Old National Bank Review: No Shortage of Bank Accounts, but APYs Are a Mystery
Review
Updated
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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 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.
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.
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.
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.
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 |
|---|---|---|---|
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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%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
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT'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.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express'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.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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 4.15%. 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.
| 5 Mo. APY |
|---|
| 4.15% |
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 |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
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.
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).
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.
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.
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.
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 |
|---|---|---|---|
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.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic'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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
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:
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.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
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. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
