ING Business Optimiser

ING Business Optimiser

Maximum Variable Rate

2.40

Standard Variable Rate

1.50

Optimise your excess business capital in an online savings account that pays you bonus interest for new accounts.

  • Introductory rate of 2.40% p.a. for 6 months (conditions apply)
  • 24/7 online access
  • No monthly service fees
  • $0 minimum opening balance

Product details

There is no balance requirement to make or any monthly fees for this business savings account, but you are allowed to provide access to it for up to four of your partners or employees. Link it to your business’ transaction account and you could have total access to your money when you need it, and the freedom of adding to your savings when you don’t.

ING is an online bank – be prepared to do most of your banking online.

Product Name
ING Business Optimiser
Maximum Variable Rate
2.40% p.a.
Standard Variable Rate
1.50% p.a.
Bonus Variable Rate
0.90% p.a.
Introductory / Bonus Offer Conditions
Introductory rate is valid for first 6 months after opening the account and balances up to $1,000,000.
Monthly Fee
$0
Minimum Opening Deposit
$0
Introductory Interest Period
6 month(s)
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the ING Business Optimiser account?

When choosing the right savings account, compare the following features that ING offers with what you find with other savings accounts from Australian based banks:

A fee-free savings account

You pay no fees to ING for the savings account, although there could be fees with the transaction account that it is linked with.

1.50% p.a. standard interest rate

The ING Business Optimiser offers a competitive standard rate of interest.

Up to 2.40% p.a. introductory bonus rate

A bonus 0.90% p.a. is added to the standard rate for the first 6 months after the account has been opened. The rate is variable and subject to change in line with the RBA cash rate.

Interest calculated daily and paid monthly

Interest is calculated daily on the business account balance and deposited into the account on the last day of each month.

Link to a transaction account

You will nominate a transaction account to be linked with this one. It must also be a business account listed in the same name.

No minimum balance

There are no balance requirements with this account.

Manage your account online, on the phone or via mobile

All transactions in and out of the account will go through the linked transaction account. This can be done online, over the phone or with mobile banking.

Set up an automatic deposit plan

You can set up your Business Optimiser to receive automatic deposits from your transaction account.

Authorised up to four users

You are allowed to nominate up to four authorised users for this account who will have the ability to make transfers both into and out of the account.

Available for business purposes only

This account is meant to be used for business purposes only or for a Self Managed Super Fund, not for a personal savings account. Compare more bank accounts from ING.

Launch savings calculator

Pros

  • Longer than usual introductory rate
  • No fees and charges from ING
  • Can be used for SMSF accounts

Cons

  • Available for businesses only
  • Bonus interest rate available for balances up to $1,000,000.

How do I apply for the ING Business Optimiser?

If you have determined that the ING Business Optimiser is the type of account that can boost your business savings, you can start an online application by visiting ING website.

Eligibility to apply

There will be some eligibility requirements that you will need to meet before getting started, such as:

  • Minimum age. This account is only available for individuals aged 18 and over.
  • Residency requirements. You must be an Australian resident with an Australian residential address.
  • Depository requirements. You must be able to provide the details of your linked account at the time of application so that ING can make the initial deposit when opening the account.

Documentation requirements

Additionally, when filling out the application you will be asked to provide certain documentation before the application can be processed. This will include:

  • Tax file number. In order for your earned interest to have the correct withholding tax applied to it you should provide your tax file number (TFN) or TFN exemption code.
  • Identification. Identifying documents will be needed for you and for any persons who will be listed as an authorised user. A photo ID such as a passport or driver’s licence is accepted.
  • Linked account. Details for a business transaction account in the same name, including institution and account number.
  • Business details. The Australian Business Number (ABN) or Australian Company Number (ACN) that your business is registered under.
  • Client number. If you are already an ING customer you will need to provide your client number.

What happens after I submit my application?

After submitting your application ING will need to verify the identity of you and your business, as well as the linked bank account. It will also make a request for the transfer of funds from your provided linked account details.

The account is opened when that request is made, and activated once the funds have been deposited into the account. You will then be notified of the account details so that you may make your own deposits and withdrawals.

You can’t direct debit directly from this account, so this would need to be organised through the external account you decide to link to the Business Optimiser.

In the terms and conditions it states that, “There are no ING fees payable on your Business Optimiser .
However, your linked bank account may incur fees applied by the other financial institution for transferring money between that account and your Business Optimiser. To find out whether any fees apply, contact the financial institution where your external bank account is held.”

The account is available for both: the holder needs to be using the product for business purposes. You will also need to provide your ABN.

This is correct.

The standard variable rate will apply for funds over $1,000,000 for the first six months. After the introductory period, the SVR will apply to all balances.

ING is an online institution so they don’t have any branches.

To open a Business Optimiser you must be listed as an authorised user of the business and be involved in the business. If this is the case you can start opening an account, and will be told by ING what documents you’ll need to provide.

The account you link to the Business Optimiser must be a business account, and it can be from any Australian institution. The account must have a BSB and account number.

The rate for this account is as advertised. Feel free to shop around for the best rate. We don’t yet have a comprehensive comparison of business savings accounts on our site.

Funds can be deposited to, and withdrawn from a Business Optimiser account via phone or internet banking, 24/7. Money can also be directly deposited into the account via cheque.

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6 Responses

  1. Default Gravatar
    shaneyMarch 1, 2016

    Hi,

    I am wondering what the best joint savings account is at the moment.

    Thanks

  2. Default Gravatar
    PedroFebruary 24, 2016

    How do l pay an overseas company in euros..? Transaction costs?

  3. Default Gravatar
    ColinFebruary 20, 2016

    Does the ING business optimiser account cone with a visa debit card?

    • Staff
      ShirleyFebruary 22, 2016Staff

      Hi Colin,

      Thanks for your question.

      Unfortunately it doesn’t come with a linked Visa debit card as it’s a savings account.

      You may want to consider opting for a business bank accounts as they do generally come with a linked debit card.

      Hope this helps.

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