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