CIMB SME Account vs BusinessGo: Which Account Aligns With Your Business Goals?

Finding the right bank account is a challenge for business owners. At CIMB, we take pride in offering a broad spectrum of solutions, ensuring we have options for you to choose from to better meet your business needs. In this article, we do a comparison of two business accounts, the CIMB BusinessGo and the CIMB SME Account, to guide you towards your ideal pick.

Selecting the Ideal Business Bank Account

Choosing the best business bank account for your business is more than just picking the first option that pops up in a search result. For many business owners, it’s a decision that requires careful consideration of several vital factors. From understanding the transaction fees to the digital banking capabilities, interest rates, and access to financial advisory and solutions.

When choosing a business account, keep in mind factors like minimum balance requirements, customer service quality, and the bank's reputation. With so many variables at play, it’s no wonder that business owners often grapple with this significant choice. By comparing the features and benefits of CIMB's main commercial banking accounts, we hope to help you determine which account is most suitable for your business objectives.

Overview of CIMB’s Commercial Banking Accounts

• CIMB SME Account: This business account is tailored for new businesses, start-ups, smaller ventures or those with fluctuating cash flows. The CIMB SME Account offers simplicity and affordability with no fees or minimum balance required. 

• CIMB BusinessGo: Designed with a wide range of banking features for businesses that value flexibility. It's ideal for businesses with a significant cash flow and higher balance requirements.

Core Features Comparison

1. Account Fees

The CIMB BusinessGo does not charge any account fees and the CIMB SME Account waives the monthly account fees for the first year. Start-ups and young businesses can take advantage of this offer, allowing them to stabilize their finances for 12 months with no monthly account charges. For both accounts, the absence or deferral of these fees can provide much-needed financial savings on business expenses.

2. Fall-Below Fees

With running a business, every dollar counts. The CIMB SME Account offers zero maintenance fee, which is good news for many businesses. The CIMB BusinessGo requires businesses to maintain an S$30,000 balance to waive the maintenance fee, or a S$88 charge applies monthly. For emerging enterprises, this could serve as motivation to streamline operations, improve cash flow, and aspire towards maintaining a healthy balance that not only avoids fees but also earns a competitive interest rate.

3. Interest Rates

Interest-bearing accounts offer businesses an opportunity to grow their excess business funds. CIMB BusinessGo offers up to 2%* p.a. interest rates, making it an attractive option, especially for companies with higher cash flow. This means that they can leverage their cash holdings to earn more passively.

CIMB is currently offering a special promo for the CIMB BusinessGo Account: open a CIMB BusinessGo or BusinessGo-i account by 31 Dec 2024 to earn 2.68%* p.a. on your balances, enjoy FREE* Telegraphic Transfers worldwide & WAIVER* of min. monthly balance on your account. Your CIMB BusinessGo Account will continue to earn a base interest rate of up to 2%. 

4. Transaction Limits & Fees

While the allure of low or zero fees is tempting, what’s equally vital is to be aware of any restrictions or hidden costs. While CIMB SME Account and CIMB BusinessGo offer competitive pricing and fees, businesses should research and stay informed about transaction fees, such as international transfers and ATM withdrawals, to avoid unexpected costs.

5. Online & Mobile Banking

It is essential to have reliable online and mobile banking solutions to help manage business on the go. With the CIMB digital platform - BizChannel@CIMB, it allows businesses to have a financial overview of all accounts and manage their finances right at their fingertips. This is especially important for businesses with multiple time zones or stakeholders in different locations.

Importance of Strategic Financial Planning

This choice involves considering both present circumstances and future expectations. The CIMB BusinessGo account offers potential earnings but be mindful of your business cash flow to avoid fees. If not, CIMB SME Account’s simple and no-frills account could suit your business needs better. 

By weighing these considerations against their operational and growth strategies – and the potential interest earnings in mind – businesses can make banking choices that resonate with their long-term vision, avoiding unforeseen financial pitfalls.

Reach Your Business Goals with CIMB’s Commercial Banking Accounts

Whether you're a startup looking for flexible banking solutions or a cash-rich enterprise aiming to maximise returns, CIMB offers options tailored to diverse business needs. Explore CIMB's business accounts for both small businesses and large enterprises today.