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Our verdict

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

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

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

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. You need to maintain a minimum balance of $50,000 in your Business Optimizer Account.

Details

Key details

Product Name	ING Business Optimiser
Maximum Variable Rate	1.00% p.a.
Standard Variable Rate	0.60% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

2023 Transaction Account Customer Satisfaction winner

ING

ING took the top spot in our Transaction Account category this year, with 92% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.50 out of 5. Find more about Finder Banking Satisfaction Awards 2023.

Key features

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.

0.6% p.a. standard interest rate

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

Up to 1.00% p.a. introductory bonus rate

A bonus 0.4% 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.

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.

$50,000 minimum balance requirement

You must maintain an ongoing balance of at least $50,000.

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

How to apply

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

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. You must maintain a balance of $50,000 or more.

Documentation needed

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.

FAQ

Compare other business savings accounts

1 - 6 of 53

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro Period	Government Guarantee	Monthly Max Rate Conditions
Zeller Business Savings Account	Maximum Variable Rate p.a. 2.00%	Standard Variable Rate p.a. 1.40%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
AMP Cash Manager	Maximum Variable Rate p.a. 4.80%	Standard Variable Rate p.a. 4.80%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ANZ Business Online Saver	Maximum Variable Rate p.a. 1.25%	Standard Variable Rate p.a. 1.25%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
The Mutual Bank Cash Management Account	Maximum Variable Rate p.a. 0.05%	Standard Variable Rate p.a. 0.05%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ING Business Optimiser	Maximum Variable Rate p.a. 1.00%	Standard Variable Rate p.a. 0.60%	Intro Period 6 months	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
The Mutual Bank Business Maximiser Account	Maximum Variable Rate p.a. 1.85%	Standard Variable Rate p.a. 1.85%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Debb

March 12, 2020

Can clients pay directly into the Business Optimiser account?

Ash

March 13, 2020

Hi Debb,

Thank you for reaching out to Finder.

Your clients may not directly deposit their payment to the ING Business Optimiser Account. Rather, you should have a Transaction Account linked to your Business Optimiser Account, which should be under the same Business Name, to which your clients will be depositing their payments to. Then you may have up to 4 authorised employees who will manage your Business Optimiser Account, to transfer money in and out of the account from your linked Transaction Account.

Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

I hope this helps.

Cheers,

Ash

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MacDonnells Law

August 14, 2019

Hi, we are current ING account holders, am I able to open a ING Business Optimiser account?

Nikki Angco

August 14, 2019

Hi MacDonnells Law,

Thanks for leaving a question. If you are an existing ING client? Just login to Online Banking, go to ‘Apply for Products’, choose “Business”, then “Business Optimiser” and following the prompts.

Along with your application form, you need to mail ING:

1. certified documents to verify your business;

2. an original encoded deposit slip from the bank account you wish to link.

Alternatively, a recent bank statement (no more than 6 months old)

3. a copy of identification documents for each nominated authorized user such as a current Australian Drivers License, Birth Certificate or Australian Passport

If you are able to visit Sydney CBD, one of ING’s staff at the ING Lounge can assist you with your online application.

Hope this helps. Feel free to reach out to us again for further assistance.

Best,

Nikki

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Warren

February 06, 2019

I am interested in opening an ING Business Optimiser Account. Do I have to open a separate linked account with ING or can I use my existing Westpac business account?

Jeni Finder

February 10, 2019

Hi Warren,

Thank you for getting in touch with finder.

You may use your existing Westpac business account. As per the FAQ part of this page you’re looking at, 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 hope this helps.

Thank you and have a wonderful day!

Cheers,

Jeni

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Anna

December 20, 2018

Hi, im looking at the high intrest saving account fr business. when you say that the intro offer is 2.5% p.a for 6 months.

Can you please explain how much interest do I make in 1 month? and could I leave the money for 5 months only?

Nikki Angco

December 20, 2018

Hi Anna,

Thanks for getting in touch! The introductory 2.5% offer for 6 months means that the amount on the account will earn 2.5% each month in the first 6 months when you open an account. Your interest is calculated daily on the closing balance and added to your account at the end of each month, so you earn interest on your interest. You can withdraw the money anytime it’s needed and there is no minimum balance to keep the account. Hope this clarifies!

Best,

Nikki

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Trish

December 19, 2018

Could I open a bank account and a savings account in ING Business Optimiser, in the name of a discretionary or family trust?

Aster

December 20, 2018

Hi Trish,

Thank you for contacting finder.

Yes, you may open an ING Business Optimiser account under a Family Trust but the Authorised Users should not exceed 4 trustees.

I hope this helps.

Please do not hesitate to reach out again if you have additional questions.

Cheers,

Ash

Show more Show less

ING Business Optimiser

Pros

Cons

2023 Transaction Account Customer Satisfaction winner

ING

Key features

A fee-free savings account

0.6% p.a. standard interest rate

Up to 1.00% p.a. introductory bonus rate

Interest calculated daily and paid monthly

Link to a transaction account

$50,000 minimum balance requirement

Manage your account online, on the phone or via mobile

Set up an automatic deposit plan

Authorised up to four users

Available for business purposes only

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

FAQ

Can a ING optimiser have Direct debits from it to pay for SMSF administration?

What are the charges for Credit card and any other transactions?

Is the high interest rates available for accounts in business names, or only for individuals. Ours is a company with an ABN?

Do I presume correctly that after the introductory period expires the rate reverts to the standard variable rate?

What interest rate is applied if you deposit funds over $1,000000? Does ING have an Adelaide Branch or do we have to apply online?

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?

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?

I have approximately $650,000 to invest short term say up to 3 months what is the best interest rate you could provide?

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?

Where is the application form for Business optimizer?

Compare other business savings accounts

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