What’s the difference between personal and corporate bank accounts in Singapore?

Personal and corporate bank accounts serve different purposes and have distinct requirements, fee structures, and features in Singapore.

Opening the right type of bank account is essential depending on whether you’re managing personal finances or running a business.

Personal bank accounts are meant for everyday use — receiving salary, paying bills, and saving money. These accounts typically include features such as:

• Debit cards
• Online/mobile banking
• Access to ATMs
• Minimal monthly fees
• Option for multi-currency holdings

Corporate (business) bank accounts, on the other hand, are tailored for companies and include:

• Multiple signatory access
• Business internet banking tools
• Invoicing and payroll features
• Cross-border transaction support
• Higher maintenance fees and stricter KYC checks

In Singapore, you cannot use a personal account for business operations legally. MAS regulations require that all companies operating locally or from abroad use a business account for transparency and taxation purposes.

Choosing the right type not only ensures compliance but also improves your company’s credibility with clients and partners.

Tags: Business Account, Personal Account, Singapore, Account Comparison, Corporate Banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles