First Merchants Bank Bonuses: $50, $500 Checking, Referral Promotions (IN, IL, OH, MI)

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

Update 5/21/24: There’s now a $500 checking bonus available valid through 12/31/25. 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 $500 Checking Bonus

• What you’ll get: $500 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:
  • Earn $300 for opening a new Advantage Checking Account between 5/1/25 to 12/31/25, and
    • Complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND
    • Maintain a $1,500 minimum daily balance in the Advantage checking account EACH month for the first 3 months AFTER the month of account opening AND
    • Complete one qualifying payroll direct deposit of $500 or more EACH month for the first 3 months AFTER the month of account opening.
  • Earn $500 for opening a new Elite Checking Account between 5/1/25 to 12/31/25, and
    • Complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND
    • Maintain a $15,000 minimum daily balance in the Elite checking account EACH month for the first 3 months AFTER the month of account opening AND
    • Complete one qualifying payroll direct deposit of $1,000 or more EACH month for the first 3 months AFTER the month of account opening.
  • After meeting the offer qualification requirements, the applicable reward will be credited to the new checking account in the month following the third qualification month.
  • Use promo code SOCIAL25

(Expires 12/31/2025)

Fine Print

• How to Earn Your Offer: Ask an FMB banker to enroll you in the “SOCIAL25 Checking Offer” when opening your account.
• You must be a new FMB personal checking account holder.
• Account holders with an existing personal checking account with FMB (either as the primary or secondary account holder) are not eligible.
• You must not have closed a personal checking account within the last 36 months of the promotion start date (on or after 5/1/25).
• The primary accountholder of the participating checking account must be at least 18 years old at the time of account opening and reside in Indiana, Michigan, or Ohio.
• FMB employee accounts are not eligible.
• Earn $300 for opening a new Advantage Checking Account between 5/1/25 to 12/31/25, and complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $1,500 minimum daily balance in the Advantage checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $500 or more EACH month for the first 3 months AFTER the month of account opening.
• Earn $500 for opening a new Elite Checking Account between 5/1/25 to 12/31/25, and complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $15,000 minimum daily balance in the Elite checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $1,000 or more EACH month for the first 3 months AFTER the month of account opening.
• After meeting the offer qualification requirements, the applicable reward will be credited to the new checking account in the month following the third qualification month.
• ‘New Checking Offer Reward’ will appear on monthly checking statement when credited.
• This promotion is only applicable once per client. FMB may report the value of the reward received through any offer to the Internal Revenue Service as required by law.
• Any applicable taxes are the responsibility of the recipient.
• Reward will be at the sole discretion of the bank.
• If account is closed by customer or FMB within 6 months after opening, you will be charged up to the full amount of the bonus (up to $500) and the early closing fee ($50).
• This offer is subject to change and may be discontinued at any time.
• May not be combined with any other offer.

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 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.

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, Discover Bank, TD Bank, Huntington Bank, HSBC Bank and many more.

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