First Merchants Bank: Earn Up to $600 with a New Checking Account

If you live in the Midwest and have some cash to park, First Merchants Bank has a couple of solid checking account bonuses worth checking out. The big one is a $600 bonus for opening a Prosper Plus Checking account, but there's also a $400 option that's easier to qualify for. And if you like sharing good deals, their referral program can put an extra $50 in your pocket for each friend who signs up. Let's break down what you need to know.

The $600 Bonus: For Those with a Healthy Savings

This is the headline offer, but it's not for everyone. You'll need to open a Prosper Plus Checking account and deposit at least $25,000 within the first seven calendar days. Then, you must keep that balance above $25,000 from day eight through day 90. That's a lot of cash to tie up, but if you have it sitting in a low-interest account anyway, this bonus is a nice return.

The bonus posts in the sixth month after you open the account, so patience is key. And remember, if you close the account within six months, you'll forfeit the bonus and may be charged a $50 early closure fee.

The $400 Bonus: Easier to Reach

If $25,000 is too steep, the $400 bonus on a standard Prosper Checking account might be more your speed. You just need to set up a direct deposit of $500 or more within 90 days of opening. That's it. No minimum balance to maintain beyond that. Just make sure the direct deposit comes from an employer or government agency—transfers from other accounts or deposits at a branch don't count.

This is a straightforward bonus for anyone who gets a regular paycheck. Just set up the direct deposit, and you're on your way to $400.

Referral Bonus: Share the Love, Earn $50

First Merchants also has a referral program that's worth a look. When you refer a friend who opens a qualifying checking account, funds it, and makes 15 debit card transactions within 60 days, both you and your friend get a $50 Mastercard Reward Card. You can earn up to $500 per year through referrals.

One nice twist: If your friend opens an account at an Ohio banking center or has an Ohio address, the bonus jumps to $100 each. So if you have friends in the Buckeye State, that's a sweet deal.

What to Watch Out For

Before you jump in, there are a few things to keep in mind. First, you must be a new personal checking customer. If you've had an account with First Merchants in the past 12 months, you're out of luck. Also, the $600 offer is limited to one per household and is only available to residents of Michigan (based on the fine print). The $400 offer is open to residents of Indiana, Illinois, Ohio, and Michigan.

Monthly fees can eat into your bonus if you're not careful. The Prosper Checking account has a $15 monthly fee, but you can waive it with one $500 direct deposit per month, a $1,000 minimum combined balance, or if you're a student under 25 or a senior 62+. The Prosper Plus Checking has a $20 monthly fee, waivable with a $1,500 direct deposit or a $20,000 combined balance.

And don't forget the early closure penalty: if you close the account within six months, you'll lose the bonus and pay a $50 fee. So plan to keep the account open for at least half a year.

Bottom Line

• The $600 bonus requires a $25,000 deposit and maintaining that balance for 90 days.
• The $400 bonus is easier: just set up a $500 direct deposit within 90 days.
• Referral program pays $50 per friend (up to $500/year), with a $100 bonus for Ohio referrals.
• Monthly fees are avoidable with direct deposits or minimum balances.
• Keep the account open for at least 6 months to avoid clawbacks and fees.

Common Questions