ING Business Optimiser

ING Business Optimiser

Maximum Variable Rate

1.80

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 1.80% 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
1.80% p.a.
Standard Variable Rate
1.50% p.a.
Bonus Variable Rate
0.30% 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 1.80% p.a. introductory bonus rate

A bonus 0.30% 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.











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14 Responses

  1. Default Gravatar
    March 30, 2018

    Im interested in talking to somebody about changing banks

    • Staff
      MayMarch 30, 2018Staff

      Hi Wade,

      Thanks for getting in touch.

      If you’re thinking of changing your business savings account, you may like to check your options on this page. Please review the details and T&Cs of the account to get more info and consider whether the product is right for you. You can also get in touch with bank directly if you need to discuss your options. Just click on the ‘Go to site’ button if you wish to be redirected to the bank’s website as well.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    NaomiMarch 20, 2018

    Hi there, with this business account do i get a debit card attached to the account for business expenses?

    • Staff
      JoelMarch 22, 2018Staff

      Hi Naomi,

      Thanks for leaving a question on finder.

      ING Business Optimiser doesn’t come with a debit card as it’s a savings account.

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

      Cheers,
      Joel

  3. Default Gravatar
    MayteFebruary 22, 2018

    What is a linked account and why do I need to have one. What type of operations will I do to need a linked account. Is it mandatory to have a linked account? Can I transfer money to another savings account if I don’t have a linked account?

    Thanks
    Mayte

    • Staff
      AshMarch 10, 2018Staff

      Hi Mayte,

      Thank you for visiting finder.

      You will need a Transaction Account linked to your ING Business Optimiser Online Savings Account to be able to withdraw money in case you need it. The linked account should also be a business account and under the same name as your savings account.

      Only a Transaction Account can be linked so you can transfer the money from your savings account via online, phone or by branch.

      I hope this helps.

      Let us know if there is anything else that we may assist you with. Enjoy the rest of your day!

      Cheers,
      Ash

  4. Default Gravatar
    RosFebruary 18, 2018

    Are there fees for international transactions?

    • Staff
      JonathanMarch 7, 2018Staff

      Hi Ros, thanks for your inquiry.

      International transactions are not supported with this savings account. You will need to link a transaction account in order to complete international transactions. You can compare personal savings accounts with ING here.

      Best,

      Jonathan

  5. Default Gravatar
    shaneyMarch 1, 2016

    Hi,

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

    Thanks

  6. Default Gravatar
    PedroFebruary 24, 2016

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

  7. 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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