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ANEXT Bank runs a business account with S$0 to open, no annual fee and no minimum maintaining balance, and it pays daily interest of up to 0.8% a year. ANEXT is a licensed digital wholesale bank, not a payment app. Any Singapore-incorporated business can apply through Corppass or MyInfo Business.
SingaporeCompanySetupGuide.com does not work for ANEXT and does not open accounts. It is an independent guide. When you send our quote form, it goes to providers that match your case, and some of them pay a referral fee to us.
What kind of bank is ANEXT?
ANEXT describes itself as Singapore's first digital wholesale bank, regulated by the Monetary Authority of Singapore, and a wholly owned subsidiary of Ant International. It serves small and medium businesses and says it has over 20,000 small business owners across the region. There are no branches on the page: you bank through online banking and a mobile app.
That matters for one reason. A bank licence is a different status from a payment institution licence. ANEXT's page refers to deposit insurance, up to allowable limits under Singapore's Deposit Insurance Scheme. Whether a particular balance is covered is something to confirm with ANEXT and the scheme's own rules, not with this guide.
What does the account cost?
Read on ANEXT's pages on :
| Item | ANEXT publishes |
|---|---|
| Account opening | S$0 |
| Annual fee | None |
| Minimum balance | None |
| Interest | Daily, up to 0.8% a year |
| Audit confirmation | S$35 per request, usually within 1 working day |
| Fixed deposits | Tenures from 1 to 12 months |
The interest line says "up to". ANEXT's page does not show how the rate steps up, so you cannot work out your own return from it. Ask what balance earns the top rate before you move money.
How does the application work?
ANEXT sets out three steps:
- Apply through Corppass or MyInfo Business. Corppass must already be set up for the company.
- Confirm the company details through the link ANEXT sends by email or SMS.
- Your appointed company representatives authorise the application.
A step that depends on Corppass has a practical consequence. If your Corppass administrator is a person who has left or lives abroad, you may be stuck before you reach the bank. Sort that out first.
Who can apply?
ANEXT says all Singapore-incorporated businesses can apply. It does not publish a rule on foreign owners, non-resident directors or nominee structures, and the account pages do not list documents beyond the application route above. Treat that silence as unknown, not as a yes.
What else does ANEXT sell?
The same bank offers business loans: CreditNow, a flexible credit line; Pay-Per-Use, a credit line for terms up to 6 months; Pay Monthly, repayments over up to 5 years; and a property-backed secured loan. This guide does not cover loan pricing because the page read lists none.
What is not published?
- Any review time or approval rate.
- Payment fees on the pages read, apart from the audit confirmation fee.
- A rule for owners living outside Singapore.
- The full currency list on the pages read.
Who might look at ANEXT first?
A young company that wants a bank account with a bank licence but cannot keep a large balance. It carries no balance requirement, unlike the UOB account with its S$5,000 average balance in the fee terms. It may fit less well if you need branch services or cheques. See also the Aspire page for a non-bank alternative, and our overview of business accounts.
Audit confirmations come up when your accountant asks the bank to confirm the year-end balance. If you are unsure whether you need an audit at all, read audit exemption in Singapore.
Want help assembling the company details first? Use the quote form on this page and a provider will respond.
What should you prepare before you start?
Gather the Corppass login for your company and check who the administrator is. Decide which representatives will authorise the application, and make sure each can receive the email or SMS link. Prepare your current ACRA records, because ANEXT's FAQ says company changes are sent as ACRA documents through online banking.
Also decide how much of your cash belongs in a savings-style account. The daily interest line is the draw, but money you need for payroll next week may belong in the account you use for payments. Splitting cash by purpose keeps the books clearer, and your accountant will thank you at year-end.
Sources
- ANEXT Bank: bank status, products, loans, interest line.
- ANEXT: business savings account: fees, eligibility, opening steps.
- ANEXT: account management and maintenance: audit confirmation fee and timing.
