- Key details
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.
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
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 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 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 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 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. You can compare business savings accounts.
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.
Where is the application form for Business optimizer?
Compare other business savings accounts
1 - 6 of 52- ING Business Optimiser information page
- ING Business Optimiser TMD
Your reviews
Ask a question
To ask a question simply log in via your email or create an account. Ask a question Alison Finder Editor Hi there, looking for more information? Ask us a question.- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Can clients pay directly into the Business Optimiser account?
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.
Hi, we are current ING account holders, am I able to open a ING Business Optimiser account?
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.
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?
February 10, 2019
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!
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?
December 20, 2018
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!
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?
December 20, 2018
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.
Show more commentsAlison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile
More resources on Finder InvestmentsAustralia
- © 2024 finder.com.au
- Terms of service
- Privacy & cookies policy
- Complaints policy
- Modern slavery statement
Level 10, 99 York St, Sydney NSW 2000
Finder acknowledges Aboriginal and Torres Strait Islanders as the traditional custodians of country throughout Australia and their continuing connection to land, waters and community.
How likely would you be to recommend Finder to a friend or colleague?
Very Unlikely Extremely LikelyThank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Advertiser Disclosure
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market. Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
How we make money
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them. Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options. Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
Sorting and Ranking Products
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Terms of Service and Privacy Policy
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
