Last updated
Maybank's FlexiBiz Account is its entry business account in Singapore. The bank lists S$1,000 as the opening deposit, no monthly fee, and S$0.50 for each FAST transfer. Interest is tiered and small: 0.018% a year on the first S$50,000.
This is an independent guide, not Maybank, and we do not open accounts. Requests sent through the form below go to providers we think suit your case. Some of them pay us when you sign.
What does the Maybank FlexiBiz Account cost?
Read on Maybank's FlexiBiz page in :
| Item | What Maybank publishes |
|---|---|
| Initial deposit | S$1,000 |
| Monthly fee | None |
| FAST transfer | S$0.50 per transaction |
| Internet banking | Free access to Business Internet Banking, all day |
| Card | A business debit card at no extra charge |
One note on how this was read. Maybank's page loaded slowly when we fetched it, and the figures above come from an extract of that page. Check the live page before you rely on them.
How much interest does it pay?
| Balance slice | Rate a year |
|---|---|
| First S$50,000 | 0.018% |
| Next S$450,000 | 0.028% |
| Above S$500,000 | 0.038% |
A company holding S$20,000 earns very little at these rates. Compare that with the OCBC Business Growth Account, which publishes rates only above S$50,000, or ANEXT, which states a higher top rate. Interest should not decide this choice for a small company.
Who can open it, and how do you apply?
Maybank lists sole proprietors, partnerships, LLPs, incorporated companies, charities, societies and associations. The online application on Maybank Singapore's apply site asks for your Business UEN and your NRIC or FIN, then walks you through the rest. You can also resume a saved application with a reference number.
For a company owned by foreigners, that NRIC or FIN field is a real question. A director who holds neither would need another route, and Maybank's pages do not describe one. Read our guide on opening a company account without visiting Singapore before you decide.
What does Maybank not publish?
- A review time for a new application.
- A fall-below fee. Other bank pages state one; Maybank's FlexiBiz page did not, in what we read.
- Rules for foreign shareholders or directors.
- Fees for telegraphic transfers, cheques or card use beyond the FAST figure.
- Industries or countries it declines.
- Current Corporate Current Account rates. Maybank's rates page asks you to call the bank for those.
Third-party blogs quote more figures, such as a monthly fall-below fee. We did not find that on Maybank's own page, so we do not print it.
Who might this account suit?
A small Singapore company that wants a plain local account with low running cost, pays mostly by FAST and holds modest balances. It suits less well a company that needs several currencies on day one. For that, look at the multi-currency business account guide.
Want someone to check the documents before you apply? Use the quote form on this page and say where the owners live.
What should you check before you apply?
Three things. Confirm the account is the one you want, because Maybank also lists other business accounts under its Corporate Current Account name. Make sure your signatories' IDs match what you will type into the form. Decide who will hold Business Internet Banking rights, since that is a separate form for companies.
Fund the S$1,000 on time, and keep the opening papers together in case the bank asks for more.
Sources
- Maybank Singapore: FlexiBiz Account: deposit, monthly fee, FAST charge, interest tiers, who can open.
- Maybank Singapore: SME account opening: UEN and NRIC or FIN fields in the online application.
