Update 1/16/24: Deal is back for 1/16 – 5/31 (ht Churnbaby)
Update 11/1/23: extended until 11/30/2023
Update 9/6/23: Deal has been extended until  10/31/2023. $300 checking bonus is now $250.
Update 6/24/23: Extended until 7/31/23.
Update 6/1/23: Extended until June 30.
Update 4/3/23: Now available in IA & IL now.
Update 3/29/23: Extended until Extended to 4/30.
Offer at a glance
- Maximum bonus amount:Â $300 or $450
- Availability: IN, KY, MN & MI
- Direct deposit required: Yes, $3,000 or $10,000
- Additional requirements:Â See below
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â Up to $500, can fund with American Express, Visa & Mastercard
- Monthly fees:Â $6.95-$15, avoidable
- Early account termination fee:Â $25, 180 days
- Household limit:Â None mentioned
- Expiration date:Â
February 28, 2023March 31st, 2023
Contents
The Offer
- Old National Bank is offering a $450 and $300 checking bonus. Bonuses are as follows:
- $450 bonus when you open a new ONB Preferred checking account and complete the following requirements within 90 days of account opening:
- Make 2 or more ACH direct deposits totaling $10,000 or more
- Enroll and log in to online or mobile banking
- $250 bonus when you open an ONB Everyday checking account and complete the following requirements within 90 days of account opening:
- Make 2 or more ACH direct deposits totaling $3,000 or more
- Enroll and log in to online or mobile banking
- $450 bonus when you open a new ONB Preferred checking account and complete the following requirements within 90 days of account opening:
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
ONB Everyday ($300 Bonus)
ONB Everyday, this has a $6.95 monthly fee that is waived if you do any of the following:
- Have a total of $500 in direct deposits each month
- Maintain a minimum daily balance of $750
- Maintain a combined balance of $1,500 in checking, savings or money market accounts
- Are an active member of the US Military
ONB Preferred ($450 Bonus)
This account has a $15 monthly fee. This is waived if you do any of the following:
- Maintain a $5,000 daily balance OR
- Maintain a $25,000 combined minimum daily balance in other checking, savings, money market accounts, CDs, or loans with similar ownership
Early Account Termination Fee
Account needs to be kept open for 120 days.
Our Verdict
Previously best offer was a $200 bonus. Bit annoying to keep the $450 bonus account keep fee free, but worst case scenario you can just do the $300 bonus instead. We will add this to our list of the best bank account bonuses.
Hat tip to reader Igor
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
Denied due to Chex. To be fair, I have opened 10 other bank accounts in the past 12 months. I called in and the rep said it was not an identification thing, but he couldn’t tell me beyond that it was related to ChexSystems.
I’ve had an account for a few months, but I can’t seem to figure out why around the time of opening I had 8 different chex inquiries from them over the course of 2 months
from my last statement. min daily balance to avoid fee is now $500:
Effective April 1, we are making it easier to avoid incurring a monthly service charge fee on your Everyday Checking Account!
• The minimum daily balance requirement is being reduced from $750 to $500
• We are now also waiving the monthly service charge fee if 15 or more Old National Bank debit card purchase transactions are posted from this account during the statement cycle (pending debit card transactions are excluded).
looks like this pays out pretty much 120 +/- 5 days. don’t expect anything early/quick here
Denied due to chex, lol/24
April 5th, got a request to complete taxpayer verification W-9. Completed my deposits last month with Fidelity brokerage transfers. I am guessing the W-9 is in preparation to send out the bonus, but could be wrong.
Several comments in this thread indicate that Old National does not issue a 1099 for bonuses under $600 or for interest under $10. Do you have another account relationship with Old National? Was your original application online or in branch? Thanks
I did not, but my wife had an employer HSA with them a couple years ago, so our address would be in the system.
Sure, but I believe they were likely out of compliance doing that. It’s a new year and it seems they’re getting their compliance figured out. They did originally reach out via phone and have me send a photo of my ID.
There are branches in my area, so that may have affected approval, too.
Decline online, said ‘couldn’t verify identity’. Called and the CSR said to go in branch. I’m assuming I was denied due to Chex (~8 in 6 mo).
applied in-branch with them the last time this offer came around (oct 2023), was declined due to chex inquiries- per the banker, chex 10/12 is an automatic rejection in their system, no appeal (even though i was very obviously a real customer). no negative info on my chex report, it was purely inquiries.
STEPS TO EARN $450
Open an ONB Preferred Checking1 or an ONB Everyday Checking account and keep open for a minimum of 120 days
So looks like Everyday checking should be sufficient for 450 bonus
I haven’t found any information – either in this post/comments, or on their website – on if this can be achieved a second time? And what the waiting period would be?
Thanks in advance