See new First Merchants Bank Promotions and Bonuses here.
Update 5/21/24: There’s now a $500 checking bonus available valid through 12/31/25. There is also a $50 referral bonus available.
About First Merchant Bank Promotions
First Merchants Bank is headquartered in Muncie, Indiana and was established in 1839. Since then they have grown to 127 location and they also boasts an A+ health rating. They provide our customers with broad financial services delivered locally by bankers who are known and trusted in their communities.
I will review the current offers below.
First Merchants Bank $500 Checking Bonus
- What you’ll get: $500 bonus
- Account Type: Checking Account
- Availability: IN, IL, OH, MI (Bank Locator)
- Direct Deposit Requirement: Yes (see what works)
- Credit Inquiry: Soft Pull
- Chex Systems: Yes
- Credit Card Funding: Yes, up to $1000 with a Visa or Mastercard
- Monthly Fees: $15 or $20, avoidable
- Early Account Termination Fee: Six months, bonus forfeit
- Household Limit: One
(Expires 12/31/2025)
| BMO Smart Money Checking ($400 cash bonus*) | KeyBank Checking ($300 bonus) |
| Chase Private Client ($3,000 Bonus) | |
How To Earn Bonus
EARN THE BONUSFINE PRINT
- Earn $300 for opening a new Advantage Checking Account between 5/1/25 to 12/31/25, and
- Complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND
- Maintain a $1,500 minimum daily balance in the Advantage checking account EACH month for the first 3 months AFTER the month of account opening AND
- Complete one qualifying payroll direct deposit of $500 or more EACH month for the first 3 months AFTER the month of account opening.
- Earn $500 for opening a new Elite Checking Account between 5/1/25 to 12/31/25, and
- Complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND
- Maintain a $15,000 minimum daily balance in the Elite checking account EACH month for the first 3 months AFTER the month of account opening AND
- Complete one qualifying payroll direct deposit of $1,000 or more EACH month for the first 3 months AFTER the month of account opening.
- After meeting the offer qualification requirements, the applicable reward will be credited to the new checking account in the month following the third qualification month.
- Use promo code SOCIAL25
- How to Earn Your Offer: Ask an FMB banker to enroll you in the “SOCIAL25 Checking Offer” when opening your account.
- You must be a new FMB personal checking account holder.
- Account holders with an existing personal checking account with FMB (either as the primary or secondary account holder) are not eligible.
- You must not have closed a personal checking account within the last 36 months of the promotion start date (on or after 5/1/25).
- The primary accountholder of the participating checking account must be at least 18 years old at the time of account opening and reside in Indiana, Michigan, or Ohio.
- FMB employee accounts are not eligible.
- Earn $300 for opening a new Advantage Checking Account between 5/1/25 to 12/31/25, and complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $1,500 minimum daily balance in the Advantage checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $500 or more EACH month for the first 3 months AFTER the month of account opening.
- Earn $500 for opening a new Elite Checking Account between 5/1/25 to 12/31/25, and complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $15,000 minimum daily balance in the Elite checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $1,000 or more EACH month for the first 3 months AFTER the month of account opening.
- After meeting the offer qualification requirements, the applicable reward will be credited to the new checking account in the month following the third qualification month.
- ‘New Checking Offer Reward’ will appear on monthly checking statement when credited.
- This promotion is only applicable once per client. FMB may report the value of the reward received through any offer to the Internal Revenue Service as required by law.
- Any applicable taxes are the responsibility of the recipient.
- Reward will be at the sole discretion of the bank.
- If account is closed by customer or FMB within 6 months after opening, you will be charged up to the full amount of the bonus (up to $500) and the early closing fee ($50).
- This offer is subject to change and may be discontinued at any time.
- May not be combined with any other offer.
First Merchants Bank $50 Referral Bonus
- What you’ll get: $50 bonus
- Account Type: Checking account
- Availability: IN, IL, OH, MI (Bank Locator)
- Direct Deposit Requirement: No
- Credit Inquiry: Soft Pull
- Chex Systems: Yes
- Credit Card Funding: Yes, up to $1000 with a Visa or Mastercard
- Monthly Fees: $5-$20, avoidable
- Early Account Termination Fee: Six months, bonus forfeit
- Household Limit: One
(Limited time offer)
Editor’s Note: For the members you refer that open an account at an Ohio banking center, or online where the accountholder has an Ohio address, the Referrer and Referee will earn $100. Direct Link to Offer
| BMO Smart Money Checking ($400 cash bonus*) | BMO Smart Advantage Checking ($400 cash bonus*) |
| Bank of America ($300 bonus offer) | Chase Total Checking® ($300 bonus) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($325 bonus) |
| First Tech Rewards Checking ($300 bonus) | |
How To Earn Bonus
EARN THE BONUSFINE PRINT
- Register using the form to get your referral link.
- Refer: Share your referral link with friends and family.
- Earn $50 each time someone opens a qualifying checking account or auto loan with your referral link up to $500 a year. Plus they earn $50 too!
- The person making the referral (Referrer) will earn a $50 Mastercard® Reward Card for each individual referred (Referred Person) to First Merchants Bank who registers for the offer, opens a new First Merchants Personal Checking Account with a deposit of $100 or more and completes the requirement within the time specified in the offer.
- To make a referral, the Referrer must register for the program and share the offer with their friends, family or coworkers.
- A Referrer may receive up to ten (10) Mastercard Reward Cards ($500 value) within a calendar year, but only one Referrer may receive a Mastercard Reward Card for each Referred Person who fulfills the requirements.
- This offer cannot be combined with other offers.
(Expired) First Merchants Bank $400 Checking Bonus
First Merchant Bank $400 Checking Bonus
Currently, you can earn up to $400 bonus when you open a new Checking Account with First Merchants Bank.
- What you’ll get: $400 bonus
- Account Type: First Direct, Elite, Advantage, Carefree, or Simple Access Checking Account
- Availability: IN, IL, OH, MI (Bank Locator)
- Direct Deposit Requirement: Yes, total of $1,500+ within 90 days
- Credit Inquiry: Soft Pull
- Chex Systems: Yes
- Credit Card Funding: Yes, up to $1000 with a Visa or Mastercard
- Monthly Fees: $5-$20, avoidable
- Early Account Termination Fee: Six months, bonus forfeit
- Household Limit: One
(Limited time offer)
| BMO Smart Money Checking ($400 cash bonus*) | KeyBank Checking ($300 bonus) |
| Chase Private Client ($3,000 Bonus) | |
How To Earn Bonus
EARN THE BONUSFINE PRINT
- Earn one of the following bonuses for the corresponding accounts:
- $50 for a new Carefree Checking or Simple Access Checking account
- $200 for a new Advantage Checking or First Direct Checking account
- $400 for a new Elite Checking Account
- And complete the following requirements:
- Use promo code BANKOFFERS0722
- Complete at least 15 transactions within 60 days of account opening
- Make a direct deposit of at least $500 within 60 days of account opening
- You must be a new First Merchants personal checking account holder.
- Account holders with an existing personal checking account with First Merchants (either as the primary or secondary account holder) are not eligible.
- You must not have closed a personal checking account within 180 days of the promotion start date (on or after July 1, 2022).
- The primary account holder of the participating checking account must be 18 years old or older at the time of account opening and reside in Indiana, Ohio, Illinois or Michigan.
- First Merchants employee accounts are not eligible for this promotion.
How to Waive Monthly Fees
- First Merchants Carefree Checking: $5.00 monthly; can be waived when you complete:
- One customer initiated transaction1, OR
- Maintain at least $100 in minimum combined personal deposit balances
- First Merchants Advantage Checking: $15.00 monthly; can be waived when you complete:
- One $500 direct deposit per month, OR
- Make 15 debit card transactions per month, OR
- Maintain at least $1,500 in minimum combined personal deposit balances
- First Merchants First Direct Checking: $10.00 monthly can be waived with one $200 direct deposit per month
- First Merchant Elite Checking: $20.00 monthly can be waived with $15,000 in minimum combined personal deposit balances
- First Merchants Simple Access Checking: $4.00 monthly
- First Business Checking: No monthly fees
- Basic Business Checking: $20.00 monthly; can be waived with an average collected balance of at least $5,000
- Business Interest Checking: $20.00 monthly; can be waived with an average collected balance of $7,500
- Commercial Checking: Monthly account analysis service charge and other fees based on account activity. Fees may be reduced or eliminated with earnings credit based on account balance.
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Bottom Line
First Merchants Bank is currently having a promotion where you can earn up to a $400 bonus simply by opening a new checking account. In addition to these fantastic bonuses, you or your friends will have access to a range of account features to better your banking experience!
First Merchant Bank offers pretty standard rates when it comes to CDs and Savings Accounts. Check out our full list of Bank Rates and CD Rates for the best rates nationwide.
Compare First Merchants Bank Promotions with other bank bonuses from banks like Citi, Huntington, HSBC, Chase, TD, Discover Bank, Aspiration, Axos Bank, PNC Bank, BMO Harris, SoFi, Fifth Third Bank, Bank of America, Wells Fargo, US Bank, and more!
*Check back for updated First Merchant Bank promotions, bonuses and offers.
How long must you keep your account open?
40 debits in 60 days req. You’ll have to make a purchase almost every day for 2 months!! That’s a lot of work!
Current offer thru 12/31/18 says offer only valid in Indiana :/
I applied online more than a month ago. Creditcarma does not show hard pull.
Has anyone checked whether paypal transfer counts as a direct deposit?
I tried to apply online. They said that I could not open the checking account because I had an adverse credit history, but they did not disclose which credit bureau provide the report (I thought this was required by law).
appears to be hard pull – had to answer lot of credit questions when opening online and was advised after opening must have DD of $50…I don’t have DD availability 🙁
CSR said monthly DD is also required (but can be any amount).
has anybody checked whether hard or soft pull?