See new First Merchants Bank Promotions and Bonuses here.
Update 4/16/24: There’s currently the standard $50 referral bonus for each member you refer to open a new account. Now, we’ve added a link for those who open an Ohio banking center, or online where the accountholder has an Ohio address, the Referrer and Referee will earn $100.
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 / $100 Referral Bonus
- What you’ll get: $50 / $100 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
U.S. Bank Smartly® Checking ($700 bonus) | Truist Checking ($400 bonus) |
BMO Smart Money Checking ($250 bonus) | BMO Smart Advantage Checking ($250 bonus) |
Bank of America ($200 bonus offer) | Chase Total Checking® ($300 bonus) |
Fifth Third Bank Momentum® Checking ($200 bonus) | SoFi Checking and Savings ($325 bonus) |
KeyBank Key Select Checking ($200 bonus + $100 Bonus) | KeyBank Key Smart Checking ($200 bonus) |
How To Earn Bonus
- Register using the form to get your referral link.
- Refer: Share your referral link with friends and family.
- Earn $50 / $100 each time someone opens a qualifying checking account or auto loan with your referral link up to $500 a year. Plus they earn $50 / $100 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
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 Relationship Checking ($400 Bonus) | U.S. Bank Smartly® Checking ($700 bonus) |
Chase Private Client ($3,000 Bonus) | KeyBank Checking ($200 bonus) |
TD Bank Beyond Checking ($300 Bonus) | Fifth Third Bank Preferred 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.
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.
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.
Patrick Boviall says
How long must you keep your account open?
Dee says
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!
Scott Shapiro says
Current offer thru 12/31/18 says offer only valid in Indiana :/
Nina says
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?
John says
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).
RL says
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 🙁
Linda says
CSR said monthly DD is also required (but can be any amount).
Nina says
has anybody checked whether hard or soft pull?