Available to Michigan residents only with the ability to open online, First Merchants Bank is offering a $600 bonus when you open a new Prosper Plus Checking account and deposit new money. You'll need to maintain a minimum balance for 90 days as well.
The timing here is worth noting: the bonus isn't paid until the sixth month after opening, so factor that into your plans. There's also an early closing fee of up to the full bonus amount plus $50 if you close within six months — so don't open this one if you're not committed to keeping it.
If you don't have the cash, consider opting into their $400 bonus offer that only requires a $500 direct deposit
How To Earn The Bonus
The First Merchants Bank Prosper Plus Checking promotion requires you to deposit and maintain a minimum balance in order to earn the $600 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
- Existing personal checking customers or those who have closed an FMB personal checking account (either as the primary or secondary account holder) within 12 months of the offer start date and the opening date of the new account. (on or after 3/2/26) are not eligible.
Open a Prosper Plus Checking account before the bonus expires
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:
PNC
Virtual Wallet® with Performance Select
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 2 days
- Requires
- Qualifying Direct Deposit
BMO
Personal Checking
- Bonus
- $400 Cash Bonus*
- Account Type
- Personal Checking
- Expires In
- 105 days
- Requires
- Direct Deposit
Bank of America
Advantage Banking Account
- Bonus
- up to $500
- Account Type
- Personal Checking
- Expires In
- 5 days
- Requires
- Direct Deposit
Why First Merchants Bank?
Prosper Plus Checking
Prosper Plus Checking is First Merchants premium checking account, offering their highest rates on your deposit balance and interest rate bonuses on CDs and MMAs. The account also comes with fee waivers on linked money market accounts and HELOCs, free specialty checks, a 25% discount on safe deposit boxes, and free paper statements (other accounts charge a $3 fee for these). 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.
Fees
Prosper Plus Checking does charge a monthly maintenance fee of $25, but there are ways to get this waived:
- Receive one direct deposit of $1,500 or more per month
- OR, Maintain $20,000 in minimum combined personal deposit balances.
Apply now for a Prosper Plus Checking account to earn the $600 bonus offer
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