[IL, IN, KY, MI, MN & WI, In Branch Only] Old National Bank $1,200 Business Checking & Savings Bonus

Offer at a glance

• Maximum bonus amount: $1,200
• 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 $500 when you open a new business checking account and $600 when you open a new savings account plus an additional $100 when you open both. Bonus is as follows:
  • Open a Business Savings account. Deposit required minimum deposit balance within 30 days of account opening.
    • To Earn $600: Deposit $50,000 or more
    • To Earn $300: Deposit $25,000 or more
  • Open a Free Business Checking or Basic Business Interest1 Checking account. Make 5 or more qualifying ACH direct deposits within 60 days of account opening.
    • To Earn $500: ACH direct deposits must total $10,000 or more.
    • To Earn $250: ACH direct deposits must total $5,000 or more.

The Fine Print

• 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

Savings bonus is an annualized return of 14.4% and checking bonus only requires an ACH credit which you could do when getting funds across for the savings bonus. Not sure what business documents are required when opening but does look worth doing and will add it to our best bank bonus page.

Hat tip to ShawntheShawn

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