First Farmers Bank & Trust's $100 Checking Bonus: No Direct Deposit Required

If you live in Indiana or Illinois and you're looking for a straightforward bank bonus without the usual hoops, First Farmers Bank & Trust has something worth a look. They're offering $100 for opening a Harvest Rewards Checking account online and depositing $500 within the first 30 days. That's it. No direct deposit requirement, no minimum number of debit card transactions to earn the bonus itself. The bonus posts on the 31st day after account opening, so you don't have to wait months to get paid.

What You Need to Do to Get the $100

The requirements here are refreshingly simple. Open a Harvest Rewards Checking account online, then deposit $500 in new money within the first 30 days. That's the whole thing. No direct deposit, no debit card transaction minimums to trigger the bonus, no hoops to jump through.

The $100 lands in your account on the 31st day after you open it, assuming you've met the deposit requirement. Just make sure the $500 is money that isn't already sitting with First Farmers Bank & Trust. They specify it needs to be new money not currently on deposit with them.

The Interest Rate Has a Catch

The Harvest Rewards Checking account advertises a competitive APY, but there's a catch. To earn the advertised rate, you need to sign up for online banking, receive eStatements, and complete at least 15 point-of-sale transactions that post and settle during each statement cycle. That's a fair number of swipes.

If you don't meet those requirements, the APY drops to 0.05% on your entire balance. That's a big difference. And if you stop receiving eStatements, they'll charge you a $3 mailed statement fee.

• Advertised APY: 3.00% on balances up to $14,999.99, with lower rates on higher balances
• Requirements: Online banking, eStatements, and 15 POS transactions per statement cycle
• Penalty for not meeting requirements: 0.05% APY on entire balance
• Mailed statement fee: $3 if you stop receiving eStatements

No Monthly Fees, But Watch for Other Costs

One of the best things about this account is that there are no monthly fees to worry about. That means you won't see your bonus eaten away by maintenance charges if you decide to keep the account open after earning the $100.

However, the early account termination fee is unknown. I couldn't find a fee schedule, so it's unclear whether closing the account early will cost you. If you plan to close it soon after getting the bonus, it's worth asking customer service or checking the account agreement before you do.

Taxes and Other Fine Print

Bank account bonuses are treated as income or interest, so you'll owe taxes on the $100. The bank will likely send you a 1099-INT if the amount meets the reporting threshold. It's not a huge deal, but don't forget to report it.

The offer is limited to one bonus per tax ID number, and there's no household limit listed. The expiration date is also not listed, so if you're interested, it's probably best not to wait too long.

Should You Go for It?

If you're in Indiana or Illinois and you have $500 you can park in a new checking account for a month, this is a pretty easy $100. The lack of a direct deposit requirement makes it accessible to more people, and the absence of monthly fees means you won't lose money by keeping the account open.

Just be aware of the activity requirements if you want to earn the advertised interest rate. And if you're planning to close the account shortly after getting the bonus, check on that early termination fee first. Otherwise, it's a solid, low-effort bonus.

Bottom Line

• Earn $100 by opening a Harvest Rewards Checking account online and depositing $500 in new money within 30 days.
• No direct deposit required, and no monthly fees.
• Bonus posts on the 31st day after account opening.
• To earn the advertised APY, you need online banking, eStatements, and 15 POS transactions per cycle.
• Early account termination fee is unknown—check before closing.
• Bonus is taxable as income.

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