3 Things You Might not Know Your Bank Account Can
Thinking about opening a bank account for your company? Here are 3 things you might not know your bank can offer.
Author: DBS BusinessClass, Administrator of DBS
After you've got your start-up on it's feet, you have to start thinking about opening a bank account for your company. All bank accounts have 3 important features that will come in handy for you as a start-up founder.
1. All your accounts are covered by a Deposit Insurance (DI) Scheme
The Deposit Insurance Scheme aims to protect the savings of individuals for an amount up to $50,000. While the Singapore banking system is extremely safe, the DI Scheme provides a safety net in the event of a failure in the banking and financial system. All full banks and finance companies, such as DBS and POSB, are members of the DI Scheme. The Singapore Deposit Insurance Corporation (SDIC) has a set of FAQs about the Scheme here.
2. Most bank accounts today come with an Internet banking service
According to Pew Research, 61% of internet users bank online. More users are using their smartphones as a convenient channel for their transactions, and banks such as DBS have responded with the creation of mobile banking applications. This is especially useful if you are running an internet business.
3. Some banks offer accounts especially for start-ups
Most banks offer a lower minimum average balance requirement, among other benefits. A comparison was done between the different banks in Singapore, with DBS and OCBC ranking as the most start-up-friendly banks. DBS has the Startup Entrepreneur Account, which will offer you a more affordable and convenient method of opening your Business Account.
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