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 Direct is an online bank – be prepared to do most of your banking online.
What are the features of the ING DIRECT Business Optimiser account?
When choosing the right savings account, compare the following features that ING DIRECT offers with what you find with other savings accounts from Australian based banks:
- No fees. You pay no fees to ING DIRECT for the savings account, although there could be fees with the transaction account that it is linked with.
- Standard interest rate. The standard rate for your balance is a competitive in comparison with what other banks offer.
- Introductory bonus rate. For the first 6 months after the account has been opened you will be paid an extra bonus rate on your deposits on top of the standard rate.
- Interest calculation. Interest is calculated daily on the business and deposited into the account on the last day of each month.
- Linked 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.
- Minimum balance. There are no balance requirements with this account.
- Account management. All transactions into and out of the account will go through the linked transaction account. This can be done online, over the phone or with mobile banking.
- Automatic deposits. You can set up your Business Optimiser to receive automatic deposits from your transaction account.
- Authorised 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.
- Terms. This account is meant to be used for business purposes only or for a Self Managed Super Fund, not for a personal savings account.
- Longer than usual introductory rate
- No fees and charges from ING Direct
- 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 DIRECT Business Optimiser?
If you have determined that the Business Optimiser is the type of account that can boost your business savings, you can start an online application by visiting ING Direct website. 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 DIRECT 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 DIRECT customer you will need to provide your client number.
After submitting your application ING DIRECT 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.
Can a ING optimiser have Direct debits from it to pay for SMSF administration?
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.
What are the charges for Credit card and any other transactions?
In the terms and conditions it states that, “There are no ING DIRECT 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.”
Is the high interest rates available for accounts in business names, or only for individuals. Ours is a company with an ABN?
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.
Do I presume correctly that after the introductory period expires the rate reverts to the standard variable rate?
This is correct.
What interest rate is applied if you deposit funds over $1,000000? Does ING Direct have an Adelaide Branch or do we have to apply online?
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 Direct is an online institution so they don’t have any branches.
I am looking to move from Westpac to an account that offers a higher interest rate for an amount of $60 000.00. We are farmers however the business is in my husbands name. Will I be able to take advantage of the Business Optimiser account?
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 DIRECT what documents you’ll need to provide.
I am looking at starting some new accounts as I am starting a new business. Can I use an everyday account from a different bank to link to my online high interest account? If so would there be long delays or fees when transferring money?
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.
I have approximately $650,000 to invest short term say up to 3 months what is the best interest rate you could provide?
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.
I’m interested in opening the Business Optimiser Account but would like to know how I could make withdrawals? Is there an ATM card used with this account?
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.