First Merchants Bank Bonuses: $50, $250 Checking, Referral Promotions (IN, IL, OH, MI)

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

Update 6/24/24: There is now a $250 checking bonus available through 12/31/24 in addition to a $50 referral bonus.

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 $250 Checking Bonus

• What you’ll get: $250 Bonus
• Eligible account: Checking
• Availability: IN, IL, OH, MI
• Credit Inquiry: Soft Pull
• Direct Deposit Required: Yes
• Monthly Fees: $14, avoidable
• How to earn it:
  • Visit a First Merchants banking center to open your new First Merchants account, and ask the First Merchants representative to enroll you in the “ATM250 Checking Offer.” Or open your First Merchants account online at www.FirstMerchants.com and enter the promo code “ATM250” in the promotion code box on your application.
  • Complete one Direct Deposit of $500 or more EACH month for the first 3 months AFTER the month of account opening; and complete 10 debit card transactions or payments (via ACH, bill pay, or check) of at least $10, EACH month for the first 3 months AFTER the month of account opening.
  • After meeting the 3 months of bonus requirements, the applicable reward will be credited to the new checking account within 90 days. ‘New Checking Offer Reward’ will appear on the monthly checking statement when the reward is credited to the account holder’s checking account.

(Expires 12/31/2024)

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 the last 12 months of the promotion start date (on or after June 3, 2024).
• The primary account holder of the participating checking account must be 18 years old or older at the time of account opening.
• First Merchants employee accounts are not eligible for this promotion. Offer Information: Earn $250 for opening a new First Merchants Advantage Checking Account AND BY 1.) Completing 10 debit card transactions or payments (via ACH, bill pay, or check) of at least $10, EACH month for the first 3 months AFTER the month of account opening; and 2.) Complete one Direct Deposit** of $500 or more EACH month for the first 3 months AFTER the month of account opening.
• Offer valid for new First Merchants Advantage personal checking accounts opened from June 3, 2024 to December 31, 2024.
• Enrollment in the promotion is required. (See Account Opening & Enrollment Instructions below.) Reward Processing: After meeting the 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 the monthly checking statement when the reward is credited to the account holder’s checking account.
• The reward amount will be based on the type of checking account opened, and the account must be in the same product type when First Merchants verifies that all promotional offer qualifications have been completed, otherwise the promotion will not be paid. This promotion is only applicable once per client. First Merchants may report the value of any reward received through any offer to the Internal Revenue Service as required by law.
• Any applicable taxes are the responsibility of the recipient. In the event that we determine in our sole discretion that your account does not meet the eligibility criteria or the activity on your account does not qualify to meet the required conditions, we will not be obligated to credit your account with the reward payout. Account Closing Fee and Product Changes: If the checking account type is changed or is closed by the customer or First Merchants Bank within six months after opening, you will be charged up to the full amount of the bonus (up to $250) and the early close fee ($50). Other Terms: The offer is non-transferable and may not be combined with any other offers.
• This offer is subject to change and may be discontinued at any time.
• The Annual Percentage Yield (APY) for First Merchants Advantage Checking Account as of April 16, 2024 is 0.01% for balances $0.01 and over. Interest rates are subject to change.
• Rates are tiered based on account balance, subject to change and determined by the bank.
• The minimum account balance to obtain APY is $0.01. Fees may reduce your earnings.
• Offer valid to recipient only. *Direct Deposit: A qualifying Direct Deposit is an electronic credit to your account by your employer or an outside agency.
• Transfers from one account to another, or deposits made at a banking location or ATM, do not qualify as a Direct Deposit.
• Multiple deposits of less than required amount will not qualify for the incentive.
• Account Opening & Enrollment Instructions: Visit a First Merchants banking center to open your new First Merchants account and ask the First Merchants representative to enroll you in the “ATM250 Checking Offer.”
• Or open your First Merchants account online at www.FirstMerchants.com and enter the promo code “ATM250” in the promotion code box on your application.

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!