First Merchants Bank is currently offering a tiered checking account bonus of $300 or $500 for residents of Indiana, Michigan, and Ohio. By opening a qualifying account and meeting simple requirements over three months, new customers can earn one of the most competitive regional checking bonuses available.
First Merchants Bank Offers $300/$500 Checking Bonus for IN, OH, MI Residents
Offer at a Glance
- Maximum
bonus amount: $300 (Advantage Checking) / $500 (Elite Checking)
- Availability:
Indiana, Michigan, or Ohio residents only
- Direct
deposit required:
- Advantage:
$500+ per month
- Elite:
$1,000+ per month
- Transaction
requirement:
- Advantage:
15 debit card or qualifying transactions of $10+ per month
- Elite:
5 such transactions per month
- Minimum
balance:
- Advantage:
$1,500
- Elite:
$15,000
- Soft
credit pull: Yes
- ChexSystems:
Yes
- Credit
card funding: Yes, up to $1,000 with Visa or Mastercard
- Monthly
fees: $5–$20 (waivable)
- Early
account termination: Forfeit bonus + $50 fee if closed within 6 months
- Household
limit: One bonus per household
- Expiration
date: No set end date, but offer valid as of May 2025
1. Eligibility & Enrollment
Who Qualifies
- Must
be 18 or older and reside in Indiana, Michigan, or Ohio
- Must
be a new checking customer (no account closures in the past 36 months)
- Employees
and current checking customers are not eligible
How to Enroll
- Online:
Visit First Merchants Bank’s website and begin your application by
entering your ZIP code
- In-Branch:
Ask a banker to apply promo code SEM2025 when opening the account
2. Qualification Requirements
Direct Deposit
To earn the bonus, you must receive qualifying payroll or
government direct deposits:
- Advantage
Checking: $500+ per month for 3 consecutive calendar months
- Elite
Checking: $1,000+ per month for 3 consecutive calendar months
Debit Card or Transaction Activity
- Advantage
Checking: 15 debit card purchases or qualifying payments of $10+ each
month for 3 months
- Elite
Checking: 5 such transactions per month for 3 months
Balance Requirements
- Maintain
a daily minimum balance of $1,500 (Advantage) or $15,000 (Elite)
for 3 months
- Maintaining
the required balance also waives the monthly service fee
3. Fees & Penalties
|
Fee Type |
Advantage Checking |
Elite Checking |
|
Monthly Fee |
$15 (waived with $500 DD or 15 txns or $1,500 balance) |
$20 (waived with $15,000 balance) |
|
Early Termination Fee |
$50 + forfeit bonus if closed within 6 months |
Same |
|
Overdraft Transfer Fee |
No fee from linked account |
Same |
4. Funding Flexibility
- You
can fund your new checking account with up to $1,000 using a Visa or
Mastercard
- The
initial funding can help meet balance or activity requirements
- Transfers
from existing First Merchants Bank accounts do not count as qualifying
direct deposits
5. Bonus Timing & Delivery
- Once
all requirements are completed, the bonus will be credited in the month
following your third qualifying month
- Example:
Open account in May, complete requirements by August, receive bonus by the
end of September
6. Tips for Maximizing Your Bonus
- Automate
Direct Deposits: Set up recurring payroll or government benefits
transfers
- Use
Your Debit Card Often: Everyday spending counts toward the transaction
requirement
- Track
Monthly Progress: Keep an eye on your activity through online or
mobile banking
- Maintain
Balance: Use a buffer to avoid fees and maintain bonus eligibility
7. Conclusion
First Merchants Bank’s $300/$500 checking promotion is an
excellent incentive for those living in Indiana, Michigan, or Ohio to switch
banks. With manageable requirements and a flexible setup—including credit card
funding and no hard credit pull—this offer makes it easy to earn a generous
cash bonus.
Just be sure to meet the activity criteria for three
straight months and keep the account open for at least six months to avoid
penalties. If you’re eligible, now is a great time to consider opening an
account and taking advantage of this rewarding regional offer.