SME owners, what to look out for when choosing a business account? 1. (Expected) Volume of Banking Transactions Business accounts can be generalised into 2 major categories – accounts with low volume banking transactions or high volume banking transactions. By choosing accounts with free GIRO or FAST transactions will save transaction fees in the long run. 2. Initial Capital Outlay Most banks will require an initial deposit to open a business account – By choosing an account with a low initial deposit, it would help businesses with a low starting capital. 3. Minimum Balance Requirement During the initial stage of setting up a business, a large portion of your capital may be locked up. By finding an account without minimum balance requirements reduces the cost of maintaining your business account and aids you in redirecting your capital to other important areas. When choosing a business account, look for an account that meets your business needs. For all the above, learn more about BusinessGo Lite that fulfils all three criteria at http://cimbbank.sg/sm_bgl_1808. *T&Cs apply. SGD Deposits are insured up to S$75k by SDIC. #CIMBBusiness #SME
Posted 3 months ago
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