First Farmers Bank & Trust: A $300 Bonus and Free Tumbler for Indiana Residents

Hey there! If you're in Indiana and looking for a solid bank bonus, First Farmers Bank & Trust has a pretty attractive offer on the table right now. It's not just a cash incentive—they're also throwing in a popular Owala tumbler. But as with any bank promotion, the devil is in the details. Let's break down exactly what you get, what you need to do, and some important things to consider before you apply.

What's the Catch? Understanding the Requirements

The $300 sounds great, and a free Owala is a nice touch, but you have to jump through a few specific hoops. First, you must open both a checking and a savings account. This is a two-account deal.

Once they're open, you have a 60-day window to complete three tasks: make at least 15 purchases with your new debit card, keep a combined balance of $1,000 or more across both accounts, and make sure both accounts stay 'active and in good standing.'

The 'active and in good standing' part is a bit vague, but generally means no overdrafts or negative balances that could get your account flagged. Play it safe and keep everything positive.

The Fine Print You Really Need to Read

This offer has some very specific limitations that could easily trip someone up. The most important one is the geographic restriction. You must be in Boone, Hamilton, or Tippecanoe County in Indiana. If you live elsewhere in the state, you're out of luck.

Also, plan to stick with this bank for a bit. If you close the checking account within the first six months, they will take the bonus back. That's a pretty standard clawback period, but it's a commitment worth noting.

You can only get this bonus once per person (or per Tax ID). Trying to open multiple accounts won't net you extra cash.

How to Claim Your Free Owala Tumbler

The tumbler isn't mailed to you. To get it, you'll need to visit a branch in person after you've opened your accounts. Specifically, you can go to their Carmel, Lebanon, or Lafayette locations. Just let them know you're there for the "WELCOME" promotion.

It's a bit of an extra step, but if you live near one of those branches, it's a quick errand for a quality water bottle.

Practical Advice Before You Apply

Here's my two cents if you're thinking about this offer. First, the 15 debit card transactions are very manageable. You could knock these out with small, everyday purchases like coffee, gas, or groceries. Just set a reminder so you don't forget in the final days.

The $1,000 minimum balance is on the lower side for a bank bonus, which is good. You just need to park that money there for two months. Remember, it's the combined total of your checking and savings, so you can split it however you like.

A big plus? There's no direct deposit requirement. Many bank bonuses force you to reroute your paycheck, but this one doesn't, making it simpler for freelancers or those who don't want to change their direct deposit setup.

One unknown is the credit inquiry. The bank's page doesn't specify if they do a hard pull on your credit report or just a soft check via ChexSystems. It's always wise to be prepared for a possible hard inquiry, which can temporarily ding your credit score a few points.

Bottom Line

• A strong offer for eligible Indiana residents due to the lack of a direct deposit requirement.
• The 15-transaction and $1,000 balance rules are straightforward but require active management for 60 days.
• The geographic restriction is very narrow, so double-check your county before getting excited.
• The 6-month clawback period is standard; don't close the account early.
• Remember to use the promo code "WELCOME" whether applying online or in-branch.

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