Frequently Asked Questions (FAQs)

View the current Business Optimiser rate.

You can apply:

• online - click on Apply Now on the Business Optimiser page
• by downloading a Business Optimiser application form
• by phoning us on 133 464 to request an information pack to be sent to you.

We strongly advise you to read the terms and conditions so you can decide whether this product is appropriate for your business. You will need to accept the terms and conditions prior to opening an account.

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

• certified documents to verify your business;
• an original encoded deposit slip from the bank account you wish to link. Alternatively, an original or certified copy of a recent statement (no more than 6 months old);
• a copy of identification documents for each nominated authorised user such as a current Australian Drivers License, Birth Certificate or Australian Passport;

You must link another bank account to your Business Optimiser. The name of the account must be the same as noted on the Business Optimiser application form. (You may only link one bank account to your Business Optimiser.)

The nominated bank account must be a business account with an Australian financial institution and have a BSB and Account Number. We cannot accept a credit card, passbook or account that doesn't have a BSB and account number.

If you have an existing ING business account in the same name, we already have your business verified. If you are opening an account for the first time in the business name, you need to provide a certified copy of one of the following:

• Certification of Registration;
• Tax File Number (TFN) advice;
• Australian Tax Office Tax Assessment Notice (issued within the last two years);
• Australian Tax Office Notice of Refund (issued within the last two years);
• Business Activity Statement (issued within the last two years);
• Instalment Activity Statement (issued within the last two years); or
• Annual or quarterly PAYG Instalment Notice (issued within the last two years).

Yes. The interest rate for the Business Optimiser is a variable rate. Therefore, if we increase or decrease the standard variable interest rate, it will apply to your Business Optimiser from the effective date.

View the current Business Optimiser rate.

Our current cut off time is 7pm (Sydney Time).

Requests to deposit money from your external bank account to your account made after the cut off time on a business day will be treated as if made on the following business day.

If a withdrawal is to an external bank account and is made before the cut off time on a business day, the withdrawn funds are generally transferred to your external bank account by the next business day.

For direct debit requests, they will be held for three business days from the date of receipt provided they are received before the cut-off time on a business day. You will not be able to draw on these funds until three business days have elapsed. This time allows for ING DIRECT to receive confirmation from the paying financial institution that the funds are available.

To stop or suspend an electronic transfer, you must contact us on 133 464 before the cutoff time for that day (currently 7pm (Sydney time)).

For Savings Maximiser and Business Optimiser, if the deposit cannot be stopped or suspended, you will need to provide ING DIRECT with a new request to transfer the funds back to your linked bank account once the funds are cleared. Please ensure that the funds have cleared in your external bank account before requesting the transfer to ING DIRECT.

To change your nominated linked bank account:

• Log onto Online Banking using your Client Number and Access Code, under the Business Finances section, select 'Business Details' from the menu, then select 'Forms' and download the Linked Bank Account Change Form .

OR

• Alternatively, call us on 133 464 to have a Linked Bank Account Change Form sent to you.

Once you have completed the form and all Authorised Users have signed it, please mail it to us with an original encoded deposit slip or original (or certified copy) of a bank statement from the new nominated linked bank account to:

	In Australia	Overseas
Business Optimiser	ING DIRECT Reply Paid 3858 Sydney NSW 2001	ING DIRECT GPO Box 3858 Sydney NSW 2001 Australia

Please note that if you have not provided us with an encoded deposit slip, original (or certified copy) of a bank statement or a cheque drawn from your current nominated bank account, you will need to do so with this change.

When keeping the same linked bank account, we require:

• A Letter of Direction signed by all Authorised Users informing us of the name change; plus
• A certified copy of the 'Certificate of Registration' or 'Change of Business Name Certificate' confirming the name change; plus
• An original Encoded Deposit Slip or cheque drawn on the existing bank account, showing that only the entity name has been changed (i.e. the name of the existing bank account must also be changed).

When changing the linked bank account, we require:

• A Letter of Direction signed by all Authorised Users informing us of the name change.
• A certified copy of the 'Certificate of Registration' or 'Change of Business Name Certificate' confirming the name change; plus
• An original Encoded Deposit Slip or original (or certified copy) of a bank statement or cheque drawn on the new bank account, showing the new details; plus
• A Linked Bank Account Change Form, signed by all Authorised Users and signatories.

Note: We cannot change an entity type for a Business Optimiser. If you wish to change the entity type (e.g. from a company to a Partnership etc), the current Business Optimiser will need to be closed and you will need to open a new Business Optimiser under the new entity type. We are more than happy to help you through this process. Just call us on 133 464 anytime.

We do not provide cheque books for savings accounts. The Business Optimiser has been specifically designed to work together with your existing day-to-day bank account.

To change Authorised Users, you need to complete an Update Business Details Form. This is available when you log on to your account, select "Business Details" under the Business Finances section and the selecting "Forms". If the Authorised Users are new ING DIRECT customers they will also need to supply an identification document. You need to fill in the appropriate details, get all Authorised Users to sign the form, then return it to us at ING DIRECT, Reply Paid 3858, Sydney NSW 2001.

You can change your personal details by logging on to ingdirect.com.au, going to the Business Finances section and selecting "My Details" and "Contact Details". You will be able to update your residential and mailing addresses, phone numbers and email.

View the current interest rates for ING DIRECT Business Term Deposits.

You can choose from a variety of terms including 30, 90, 180 day terms as well as 1 and 2 year terms.

In addition, we have recently introduced 120, 210, 270 and 330 day terms.

Online Application

You can apply for any of our ING DIRECT Business Term Deposits online. Simply click on apply online now on the Business Term Deposit page.

Paper Application

You can apply for some of our Business Term Deposits by completing a Business Term Deposit Application Form. You can request one by:

• downloading a Business Term Deposit application form.
• phoning us on 133 464 for an information pack to be sent to you.

Note: Paper Application Forms for the 120, 210, 270 and 330 day terms will be available shortly.

Along with your application form, you may be asked to mail us:

• certified documents to verify your business;
• an original encoded deposit slip from the bank account you wish to link. Alternatively, an original or certified copy of a recent statement (no more than 6 months old).
• a copy of identification documents for each nominated authorised user such as a current Australian Drivers License, Birth Certificate or Australian Passport.

We strongly advise you to read the terms and conditions booklet so you can decide whether this product is appropriate for your business. You will need to accept the terms and conditions prior to opening an ING DIRECT Business Term Deposit.

If you have an existing ING DIRECT business account in the same name, we already have your business verified. If you are opening an account for the first time in the business name, you will need to provide a certified copy of one of the following.

• Certification of Registration;
• Tax File Number (TFN) advice;
• Australian Tax Office Tax Assessment Notice (issued within the last two years).
• Australian Tax Office Notice of Refund (issued within the last two years);
• Business Activity Statement (issued within the last two years);
• Instalment Activity Statement (issued within the last two years); or
• Annual or quarterly PAYG Instalment Notice (issued within the last two years).

You may link an external bank account or a Business Optimiser to your Business Term Deposit. The name of the account must be the same as noted on the Business Term Deposit application form (you may only link one bank account to your Business Term Deposit).

The external bank account must be a business account with an Australian financial institution and have a BSB and Account Number. We cannot accept a credit card, passbook or an account that does not have a BSB and Account Number.

Yes, you can link an ING DIRECT Business Term Deposit to an existing Business Optimiser (as long as they are in the same name and have the same authorised users). Alternatively, you can choose to link your Business Term Deposit to a bank account with another Australian financial institution.

To change your linked bank account:

Log in to online banking using your Client Number and Access Code, select 'Business Details' from the Business Finances menu, then select 'Forms' and download the Linked Bank Account Change Form

OR

• Alternatively, call us on 133 464 to have a Linked Bank Account Change Form sent to you.

Once you have completed the form and all authorised users have signed it, please mail it to us with an original encoded deposit slip or original (or certified copy of a) cheque drawn from the new bank account to:

	In Australia	Overseas
Business Term Deposit	ING DIRECT Reply Paid 3858 Sydney NSW 2001	ING DIRECT GPO Box 3858 Sydney NSW 2001 Australia

When keeping the same linked bank account, we require:

• A Letter of Direction signed by all authorised users informing us of the name change; and
• A certified copy of the 'Certificate of Registration' or 'Change of Business Name Certificate' confirming the name change; plus
• An original Encoded Deposit Slip or original (or certified copy of a) cheque drawn on the linked bank account, showing that only the entity name has been changed (i.e. the name of the linked bank account must also be changed).

When changing the linked bank account, we require:

• A Letter of Direction signed by all authorised users informing us of the name change
• A certified copy of the 'Certificate of Registration' or 'Change of Business Name Certificate' confirming the name change; plus
• An original Encoded Deposit Slip or original (or certified copy) of a bank statement or cheque drawn on the new bank account, showing the new details; plus
• A Linked Bank Account Change Form, signed by all authorised users and signatories.

Note: We cannot change an entity type for a Business Term Deposit. If you wish to change the entity type (e.g. from a Company to a Partnership etc), the current Business Term Deposit will need to be closed and you will need to open a new Business Term Deposit under the new entity type. We are more than happy to help you through this process. Just call us on 133 464 anytime.

To change authorised users, you need to complete an Update Business Details Form. This is available when you log in to your account, select "Business Details" and "Forms". If the authorised users are new ING DIRECT customers they will also need to supply an identification document. You need to fill in the appropriate details, have all authorised users sign the form, then return it to us at ING DIRECT, Reply Paid 3858, Sydney NSW 2001.

You can change your personal details by logging in to ingdirect.com.au, selecting "My Details" under the Business Finances section and the choosing "Contact Details". You will be able to update your residential and mailing addresses, phone numbers and email.

No. If you have already opened a Business Term Deposit, the interest rate will remain fixed for the duration of the term. The interest rate that applies to an ING DIRECT Business Term Deposit is the interest rate that is current on the date the Business Term Deposit is opened.

If you wish to close your Business Term Deposit before the maturity date, the interest you earn will be calculated from date the account was opened, to the date the account is closed. The interest rate will be the original interest rate, less the following rate reduction.

Business Term Deposit	Rate Reduction
30 Day BTD	0.25% p.a.
90 Day BTD	0.50% p.a.
120 Day BTD	0.75% p.a.
180 Day BTD	0.75% p.a.
210 Day BTD	1.00% p.a.
270 Day BTD	1.00% p.a.
330 Day BTD	1.00% p.a.
1 Year BTD	1.00% p.a.
2 Year BTD	2.00% p.a.

When your Business Term Deposit matures you have the choice of:

• opening a new Business Term Deposit for the same term
• opening a new Business Term Deposit for a different term
• closing your Business Term Deposit

If you decide to roll over to a new term, the interest rate will be the rate applicable at the new commencement date (you can also choose to add funds before it rolls over to a new term).

If you wish to change your maturity instructions or add to your deposit amount, you must do so at least two business days before the maturity date (online or by calling us on 133 464).

You are not able to withdraw funds during the term. If you do, your account will be closed and the funds transferred to your linked bank account. The interest rate that applies to your account will reduce (refer above for the rate reduction in "What interest rate do I get if I redeem my Business Term Deposit early").

You can change your maturity option by logging in to ingdirect.com.au and selecting "Move My Money" under Business Finances and "Business Term Deposit Maturity Options". You will be able to view your current maturity option and have the opportunity to change it, up to two business days prior to the maturity date.

You are not permitted to deposit money into a Business Term Deposit during the term. However, you are able to add funds if you have decided to roll over your Business Term Deposit into another term. You can nominate this amount in your maturity instructions and the amount will be transferred at maturity from your linked bank account.