[IN, OH, MI] First Merchants Bank $300/$600 Checking Promotion

Update 10/31/26: Deal is back, now for $300/$600. Hat tip to reader CK9

Offer at a glance

Maximum bonus amount: $300/$500
Availability: Must reside in Indiana, Michigan, or Ohio
Direct deposit required: Yes, $500-$1,000 per month for three months
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Yes, up to $1,000 with a Visa or Mastercard
Monthly fees: $25, avoidable
Early account termination fee: Six months, bonus forfeit
Household limit: One
Expiration date: None listed

The Offer

Direct link to offer

First Merchants Bank is offering a $300/$600 bonus. Use promo code. Bonuses are as follows:
- Earn $300 when you set up at least $500 in monthly direct deposits within your first 90 days.
- Earn another $300 when you maintain a minimum daily balance of $15,000 during the qualification period.

The Fine Print

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 24 months of the offer start date and the opening date of the new account (on or after 7/1/26) are not eligible.
The primary account holder must be at least 18 years old. FMB employees are not eligible.
This offer is limited to one per client.
To earn this offer, you must ask an FMB banker to enroll you in the “FMBSEM26 Checking Offer,” or enter the promo code when opening online, when opening a new Prosper or Prosper Plus Checking account between 7/29/26 – 12/31/26.
You can get $300 when you open either a Prosper Checking OR Prosper Plus Checking account AND establish a direct deposit* of $500 or more within 90 days of opening the 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.
You can get an additional $300 when you maintain a $15,000 minimum daily balance beginning on the 8th calendar day after account opening.
The balance requirement must be met through the 90th calendar day following account opening. If all qualifications are met, the offer will be credited to the new account in the 6th 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 $300) and a $50 early closing fee.
If a customer applies for two offers, FMB will choose the incentive offer that is paid. This offer may change or be discontinued at any time.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Prosper checking account has a $25 monthly fee that is waived if you do any of the following:

one $1,500 direct deposit per month
Maintain at least $20,000 in minimum combined personal deposit balance

Early Account Termination Fee

Account needs to be kept open for six months otherwise bonus is forfeit and a $50 fee is charged.

Our Verdict

People will be better off doing the $300 bonus as you don’t need to tie up $15,000 for six months and if you put that $15,000 into an account earning 5% APY you’d earn $350 in interest. Will add this to our list of the best checking bonuses.

Hat tip to reader Woody

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