ING business bank accounts: a review of key business features

Choosing the right business bank account can make a big difference to how efficiently your money works for you. In this ING business account review, we’ve broken down the features, benefits, and drawbacks of its main offerings, so you can decide if they’re the right fit for your business. ING’s two core products – the Business Optimiser account and the Business Term Deposit account – cater to different needs, from flexible savings to locked-in returns. But are they enough for Australian businesses that operate in today’s fast-moving, global marketplace? Let’s take a closer look.

The ING Business Optimiser Account

The ING Business Optimiser Account is its high variable interest business savings account. It’s designed to provide a competitive return on your business funds while maintaining flexibility. This makes it appealing compared to ING’s other business banking products, while the Business Term Deposit offers a high fixed interest rate for business savings. Of ING’s business account offerings, the Business Optimiser is the more versatile option, so we will be looking at this account in more detail.

As a standard business account, it’s well-suited to businesses serving only Australian customers and clients. It’s a strong fit for traditional, brick-and-mortar businesses, rather than eCommerce or digitally focused companies.

Key features of an ING Business Optimiser bank account

• High introductory interest rate: 0.75% p.a. variable for the first six months on balances up to $1 million for new customers 

• No fixed terms or account fees: Flexible access to your funds without ongoing charges

• 24/7 secure online banking: Manage your ING business bank account anytime, with encryption and multi-factor authentication

• Eligibility: Available to Australian registered businesses or residents for tax purposes with an ACN or ABN. A minimum combined balance of $50,000 required across qualifying ING accounts

• Online tools: Access account statements, transaction history, and set up authorised users via ING’s online portal

• Bonus interest offers: Occasional promotions, with eligibility notifications sent directly by ING

• Government guarantee: Savings up to $250k are protected under the Financial Claims Scheme

Limitations of an ING Business account

• No international payments: ING company accounts cannot send money internationally, limiting suitability for globally active businesses.

• AUD only: Funds can only be sent, held, and received in Australian dollars, restricting use for companies dealing in other currencies.

• Cannot receive international transfers: Only ING personal and home loan accounts have this capability; ING directs business customers to third‑party providers.

• Limited account access: Access is capped at four authorised users, which may restrict larger teams.

• Single linked account restriction: Transfers are only possible to or from one nominated account, making it impractical for paying multiple clients, suppliers, or staff directly.

No debit card: There's no debit card linked to the account, limiting payment flexibility.

Business Optimiser fees and rates 

The ING Business Optimiser has no monthly account fees and no transaction fees for transfers to the linked account. As it doesn't support foreign currency transactions, there are no foreign currency fees. The current variable welcome rate is 0.75% p.a. for the first six months on balances up to $1 million for new customers, reverting to a standard variable rate of 0.35% p.a. thereafter. Withdrawals can only be made to the single nominated linked account, and there are no ATM withdrawal facilities.

Compared to other options from other banks, the ING Business Optimiser offers a competitive interest rate for savings but lacks payment flexibility, card access, and multi-currency support.

ING Business Term Deposit account

The ING Business Term Deposit account is designed for businesses that want to lock away funds and earn a fixed interest rate for a set period. It can provide certainty on returns, but it also limits flexibility as funds are inaccessible for the duration of the term without incurring penalties. This product is better suited to businesses with surplus cash reserves that won’t be needed for day-to-day operations.

Key features of the ING Business Term Deposit account

• Fixed interest rate: Guaranteed rate for the entire term, regardless of market changes

• Flexible term lengths: Choose from 1 month to 2 years to suit your business goals

• Higher rates for longer terms: For example, 90‑day terms currently start at 0.50% p.a., while 2‑year terms can reach 2.40% p.a. (rates subject to change)

• No monthly account fees: Keep more of your returns

• Interest payment options: Choose to receive interest monthly, quarterly, or at maturity

• Minimum balance requirement: A combined balance of $50,000 across Business Term Deposit and Business Optimiser accounts is required

Limitations of an ING Business Term Deposit account

• Locked funds: No access to funds until the term ends without incurring penalties or reduced interest

• No transaction capabilities: Cannot be used for payments, transfers, or day-to-day business banking

• AUD only: No foreign currency holding or transactions

• No card access: No debit or credit card linked to the account

Business Term Deposit account fees and rates 

The ING Business Term Deposit has no monthly account fees. Interest rates are fixed for the selected term and can vary depending on the term length and market conditions. While longer terms may offer higher rates, funds must remain in the account until maturity to receive the full interest.  You are allowed to access your Business Term Deposit early, but you must give at least 31 days’ notice, unless you're experiencing financial hardship. If you break the term early, you’ll receive a reduced interest rate, determined by the percentage of term elapsed, and the account will be closed.

Other ING Business Banking Options

Beyond the Business Optimiser and Business Term Deposit, ING’s business banking range includes commercial lending solutions such as commercial property loans. These loans can be used to purchase, refinance, or renovate business premises and typically feature competitive variable or fixed rates, flexible repayment terms, and the option to make interest-only payments for a set period.

ING also offers transactional business banking through linked personal or home loan accounts for clients who require limited payment capability. While ING does not currently provide a dedicated everyday business transaction account (often referred to as an ING business checking account), these linked solutions can facilitate basic business banking needs alongside its savings and lending products.

Opening an ING Business account

Opening a business bank account with ING is reasonably straightforward. You need to provide:

• Proof that you’re over 18

• Proof that you’re an Australian registered business, OR

• Proof that you’re an Australian resident for tax purposes

Once this is confirmed, you’ll need to supply them with:

• Business details, including the name, address, and phone number

• Registration information such as your ACN or ABN

• Details of the business owner

• Details of all business directors

• Details of all authorised users

You’ll also need to provide the details and legal confirmation that your other linked bank account is operating in your name. This may be another ING account or another business bank account. 

Airwallex Global Accounts are a flexible business account alternative

Airwallex business accounts are designed for businesses whose customers, clients, contractors, and suppliers aren’t confined to Australia. You can create individual accounts in up to 11 different currencies, and you’re able to send and receive international payments to and from up to 130 countries.

Key features

Global Accounts: Open domestic and foreign currency accounts within minutes and accept payments in over 60 currencies. Enjoy like-for-like settlement in 14+ major currencies, so you can receive funds in the same currency your customers pay in without forced conversions or hidden FX fees. Access local bank details in 60+ countries, allowing you to operate like a local business worldwide.

FX & International Payments: Send money to over 200 countries in 90+ currencies, with more than 120 countries supported by fast, low-cost local payment rails. Over 90% of transactions arrive the same day or within hours, and around 52% settle instantly. Trade at competitive interbank rates with a margin of just 0.3% or 0.6%, saving up to 80% on FX fees compared to traditional banks.

Multi-currency virtual Visa cards: Instantly create virtual or physical Visa cards linked to your multi-currency wallet. Pay suppliers, staff, or online subscriptions directly from your chosen currency balance, avoiding extra FX fees.

Xero integration: Connect your Airwallex accounts directly to Xero for real-time reconciliation. Each currency has its own feed, so you can track and manage every account with up-to-the-hour accuracy.

Fees and rates

Much like ING, Airwallex doesn’t charge any monthly or annual account fees. There are no card fees and no minimum amount you need to keep in your account. 

We don’t charge for foreign currency transfers either. You’re transacting directly in that currency, so it’s just like local banking, just overseas. That means no SWIFT fees, no transfer fees, and no exorbitant FX rates. 

However, other fees and charges may apply, which you can find on our website.

When you do need to exchange foreign currency to or from AUD, you’ll receive competitive wholesale exchange rates, at just 0.3% or 0.6% above the interbank rate. This means that when you check the exchange rate with us, you always know what you’re getting.

Supported currencies

As well as AUD, Airwallex Global Accounts supports the following international business accounts and currencies:

• USD Business Account

• Canadian Business Account

• Euro Business Account

• Swiss Business Account

• Chinese Business Account

• Hong Kong Business Account

• Singapore Business Account

• UK GBP Business Account

• Japanese Business Account

ING Business Optimiser vs Airwallex Global Accounts

Airwallex Global Accounts are made for Australian businesses that want to spread their wings

Imagine running your business without the roadblocks of borders, currency restrictions, or slow, expensive payments. That’s the reality Airwallex creates, giving you the freedom to think bigger and move faster.

Open domestic and foreign currency accounts in minutes, then get paid like a local in over 60 currencies with bank details in more than 60 countries. From Sydney to Singapore to San Francisco, your business can operate seamlessly around the globe.

Pay suppliers, staff, and partners in over 200 countries, with the majority of transactions landing the same day and more than half arriving instantly. Exchange in 90+ currencies at interbank rates and save up to 80% on FX costs, so more of your money stays in your business.

If global growth is your next chapter, let Airwallex help you write it. Book a demo today and see how effortless international business can be.

ING business banking: frequently asked questions

Does ING have business bank accounts?

Yes. ING offers two main products for businesses — the ING Business Optimiser account, which is a high interest savings account for business funds, and the ING Business Term Deposit account. Both are part of ING’s business bank account range and are designed for Australian businesses. However, these options have limitations for companies that require a full-service ING business checking account or multi-currency capabilities.

Which bank is best for a business account in Australia?

The best bank for a business account depends on the needs of the business. An ING business account can be a good option for earning interest on AUD balances, while other providers like Airwallex offer greater flexibility for international payments, multi-currency accounts, and integrated expense management.

How to open an ING business account?

Opening an ING company account such as the ING Business Optimiser involves meeting eligibility requirements, completing an online application, providing identification for all owners and authorised users, and linking a nominated Australian business transaction account. New customers must also meet the $50,000 minimum combined balance requirement across eligible business accounts.

What is the interest rate on ING’s business bank account?

As of August 2025, the ING Business Optimiser offers a 0.75% p.a. variable welcome rate for the first six months on balances up to $1 million for new customers. After that, it reverts to a standard variable rate of 0.35% p.a.

Can the ING Business Optimiser account send or receive international payments?

No. This type of business bank account at ING operates in AUD only and cannot send, hold, or receive foreign currency. It also cannot receive international payments. ING recommends using a third-party service for these transactions.

Is there a debit card with the ING Business Optimiser account?

No. ING’s business banking savings accounts, including the Business Optimiser, do not offer a debit card as they are designed for savings rather than everyday transactions.

How many people can access an ING business account?

Up to four authorised users can be added to an ING company account such as the Business Optimiser.

What are the fees for a business bank account at ING?

The ING Business Optimiser has no monthly account fees, no transaction fees for transfers to the linked account, and no foreign currency fees (as foreign currency is not supported).

Sources

• https://www.ing.com.au/pdf/BO_Terms_and_Conditions.pdf

•  https://www.ing.com.au/faq-result.html?faqid=7429

•  https://www.ing.com.au/business/business-optimiser.html

• https://www.ing.com.au/business.html

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