[Expired] [IL, IN, KY, MI, MN & WI] Old National Bank $1,100 Business Checking Bonus

Deal has now ended, view the best current business checking bonuses by clicking here

Offer at a glance

• Maximum bonus amount: $1,100
• Availability:  IL, IN, KY, MI, WI, MN
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $500, can fund with American Express, Visa & Mastercard
• Monthly fees: None
• Early account termination fee: $25, 180 days
• Household limit: None
• Expiration date: November 30th, 2019 December 31st, 2019

The Offer

Direct link to offer

• Old National Bank is offering a bonus of up to $1,100 when you open a new business checking account. Bonus is as follows:
  • Deposit and maintain the balance for 60 days:
    • Deposit $5,000 and earn $300
    • Deposit $15,000 and earn $500
    • Deposit $25,000 and earn $700
  • You can also earn $100 for each of these services you add:
    • ONB Express Deposit
    • Check Positive Pay
    • Merchant Services
    • Business Credit Card

The Fine Print

• From August 26, 2019–November 30, 2019 open a Free Business Checking (not available in WI), Essential Business Checking (only available in WI), or Business Partner Checking with a minimum deposit of $50.
  • To earn the $300 bonus: Account Current Balance of $5,000 on day 30 AND maintain that balance for an additional 60 days (days 31-90)
  • To earn the $500 bonus:Account Current Balance of $15,000 on day 30 AND maintain that balance for an additional 60 days (days 31-90)
  • To earn the $700 bonus: Account Current Balance of $25,000 or more on day 30 AND maintain that balance for an additional 60 days (days 31-90)
• Current Balance will be based on the end of the 30th calendar day the account is open; and for the next 60 calendar days (days 31-90); and will be determined using Old National’s Funds Availability Policy.
• To qualify for additional $100 Cash Bonuses (up to an additional $400), client must (1) meet all requirements for checking cash bonus AND (2) within 90 days of account opening, enroll and complete one ONB Express Deposit transaction into the business checking account, execute a signed service agreement for Check Positive Pay and/or Merchant Services, and/or be approved for a new Small Business or Commercial Credit Card.
• If client does not qualify for checking cash bonus, they will not be eligible for additional cash bonuses. Purchase of remote check scanner required for Express Deposit; additional restrictions apply.
• Monthly and transaction fees for Merchant Services apply; credit- and debit-card acceptance service is subject to credit approval by Elavon, a third-party service provider.
• Small Business and Commercial credit cards, subject to credit approval, are issued by First Bankcard®, a division of First National Bank of Omaha, pursuant to a license from Visa U.S.A., Inc. VISA is a registered trademark of Visa International Service Association and used under license.
• New credit card owners Tax Identification Number (TIN) must match TIN/SSN on new checking account to qualify.
• Offer is not available for clients with an existing Old National business checking account or business checking accounts closed on or after January 1, 2019; additional bonuses available for new services and cards only.
• Other restrictions may apply, see bank for details.
• Limit one bonus per TIN/SSN.
• Account must be open and in good standing at the time the incentive is paid.
• The qualifying bonus(es) will be credited to your Old National business checking account within 45 days from the end of the month in which you complete all offer requirements
• . Bonus may be reported on IRS Form 1099-INT. Old National reserves the right to discontinue offer at any time. Not valid with any other Old National offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Free business checking has no monthly fee to worry about (available in all states apart from Wisconsin). Essential business checking account is required in Wisconsin, not sure if this has a monthly fee or not.

Early Account Termination Fee

There is an early account termination fee of $25 if closed within 180 days.

Our Verdict

Definitely worth doing, although I don’t think the additional $100 bonuses are worth it (credit card will be a hard pull, merchant services are never worth doing. Other two might be worth it). I’ll be adding this to our list of the best business checking bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times