First Merchants Bank is offering new customers a $500 bonus for opening a new Advantage Checking account and maintain an active account. This is almost double what was offered from First Merchants last time. It does require direct deposit, but no longer requires debit card purchases to earn it. Don't worry, the threshold isn't too bad!
How To Earn The Bonus
The First Merchants Bank Advantage Checking promotion requires you to set up eligible direct deposits in order to earn the $500 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- Account holders with an existing personal checking account with First Merchants (either as the primary or secondary account holder) are not eligible.
- You must not have closed a personal checking account within the last 12 months of the promotion start date (on or after May 28, 2025).
- The primary account holder of the participating checking account must be 18 years old or older at the time of account opening.
- If the checking account type is changed or is closed by the customer or First Merchants Bank within six months after opening, you will be charged up to the full amount of the bonus (up to $250) and the early close fee ($50).
Open an Advantage Checking account before the bonus expires on December 31, 2025
How does this personal checking offer from First Merchants Bank compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
HSBC
HSBC Premier
- Bonus
- up to $3000
- Account Type
- Personal Checking
- Expires In
- 62 days
- Requires
- Direct Deposit (optional)
- Min Balance (optional)
BMO
Personal Checking
- Bonus
- $400 Cash Bonus*
- Account Type
- Personal Checking
- Expires In
- 40 days
- Requires
- Direct Deposit
Discover
Discover® Cashback Checking
- Bonus
- up to $360
- Account Type
- Personal Checking
- Expires In
- Limited Time
- Requires
- Card Spend
Why First Merchants Bank?
Advantage Checking
Advantage Checking is First Merchants mid-level checking account, offering interest on your deposit balance, 50% discount on personal checks, free official checks and money orders, and a monthly fee waiver for a linked MMA. This is in addition to their basic checking features like free overdraft protection, mobile and online banking including compatibility with Samsung and Apple Pay, Zelle payments, Bill Pay, and a 0.25% discount on loans.
First Merchants doesn't offer a dedicated seniors checking account, and instead offers this one as totally free for seniors over the age of 62. For seniors, the account also gives free paper statements, which is normally a $3 fee.
Fees
Advantage Checking does charge a monthly maintenance fee of $15, but there are ways to get this waived:
- Make one direct deposit of $500 monthly.
- OR, make 15 debit card transactions per month.
- OR, maintain $1,500 minimum combined personal deposit balances.
- OR, be a senior over the age of 62.
Apply now for an Advantage Checking account to earn the $500 bonus offer
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