Update 8/4/24: Extend to 09/30/24.
Offer at a glance
- Maximum bonus amount: $1,200
- Availability: IL, IN, KY, MI, MN & WI
- 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: July 31, 2021
Contents
The Offer
- Old National Bank is offering a bonus of up to $500 when you open a new business checking account and $600 when you open a new savings account plus an additional $100 when you open both. Bonus is as follows:
- Open a Business Savings account. Deposit required minimum deposit balance within 30 days of account opening.
- To Earn $600: Deposit $50,000 or more
- To Earn $300: Deposit $25,000 or more
- Open a Free Business Checking or Basic Business Interest1 Checking account. Make 5 or more qualifying ACH direct deposits within 60 days of account opening.
- To Earn $500: ACH direct deposits must total $10,000 or more.
- To Earn $250: ACH direct deposits must total $5,000 or more.
- Open a Business Savings account. Deposit required minimum deposit balance within 30 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
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
Savings bonus is an annualized return of 14.4% and checking bonus only requires an ACH credit which you could do when getting funds across for the savings bonus. Not sure what business documents are required when opening but does look worth doing and will add it to our best bank bonus page.
Hat tip to ShawntheShawn
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
I applied for and was approved for a business account in the branch. The banker, who has been with the bank for some time, was not aware of any way to fund the account with a credit card. That would mean credit card funding is online only and could not be used for this offer, which must be done in branch.
The banker also stated that the limitation on the bonus was one bonus per signer / owner, not business. So it would not be possible to generate the bonus for multiple businesses, which is what I would have tried to do.
Of course, this is just what one banker said. I am curious if anyone has been able to get multiple business bonuses here.
whats your chex? did they inquire on your report?
Wouldn’t the CC funding code as CA if you’re funding in branch?
They do not pull your personal Chex for a business checking account. Source: I applied in branch and was approved for business checking but denied for personal checking due to Chex. The banker confirmed the lack of Chex pull for business checking.
Qualifying ACH direct deposits include ACH credits. Deposits made by teller/ATM/mobile deposits, transfers between Old National accounts, wires, external transfers from other accounts at other financial institutions do not qualify.
I wonder if anything other than a true direct deposit would qualify me for the $500 checking bonus.
The terms are poorly drafted, but my guess is that qualifying “ACH credits” refers to pushes, whereas nonqualifying “external transfers from other accounts at other financial institutions” refers to pulls. Otherwise the terms make no sense, as businesses do not normally receive direct deposits.
The terms now say: Open a Free Business Checking account or Basic Business Interest Checking account with a minimum deposit of $50 between 5/28/2024 and 9/30/2024.
You should change the expiration date above from 07/31/21 to 09/30/24.
Please show me the math that proves the Savings bonus is an annualized return of 14.4%
$25,000 in my 5.25% APY account would earn me (25,000 x .0525/360 days x 90 days = $328.) or $28 greater than the $300 savings bonus. That tells me the savings bonus is not worth it because I would lose $28.
Your math checks out. 14.4% makes no sense.
Very sensitive to previously opened accounts in my experience. I had 3 accounts opened just under two months when I tried to apply and after review they denied me with the report from Chex. Successfully opened 5 other bank accounts after that.
even after you opened in branch?
Denied for personal online and biz a few months later in branch. Was a bit surprised at the biz one, never happened before. Might have been because of the personal denial. I had pulled back after the first denial, only opened two accounts between the apps. After the biz denial I opened 4 more with no Chex denials. I just concluded they were sensitive in my case.
Doesn’t hurt to see if you can get approved
Eh, it’s a waste of time in my case as they deny for opening many other bank accounts. Even in person. See dps above.
I opened my personal account with them after opening about 15 other accounts in 6 months and didn’t have an issue.
Savings bonus requires keeping the deposit in the account from days 31-120. Doesn’t seem worthwhile. But checking bonus looks good if opening process isn’t too onerous.
From their website…
What to Bring When You Visit Us
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