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Small Business Banking Question

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Small Business Banking Question

Post by Banking » Tue, 22 Feb 2005 3:08 pm


I have recently started my own business. It is a very small business that doesn't have a huge turnover at the moment. I have received some payments by cheques (only of few hundred dollars). I can't bank them into my personal account as they are made out to the company. I have looked into opening a business account but need at least $10,000 to open and avoid charges. All I need the account for is the cash cheques and access the money, don't need credit or any of the other extras.

Can anyone help????

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Joined: Tue, 22 Feb 2005 3:24 pm

Post by Janus » Tue, 22 Feb 2005 3:30 pm

U better not mix it with somebody elses pot otherwise the tax boys will come looking for u :wink:


Re: Small Business Banking Question

Post by Guest » Wed, 23 Feb 2005 11:19 am

got this from one of the local bank's web site:

"A minimum initial deposit of S$1,000 is required and there is no service charge. A minimum balance fee of S$15 will be applicable if the average daily balance falls below S$10,000 during the month."

I reckon you didn't want to pay the monthly charges of $15.00?!

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