Do You Need a Partnership Agreement When Setting Up? Savings and CIMB FastSaver accounts, while ICBC’s Multicurrency Current Account charges a monthly dormant account of USD$10 each month for after a year of inactivity (such as a deposit or withdrawal) on the account. Thus, knowing which currencies your business will be dealing with is definitely crucial when it comes to choosing a bank. Cheques are no longer as widely used as it used to be, but some businesses and organisations still (stubbornly) insist on crossed cheques as payments. If your average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances), a Fall-below fee of S$5 will be charged. You may require the following details to apply for the 1-day express corporate account: Note that, depending on the bank, you may also be requested to submit additional documents. On the other hand, the SuperSalary Account comes with a free MasterCard debit card that awards a 1% cashback on eligible MasterCard transactions. – Non-inward credit fee of $5 will be imposed after the fourth month of account opening if there is zero or less than $1,500 credit received into the account, – Counter transactions will be subjected to a fee, – Maintain at least one transaction every year, otherwise a dormant account fee of USD$10 will be charged each month of account inactivity after a year of inactivity, – Counter transactions at $5 per transaction. For example, the DBS Expatriate Savings Account charges a S$2 monthly fee when your bank balance drops below S$5,000 in any day. Click here to find out more! This amount is not solely dependent on the bank you approach – each bank may offer different types of corporate bank accounts, which incur different initial deposit amounts. However, many bank accounts in Singapore have a minimum average balance (usually between $500 to as high as $3,000) that has to be maintained in the account each month. As you can see from the comparison, CIMB FastSaver Account offers the highest base interest rate of 1% per annum on deposits, making it a good savings account to earn interest. ), bringing about potential benefits to you and your business. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. Since the account taps on the OCBC banking network, cash withdrawal should not be a problem as you can access your savings through OCBC and UOB bank’s 1,200 ATM network around the island. For those who don’t want to be penalised for being broke. If you cant open the link, pls log on to DBS website, look under DBS Personal , look for What's New on the left side. You should obtain specific legal advice from a lawyer before taking any legal action. Singapore Entrepreneur Pass: Who is It For? 1 0 obj <> endobj 5 0 obj <> endobj 9 0 obj <> endobj 13 0 obj <> endobj 17 0 obj <> endobj 21 0 obj <> endobj 25 0 obj <> endobj 29 0 obj <> endobj 33 0 obj <> endobj 37 0 obj <> endobj 41 0 obj <> endobj 45 0 obj <> endobj 49 0 obj <> endobj 53 0 obj <> endobj 57 0 obj <> endobj 61 0 obj <> endobj 65 0 obj <> endobj 69 0 obj <> endobj 73 0 obj <> endobj 77 0 obj <> endobj 81 0 obj <> endobj 85 0 obj <> endobj 92 0 obj <> stream Want to Busk in Singapore? Unlike other bank accounts, the CIMB FastSaver Account does not come with a free ATM card.