Comparison table for best business bank accounts for sole proprietors in Singapore
Best bank accounts for sole proprietors in Singapore
Here's how each of the best business bank accounts for sole proprietorship breaks down, from minimum balance and fees to who each one fits best.
1. Aspire Business Account
Best for: Sole proprietors who want no minimum balance and room to grow into overseas transfers
The Aspire Business Account is built for sole proprietors who want to open an account with no minimum balance and grow into overseas transfers without switching providers later. It's one of the few accounts on this list that combines a fully digital set-up with multi-currency support from day one, which makes it a strong fit if you expect your transaction mix to change as your business grows.
- 1% cashback on qualifying ad and SaaS spend, plus unlimited virtual cards for team, tools, and subscription spending
- Custom card limits and approval workflows for spend control
- Real-time expense tracking across all cards and transactions
- Integration with Xero, QuickBooks, and other accounting platforms
- Account opening: Fully online, as fast as one business day
2. OCBC Business Growth Account
Best for: Sole proprietors who transact mostly in SGD and locally, such as a home-based retail or service business
The OCBC Business Growth Account suits sole proprietors who transact mostly in SGD and locally, such as a home-based retail or service business. Its SGD $1,000 minimum balance is relatively low for a traditional bank, and the generous local transfer allowance makes it a reasonable everyday option if you rarely need to send money abroad.
- Up to 1% cashback on everyday business spending, plus 0.2% unlimited cashback on other purchases
- Free business debit card, customisable with your company logo
- Free Multi-Currency Account add-on supporting 13 currencies
- SGD $50 early closure fee if the account is closed within 12 months
- Account opening: Instant online opening for Singapore citizens and PRs
3. Wise Business
Best for: Sole proprietors who regularly invoice or pay overseas and want the mid-market rate with a transparent fee instead of a hidden mark-up
Wise Business is worth considering if you regularly invoice or pay overseas and want the mid-market exchange rate with a transparent, upfront fee rather than a hidden mark-up. There's no minimum balance or ongoing fee, though you'll pay a one-off set-up charge to unlock full local account details.
- Holds and transacts in 40+ currencies at the mid-market rate
- All fees shown before a transaction is confirmed, with no hidden mark-ups
- First Wise Business card free; accounting software integrations available
- Account opening: Fully online, typically minutes
4. DBS Business Multi-Currency Account, Starter Bundle
Best for: Newly registered sole proprietors who want a major bank relationship without a deposit requirement
The DBS Starter Bundle is aimed at newly registered sole proprietors who want a major bank relationship without an upfront deposit requirement, built specifically for businesses incorporated within the last three years.
- No minimum balance requirement on the Starter Bundle
- Unlimited free FAST and GIRO payments via DBS IDEAL
- Support for 13 major currencies, including SGD, USD, EUR, GBP, and JPY
- Integration with Xero, QuickBooks, and Financio
- Account opening: Fully online for Singapore-incorporated businesses wholly owned by citizens or PRs
5. Maybank FlexiBiz Account
Best for: Sole proprietors whose suppliers or partners are based in Malaysia, where transfers can work out cheaper than through other providers
Maybank's FlexiBiz Account charges no monthly fee, but carries a balance condition worth watching, and from May 2026 onwards, Maybank has removed the interest this account used to pay.
- FAST transfers at SGD $0.50 per transaction
- Free 24/7 access to Business Internet Banking Services
- Open to sole proprietors, partnerships, LLPs, and incorporated companies
- Interest cut to a flat 0% p.a. across all balance tiers from 1 May 2026, down from up to 0.038% p.a. previously
- Account opening: Requires a branch visit
6. Airwallex Business Bank Account
Best for: Sole proprietors with overseas customers or suppliers who want to avoid SWIFT transfer fees
The Airwallex Business Account is a fit for sole proprietors with overseas customers or suppliers who want to avoid SWIFT transfer fees, combining free local transfers with wide-reaching international coverage on its no-fee Explore plan.
- Multi-currency accounts supporting 20+ currencies
- Corporate and virtual cards linked to specific currency wallets
- Transfers to 120+ countries via local payment rails rather than SWIFT
- Account opening: Fully online
7. UOB eBusiness Account
Best for: Sole proprietors comfortable maintaining a higher balance who want a major bank relationship for local transactions
The UOB eBusiness Account carries the highest deposit requirement on this list, though it's largely waived in year one, and suits sole proprietors comfortable maintaining a higher balance in exchange for a major bank relationship.
- Rebates of SGD $0.50 on up to 60 FAST transactions and SGD $0.20 on up to 60 GIRO transactions a month
- Digital banking through UOB Infinity and the UOB SME app
- Promotional SGD $15 flat fee on outward telegraphic transfers, running through 31 December 2027
- Account opening: Online for Singapore-registered businesses with at least one citizen or PR owner or director
8. GXS Biz Account
Best for: Sole proprietors specifically. GXS positions this account explicitly for sole proprietorship business owners, and it's the only account here that pays interest with zero fees attached
The GXS Biz Account is the one account on this list built specifically for sole proprietors, pairing daily interest with zero fees of any kind.
- 1.08% p.a. interest, credited daily on the account balance
- No fall-below, domestic transfer, or annual fees of any kind
- Non-SGD payments convert at GXS's own FX rate; outgoing GIRO isn't supported
- Account opening: Via the GXS Bank app, typically under four minutes, no paperwork or branch visit
Which account fits your business
If you're still deciding between the eight accounts above, your transaction pattern narrows the choice quickly:
- Local-only, low transaction volume: GXS, OCBC, or Maybank all work well if you rarely send money overseas and want either daily interest (GXS) or an established bank relationship (OCBC, Maybank).
- Regular cross-border payments or receipts: Wise, Airwallex, or Aspire suit you best, since all three publish transparent FX pricing rather than folding a mark-up into a flat transfer fee.
If you'd rather bank with an established name and can comfortably hold a higher balance once waiver periods end, DBS or UOB are the two worth the trade-off.
Worked example: on a USD $10,000 supplier payment, an FX mark-up of 0.91% (Maybank) costs roughly USD $91 more than a mark-up of 0.22% (Aspire), which is a gap that adds up quickly if you're paying overseas suppliers monthly.
Key factors to consider when choosing your account
Once you know your own transaction pattern, weigh each account against these factors.
- Fees and costs: Monthly or maintenance fees, fall-below fees, and transaction fees on local FAST, PayNow, GIRO, and international transfers.
- Minimum balance requirements: Some banks require a minimum average daily balance, and falling below it can trigger fees.
- Speed of transactions: Check whether local and international payments arrive within your operating timelines, since cut-off times and settlement windows matter when you're paying suppliers against a deadline.
- Currency support: If you regularly receive or pay in foreign currencies, holding balances in those currencies directly avoids repeated conversions and unnecessary FX costs.
- Ease of account opening: Some providers offer fully digital onboarding, while traditional banks may require appointments and more paperwork.
- Banking tools and integrations: Mobile and online banking quality, and accounting software integration such as Xero or QuickBooks, matter more once you're issuing invoices and tracking GST-eligible expenses regularly, not just at account opening.
Why a sole proprietorship needs its own bank account
Singapore doesn't require a separate business bank account for sole proprietors, based on current ACRA registration requirements. You could, technically, run everything through your personal account. In practice, that decision catches up with you fast.
As a sole proprietor, you carry unlimited personal liability for your business. There's no legal separation between you and your business, the way there is with a private limited company. Your personal assets are on the line for business debts and obligations. Keeping business money in its own account doesn't remove that liability, but it means you always know exactly where the line between your money and the business's money sits, which matters the moment a dispute, an audit, or a debt collection process starts.
There's also a compliance angle. IRAS expects clean, traceable records when you file taxes, and you cannot claim input tax if invoices aren't addressed to your business name. Trying to reconstruct a year of mixed personal and business transactions from a single bank statement turns a straightforward tax season into a multi-week headache.
Beyond liability and compliance, a dedicated account gives clients and suppliers a more professional impression of your business, and it builds the transaction history you'll eventually need if you apply for a business loan or line of credit. SGD deposits at traditional banks are also insured up to SGD $100,000 per depositor per bank under the Singapore Deposit Insurance Corporation scheme, protection that fintech platforms don't carry, since they aren't licensed banks.
Other business accounts and services for sole proprietors
The best bank account for sole proprietorship depends on how you manage your money. As your business grows, you may also need separate accounts or services for surplus cash, foreign currencies, or customer payments.
Business savings and fixed deposits
If you have cash left after covering business expenses, a savings account lets you keep it accessible while earning interest. A fixed deposit suits money you don’t need immediately and can lock away for a set term.
Multi-currency accounts
If you receive or send foreign currency regularly, a multi-currency account lets you hold different currencies and avoid unnecessary conversions. This can help when you pay overseas suppliers or contractors or receive payments from international customers.
Payment services
If you accept card or other electronic payments, you may also need a payment-processing or merchant-acquiring service alongside your business account. These services process customer payments and settle the funds into your business bank account.
There's no single best bank account for sole proprietorship in Singapore that fits every business. If you transact locally and want simplicity, GXS, OCBC or Maybank cover the basics without much friction. If you regularly send or receive money overseas, Aspire, Wise or Airwallex give you clearer visibility into what FX actually costs. And if you'd rather bank with an established name and can hold a higher balance, DBS or UOB are worth the trade-off. Whichever you choose, opening a dedicated account early keeps your books clean and your personal liability easier to manage from day one.
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