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
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.
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
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A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
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How To Use Our Direct Deposit Page For Bank Bonuses Page
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