses have chosen us as their chosen business banking partner due to the range of services and benefits offered.
Aspire Business Account users can enjoy everything from low FX rates, 1% cashback on Marketing and SaaS card spend, multi-user access, and round-the-clock in-app support—all in one centralised platform.
While traditional banks are typically a business owner’s first choice when it comes to opening a business account, there’s no harm in exploring less conventional options and fresh solutions.
With Aspire, we can help you with just that. Every day, we are constantly reinventing the business banking experience to cater to modern and digitally-savvy founders. From minimal fees, virtual corporate cards, smart integrations, to seamless foreign transactions, the Aspire Business Account has everything you need to get your business finances in order.