Having used Standard Chartered Bank as my companies account the past two years and the experience so far has been a smooth sailing one. Planning to start one more corporate account, I compared the three banks of my choice – DBS, OCBC and Standard Chartered. Not sure if other banks offer cash management account for new businesses, I picked these three just because I’ve got at least a personal account with all of them.

Here’s my comparison table, drafted based on information from their website.

Banks/Acc Type Initial Deposit Min. Mthly Bal Fall below fee Facilities/ Cards Annual Fee
DBS Entrepreneur’s Account for Start-ups S$500 S$10,000

(No min. balance for first 6 months)

S$15
  • Cheque Express via DBS IDEAL
  • DBS IDEAL free for 2 years
  • DBS Business Advance Card free for 2 years
Unsure
OCBC Business Entrepreneur Account S$500 S$8,000

(No min. balance for first 6 months)

S$25
  • Unlimited free cheques for first 2 years
  • Lifetime free Business Card (NETS/ATM/ Mastercard) – Debit card
  • Internet banking via Velocity@ocbc
S$30
Standard Chartered Essential Lite Account
(Updated 29/10/2012. This SME account type is NO longer available.)
S$3000 No. min. balance required NA
  • Pay-as-you-use cheque book at S$1 per cheque
  • Account opening fee of S$80
NIL

Depending on what’s your needs and expected cash flow and use of cheques and GIRO/transfer facilities, each bank offers a different package for SMEs. From the looks of it, I’ll be sticking with Standard Chartered since its the most basic and it meets my needs.

Are you running a startup too? Which bank are you using and why?