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Old National Bank Review: No Shortage of Bank Accounts, but APYs Are a Mystery

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

Offer image for
Member FDIC.

Old National Bank

Bottom Line

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.

Pros
  • Option to earn big bank bonuses
  • Variety of deposit accounts
  • Wide ATM network
  • Option to waive account fees on most accounts
Cons
  • Limited branch network
  • Monthly maintenance fees
  • APYs aren't advertised online
  • Poor customer reviews

Old National Bank savings accounts

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.

Old National Bank Basic Savings

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

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 Select Savings

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 Kids Start Savings

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 Christmas Savings Club

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Old National Bank CD accounts

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.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Old National Bank CD
Old National Bank CD
Bottom Line

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.

MINIMUM DEPOSIT $500
Read Review
7 Mo. APY
4.75%

Compare CD rates

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.

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Old National Bank checking accounts

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.

ONB Everyday Checking

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 Preferred Checking

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 Classic Checking

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 Student Checking

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 EZ Access Account

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.

Compare checking accounts

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
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.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Old National Bank customer service and experience

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 relationship benefits

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.

Alternatives to Old National Bank

If Old National Bank doesn't seem like the best fit for your banking needs, here are some other banks to consider.

Ally Bank

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.

Capital One Bank

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.

Is Old National Bank right for you?

This bank might be a good fit for you if:

  • If you want a one-stop shop for all your banking needs, Old National Bank might be worth considering.
  • You live near an Old National Bank location and want to do your banking in person.

Our bank and credit union methodology

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.

FAQs

  • 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.