Independent Bank's $350 Checking Bonus: A Solid Midwest Deal with a Long Runway

If you're in Michigan or Ohio and looking for a decent checking account bonus, Independent Bank has an offer that's worth a look. It's not the flashiest number out there, but it's a solid $350 for a relatively simple task, and you've got a long time to decide if it fits your banking needs. Let's break down what this promotion actually entails and whether it makes sense for you.

What Makes This Offer Stand Out?

The most notable feature of this promotion is its duration. With an end date of March 31, 2027, you have over a year to consider this offer. That's unusually long for a bank bonus, which often have windows of just a few months. It gives you time to plan, perhaps aligning the account opening with a job change or other financial shift where setting up a new direct deposit is natural.

The requirement itself is fairly standard: get $500 in direct deposits within your first 90 days. For most people with regular employment, that's a low bar to clear. The bank's official page confirms the bonus will be paid within 90 days after you meet the terms, which is a typical timeline.

The Fine Print and Practical Considerations

Always read the details before jumping in. Here are the specifics and some things to keep in mind.

• You must be a new checking customer. If you've had a personal checking account with Independent Bank before, you likely won't qualify.
• The account must stay in 'good standing.' That generally means no overdrafts or negative balances that go unresolved.
• Remember the tax man. The $350 will be reported as interest income on a 1099-INT, so plan for that come tax time.
• To avoid the monthly fee, you must opt for electronic statements. It's a simple toggle in online banking, but forgetting could cost you $3 a month.
• Funding the account initially requires a minimum of $10.

Is the ONE Account Any Good on Its Own?

A bank bonus is great, but you're still opening an account you might use. The ONE Account has a unique interest structure tied to your debit card usage. You can earn up to 5.00% APY, but that top rate requires making 46 or more debit card purchases in a statement period. For light card users, the rate starts at a minimal 0.01% APY.

This could be a pro or a con. If you're someone who uses a debit card for daily spending anyway, the interest boost is a nice perk. If you're a credit card person who pays it off monthly for rewards and protection, forcing 46 debit transactions might be inconvenient and cost you other benefits. Consider your own spending habits.

On the plus side, the account has no monthly maintenance fee with eStatements and includes standard digital banking tools.

A Quick Word on Their Other Promotions

While the $350 personal checking bonus is the headline, Independent Bank is also running promotions for business checking ($500 bonus) and a referral program. The business offer requires a branch visit and has a two-part requirement involving a minimum deposit and debit card usage. The referral program gives you $50 when you refer a friend who opens a personal account and meets certain activity requirements. These might be worth exploring if they fit your situation, but the personal checking bonus is the most accessible for the average person.

Final Verdict: Who Should Consider This?

This is a strong, no-surprises offer for residents of Michigan and Ohio. The $350 is a meaningful sum for a single direct deposit requirement, and the lengthy promotion period removes any pressure to act immediately. It's particularly well-suited for someone who doesn't mind using a debit card frequently, as that's how you'd unlock the account's ongoing interest potential.

Just go in with your eyes open: ensure you can meet the direct deposit requirement, enroll in eStatements to avoid fees, and remember the bonus is taxable income. If that all checks out, it's a straightforward way to put an extra $350 in your pocket.

Bottom Line

• A $350 bonus for a $500 direct deposit is a solid, above-average rate.
• The exceptionally long offer period (until March 2027) allows for strategic planning.
• The account's interest rate is heavily dependent on debit card usage, which may not suit everyone's financial style.
• Always opt for eStatements to keep the account truly fee-free.

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