Business banking with ING Australia: The lowdown

Roberto Efflandrin
22.12.22
5 minute read

ING Australia is a specialist in business deposits and commercial lending. That means you’ll be able to find business savings accounts, and access commercial loans and mortgage products - but you won’t find a regular business transaction account available through ING Australia.

The deposit accounts available through ING Australia may suit you if you’re looking for a way to invest your surplus funds to get interest, and are a limited liability company owner, or run a different type of Australian registered business. However, if you need an account which can work for your day to day financial needs, you may need to choose an alternative provider.

This helpful guide will run through the business savings accounts on offer from ING Australia. If this isn’t what you’re looking for - or if you just want to compare the options out there for your commercial banking - we will also touch on Wise for business as an alternative or complement.

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What are the different account types for businesses with ING Australia?

ING’s business products are aimed towards saving and accessing funding for property or business growth. You won’t be able to get an ING business transaction account to make and receive payments to suppliers and customers, and the accounts available don’t come with credit cards or debit cards to make ATM withdrawals or merchant payments.

ING business accounts may not suit your needs if you’re looking for a simple way to review and manage your money on a day to day basis. Check out the products detailed here, and then take a look at alternative online accounts such as the Wise Account from Wise for business.

Here are the ING business account products you may consider¹:

ING Business Optimiser account

With a Business Optimiser account, you’ll get an interest bearing product which has no fees. Note that a minimum combined balance of $50,000 is required across any Business Optimiser and Business Term Deposit accounts held in your business entity's name.²

With this account, you will get²:

Variable welcome rate (For the first six months, for new customers, on balances up to $1million AUD) 1.00% p. a.
Standard variable rate 0.60% p.a.

Your Business Optimiser account must be linked to another business bank account held in your name, and you’ll only be able to make transfers to and from that linked account. That means you can’t receive customer payments, or pay staff or suppliers from your Business Optimiser account.

ING Business Term Deposit account

The ING Business Term Deposit account lets you save your surplus funds for a fixed time and earn a competitive interest rate on the deposit. There are no fees to pay, but you’ll need a minimum deposit of $10,000.

Note that a minimum combined balance of $50,000 is required across any Business Optimiser and Business Term Deposit accounts held in your business entity's name.³

Interest is paid on a sliding scale based on how long you’re able to commit your funds. It goes from 0.50% p.a. rate for a 90 term to 2.40% p.a. for a 2 year term

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Other ING Business Banking Options

Aside from business savings accounts, ING also offers access to funds for commercial property loans, commercial mortgages, and tailored term deposit solutions for your business. To learn more about these options, you’ll need to call the ING service team to talk through your business type and specific needs.¹

What are the requirements to open a business bank account with ING?

To open an ING business account, you’ll need to fulfil the following requirements:

  • You’re aged over 18
  • You have an Australian registered business with an Australian registered address, and are an Australian resident for tax purposes

The accounts are available to different business types - including sole traders, partnerships, sole director companies, companies, trusts and incorporated associations.

How can you open an ING business (bank) account?

Once you have chosen the right type of account for your business needs, you can find the full opening process online. Depending on the type of entity you run, and your own personal situation, you may be able to complete the forms online and send them to the bank using their pre-paid postal service, or you might have to make an appointment to talk to a business banker.

In either case, you’ll need to provide a set of information and documents to get up and running. You can expect to need the following¹:

  • Full business details, including name, address and phone number
  • Your registration information such as an ABN, ACN or other relevant registration number
  • Details of the business owner, and where the legal business entity was established
  • Proof of your tax residency status, and any other business documents requested by the ING team
  • Your own name, contact number, address, date of birth and proof of ID
  • Personal and contact details for all trustees and authorised users
  • Your mother’s maiden name
  • Personal information and ID for any other authorised users, if you choose to open your account to others

Linking other accounts to your ING business account

You’ll also have to link your ING savings account to another business account to make deposits and withdrawals. You’ll therefore need to provide full account details and documents to show the account is operating in your business name.

Here are some of the requirements for eligible accounts to link. The account:

  • must have an Australian BSB/account number
  • must be in the same name as your ING account
  • can be a joint account if you're one of the signatories on the joint account
  • if your ING account is a joint account, the linked account must be in both names.
Read more: How to open a business bank account in Australia

What are the fees and limits for an ING business (bank) account?

ING Australia business savings accounts do not charge fees. However, you’ll be limited in what you can actually do with these accounts, as they’re intended to be used as savings vehicles rather than day to day transaction accounts. That means you can only make and receive payments to the single linked bank account you nominate when you open your account, and you won’t receive a bank card for the account.

The Business Optimiser account has no fees. You’ll receive interest on any money you keep in the account. The Business Term Deposit has a minimum balance amount of $10,000, and offers a variable rate of interest based on the deposit term.

If you need an account which can do more for your business, read on for an alternative.

Wise-bank-account-details

How can you contact ING business banking support team?

Call the customer service team on 133 464, or head over to your local branch to talk to a team member.

In conclusion

As a business owner, you’ll definitely need a separate account to manage your company finances, monitor cash flow, and make it simple to complete your accounts and pay your taxes. ING offers products which can help with some of these tasks, and allow you to hold your spare money in an interest bearing account. However, if you want to complete a broader range of transactions with your business account you might need an alternative option.

Check out the range of business accounts available from the big banks, alongside the options from newer specialists like Wise to find exactly what your business needs to grow.

Read more: Best Business Bank Accounts in Australia

Wise for business - a flexible alternative

If you’re not looking for a savings account for your business, but instead need an international account which can be used for everyday transactions such as paying suppliers and receiving customer funds, check out the Wise Account available from Wise for business.

Wise offers everyday business accounts which allow you to hold, send and spend multiple currencies from one account. Perfect if your business is growing and you want to be able to connect with customers and suppliers overseas.

The team at Wise are experts in international payments, and have developed the Wise Account to allow businesses with a global footprint to manage their money more easily. These days the world is very connected - even small businesses and startups have to think about reaching customers based overseas, and the opportunity to work with exciting suppliers all over the world can really drive business performance and profitability.

To work with customers and suppliers based abroad you’ll need to send and receive international transfers. But international payments with a regular bank can prove expensive. That’s where Wise can help.

Hold your balance in over 50 currencies, get local account details to receive payments in Australian, US and New Zealand dollars, Euros and British pounds, and manage your money online or with the Wise app.

You’ll be able to send money to accounts all over the world using the mid-market exchange rate, just like the one you see on Google, for just a small fee, making it simple to pay suppliers and staff.

Check out the pricing and coverage for the Wise Wise Account for business.

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Sources:

  1. ING Australia business accounts
  2. ING business optimiser account
  3. ING term deposit account

Sources checked on 22-Dec-2022


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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