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

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 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.

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.

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.

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.

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.

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.

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.

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.

Old National Bank money market accounts

• Market Monitor

Old National Bank credit cards

• Everyday Rewards+ Card
• Platinum Card
• Max Cash Preferred Card
• Travel Rewards+ Card
• Reserve Rewards+ Card
• College Real Rewards Card
• Max Cash Secured Card
• Secured Card

Old National Bank mortgages

• Fixed Rate Mortgage
• Adjustable Rate Mortgage (ARM)
• Construction Loan
• Lot and Land Loan
• Jumbo Mortgage
• Professional Mortgage
• Refinancing
• Home Equity Loan or Line of Credit

Old National Bank loans

• Personal Loan
• Auto Loan
• Boat, RV, or Specialty Vehicle Loan
• CD Secured Believer Loan

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