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Standard Chartered's Singapore SME page lists four kinds of business account and a few figures: a S$50 fall-below fee on SGD accounts, interest of up to 3.90% a year on Smart Business$aver, and up to S$8,888 in cashback for new SME Banking customers. Little else is on that page.
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Which accounts does Standard Chartered list?
From the bank's SME business accounts page, read :
| Account | What the page says |
|---|---|
| Smart Business$aver Current Account | Interest of up to 3.90% a year |
| BusinessOne Current Accounts | One solution for transactions, payments and cash management; no figures listed |
| Business$aver Current Accounts | Up to an extra 1.00% a year when you top up SGD accounts, for surplus funds with full access |
| Business Non-USD Foreign Currency Accounts | Non-interest bearing, in major currencies |
What fees does it publish?
The page names a fall-below fee: S$50 for an SGD account, US$50 for a USD account. It also mentions monthly or quarterly billing, monthly e-statements and a client care centre open on weekdays. Telegraphic transfers are described as a fast way to send money overseas "with a nominal fee", and no figure is given.
So the only hard number for charges on this page is the fall-below fee. The trigger balance is not on the page.
What does the cashback offer say?
Up to S$8,888 cashback for joining SME Banking and opening a business account. That is a ceiling, not a typical payout. Cashback offers usually depend on balances, spending or deposits over a set period. The terms are on the offer page, so read them before you open the account for the reward.
What is not published?
- An opening deposit or minimum balance for each account.
- The balance that triggers the S$50 fall-below fee.
- Who can apply, including foreign owners.
- How to apply, and how long review takes.
- The fee for overseas telegraphic transfers.
- Which currencies the non-USD account supports.
For third-party figures on any of these, treat them as unverified. A blog may quote a fee that was true a year ago.
How does it compare with the local banks?
DBS, OCBC and UOB each publish an opening deposit and a monthly fee. Standard Chartered's summary page does not, which makes a side-by-side hard. The honest comparison starts by asking Standard Chartered for the product terms of the exact account you want. Our best business bank account guide lays the published facts side by side.
Want help preparing the documents before you approach the bank? Use the form on this page.
What should you ask the bank?
Four questions will fill the gaps. What is the opening deposit for this account? What balance avoids the S$50 fee? What are the conditions on the 3.90% rate? What documents does a foreign-owned company submit, and does anyone need to attend in person? Write the answers down, with the date and the name of the person who gave them.
How does a fall-below fee work in practice?
A fall-below fee is charged when your balance drops under a set level, usually measured as an average over a month. Standard Chartered's page names the amounts, S$50 and US$50, and not the level. Until you have the level in writing, you cannot tell whether a quiet month in the first year would cost you.
Set a reminder to check your balance in the last week of each month. If the account has a fee waiver for new businesses, ask when it ends and note the date.
Is the interest rate worth chasing?
Up to 3.90% a year sounds attractive next to rates at other banks on this site, which are well under 1%. But "up to" rates usually need conditions such as a balance band or a bundle. A new company with modest cash may not meet them. Read the product terms and work out what your own balance would earn before you pick an account for the rate.
Sources
- Standard Chartered Singapore: SME business accounts: account list, interest, fall-below fee, cashback.
