Best business accounts for Nonprofits in Singapore
Snapshot
Nonprofits in Singapore take several legal forms, including societies, companies limited by guarantee, and charities. Which accounts are open to you depends on the form. Local banks have established processes for societies and charities, while neobanks mainly onboard ACRA registered entities such as companies limited by guarantee.
Suits Nonprofits best
Local banks for societies and charities, neobanks for ACRA registered nonprofits
Typical monthly fee
Varies by account and entity type, as of 3 March 2026
Non resident position
Office bearers usually verified locally, varies, confirm with the provider
Providers that fit
Mainly local banks, with neobanks for company structured nonprofits
Fees and features as of 3 March 2026Last reviewed 3 March 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
A nonprofit in Singapore can be a society registered with the Registry of Societies, a company limited by guarantee registered with ACRA, or a charity, and some hold Institution of a Public Character status. As of 3 March 2026 the legal form decides your banking options. Local banks such as DBS and OCBC have set processes for societies and charities, usually asking for the constitution, a list of office bearers, and a resolution signed by office bearers. Neobanks mainly onboard ACRA registered entities, so a company limited by guarantee may qualify while a society may not. The notes below state the trade offs plainly. This is information, not advice.
What Nonprofits in Singapore need from a business account
A nonprofit needs an account that matches its legal form and its governance. The features that matter are dual or multiple signatory controls, clear records for the committee and auditors, low running cost so more goes to the mission, and acceptance of the entity type during onboarding. Local banks are used to society and charity structures and the documents they require. Neobanks are built around ACRA registered companies, so they suit a company limited by guarantee more readily than a society. The shortlist below names providers that serve Singapore nonprofits, with the trade offs stated plainly.
D
DBS
A local bank with established processes for societies, charities, and grassroots organisations, accepting the constitution, office bearer list, and signed resolutions these entities provide. Accounts carry a fee or a minimum balance, so check the specific account.
Best for
Societies, charities, and governance
Monthly fee
Varies by account, fall below fees on some, as of 3 March 2026
A local bank with a straightforward business account and online setup for registered entities, with multiple signatory options for committees. The Business Growth account carries a monthly fee with a minimum balance waiver, so weigh that against the service.
Best for
Committee controls and local banking
Monthly fee
Around SGD 10 on Business Growth, waived for the first two months, as of 3 March 2026
An account service that onboards ACRA registered entities such as a company limited by guarantee, with no monthly fee on the entry plan and multiple user access. It generally does not onboard societies registered with the Registry of Societies, so confirm your entity type is accepted.
Best for
ACRA registered nonprofits
Monthly fee
No monthly fee on Basic, SGD 15 on Premium, as of 3 March 2026
Acceptance depends on your legal form. Local banks serve societies and charities, while the neobank listed onboards ACRA registered entities such as companies limited by guarantee. Confirm that your entity type is accepted before you apply. Fees and eligibility shown as of 3 March 2026.
Questions about banking for Nonprofits in Singapore
Can a nonprofit open a business account in Singapore?
Yes, though the options depend on the legal form. As of 3 March 2026 local banks such as DBS and OCBC have processes for societies and charities, while neobanks mainly onboard ACRA registered entities such as companies limited by guarantee. Confirm acceptance with the provider.
What documents does a society or charity need?
Local banks usually ask for the constitution, a list of current office bearers, minutes or a resolution authorising the account, and identity documents for the signatories. The exact list varies by bank and entity type, so confirm with the provider.
Can a nonprofit use a neobank?
It depends on the structure. Neobanks generally onboard ACRA registered entities, so a company limited by guarantee may qualify while a society registered with the Registry of Societies usually does not. Confirm that your entity type is accepted before applying.
Do nonprofit accounts have lower fees?
Not automatically. Some banks offer specific terms for charities or grassroots bodies, but many nonprofit accounts carry the same fees as standard business accounts. Confirm the current pricing and any concessions with the provider.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 3 March 2026. Confirm current terms with the provider before applying.