ING extends online account to business

ING Direct has introduced a similar high-interest online savings account for businesses to that available to consumers since 1999. The Business Optimiser offering is an at-call savings account which matches the Savings Maximiser account currently paying interest at 5 per cent with no fees or minimum balance requirements. It can be used by businesses and trusts to house surplus cash at call and can be linked to an existing transaction account at another bank. Withdrawal and deposit access is restricted, however, to phone or internet transactions, like the Maximiser account and other online savings accounts now proliferating in this category. ING's Australian banking operation also announced an increase in after-tax profit to $78 million on the back of 200,000 new customers last year who pushed total deposits up 50 per cent to $11.4 billion.