See new First Merchants Bank Promotions and Bonuses here.
They are currently offering $50 for referring your friends and family to open a qualifying account at First Merchants Bank.
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 $50 Referral Bonus

$50 Referral Bonus
First Merchant Bank is offering a $50 Referral Bonus when opening a new checking account. Be sure to note that this offer is only available to the Avondale Meadows Banking Center.
- 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
(No expiration date listed)
You can compare this to several great entry level Checking accounts with offers include the BMO Smart Money Checking ($400 bonus), Bank of America ($200 bonus offer), U.S. Bank Smartly® Checking ($800 bonus), Chase Total Checking® ($200 bonus), SoFi Checking and Savings ($275 bonus), Fifth Third Bank Momentum® Checking ($200 bonus), KeyBank Checking ($200 bonus). |
How To Earn Bonus
- Get a $50 Mastercard Reward Card when your friend registers, opens a new First Merchants Bank personal checking account, funds the account AND completes the following qualification within 60 days of account opening:
- Complete fifteen (15) debit card transactions (Excluding ATM transactions)
- 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
(Offer expired)
For more advanced features in a checking account, compare this offer to BMO Relationship Checking ($600 Bonus), U.S. Bank Smartly® Checking ($800 bonus), Chase Private Client ($3,000 Bonus), TD Bank Beyond Checking ($300 Bonus), Fifth Third Bank Preferred Checking ($200 bonus), KeyBank Checking ($200 bonus). |
How To Earn Bonus
- 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.
First Merchants Bank $50 Checking Bonus (Expired)

Earn up to $200 reward bonus with First Merchant Bank
First Merchant Bank is offering a $50 MasterCard Reward bonus for each qualifying referrals made. You can earn up to $500 yearly with this promotion.
- What you’ll get: $50 bonus
- Account Type: Checking account
- Availability: IL, IN, OH, MI
(No expiration date listed)
You can compare this to several great entry level Checking accounts with offers include the BMO Smart Money Checking ($400 bonus), Bank of America ($200 bonus offer), U.S. Bank Smartly® Checking ($800 bonus), Chase Total Checking® ($200 bonus), SoFi Checking and Savings ($275 bonus), Fifth Third Bank Momentum® Checking ($200 bonus), KeyBank Checking ($200 bonus). |
How To Earn Bonus
- Referrer:
- 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.
- 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.
- Referred Person:
- To earn a $50 Mastercard Reward Card, the Referred Person must register by following the link provided in the referral email or on social media,
- Open a new First Merchants Personal Checking Account with a deposit of $100 or more and meet the following requirement within 60 days of account opening:
- Complete fifteen (15) debit card transactions (excluding ATM transactions)
- Please allow 4-6 weeks after completion of all requirements for delivery of the Mastercard Reward Card. The Mastercard Reward Cards are subject to Terms and Conditions delivered with the card. The Mastercard Reward Cards may be reported as income to the IRS.
Mastercard is a registered trademark of Mastercard, Inc. Mastercard is not a participant or sponsor of 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 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?
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?