Old National Bank's $800 Business Bonus: A Solid Deal for Small Business Owners

If you're a small business owner in the Midwest looking for a new banking home, Old National Bank has a promotion that's worth a serious look. They're dangling an $800 cash bonus for new business checking clients, and while it requires some capital to park with them, the payoff is substantial. Let's break down whether this offer makes sense for your business's cash flow and banking needs.

Is This Bonus Within Your Reach?

The $800 top-tier bonus is appealing, but let's be real about the requirements. You need to bring $20,000 into the account within the first month and keep it there for the following two months. That's a significant chunk of change to park in a checking account for 90 days.

The good news? There's a more accessible $400 tier. If you can deposit and maintain $4,000, you'll still walk away with a nice chunk of change. This lower tier makes the offer viable for smaller operations or sole proprietors who might not have twenty grand sitting around that they can afford to leave relatively idle.

The Timeline and Fine Print You Can't Ignore

Timing is everything with bank bonuses. For this one, the clock starts ticking the moment your account is open. You have a tight 30-day window to get your initial deposit in and to complete the digital banking enrollment. Missing that login step could cost you the whole bonus, so set a calendar reminder.

The money needs to stay put from day 31 through day 90. The bank states they'll review the balance daily during this period. If your balance dips below the required minimum even once, you likely forfeit the bonus. Plan for this—don't count on using these funds for quarterly tax payments or other big expenses during that 90-day hold.

• Bonus posts late: Don't expect quick cash. It will land in your account between 100 and 120 days after opening.
• One bonus per business: This is a one-time deal per Tax ID (EIN/SSN).
• Account must stay open: If you close the account before the bonus hits, you get nothing.
• Watch for fees: While some accounts have a $0 monthly fee, others can run up to $20. Factor this into your cost/benefit.

Practical Advice for Claiming Your Bonus

First, verify your eligibility. This offer is explicitly for new business banking customers. If you or your business has had any deposit account with Old National in the last three years, you're out of luck. It's also limited to businesses in their service area, which includes Illinois, Indiana, Kentucky, Michigan, and Wisconsin.

When you're ready to apply, have your business documentation handy. You'll need your EIN (or your SSN if you're a sole proprietor), business formation documents, and identification. Funding the account is straightforward—you can transfer funds from another bank, but note that transfers between existing Old National accounts don't count toward the requirement.

• Document everything: Save screenshots of the offer terms, confirmation emails, and proof of your qualifying deposits.
• Consider the opportunity cost: What interest or returns are you giving up by parking $4,000 or $20,000 in a checking account for 90 days? An $800 bonus on $20,000 is a 4% return over that period, which is competitive, but run your own numbers.
• Plan for taxes: The bank will issue a 1099 for the bonus. Consult your accountant, as this is taxable income for your business.

Bottom Line

• The $400 bonus tier offers a realistic and attractive 10% return on a $4,000 deposit held for 90 days.
• Strict daily balance monitoring during the maintenance period means you cannot use these funds for other purposes.
• Digital banking enrollment is a non-negotiable, easy-to-miss step—complete it immediately.
• This is a long-game bonus with a 4-month wait for payout; don't count on the money for short-term cash flow.

Common Questions