First Merchants Bank Bonuses: $50, $600 Checking, Referral Promotions (IN, IL, OH, MI)

Find the most recent First Merchants Bank bonuses, promotions, and offers 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.

First Merchants Bank Bonuses Review

First Merchants Corporation is the largest financial services holding company located in Central Indiana. They provide their customers with broad financial services delivered locally by bankers who are known and trusted in their communities. We offer personal banking, business banking, mortgage lending, treasury management services, and wealth management.

I’ll go over the First Merchants Bank offers below.

First Merchants Bank $600 Checking Bonus

• What you’ll get: $600 Bonus
• Eligible account: Checking
• Availability: IN, IL, OH, MI
• Credit Inquiry: Soft Pull
• Direct Deposit Required: Yes
• Monthly Fees: $15 or $20, avoidable
• How to earn it:
  • 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.”

(Expires 12/31/2026)

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 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
• Eligible account: Checking Account
• Availability: IN, IL, OH, MI (Bank Locator)
• Credit Inquiry: Soft Pull
• Direct Deposit Required: No
• Monthly Fees: $4-$10; see below
• How to earn it:
  • 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!

(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

Fine Print

• You must be a new First Merchants personal checking client.
• Please allow 4-6 weeks for delivery of your Reward Card after completing all offer requirements.
• Get a $50 Mastercard Reward Card when your friend registers, opens a new First Merchants Bank personal checking account with a deposit of $100 or more AND completes the following qualification within 60 days of account opening:
• Complete fifteen (15) debit card transactions (Excluding ATM transactions)

First Merchants Bank $400 Checking Bonus (Expired)

• What you’ll get: $400 Bonus
• Eligible account: Checking
• Availability: IN, IL, OH, MI
• Credit Inquiry: Soft Pull
• Direct Deposit Required: Yes
• Monthly Fees: $4-$10; see below
• How to earn it:
  • Get up to $400 for opening a new First Merchants checking account with promo code BANKOFFERS0722.
    • Earn $50 for opening a new Carefree Checking Account or Simple Access Account.
    • Earn $200 for opening a new Advantage Checking Account or First Direct Checking Account.
    • Earn $400 for opening a new Elite Checking Account.
  • AND BY
    • 1.) Completing 15 debit card transactions within 60 days of account opening. Transactions must post to account within 60 days of account opening.
    • 2.) Complete one Direct Deposit* of $500 or more within 60 days of account opening.

(Expires 12/31/2022)

Fine Print

• 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 accountholder 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 Waived 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

Conclusion

In my opinion, the checking bonuses offered by First Merchants Bank are great bonuses to take advantage of. Be sure to note of their current bank promotions going on where you can earn tiered rewards up to $400!

I would check out a list of our Savings, Money Market, and CD Rates to find other generous promotions you can utilize.

• Best Savings/Money Market rates
• Best CD Account rates

If you are not eligible for these promotions, use our bank bonuses page to find other offers. Some popular bank offers include Chase Bank, TD Bank, Huntington Bank, HSBC Bank and many more.

Check back often for more First Merchants Bank Bonuses, Promotions, or Offers!