Old National Bank Review: APYs, Fees & Who It's Best For in 2026

Founded in 1834, Old National Bank is one of the oldest and largest regional banks headquartered in the Midwest. With a formidable presence across states like Indiana, Illinois, Michigan, and Wisconsin, bolstered by its 2022 merger with First Midwest Bank, Old National offers a full spectrum of financial products for individuals and businesses. This review unpacks its 2026 offerings to help you decide if its blend of traditional branch access and digital tools is the right fit for your finances.

Is Old National Bank safe?

Yes, Old National Bank is a very safe financial institution for your deposits. It operates as a national bank and is subject to stringent oversight by federal regulators, primarily the Office of the Comptroller of the Currency (OCC). The OCC is a bureau within the U.S. Department of the Treasury responsible for chartering, regulating, and supervising all national banks to ensure they operate in a safe and sound manner.

The bank's parent company, Old National Bancorp, is a publicly traded entity listed on the NASDAQ stock exchange under the ticker symbol ONB. This public status requires a high level of financial transparency and regular reporting to the U.S. Securities and Exchange Commission (SEC). You can review its financial statements and annual reports through the SEC's EDGAR database, which provides insight into the company's long-term stability and financial health. With roots stretching back nearly two centuries and total assets exceeding $48 billion as of recent reporting, Old National Bancorp stands as a stable and significant player in the American regional banking landscape.

Is Old National Bank FDIC insured?

Yes, Old National Bank is an FDIC-insured institution. Its official FDIC Certificate number is 3816. This federal insurance provides a crucial layer of protection for your money.

All deposit accounts at Old National Bank are covered by standard Federal Deposit Insurance Corporation (FDIC) insurance. This coverage protects your funds up to $250,000 per depositor, per insured bank, for each account ownership category. This means if you have an individual account, a joint account with your spouse, and an IRA, each could be insured up to the $250,000 limit, providing substantial protection. You can verify Old National Bank's current FDIC status at any time using the FDIC's official BankFind tool.

Old National Bank savings & checking accounts

Old National Bank offers a range of traditional checking and savings accounts designed to serve different customer needs, from basic transaction accounts to interest-bearing options for those with higher balances. However, as is common with large brick-and-mortar banks, the interest rates (APYs) on these accounts are not competitive with online-only banks.

ONB Classic Savings: This is Old National's basic savings account. As of early 2026, it offers a negligible APY, typically around 0.01%. The account carries a $5 monthly fee, which can be waived by maintaining a $300 minimum daily balance. It requires a $50 minimum deposit to open and includes features like online banking and mobile deposit.

ONB Everyday Checking: This is the bank's standard checking account. It has a $6.95 monthly fee that can be waived with qualifying direct deposits totaling $500 or more per statement cycle, or by maintaining a $1,500 average daily balance. The account requires a $50 minimum to open and comes with a debit card, online and mobile banking, and access to the Zelle payment network.

ONB Preferred Checking: A relationship-based account for customers with higher balances. In early 2026, it offers a tiered interest rate, though even the highest tier remains well below 0.10% APY. The significant $20 monthly fee is waived if you maintain a combined balance of $10,000 across eligible Old National deposit and investment accounts. Perks include free standard checks and waived fees on other bank services.

While these accounts provide the security and convenience of a large branch network, their earnings potential is extremely limited. Savers focused on growth will find the rates disappointing compared to the high-yield savings accounts (HYSAs) offered by online competitors.

Old National Bank CD rates in 2026

Old National Bank offers Certificates of Deposit (CDs) with terms ranging from a few months to several years. CDs can be a good option for savers who want to lock in a fixed interest rate for a specific period and are confident they won't need to access the funds before the term ends.

As of our early 2026 review, Old National's CD rates are more competitive than its savings account rates and generally track slightly above the national average. This is a common strategy for regional banks, allowing them to appear competitive against the "average" bank, though the rates still fall short of the top yields offered by online-only banks and credit unions. Opening a CD at Old National typically requires a minimum deposit of $500. It's also worth noting that the bank may offer promotional or "special" CD rates for specific terms, which can provide better value, so it's always wise to check for current specials before opening an account.

Below is a comparison of Old National Bank's standard CD rates against the national averages reported by the FDIC in early 2026.

What Old National Bank is missing

While Old National is a strong, full-service regional bank, it has several notable gaps, particularly for customers focused on maximizing returns and minimizing fees.

• High-Yield Savings Accounts: The most significant drawback is the lack of a truly competitive high-yield savings account. The APYs on its savings products are exceptionally low, meaning your cash will lose purchasing power to inflation over time.
• Consistently Fee-Free Accounts: Most of Old National's checking and savings accounts come with monthly maintenance fees. While these fees can be waived, the requirements (like maintaining a minimum balance or setting up direct deposits) may not be suitable for everyone. This contrasts sharply with the many online banks that offer accounts with no monthly fees and no balance requirements.
• Nationwide Branch Network: Despite its large size, Old National is a regional bank. Its physical presence is concentrated in the Midwest and parts of the Southeast. If you live outside its service area, you won't have access to in-person banking services, which is one of the bank's primary selling points.
• Top-Tier CD Rates: While its CD rates are better than its savings rates and often beat the national average, they are rarely among the market leaders. Customers who shop around will almost always find higher CD rates at online banks or credit unions.

Who is Old National Bank best for?

Old National Bank is an excellent choice for a specific type of customer who values tradition, convenience, and a comprehensive banking relationship over earning the highest possible interest rate.

• Residents of the Midwest and Southeast: Individuals and families living within Old National's branch footprint (including states like Indiana, Illinois, Kentucky, Michigan, Minnesota, and Wisconsin) who want the ability to walk into a branch for service.
• Relationship-Focused Customers: People who want a "one-stop shop" for all their financial needs. Old National offers checking, savings, mortgages, auto loans, wealth management, and small business services, allowing customers to consolidate their finances with one institution.
• Small Business Owners: The bank has a robust business banking division, offering checking accounts, commercial loans, and treasury management services, backed by a physical presence for local support.
• Customers Prioritizing Stability: Those who feel more secure banking with a large, long-established institution with a nearly 200-year history may prefer Old National over newer, online-only banks.

Conversely, Old National is not the right choice for digitally-savvy savers focused on growth. If you are a "rate chaser" looking for the highest APY on your savings, you should look elsewhere. Online banks like Ally, SoFi, and Marcus by Goldman Sachs consistently offer interest rates that are exponentially higher. Similarly, if your primary goal is to find a checking or savings account with absolutely no monthly fees and no minimum balance requirements, the simplicity of an online bank will be a better fit.

The bottom line

Old National Bank is a safe, stable, and reputable regional bank that excels at providing comprehensive, in-person financial services to its customers in the Midwest. It's a fantastic choice for those who want a traditional banking relationship and access to a wide array of products under one roof. However, its deposit accounts offer extremely low interest rates and come with fees that require specific actions to avoid, making it a poor choice for anyone prioritizing earning yield on their savings.

Rates and product terms shown reflect publicly available information at the time of our 2026 review and can change at any time. Always confirm current APYs and fees directly with the bank before opening an account.