First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Suggested Search Terms

    Suggested Search Terms

      Search for Money Markets and Rates

      210 results found

      1. Where can I get more information about the LIBOR transition and the new benchmark rates?

        For more information about the ARRC: https://www.newyorkfed.org/arrc 

        For more information about SOFR: https://www.newyorkfed.org/markets/reference-rates/sofr

        For more information about Term SOFR: https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html

      2. Are there any limits for sending and receiving money with Zelle?

        The amount of money you can send, as well as the frequency is set by each participating financial institution. To determine send limits, call Old National Client Care at 1-800-731-2265.

        There are no limits to the amount of money you can receive with Zelle®. However, remember that the person sending you money will most likely have limits set by their own financial institution on the amount of money they can send you.

      3. What are the replacement rates for LIBOR?

        Although options for replacing LIBOR continue to evolve, Old National has currently identified the following potential replacement options for our clients:

        1. Secured Overnight Financing Rate (SOFR)
        2. Term SOFR

        The Secured Overnight Financing Rate or SOFR is the replacement benchmark recommended by the New York Federal Reserve’s Alternative Reference Rate Committee (ARRC). (See references below for more information on the work of the ARRC.) SOFR is derived from transactions that are executed in the overnight repurchase agreement (repo) market. These transactions are executed between banks and other intermediaries and are often collateralized by US Treasury securities. The market for SOFR is very deep and liquid with nearly $1 trillion in underlying transactions executed daily. 

        While SOFR has been identified as the replacement index for LIBOR, there are multiple calculation methodologies which have been developed given that SOFR is a daily rate. The CME Term SOFR Reference Rates benchmark is a daily set of forward-looking interest rate estimates based on the SOFR futures contracts. CME Term SOFR Reference Rates are calculated and published for 1-month, 3-month, 6-month and 12-month tenors. Like LIBOR, CME Term SOFR Reference Rates are forward-looking, and the rate is set at the beginning of the period and interest is paid in arrears.

      4. Where can I find rates on the website?

        Currently, most deposit and loan rates are not listed on our website, as it is best for us to discuss your specific needs and the best options available to you. Please visit a banking center near you.

        We do provide our latest mortgage rates online. Visit our Mortgage Purchase Rates page or our Mortgage Refinance Rates page, depending on your needs.

      5. What is Money Management within Digital Banking?

        Money Management is a robust tool within Digital Banking that enables you to have an overall picture and greater control over your finances.

        • View all of your accounts, including those with other financial institutions, in one convenient location.
        • Categorize your spending.
        • Set goals and use budget alerts.
        • See a history of spending and prediction of future spending.

        And much more!

        Money Management is also on the Mobile App, so you have complete control of your financial life wherever you are!

        To learn more, view our Money Management demo and resource guides.

      6. What is the minimum to open a money market account?

        The minimum amount to open our money market account, called Market Monitor, is $50. Learn more on our Market Monitor page.

        If you have additional questions, please contact Client Care at 1-800-731-2265 or visit a banking center.

      7. Who can I send money to with Zelle?

        You can send money to friends, family and others you trust.1

        Since money is sent directly from your bank account to another person's bank account within minutes,2 it's important to only send money to people you trust, and always ensure you've used the correct email address or U.S. mobile number.

        1 Must have a bank account in the U.S. to use Zelle®.
        2 Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

      8. How long does it take to receive money with Zelle®?

        Money sent with Zelle® is typically available to an enrolled recipient within minutes.1

        If you send money to someone who isn't enrolled with Zelle®, they will receive a notification prompting them to enroll. After enrollment, the money will be available directly in your recipient's account, typically within minutes.1

        If your payment is pending, we recommend confirming that the person you sent money to has enrolled with Zelle® and that you entered the correct email address or U.S. mobile phone number.

        If you're waiting to receive money, you should check to see if you've received a payment notification via email or text message. If you haven't received a payment notification, we recommend following up with the sender to confirm they entered the correct email address or U.S. mobile phone number.

        Still having trouble? Please contact Old National Client Care toll-free at 1-800-731-2265.

        1 Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle®.

      9. Are there any fees to send money using Zelle®?

        Old National does not charge any fees1 to use Zelle® with your personal checking account.

        1 U.S. checking or savings account required to use Zelle®. Transactions between enrolled users typically occur in minutes and generally do not incur transaction fees.

      10. Will the person I send money to be notified?

        Yes! They will receive a notification via email or text message.