Summary
- Choosing the right business bank account is critical for sole proprietors to separate personal and business finances, improve tax compliance, and maintain clear financial records.
- The best accounts in 2026 balance low fees, ease of setup, and digital tools — with fintech options like Aspire leading on automation, integrations, and multi-currency support.
- Traditional banks such as OCBC, DBS, and Maybank still offer strong options, but often come with minimum deposits, monthly fees, physical onboarding, or usage conditions.
- Key decision factors include total costs (fees and FX), currency support, digital onboarding, integrations with accounting software, and access to business banking tools.
- A dedicated business account is not legally required in Singapore for sole proprietors, but it is essential for professional credibility, operational efficiency, and long-term business growth.
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.
Here are the four best bank accounts for sole proprietorship in 2026 that will help you manage your finances more efficiently and effectively.
Bank accounts best suited for sole proprietors in 2026
1. Aspire Business Account
While it handles 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 setup fees, monthly fees, and no minimum balance required.
Aspire business account holders can enjoy 1% cashback from any online marketing or SaaS purchase. Setting up your account can 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.
Features of Aspire Business Account :
- 40+ currencies for multi-currency transactions
- 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 and expense management tools
- Integration with Xero, QuickBooks, and other accounting platforms
- Transparent global payment fees
- Central dashboard to manage balances, cards, and payments in one place
- Mobile app for managing business finances on the go
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 in 2026. With the OCBC Business Growth Account, the minimum initial deposit is SGD $1,000, and the monthly service fee is SGD $10 (waived for the first two months for new customers).
Features of OCBC Business Growth Account:
- 80 free FAST and 80 free GIRO transactions per month (correction: not unlimited as previously stated)
- 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
- Instant online account opening for Singapore Citizens and Permanent Residents
- Free Multi-Currency Account add-on supporting 13 currencies
- Access to OCBC Velocity digital banking platform
- Complimentary 6-month fire insurance for new accounts (2026 promotion)
Note: Early closure fee of SGD $50 applies if account is closed within 12 months.
3. DBS Business Multi-Currency Account (Starter Bundle)
With an initial deposit of SGD $1,000, the DBS Business Multi-Currency Account (Starter Bundle) has no minimum balance requirement. The account has a SGD $10 monthly account fee with zero service charge, a significant benefit for businesses incorporated within the last 3 years.
Features of DBS Business Multi-Currency Account (Starter Bundle):
- Unlimited free FAST and GIRO for payments via DBS IDEAL (excludes bulk transactions and payroll)
- SGD $30 flat fee for outward telegraphic transfers (excluding agent bank fees)
- Support for 12 major currencies (SGD, USD, EUR, GBP, AUD, CAD, CHF, CNH, HKD, JPY, NZD, NOK, SEK)
- Digital tokens and online banking alerts
- Quick setup: register for an account in 5 minutes online
- Account ready as early as the next business day
Important: This Starter Bundle is specifically designed for new businesses incorporated less than 3 years ago (after 2023).
4. Maybank FlexiBiz Account
If you're looking to earn interest while managing your business' financial needs, consider Maybank's FlexiBiz Account. Similar to Aspire. the FlexiBiz Account has no monthly fees and charges, making it one of the most popular accounts for aspiring business owners in 2026. Initial deposit is SGD $1,000 with no minimum balance that needs to be maintained.
With their tiered interest rate, you can earn 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 to apply.
Features of Maybank FlexiBiz Account in 2026:
- FAST transfers at SGD $0.50 per transaction
- Tiered interest rates based on average daily balance:
- Tier 1: SGD $30,000 - SGD $99,999
- Tier 2: SGD $100,000 - SGD $499,999
- Free 24/7 online access to Business Internet Banking Services
Consideration: Physical branch visit required for account opening. FX markup approximately 0.91%, which is higher than fintech alternatives.
Comparison table for best business bank accounts for sole proprietors in Singapore
Waived for first 2 months
**Excludes bulk transactions and payroll
More in-depth comparison across business accounts in Singapore available here.
Key Factors to Consider When Choosing Your Account
When comparing business bank accounts, evaluate these critical elements:
1. Fees & Costs
- Monthly service/maintenance fees
- Fall-below fees (charges if your balance falls below a threshold)
- Transaction fees (local FAST, PayNow, GIRO and international transfers)
2. Minimum Balance Requirements
Some banks require a minimum average daily balance and falling below it can trigger fees.
3. Currency Support
If you work internationally, multi-currency accounts let you hold and send funds in other currencies without frequent conversions.
4. Ease of Account Opening
Some providers offer fully digital onboarding, while traditional banks may require appointments and more paperwork.
5. Banking Tools & Integrations
- Mobile & online banking quality
- Integration with accounting software (Xero, QuickBooks)
- Business cards and payroll tools
Why should a sole proprietorship open a bank account in 2026?
While it's not compulsory to open a business account, separating your personal and business funds offers real advantages:
Tax compliance and financial organisation
Separating accounts simplifies bookkeeping and tax filing with IRAS. You cannot claim input tax if invoices aren't addressed to your business name. Accurate expense tracking prevents complications during audits.
Professional credibility
A dedicated business account shows clients, suppliers, and investors that you're serious about your business.
Access to business banking tools
Business accounts in 2026 give you:
- PayNow Corporate for instant payments
- GIRO for recurring collections
- E-invoicing and receivables management
- Expense tracking and budget management
- Payroll processing capabilities
- Integration with accounting software
Deposit protection
SGD deposits are insured up to SGD $100,000 per depositor per bank under the Singapore Deposit Insurance Corporation (SDIC) scheme as of 2026.
Ready for growth
As your business scales, proper financial infrastructure helps you access business loans, prepare for a potential Pte Ltd transition, and build valuable business credit history.
Without a doubt, a personal bank account can help you protect your personal finances, but a separate business account can do the same for your company expenses while opening doors to growth opportunities.
Frequently Asked Questions
Is it mandatory to open a business bank account for sole proprietorship in Singapore?
No, it's not legally required in Singapore. As a sole proprietor, you can technically use your personal bank account for business transactions. However, it's strongly recommended to open a separate business account for financial clarity, tax compliance, and professional credibility.
Can I use my personal bank account for sole proprietorship transactions?
Yes, but it's not advisable. Mixing accounts creates tax filing complications, prevents input tax claims if invoices aren't addressed to your business, complicates bookkeeping, and limits access to business banking tools like PayNow Corporate.
What documents do I need to open a business account in 2026?
You will typically need: ACRA Business Profile with UEN, NRIC/Passport, proof of address, business information, and SingPass/CorpPass for online applications.
Which account is best for international transactions?
Aspire Business Account is ideal for international transactions with:
- Support for 40+ currencies
- Transparent FX rates and low markups
- Global payment capabilities
- No monthly fees eating into margins
For traditional banks, both OCBC (13 currencies) and DBS (12 currencies) offer multi-currency options, though fees and FX markups are typically higher.
- OCBC Business Banking - https://www.ocbc.com/business-banking
- DBS SME Banking - https://www.dbs.com.sg/sme
- Maybank Singapore Business Banking https://www.maybank2u.com.sg/en/business
- Singapore Deposit Insurance Corporation - https://www.sdic.org.sg/
- IRAS Tax Guidelines - https://www.iras.gov.sg/
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