Maybank Business Banking Account vs. Aspire Business Account

Written by
Marissa Saini
Last Modified on
December 19, 2023

What’s a business without a corporate bank account? Following our series where we tackle the different banks and payment service providers in Singapore and their business products, we’re taking a closer look at Maybank Business Banking Accounts in comparison to Aspire Business Account.

What are the different Maybank business banking accounts available? 

Along with DBS and OCBC Bank, Maybank is one of the top five banks in Southeast Asia with an extensive international network with a total asset value of USD165 billion. Across all of their banking services and product offerings, these two business bank accounts stand out among the rest: 

  • Maybank FlexiBiz Account 
  • Maybank PremierBiz Account 

The Similarities: Maybank Business Banking Accounts vs. Aspire Business Account

  • Types of users— Both have explicitly mentioned that their offerings are catered specifically towards startup and young businesses 
  • Financial flexibility — With their target market in mind, Maybank and Aspire have no account or monthly fees 
  • Rebate and cashback benefits — In the same way that Maybank offers rebate benefits to its customers for each transaction, Aspire rewards their users with 1% cashback on all marketing and SaaS spend 

The Differences: Maybank Business Banking Accounts vs. Aspire Business Account

  • Account opening process — While most of the process can be done online, prospective customers still have to make a physical visit for verification purposes; Aspire users can conveniently open a Business Account entirely online with no branch visits
  • Number of apps — Maybank has over 5 different mobile apps and versions that serve a range of different purposes that can come off as confusing for consumers; Aspire only has one centralised mobile app for all service functions 
  • UI/UX — Most traditional banks like Maybank are behind on developing an intuitive user interface and user experience, which can hamper overall growth and development; Aspire’s UI design is sleek and consistent across all platforms to top off the user experience

To compare both Aspire and Maybank’s offerings side by side, here’s a table summing up the different fees related to each:

Now that we’ve covered the basics, let’s get down to business and learn more about Maybank’s Flexibiz and PremierBiz Accounts. 

1. Maybank FlexiBiz Account

Just like its name suggests, the Flexibiz Account gives users financial flexibility, which is especially useful for entrepreneurs that are just starting in the industry. Some of its most notable benefits include the low initial deposit, attractive interest rates, and no minimum balance or monthly fees required. 

However, one downside is the high FX mark-up rate at 0.91%, which is significantly higher than most banks in Singapore. If your business deals mostly with local transactions, that is one less thing to worry about. But if you’re on the other side of the coin, you may want to take some time to reconsider. 

Things you need to know about Maybank FlexiBiz Account:

  1. Maybank FlexiBiz Account Minimum balance fee: No minimum balance fee 
  2. Attractive interest rates of up to 0.038% p.a. with no minimum balance requirement
  3. Rebate benefits

2. Maybank PremierBiz Account 

The PremierBiz Account is considered to be the ‘most rewarding current account for businesses in Singapore’. Similar to FlexiBiz, this account also allows for the same financial flexibility for its users as well as a low initial deposit of $1,000. But one major difference between the two is the interest rate. While you can earn up to 0.038% p.a. With the FlexiBiz account, users can receive up to 0.318% p.a. 

Regardless of whether you’re a small business owner or a growing corporation, these interest rates are one of the most competitive in the market and will give your money the opportunity to grow alongside your business. While this may seem like an attractive incentive, it’s also essential to balance the fees you might pay against the interest you could earn. 

Things you need to know about Maybank PremierBiz Account:

  1. Minimum balance fee: S$35 per month if average daily balance falls below S$30,000
  2. Free cheque usage
  3. Round-the-clock service and customer support with Business Internet Banking 

How does the Aspire Business Account compare? 

Within a short amount of time, over 10,000 modern businesses have chosen Aspire due to the range of services and benefits offered on its Business Account.

Aspire Business Account users can enjoy everything from low FX rates, 1% cashback on Marketing and SaaS card spend, multi-user access, and round-the-clock in-app support—all in one centralised platform. 

Get started on your journey 

While traditional banks are typically a business owner’s first choice when it comes to opening a business bank account, there’s no harm in exploring less conventional options and fresh solutions from payment service providers.

With Aspire, we can help you with just that. Every day, we are constantly reinventing finance experience to cater to modern and digitally-savvy founders. From minimal fees, virtual corporate cards, smart integrations, to seamless foreign transactions, the Aspire Business Account has everything you need to get your business finances in order.  

For more episodes of CFO Talks, check us out on Apple Podcasts, Google Podcasts, Spotify or add our RSS feed to your favorite podcast player!

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About the author
Marissa Saini
is a seasoned writer and an avid trendspotter across business finance, personal finance, travel and lifestyle industries. With writing history at SingSaver, INK, and ohmyhome, Marissa leverages her broad range of experiences to simplify finance and make readers financially savvy.
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