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: $300 or $450
Availability: IN, KY, MN & MI
Direct deposit required: Yes, $3,000 or $10,000
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: $6.95-$15, avoidable
Early account termination fee: $25, 180 days
Household limit: None mentioned
Expiration date: February 28, 2023 March 31st, 2023
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
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