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Business Insider's personal finance team compared Old National Bank to the best banks and found it to be a standard offering. Its CD rates are strong for a brick-and-mortar bank, but its other savings account rates aren't as strong, and many of its accounts come with monthly service fees.
Old National Bank is available to residents of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin. If you'd like to avoid common bank fees, other financial institutions might make it easier with low-fee savings and checking accounts. You can also check out the best online banks if you don't live in an area with an ONB branch.
Old National Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.25 |
| Checking | 3.75 |
| CD | 3.25 |
| Money market account | 4 |
| Trustworthiness | 5 |
| Total | 3.75 |
Old National Bank Pros and Cons
| Pros | Cons |
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About Old National Bank
Old National Bank has nearly 300 branches in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin. Customers also have access to over 55,000 free ATMs through the Allpoint ATM network.
To contact customer service, call from 7:00 a.m. to 6:00 p.m. CT on weekdays, or 7:00 a.m. to 12:00 p.m. CT on weekends.
Old National Bank's mobile banking app is rated 4.7 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store.
Deposits with Old National Bank are FDIC-insured. Up to $250,000 is secure in an individual bank account.
Is Old National Bank Trustworthy?
The Better Business Bureau rates businesses by how they deal with customer issues. Old National Bank has received an A+ rating.
Old National Bank has not been involved in any recent controversies.
Old National Bank FAQs
You may open an Old National Bank checking account, savings account, or money market account with a minimum of $50. CDs require an initial deposit of $500.
Old National Bank has over 200 branches in the Midwestern region of the US. The regional bank serves residents in Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Tennessee, and Wisconsin.
Old National Bank might be a good option if you prefer a traditional banking experience to online banking, but you still want to earn a decent interest rate on a CD. If you're searching for high interest rates on other types of savings accounts, though, you'll want to consider other banks.
Old National Bank Reviews
ONB Basic Savings Account
$4 monthly service fee
0.01%
$50
- Possible to waive the monthly service fee
- ATM card included
- Low interest rate
- $4 monthly service fee
- Limit of 3 withdrawals per month
- $2 charge if you exceed the monthly withdrawal limit
- Nearly 200 branches in IL, IN, KY, MI, MN, and WI
- To waive the $4 monthly service fee, you must keep at least $300 in your account daily
- Interest compounded and deposited quarterly
- Member FDIC
The ONB Basic Savings Account works best if you regularly maintain at least $300 in your account daily, so you can waive the $4 monthly service fee. It's also a savings account with an ATM card — a unique perk for a traditional savings account.
Bear in mind other banks pay higher interest rates on savings accounts. Our best high-yield savings accounts guide features strong contenders if one of your main priorities is earning more interest on your savings.
ONB Everyday Checking Account
$6.95 monthly service fee
None
$50
- Possible to waive monthly service fee
- Overdraft protection available
- $50 minimum opening deposit
- $36 overdraft fee
- $12 overdraft transfer fee
- $6.95 monthly service fee
- $3 out-of-network ATM fee
- Nearly 200 branches in IL, IN, KY, MI, MN, and WI
- Access to over 55,000 free ATMs through the Allpoint ATM network
- To waive the $6.95 monthly service fee, you must meet one of the following requirements: receive a total of $500 or more in direct deposits each month; keep a minimum of $750 in your account daily; maintain a total balance of at least $1,500 across all your Old National Bank accounts; or be an active member of the military
- You may overdraw your account by $25 or less, and you won't have to pay an overdraft fee
- Overdraft protection that lets you apply for a line of credit or link your checking account to another Old National Bank account
- $12 transfer fee if you utilize overdraft protection
- Member FDIC
The ONB Everyday Checking Account might be worthwhile if you are part of the military, receive a total of $500 or more in direct deposits monthly, or meet one of the account minimum balance requirements. That way, you'll avoid paying a $6.95 monthly service fee.
You'll want to be mindful of overdraft fees or out-of-network ATM fees. The bank doesn't offer free overdraft protection or ATM fee reimbursements on the account.
ONB CD
0.10% to 4.75%
$500
- $500 minimum opening deposit
- Good interest rates compared to other brick-and-mortar banks
- Variety of terms
- Standard early withdrawal penalties
- Interest compounded annually or at maturity, not daily
- Online banks may still pay higher interest rates on CD
- Nearly 200 branches in IL, IN, KY, MI, MN, and WI
- Access to over 55,000 free ATMs through the Allpoint ATM network
- Terms from 91 days to 5 years
- Early withdrawal penalties depend on CD term and amount deposited; Contact your nearest branch for more information
- Interest compounded and deposited annually or at maturity
- Member FDIC
Old National Bank CDs are the bank's strongest products. These CDs may stand out to you if you don't have a lot of money for an initial deposit. Compared to other brick-and-mortar banks, you'll also earn a higher interest rate regardless of which term you choose.
ONB Market Monitor Account
$20 monthly service fee
up to 3.75%
$50
- Low minimum opening deposit
- Possible to waive monthly service fee
- Check writing included
- ATM card option
- Low interest rate
- $20 monthly service fee
- Nearly 200 branches in IL, IN, KY, MI, MN, and WI
- Access to over 55,000 free ATMs through the Allpoint ATM network
- Earn 0.05% APY with a balance of $19,999 or less
- Earn 3.75% APY with a balance of $20,000 or more
- To waive the $20 monthly service fee, keep at least $5,000 in your account daily
- Interest compounded and deposited monthly
- Member FDIC
The ONB Market Monitor Account has a hefty $20 monthly service fee if you don't keep at least $5,000 in your account daily.
While you'll have easy access to deposits, the money market account pays a pretty low interest rate even if you have a high account balance.
How Old National Bank Compares
Old National Bank vs. Fifth Third Bank
Fifth Third Bank offers a more appealing checking account than Old National Bank.
The Fifth Third Momentum Checking doesn't charge monthly service fees and has free overdraft protection. If you don't sign up for overdraft protection, Fifth Third Extra Time is also available. The program waives overdraft fees on the bank's checking account if you restore your account balance before midnight ET the next business day.
If your goal is to get the best CD rates, your top choice might depend on how much money you're planning on putting in your CD. ONB CDs require a minimum of $500 to open a CD, and they have rates of 0.10% to 4.75% APY, while Fifth Third Bank requires a minimum of $500 to $5,000 to open a CD and pays rates of 0.01% to 4.50% APY. Fifth Third's best-rate CDs all require the higher minimum opening deposit to open.
Old National Bank vs. Huntington Bank
If you are searching for a strong checking account, you'll want to go with Huntington over Old National Bank.
The Huntington Asterisk-Free Checking® Account is a low-fee checking account with no monthly service fee that currently offers a None.
Old National Bank might be worthwhile if you're looking for CDs. ONB CDs pay interest rates of 0.10% to 4.75% APY, while Huntington Bank Fixed Rate CDs pay interest rates of 0.50% to 3.05% APY.
Why You Should Trust Us: How We Reviewed Old National Bank
At Business Insider, we use our bank account rating methodology to rate both banking products and banks as a whole. To get a final rating for a bank, we start by rating its available banking products.
We rate banking products by rating the product from zero to five across several categories. These categories differ from product to product, but they include things like customer service options, interest rates, overdraft protections, transaction limitations, ATM networks, and early withdrawal penalties.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
We rate bank accounts on a scale from one to five stars. Generally, a five-star bank will be a good choice for most circumstances, while a one-star bank will have few redeeming features. A three-star bank might have one standout product and several others that don't meet market standards, or it might have several products that aren't bad, but don't stand out either.
To learn more about how we choose products to review and how we review them, read our editorial standards.
