[IL, IN, KY, MI, MN & WI] Old National Bank $800 Business Checking Bonus

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Offer at a glance

  • Maximum bonus amount: $800
  • 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

Direct link to offer

  • Old National Bank is offering a bonus of up to $800 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 $200
      • Deposit $15,000 and earn $350
      • Deposit $25,000 and earn $500
    • You can also earn $100 for each of these services you add:
      • ONB Express Deposit
      • Merchant Services
      • Business Credit Card

The Fine Print

  • TO QUALIFY FOR A CHECKING ACCOUNT BONUS:
  • To earn the checking account bonus, client must complete each of the following requirements.
    • 1. Open a Free Business Checking or Business Partner Checking with a minimum deposit of $50 between May 3 – July 31, 2021. Offer available to accounts opened at any Old National banking center, accounts opened online are not eligible, AND
    • 2. Deposit minimum balance requirement by end of 30th calendar day and maintain Current daily balance requirement for days 31-90. To earn the $200 bonus, deposit and maintain $5,000 – $14,999.99; to earn the $350 bonus, deposit and maintain $15,000-$24,999.99; to earn the $500 bonus, deposit and maintain $25,000 or more. 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, AND
    • 3. Complete at least 2 ACH direct deposits OR 20+ payments (any combination of debit card, auto-debits (ACH) or checks) for days 31-90.
  • TO EARN ADDITIONAL CASH BONUSES:
    • To qualify for additional $100 Cash Bonuses (up to an additional $300), client must qualify for checking account bonus AND within 90 days of account opening:
    • 4. $100 Express Deposit Bonus: enroll and complete one ONB Express Deposit transaction into the business checking account. Purchase of remote check scanner required for Express Deposit; additional restrictions apply.
    • 5. $100 Merchant Services Bonus: execute a signed service agreement for Merchant Services and complete at least one merchant deposit into the business checking account. 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.
    • 6. $100 Credit Card Bonus: be approved for a new Small Business or Commercial Credit Card. 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, business checking accounts closed on or after June 1, 2020, or clients that have previously received a business checking bonus payout, additional bonuses available for new services and cards only. Other restrictions may apply, see bank for details. Limit one bonus per category 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-MISC. 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

Not as good as the $1,100 bonus last year. All of the tiers are lower this time unfortunately and one of the $100 bonus options (check positive pay has been removed). Still worth doing if you’re eligible as I doubt we will see that larger bonus return. Because of that we will add this to our list of the best bank account bonuses.

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