Guide on ING business account in Australia

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.

Different types of ING business accounts in 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.¹

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:

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.³

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

How can you open an ING business 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, business name and 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

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.

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.

ING business account fees and limit

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 Business: Simplify global business transactions

Because ING focuses strictly on savings and lending, you will likely need a separate hub for your daily operational expenses.

Wise Business can work alongside a high-interest savings account to handle the moving parts of your finances. It provides the transactional features that deposit-only accounts lack, such as paying overseas suppliers, issuing employee expense cards, and receiving payments in multiple currencies.

A Wise Business account allows users to can send, receive, and hold in multiple currencies. Experience hassle-free global transactions by transacting like a local business. Here's what you get with a Wise Business account:

• Free to register — Hold and convert between 40+ currencies. Send to 140+ countries
• Debit cards for you and your team, which you can use in 150+ countries
• Multi-user access for team members, with ways to control and manage permissions
• Pay up to 1,000 recipients at once with the Wise batch payments feature
• Integrate with your favourite cloud accounting solutions like Xero, QuickBooks, and more
• Get account details to receive in 8+ currencies for a one-time fee of 65 AUD

Sign up for the Wise Business account! 🚀

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you.

Sources:

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

Sources checked on 22-Dec-2022