At this point, you may have finally decided to choose sole proprietorship as your core business structure. Now, you need to figure out which bank account to apply for in order to safeguard all your business expenses and monitor your monthly transactions in the most helpful way possible.
Have no clue where to begin? We got you covered!
Here are the four best bank accounts for sole proprietorship that will help you manage your finances more efficiently and effectively.
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Bank Accounts That Best Suited for Sole Proprietors
1. Aspire Business Account
While it does the usual transactions like online payments and local and foreign exchange transfers, some of the notable benefits that make the Aspire Business Account attractive is that there are no set up fees, monthly fees, and no minimum balance as well.
Along with that, Aspire business account holders can enjoy 1% cashback from any online marketing or SaaS purchase. Setting up your account can also be completed online in a matter of hours instead of a few weeks at a regular bank, so you don’t have to worry about applying physically and enduring long waiting times. All you’ll need are your identity documents and you’ll have your account set up in no time.
2. OCBC Business Growth Account
Singapore’s most established and long-standing bank is also a contender for one of the best sole proprietorship bank accounts. With the OCBC Business Growth Account, there is no initial deposit or minimum balance required and is the only bank with unlimited Fast and GIRO transactions, making it cost-effective for your business.
If you want a more personalised touch to your debit account, Business Growth Account holders will also be given a business debit card with your own logo on it for free and one free personal accident insurance plan to top it all off.
3. DBS Business Digital Account
Despite the initial deposit required of S$1,000, the DBS Business Digital Account has no minimal balance just like its counterparts. With a low monthly fee capped at S$18 a month, you can enjoy a variety of benefits especially with their online banking features.
With various account capabilities like unlimited free digital tokens and online banking alerts, it is fitting for new business owners looking to grow their business in this digital age. By applying online, registering for an account only takes five minutes and can be open to use as early as the next business day.
4. Maybank FlexiBiz Account
If you’re looking to incur interest as you manage your business’ financial needs, consider Maybank’s FlexiBiz Account. Similar to the Aspire, the FlexiBiz Account also has no fees and charges, making it one of the most popular accounts for aspiring business owners. Initial deposit amount is fixed at S$1,000 with no minimum balance that needs to be maintained.
Along with their tiered interest rate, not only will you be able to handle your finances better but you can also incur up to 0.038% p.a. interest on your account balance. Besides sole proprietors, Partnerships, Limited Liability Partnerships (LLP), and Incorporated Companies are also eligible and welcome to apply.
Why Should I Open a Sole Proprietorship Bank Account?
While it is not compulsory to open a business account, separating your personal and business funds can reap an abundance of benefits as a new business owner. From organising your accounting records to maintaining accurate spending information, you will save yourself from all all sorts of financial trouble in the future.
Without a doubt, a personal bank account can help you protect your personal finances, but a separate business account can also do the same for your company expenses.
Frequently Asked Questions
