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Old National Bank is a brick-and-mortar institution with locations in seven midwestern states. Though it offers a wide variety of accounts, including checking, savings, and CDs, it doesn't show its savings rates online. If that doesn't faze you, read on to learn what Old National Bank has to offer.
Old National Bank offers a wide selection of banking products. The bank doesn't disclose APYs for savings accounts and CDs online and even requires you to open some accounts at a physical branch. Even so, it could make a great one-stop financial shop for all your banking needs, especially if you live near an Old National Bank and value in-person consultations.
Old National Bank has six distinct savings accounts. They all require a $50 opening deposit and give you several options to waive account fees -- if the account has them at all. The bank also charges a $25 fee if you close the account within 180 days of opening it. Unfortunately, Old National Bank doesn't show its interest rates for savings accounts online, which makes it difficult to compare them with the best high-yield savings accounts.
As the name suggests, this is Old National Bank's basic savings account. It has a $4 monthly maintenance fee, which you can waive by maintaining a minimum balance of $300. Better yet, the account comes with an ATM card that you can use at Old National Bank ATMs to pull out cash. Unlike other Old National Bank savings accounts, you can open this one online.
Old National Bank Basic Savings
The Basic Savings account isn't the most exciting savings account you'll find. Although Old National Bank doesn't disclose its savings rate online, you might find higher APYs on free online savings accounts.
Old National Bank Savings Plus is a free savings account. You need an Old National Bank checking account to open the Savings Plus, plus you'll have to visit an Old National Bank location, as you can't open this account online.
Old National Bank Savings Plus
This account is well-suited for those who already have an Old National checking account and want to set up a savings plan. Otherwise, there are better savings account options available.
This savings account has a tiered interest rate system. Much like its APYs, the tiers aren't revealed online, thus requiring you to visit a local Old National Bank to get more information. The account has a $4 monthly fee that's waivable when you have an Old National Bank checking account and maintain a minimum balance of $300.
Old National Bank Select Savings
If you want to earn more interest than the Basic Savings, this account could be right for you. Before you decide, however, make sure you compare its saving rate with the APYs on other high-yield savings accounts.
This is a free kids' savings account for those aged 18 and younger. It has no monthly fees, no minimum balance requirements, and earns interest on your balance. Like other Old National Bank savings accounts, it has a $50 minimum opening deposit.
Old National Bank Kids Start Savings
This kids' savings account is free and has a low minimum opening deposit. However, it likely doesn't have a high APY, nor does it offer many robust educational and savings tools.
If you struggle to save for Christmas, this savings account might help you build momentum throughout the year. However, since APYs aren't disclosed online, it's hard to say if it's worth saving money here instead of a high-yield savings account with potentially greater earnings. The account doesn't have a monthly maintenance fee, but it imposes a $15 fee per withdrawal.
Old National Bank Christmas Savings Club
The Christmas Savings Club is designed to help you save for the holidays. Even so, you might be better off opening a high-yield savings account and earning more interest on your Christmas savings.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
Old National Bank offers short and long term certificates of deposit (CDs), though, like its savings accounts, it doesn't disclose details online. All we know is that the CD requires a $500 minimum deposit, with a maximum deposit of $500,000.
That said, Old National Bank is currently advertising a 7-month CD with a fairly competitive APY of 4.75%. While that's a decent saving rate for a CD, it isn't the highest APY we've seen for a short term.
APY = Annual Percentage Yield
At this time, Old National Bank only offers one specific CD rate and term online, but its lineup includes many more than that. The bank's website states you can choose from a variety of terms, both short and long, and open a CD with as little as $500 or as much as $500,000. You'll need to make an appointment at an Old National Bank branch to find out what CDs are on offer and to open one, if you so choose.
7 Mo. APY |
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4.75% |
To give you an idea of how Old National Bank might stack up against other CD providers, here are some of today's most competitive CD rates.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.20% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
Old National Bank offers five checking account options -- some earn interest, while others are built for everyday spending. Each account comes with a debit card, which gives you fee-free access to over 55,000 ATMs worldwide. The accounts also have overdraft solutions, fraud monitoring, and digital banking services like mobile deposit.
In light of these similarities, let's look at what makes these accounts distinct.
This is Old National Bank's basic checking account. The account requires a $50 opening deposit and a $6.95 monthly service fee. You can waive the fee by having a total of $500 in monthly direct deposit, maintain a daily balance of $750, or maintain a $1,500 combined balance among all your Old National Bank accounts. Active duty military personnel can also request a fee waiver.
Perhaps the most exciting part of the ONB Everyday Checking is its sweet sign-up bonus for new clients. If you open an ONB Everyday Checking (or ONB Preferred Checking, discussed below) with a minimum deposit of $50 before May 31, 2024 and keep your account open for at least 120 days, you could qualify for a $450 or $250 cash bonus.
To snag the $450, you have to complete at least two qualifying ACH direct deposits totaling $10,000 or more within 90 days of opening your account. If you can't complete at least two direct deposits totaling $10,000, you could snag the $250 by completing two direct deposits totaling at least $3,000. Note: your checking account has to be open with a balance greater than $0 at the time the bonus is paid to remain eligible.
ONB Everyday Checking
For a no-frills, simple checking account, look no further than the ONB Everyday Checking. This account has a low minimum opening deposit ($50), plus an easy-to-waive monthly service fee. To top it off, new clients can earn a big bank bonus when they meet some direct deposit requirements.
The ONB Preferred Checking is an interest-bearing checking account with some decent perks. You get five free foreign ATM withdrawals per month and free Old National standard checks (25% off other styles). Although this checking account does earn interest, don't get too excited: Your money will grow at a snail's pace of 0.01% annually.
ONB Preferred Checking has a $15 monthly maintenance fee, which can be waived in two ways: maintaining a $5,000 daily balance or maintaining $25,000 among all your Old National accounts. Like the ONB Everyday Checking account, the ONB Preferred Checking also has a $250 or $450 sign-up bonus for new clients (check above for more details).
ONB Preferred Checking
The ONB Preferred Checking is great for Old National clients who want to earn a little extra on their checking account balances. However, its APY is super low and can't compete with today's top-paying checking accounts.
The ONB Classic Checking is designed for Old National banking clients aged 50 or above. Like the ONB Preferred Checking account, it also earns interest and comes with complimentary Old National Bank standard checks, plus 25% off other styles. The monthly maintenance fee is $7.95, but you can waive it by maintaining a minimum balance of $750 or a combined minimum balance of $5,000 among all your Old National Bank accounts.
ONB Classic Checking
The ONB Classic Checking account might be right for you if you're aged 50 or above and want a simple checking account that also earns interest.
This free student checking account is available to students under the age of 25. While it doesn't earn interest, it also doesn't have monthly maintenance fees or minimum balance requirements. It also gives you access to ATMs and banking centers around over 100 colleges.
ONB Student Checking
This account is perfect for students who want free checking. It's even better if your college is near one of Old National's free ATMs, as you can avoid out-of-network fees on cash withdrawals.
The ONB EZ Access Account is a checkless checking account. It has no minimum balance requirement and no overdraft fees, but it does charge a flat monthly service fee of $4.95, which is not waivable. You also can't open the account online; you must visit your local Old National Bank brick-and-mortar branch to get started.
ONB EZ Access Account
The ONB EZ Access Account might be right for you if you occasionally overdraft your account and want to avoid pesky fees. However, in light of its monthly account fee, you might want to look at some free checking accounts with similar overdraft protections before you sign up for this one.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
Account | APY | Promotion | Next Steps |
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
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Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 1.10%
Min. to earn: $1
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High APY when you complete 10 or more qualifying debit card purchases each month
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Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
The Client Care center at Old National Bank has great customer service hours. You can call from 8 a.m. to 7 p.m. ET from Monday through Friday, plus 8 a.m. to 1 p.m. on Saturdays. The center is closed on Sundays.
As far as customer service reviews go, Old National Bank doesn't have a perfect record online. Though it has an A+ Better Business Bureau rating, it also has a 1.23 out of 5 stars on the same profile based on 48 customer reviews. To be fair, reviewers often use third-party sites to complain more than offer praise, which could give the impression that the bank's customer service is more incompetent than it actually is. Still, if you're considering Old National Bank as your primary bank, it's worth reading through some reviews.
Old National Bank has some relationship benefits. Perhaps the most significant is the waived monthly maintenance fee on certain checking accounts when you maintain a combined minimum balance across all your Old National Bank accounts, including checking, savings, money market, and CD accounts.
If Old National Bank doesn't seem like the best fit for your banking needs, here are some other banks to consider.
For a great online-only bank, check out Ally. Like Old National Bank, Ally Bank offers a varied selection of deposit accounts, including savings, checking, and CDs. Many of these accounts have no fees, no monthly minimums, and super competitive APYs. It doesn't have brick-and-mortar locations, but it does boast a robust mobile app with numerous features and tools designed to help you hit savings goals.
If you like the limited fees and competitive APYs of online banks, but prefer to do your banking in person, Capital One Bank could be a good choice. The bank offers a variety of deposit accounts and doesn't skimp on the APYs. It has physical branches in most big cities and has consistently ranked high in customer service satisfaction.
This bank might be a good fit for you if:
Old National Bank has a full line-up of financial products, including credit cards, mortgages, and loans. To give you an idea of what's available, here's what the bank offers its clients.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
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You can find Old National Bank in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, and Wisconsin.
Yes, if you overdraw your checking account by $25 or more, Old National Bank will charge a $36 fee for each overdraft item, up to four per day. If your account remains overdrawn for seven consecutive days, you will also pay a $7 daily overdraft fee for up to 10 business days.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.