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ING Direct is changing the market again.

The company that revolutionized the online savings account and introduced the Electric Orange checking account has now taken savings to businesses.

The ING Direct Business Savings Account pays a 5% APY with no minimums or fees, allows up to three people to have access, and is designed to work just like the consumer savings account.

The business savings account is available to:

• Sole Proprietorships
• Partnerships
• Limited Liability Companies (LLCs)
• Corporations
• Not-for-profits (such as churches) and small organizations (such as a homeowners' association).

Unlike the consumer savings account, you need to be approved in order to qualify. The documents you need to submit vary depending on what type of business you run. Here's a list of what you will need.

With ING's savings account rate consistently lagging behind the competition — and customers taking their money out in swarms — the company seems to be consistently creating new, innovative products.

Obviously, there isn't much innovate about the new business accounts, but it is a new target market. Small businesses can be nickel-and-dimed by banks … why shouldn't someone cater to them?

(Link via Bank Deals)