ING Business Savings Account Review

Early last year I formed an LLC for my online business. There are several reasons why I did this, but one of them was to make it easier to separate my business income and funds from my personal accounts. I needed a business checking account, and at some banks it is easier to open a business bank account with a legal entity other than a sole proprietorship.

Soon afterward I opened a free business checking account at my local bank. Unfortunately, my bank’s business savings account paid out at well under 1%, so I decided I needed to put my excess funds into an online business savings account where I could earn a larger return on my money.  I needed a local bank for my business checking, but I didn’t need a local bank for my business savings account. Enter the ING Business Savings Account, one of the most widely available high yield business savings accounts.

ING Business Savings Account Review

The ING Business Savings Account is similar to the ING Direct Savings account in several ways, but there are some key differences. First, the ING Business Savings Account is designed only as a savings account. It does not offer a checking account option and you can only link one business checking account to your ING Business Savings Account (unlike ING Direct Savings Account which you can use to link to multiple external accounts).

Key features of the ING Business Savings Account:

• High Annual Percentage Yield – 1.15% APY (effective 09/08/2009).
• No minimums, fees or service charges.
• Account access for up to 3 authorized individuals.
• FDIC Insured up to $250,000 per business.
• High yield CDs.

How to qualify for a ING Business Savings Account:

To open an ING Business Savings Account, you need to have a business entity in any of the following categories:

• Sole Proprietorships
• Partnerships
• Limited Liability Companies (LLCs)
• Corporations
• Not-for-profits and small organizations

How to open a ING Business Savings Account:

The ING Business Savings Account is easy to open, but it requires more paperwork than a personal savings account. The good news is that if you already have an ING Direct account, you can opt to use the same contact information and view your business account under the same login as your ING Direct Savings Account. (note: the accounts will be accessible under the same login, but you will not be able to transfer funds between the accounts; you can only link the ING Business Savings Account to one external business account). Still, it is very nice not to have another login and password to remember! (Note: you can add up to 3 users, including yourself. Each person gets their own login and PIN, and will not have access to your personal account).

What you need to open an ING Business Savings Account:

• Your Business Employer Identification Number (EIN) or Social Security Number (SSN) for Sole Proprietors
• Your Personal Social Security Number
• Your existing business checking account and routing number

After opening your account, you will need to send in some additional information and legal paperwork regarding your business. You will have 60 days to provide the following information:

• Voided Check with the Exact Business Name Preprinted
• Proof of Existence Documentation. Depending on your business formation, these items may include one of the following: Articles of Incorporation, Certificate of Existence or Status, Certificate of Formation, Charter, Trade Name Registration, non-profit paperwork, or other documentation. You can see a full list of options at the ING Business Savings Account sign up page.

Other items of note regarding the ING Business Savings Account

The ING Business Savings Account only allows electronic transactions from one other bank account. You must link your ING Business Savings Account to another business checking account.

• There is a 10 business day hold before initial deposits can be transferred back to your linked business checking account. After this hold has expired, all future deposits are subject to a 5 business day hold.
• You may grant account access to an additional two people associated with your business either during the application process or after your account has been opened.
• Electronic transfers only – no deposits by check.

My thoughts on the ING Business Savings Account

If you need a high yield business savings account to earn extra money on your business funds, then I recommend the ING Business Savings Account. Keep in mind that you can only link one external account and there will be a 2-3 day delay when transferring funds. As long as you plan around your transactions, you can earn much more interest than you would in most business savings accounts.

ING Business Savings Account $25 sign up bonus. You can receive a $25 bonus if you open a new ING Business Savings Account with a minimum of $250. Visit the $25 ING Business Savings Account Sign up Bonus page for more details.

ING Direct $25 sign up bonus (personal accounts). You can receive a $25 bonus if you open a new ING Direct Savings Account with a minimum of $250. Visit the $25 ING Direct Bonus Referrals page for more details.

Tagged as: high yield business savings account, high yield savings accounts, ING Business SAvings Account, ing direct, Small Business