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Business Savings Account at ING

January 25th, 2010

If you have your own business you probably have a small business checking account, but you may have not considered getting a small business savings account. If you’ve got some excess money in your business there’s no point in not getting a little interest off of it.

business savings accountIt makes sense to have a local checking account for your small business because of the convenience of an ATM nearby and ability to cash checks in person. You don’t really need those capabilities for a savings account though which means you can have an online savings account. ING is one of the easiest online banking platforms to use and they offer an online business savings account.

The ING business savings account is very similar to their personal savings account, but you can only link 1 business checking account to your savings account. There are no minimum and no fees just like the personal account. You can setup access for up to 3 individuals, and the account is FDIC insured for up to $250,000. Any business or sole proprietorship can sign up for a business savings account.

Another nifty feature is that if you already have a personal account with ING, you can link it to your business accounts so you an manage both accounts under one login. To open a business account you’ll need your employer identification number (EIN) or social security number if you’re a sole proprietor. You’ll also need information for your business checking account that you want to link to your savings account.

After opening the account online you’ll need some additional paperwork to fill out. This includes a voided check for your business checking account and proof of existence for your business which may be articles of incorporation, non-profit paperwork, a charter, trade name registration, or any other type of proof that you are the owner of the company you’re opening an account for.

The initial deposit is put on a 10 day hold before it can be transferred out of the account. Deposits after the initial deposit are only held for 5 days. Finally, the account only has electronic transfers so no check deposits are accepted, which is sort of the idea of an online savings account. To open a business ING online savings account now click here.

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