See new First Merchants Bank Promotions and Bonuses here.
Update 5/26/26: There’s now a $600 checking bonus available valid through 12/31/26. 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 $600 Checking Bonus
- What you’ll get: $600 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 12/31/2026)
| BMO Smart Money Checking ($400 cash bonus*) | KeyBank Checking ($300 bonus) |
| HSBC Premier Checking (Up to $5,000 Cash Bonus), | Bank of America (Up to $500 bonus offer) |
How To Earn Bonus
EARN THE BONUSFINE PRINT
- To earn this offer you must ask an FMB banker to enroll you in the “MIPROSPER Checking Offer”, or enter the promo code when opening online, when opening a new Prosper or Prosper Plus Checking account between 3/1/26, and 12/31/26.
- You can get $600 when you open a Prosper Plus Checking account
- Deposit at least $25,000 within the first 7 calendar days of account opening AND
- Maintain a minimum daily balance of $25,000 beginning the 8th calendar day through 90 day calendar days of account opening. OR
- Get $400 when you open a Prosper Checking account &
- Establish a direct deposit of $500 or more within 90 days of opening a Prosper Checking account.
- If all qualifications are met, the offer will be credited to the new account in the sixth month following account opening and will appear on your statement as “New Checking Offer Reward.”
- To qualify, you must be a new FMB personal checking customer.
- Existing personal checking customers or those who have closed an FMB personal checking account (either as the primary or secondary account holder) within 12 months of the offer start date and the opening date of the new account. (on or after 3/2/26) are not eligible.
- The primary account holder must be at least 18 years old. Recipient’s primary residence address must be in Michigan.
- Customers who have P.O. boxes or own any other properties in otherwise eligible states for this offer are not eligible.
- FMB employees are not eligible.
- This offer is limited to one per client and is not valid for Public Funds, Estate accounts, U.S. Government entities, other banks, or financial institutions.
- To earn this offer you must ask an FMB banker to enroll you in the “MIPROSPER Checking Offer”, or enter the promo code when opening online, when opening a new Prosper or Prosper Plus Checking account between 3/1/26, and 12/31/26.
- You can get $600 when you open a Prosper Plus Checking account, deposit at least $25,000 within the first 7 calendar days of account opening AND maintain a minimum daily balance of $25,000 beginning the 8th calendar day through 90 day calendar days of account opening. OR get $400 when you open a Prosper Checking account, establish a direct deposit* of $500 or more within 90 days of opening a Prosper Checking account.
- A qualifying Direct Deposit is an electronic credit to your account by your employer or an outside agency.
- Internal or External transfers from one account to another, deposits made through Zelle®, or deposits made at a banking location or ATM, do not qualify.
- Multiple deposits of less than required amount will not qualify.
- If all qualifications are met, the offer will be credited to the new account in the sixth month following account opening and will appear on your statement as “New Checking Offer Reward.”
- This promotion is only applicable once per client.
- FMB may report the reward value to the IRS as required, and any taxes are the recipient’s responsibility.
- Offer is awarded at FMB’s sole discretion.
- If the account is closed by you or FMB within 6 months of opening, you may be charged up to the full offer amount ($600 or $400) and a $50 early closing fee.
- If a customer applies for two offers, First Merchants will choose the incentive offer that is paid.
- This offer may change or be discontinued at any time.
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*) |
| KeyBank Key Smart Checking ($300 bonus) | SoFi Checking and Savings ($425 bonus) |
| Bank of America ($100 bonus offer) | U.S. Bank Smartly® Checking ($450 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) |
| HSBC Premier Checking (Up to $5,000 Cash Bonus), | Bank of America (Up to $500 bonus offer) |
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 Prosper Checking: $0 or $10. Ways to no fee:
- One $500 direct deposit2 per month OR
- Maintain at least $1,000 in minimum combined personal deposit balances, OR
- You are a Student (under 25) or a Senior (62+)
- First Merchants Prosper Plus Checking: $0 or $25. Ways to no fee:
- One $1,500 direct deposit per month OR
- Maintain at least $20,000 in minimum combined personal deposit balances
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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, Axos Bank, PNC Bank, BMO, SoFi, Fifth Third Bank, Bank of America, Wells Fargo, U.S. 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?