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Old National Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Old National Bank Old National Bank Basic Savings Account
0.04 - 0.06% APY

Old National Bank stands as a regional financial institution serving communities throughout the Midwest for more than 180 years. Today, the bank offers a full suite of baking products including checking, savings and certificate of deposit accounts (CDs). You can also open an individual retirement account (IRA), apply for a mortgage and more. 

And although you won’t find the best savings accounts here, you’re likely to find a high-interest CD. And if you can deposit a sizable amount, you’d get access to Jumbo CDs with even better rates. 

In addition, Old National Bank gives its customers access to some impressive online and mobile banking tools like Money Management, a platform where you can monitor all accounts including ones with other banks. Its customers also have free access to thousands of ATMs throughout the country. 

Read on to learn more about where Old National Bank shines and where it falls short. We hope this review helps you decide whether you want to call Old National Bank “Your Bank For Life,” as its motto goes. 

Products Offered

Product Key Features
Savings Account
  • Five options
  • One designed for children
  • One meant to help you save for the holidays
Certificates of Deposit
  • High-yield CDs
  • Terms range from three months to five years
Money Market Accounts
  • Three account options
  • No (or low) monthly fees
Checking Accounts
  • Five choices
  • Access to more than 55,000 ATMs
  • One option designed for students
  • One account meant for seniors

Old National Bank Interest Rate Comparison

 

Old National Bank Overview

Old National Bank first opened its offices in 1834 in what would become Evansville, Indiana. The bank is still headquartered in the state. But today, its footprint spans Kentucky, Illinois, Michigan, Wisconsin, Minnesota and Indiana. Its services also expanded to meet the needs of local consumers and businesses alike. 

Bank Account Features 

Even though you won’t find the strongest savings accounts at Old National Bank, it offers a full suite of deposit accounts designed for different types of customers. If you just want a basic account, you may be interested in the Bank’s Regular Savings account with a low $4 monthly fee, which can be waived. Moreover, Old National Bank stands out with its high-interest CD accounts. In fact, the bank offers some of the best CD rates we’ve examined in the banking industry.

Compare Old National Bank to Other Competitive Offers

Basic Savings

Key Features Details
Minimum Deposit $50 
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees $4 monthly service fee unless you maintain a $300 minimum balance 
Current Terms and Rates 0.04% APY - 0.06% APY 

Those looking for a simple saving account with Old National Bank can turn to the Regular Savings option. It comes with a free ATM card for easier access to your savings.

However, it currently generates an introductory APY of 0.06%. That rate drops far below the national average rate. So, you might want to explore online high-yield savings accounts, which tend to offer superior rates.  

Still, this account is easy to manage. As long as you hold on to a minimum balance of $300, you can avoid the monthly service fee. 

Savings Plus

Key Features Details
Minimum Deposit $50 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees $4 monthly service fee unless you maintain a minimum balance of $2,000 
Current Terms and Rates
  • For balances less than $10,000: 0.25% APY
  • For balances of $10,000+: 1.25% APY

Customers with large balances who keep strong relationships with Old National Bank may be interested in the Savings Plus account. You’d need an Old National Bank checking account to open one. 

It earns a generous peak APY of 1.25%. However, you’d need at least a minimum balance of $10,000 to get it. But if you set up a recurring automatic transfer into this account, Old National Bank will waive the minimum balance requirement. 

Select Savings

Key Features Details
Minimum Deposit $50 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees $4 monthly service fee unless you meet certain requirements 
Current Terms and Rates
  • For balances less than $10,000: 0.05% APY
  • For balances of $10,000+: 0.03% APY

Unfortunately, the Select Savings account isn’t Old National Bank’s strongest product. It currently earns an APY of just 0.05%. And it actually dips with balances of more than $10,000. However, the bank gives you options to avoid the $4 monthly service fee. Just do the following. 

  • Maintain a $300 minimum balance
  • Have an Old National Bank account
  • Have an Old National Bank debit card

Kids Start Saving

Key Features Details
Minimum Deposit  $50
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly service fee 
Current Terms and Rates 0.03% APY 

If you want to help your child start learning the value of saving money as soon as possible, you can turn to the Kids Start Saving account by Old National Bank. The account will be under your child’s name. But you will serve as the custodian and only person who can authorize withdrawals. 

Old National Bank doesn't charge a monthly service charge for this account. It also waives the minimum balance requirement. However, it doesn’t earn a powerful APY. So it doesn't rank among the best savings accounts for kids

Christmas Savings Club

Key Features Details
Minimum Deposit $50 
Access to Your Savings Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees  No monthly service fee 
Current Terms and Rates   0.03% APY 

To help you save for the holidays, Old National Bank designed the Christmas Savings Club account. You won’t need to worry about a monthly service charge or keeping a minimum balance after you open this account. 

Afterward, you can start socking away money for stocking stuffers. However, you’d face an early withdrawal penalty if you take your money out before the account’s term ends. That typically extends until mid-October of a given year. 

Certificates of Deposit (CD)

Key Features Details
Minimum Deposit
  • For standard CDs $500 
  • For Jumbo CDs: $100,000
Access to Your CD Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fee, but early withdrawal penalties will apply
Current Terms and Rates For standard CDs 
  • 3 Months: 0.10% APY
  • 6 Months: 0.20% APY
  • 9 Months: 0.30% APY
  • 12 Months: 0.50% APY
  • 24 Months: 0.75% APY
  • 50 Months: 1.52%
For jumbo CDs
  • 3 Months: 1.96% APY
  • 6 Months: 2.11% APY
  • 9 Months: 2.22% APY
  • 12 Months: 2.32% APY
  • 50 Months: 2.65% APY

If you’re looking to earn a decent return from Old National Bank, look no farther than their CD products. When you open a CD, you deposit a certain amount of money with the bank for a specific amount of time. At Old National Bank, you can do it for anywhere from three months to 50 months. But if you take your money out before its term ends, the bank will hit you with a hard early withdrawal penalty. So it's best to open one for a term you can commit too. 

And if you do, you can expect a decent return. In addition, Old National Bank offers even better rates on its Jumbo CDs. But those require a minimum deposit of at least $10,000. If you can't do that, a standard CD with a minimum deposit of $500 still should earn you some extra cash. 

Individual Retirement Accounts (IRAs)

Key Features Details
Minimum Deposit
  • For standard CDs: $500
  • For Jumbo CDs: $100,000
Access to Your CD Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fee, but early withdrawal penalties will apply
Current Terms and Rates
  • 30 Months: 1% APY
  • 3 Years: 1.26% APY
  • 4 Years: 1.36% APY
  • 5 Years: 1.52% APY
  • 7-8 Years: 2.17% APY

At Old National Bank, you have the option of opening a traditional IRA or a Roth IRA. You can open either account for a certain time frame ranging from 30 months to 10 years. And compared to similarly sized banks, Old National’s IRAs carry descent rates. 

If you’re not sure which type to invest in, here’s an overview. With traditional IRAs, you get an up-front tax cut. Your contributions come out of your paycheck before Uncle Sam takes his cut and your interest grows tax free. However, you’d be taxed at your current rate when you make eligible qualified withdrawals. 

Roth IRAs, on the other hand, take after-tax contributions. This means the government already taxed your paycheck before contributions went into the account. Consequently, your qualified withdrawals will be tax-free, as long as you’ve held the account for at least five years. 

So a Roth IRA may be a lucrative choice if you expect to be in a higher tax bracket upon reaching retirement. But to make the best decision, you should choose a financial advisor to work with. This professional can help you make the right decision based on your individual situation. 

ONB Preferred Checking

Key Features Details
Minimum Deposit  $50
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • $15 monthly service charge unless you maintain a minimum balance of $5,000 or a combined minimum balance of $25,000 across all deposit accounts with Old National Bank

The ONB Preferred Checking account may also suit those who have strong relationships with Old National Bank and keep large balances. You can avoid the large $15 monthly service fee if you keep at least $5,000 in this account or $25,000 across all deposit options such as savings and CDs. 

You’d also get the following benefits free of charge: 

  • Free debit card with fee-free access to more than 55,000 ATMs in the AllPoint network nationwide
  • Free standard checks
  • Fee-free withdrawals at other banks’ ATMs
  • Free paper statements or eStatements 

Nonetheless, this account is tied to a very low current APY of 0.01%. So it can’t compete with the best checking accounts we’ve examined. 

ONB Classic Checking 

Key Features Details
Minimum Deposit $50 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees
  • $7.50 monthly service charge unless you maintain a $750 minimum balance or a combined balance of $5,000 across your checking, savings or money market accounts

According to Old National Bank, this account is best for customers who are at least 55 years of age. With this account, you have fee-free access to ATMs at all Old National Bank branches as well as more than 55,000 machines in the AllPoint network. In addition, the bank will provide you with free paper checks and eStatements. 

And as with all of the bank’s checking accounts, you get free access to online and mobile banking features. 

ONB Student Checking

Key Features Details
Minimum Deposit $50 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law
Fees  No monthly service charge

This account by Old National Bank is a solid choice for anyone under the age of 25. For starters, you don’t need to face a monthly service charge or keep a minimum balance. You also get free eStatements and access to all of the bank’s online and mobile banking features. 

Hassle Free Checking 

Key Features Details
Minimum Deposit $50 
Access to Your Checking Account Online, mobile and physical branches
Security FDIC insurance up to the maximum amount allowed by law 
Fees No monthly service charge 

You don’t need to keep a minimum balance. Plus, you get five free money orders per month. The bank also eliminates overdraft fees. And you get free paper statements as well as eStatements. However, you can’t avoid the $4.95 monthly service charge.

 

Where Can I Find Old National Bank? 

You can access more than 150 Old National Bank branches throughout Indiana, Illinois, Kentucky, Wisconsin, Michigan and Minnesota. With your Old National Bank ATM card, you can also access more than 55,000 ATMs in the Allpoint network nationwide. 

What Can You Do Online With Old National Bank?

Old National Bank offers an impressive suite of online features. The bank's mobile app is compatible with Apple Pay, Google Pay and Samsung Pay. So you can turn your phone into a digital wallet. Google Play users gave the app a strong 4.5/5 rating. Those on the Apple App store ranked it at 4.7/5. 

In addition, Old National Bank gives its customers access to PopMoney. This service lets you send cash to others using only their phone number or email address. 

Customers also have online access to Money Management. This platform allows you to monitor all your accounts including those tied to other financial institutions. This helps you to track spending and monitor your budget. 

And of course, you get the basic digital features you’d get as a client of any major bank: online bill pay, mobile check deposit, account management and text banking prompts. 

How Do I Access My Money?

The easiest way to access your cash is via an ATM machine. And when you open an account with Old National Bank, your access points extend to a couple thousand. Through the AllPoint network, you can even access your money fee-free in states where Old National Bank doesn't operate branches. 

How Can I Save More Money With an Old National Bank Account?

Your best bet to generate a strong return at Old National Bank is by opening a CD there. The longer you invest, the higher your rate would be. And the bank will be even more generous if you open a Jumbo CD with at least $10,000. Unfortunately, you won’t always earn the best return with the bank's savings accounts. But you can always use the bank’s digital tools like Money Management to keep track of your budget and expenses. 

What’s the Process for Opening an Account With Old National Bank?

You can walk into any bank during regular business hours. Or you can open an account online from the comfort of your own home. Of course, you’d need some basic information. So keep the following in hand. 

  • Social Security card
  • Driver’s License or state-issued ID
  • Last two addresses including current one 

What’s the Catch? 

The catch with Old National bank is that it doesn’t offer the best rates for its savings accounts. And its checking options don’t come with many unique features. However, the bank offers high-yield CDs, exceptional customer service, and useful digital tools. 

Bottom Line 

If you want to work with a regional bank that has strong ties to its communities, Old National Bank may be the place for you. It’s also great if you’re looking for simple, inexpensive checking and savings accounts or some CDs with great rates. 

The precedding rates were gathered following a call to the Old National Bank branch in Grand Rapids, Michigan. They are current as of August 2018. 

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