[MI only] Independent Bank $200 Checking Bonus

Update 4/4/24: There is now a $200 bonus.

Update 4/2/24: Extended until December 31, 2024

Update 1/14/24: Extended until March 31, 2024

Update 4/19/23: Extended until December 31, 2023.

Update 3/4/23: Deal is back and valid until March 31, 2023. Hat tip to 14lopeza

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MI only
  • Direct deposit required: Yes
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Up to $1,000
  • Monthly fees: None
  • Early account termination fee: $10, 60 days
  • Household limit: None listed
  • Expiration date: December 31, 2022

The Offer

Direct link to offer

  • Independent Bank is offering a bonus of $100 when you open a new checking account. Bonus is broken down as follows
    • Earn $100 when you receive 4 or more direct deposit transactions of $50 or more within 90 calendar days of opening your account
    • Earn $100 when you swipe your new debit card 15 times each month for the first 90 calendar days of opening your account.
  • You can also get $50 for each friend or family member you refer

 

The Fine Print

  • Subject to 1099-INT reporting.
  • Qualifications must be met within 90 calendar days of account opening to receive bonus.
  • Offer paid out within 60 calendar days of qualification. V
  • alid for new checking account customers only. Cannot be combined with any other offer. Account must be in good standing to receive the bonus.
  • Account must be opened by December 31, 2022.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

There is no monthly fee as long as you’re enrolled in eStatements

Early Account Termination Fee

$10 if closed within 60 calendar days.

Our Verdict

Not as good as the $200 bonus that was previously offered.

Hat tip to reader Katie

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View Comments (20)

  • Dp...Wise works to meet the DD requirement. In addition...Cash App deposits work to meet the "debit swipes" per month. Have a blessed rest of your day!!

  • Dp...approved in Mi. In addition to the $200 bonus...there is a $50 referral bonus. I believe they will stack, however, leaving referral links w/o permission is a big "no-no". Have a blessed rest of your day!!

  • They said any customers that are not in Michigan will be denied unless they have a pending loan. ( including Ohio)

  • I was rejected for chex sensitivity, although I am lol/24. Figured the datapoint could be useful.

  • Terms state "Must be a resident of Michigan or Ohio."

    OOS DP: Denied lol. Let me go through whole application and on last page was denied: "This application has been denied according to the current approval rules." I'm in IN.