Bank account bonuses have become a reliable side income stream for frequent flyers who treat them as a systematic points-and-cash accumulation strategy. Old National Bank, a regional institution serving the Midwest, is running a 500 USD business checking bonus that requires an in-branch visit in Illinois, Indiana, Kentucky, Michigan, Minnesota, or Wisconsin. The geographic restriction and in-person requirement limit the audience but also reduce competition for the bonus, making it a worthwhile pursuit for travelers based in or passing through Old National Bank’s service area in 2026.
The Old National Bank 500 USD business checking bonus typically requires opening a qualifying business checking account, depositing a minimum amount within a specified timeframe, maintaining the balance for a holding period of 60 to 90 days, and completing a set number of debit card transactions or direct deposits. The exact requirements vary by promotion cycle, and the current terms should be verified on Old National Bank’s website or in-branch before opening the account.
Because the bonus requires an in-branch visit, travelers who do not live in the bank’s service area can still qualify by opening the account while on a trip to one of the eligible states. The key is ensuring the business qualifies under Old National Bank’s definition, which typically includes sole proprietorships with an EIN or the owner’s Social Security number. The documentation required at the branch visit usually includes a government-issued ID, business formation documents if applicable, and the EIN confirmation letter from the IRS.
The minimum deposit requirement for the bonus can usually be funded via ACH transfer from an existing business or personal account, though some promotions require funding with new money from an external source. The account may carry a monthly maintenance fee that is waived by maintaining a minimum average balance, typically 1,500 to 5,000 USD depending on the specific business checking product. Failing to maintain the minimum balance during the holding period can erode the value of the bonus.
After the holding period expires and the bonus posts, the account can be closed or downgraded to a no-fee option if one exists. Old National Bank does not typically charge an early account closure fee, but closing the account too soon after the bonus posts can result in a clawback if the terms specify a post-bonus maintenance period. Reading the fine print on both the bonus terms and the account agreement is essential before opening and again before closing.
Bank account bonuses are reported as interest income on Form 1099-INT and are taxable at the recipient’s marginal tax rate. The 500 USD bonus will be reduced by federal and potentially state income tax, so the net value after taxes is the relevant number for evaluating whether the effort of an in-branch visit, documentation gathering, and balance maintenance is worthwhile. For frequent flyers who systematically pursue bank bonuses, maintaining a spreadsheet that tracks application dates, funding sources, holding period end dates, and closure dates prevents missed deadlines and accidental early closures that trigger clawbacks.
This article is based on publicly available information about Old National Bank’s business checking bonus promotion, standard business checking account terms, and typical bank bonus practices in 2026. Bonus amounts, qualification requirements, and fee structures are promotional and subject to change without notice. Always verify the current offer terms directly with Old National Bank before applying.
Q: Can I open the account if my business is registered outside the eligible states? A: The in-branch requirement means you must physically visit a branch in one of the eligible states. The business itself does not necessarily need to be registered in that state, but Old National Bank’s specific requirements may vary. Confirm eligibility with the banker before making the trip.
Q: Does the bonus count toward credit card minimum spending requirements? A: Funding the account with a credit card is generally not permitted for bank account bonuses. The initial deposit must typically come from an ACH transfer, wire, or check. Using a credit card to fund a bank account opening can code as a cash advance, incurring fees and interest.