First Merchants Bank $400–$600 Checking Account Bonus (2026) - Review & Requirements
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- Direct deposit: a qualifying direct deposit of $500 or more
- Deposit window: 90 days
- Bonus tiers
- $400 with $500 in direct deposits
- $600 with $25,000 in new money
- Enter promo code MIPROSPER when you apply
- Availability: MI
- No stated lifetime limit
- ChexSystems sensitivity: Medium
- Credit pull: soft pull only
- Monthly fee: $10/mo — Waived with one $500 DD per month OR $1,000 minimum combined balance OR student (under 25) or senior (62+)
- Early closure fee: $50
- Bonus posts: ~180 days
- Account hold: Must keep open 180 days
What Counts as Direct Deposit
Employer payroll is always the safest method. "Maybe" means some people report it working and it is not guaranteed. Open a row to see the individual reports.
First Merchants Bank offers $400 for Prosper Checking with one $500+ direct deposit within 90 days, or $600 for Prosper Plus with $25k deposit + balance hold. Source
The reports come from Doctor of Credit comment threads, public Reddit posts, and members who told us what happened to their own deposit. Each one is dated where the person gave a date. Read how we check offers.
Reports are attached to the offer, never to your name. Members can log one from their account instead.
Overview
First Merchants Bank is currently offering a tiered checking bonus paying up to $600. Each rung has its own requirement: $400 with $500 in direct deposits; $600 with $25,000 in new money. The account has a $10 monthly fee; review the waiver terms before applying.
Pros
Cons
Notes
Enter promo code MIPROSPER during application. Make a single direct deposit of $500 or more within 90 days. The amount you are paid depends on which rung you complete: $400 with $500 in direct deposits; $600 with $25,000 in new money. Allow approximately 180 days for the bonus to post after qualification. Keep the account open for at least 180 days.
How This Compares to Other Bonuses
First Merchants Bank's $600 offer is closest in headline value to PNC Bank's $400 checking bonus. Compare the direct-deposit requirement, geographic eligibility, fees, approval sensitivity, and payout timing, not only the advertised amount.
Frequently Asked Questions
What is the current First Merchants Bank checking bonus?
First Merchants Bank currently advertises up to $600, across 2 rungs that each ask for something different: $400 with $500 in direct deposits; $600 with $25,000 in new money.
Does the First Merchants Bank bonus require direct deposit?
Yes. The catalog currently records a qualifying direct deposit of $500 or more within 90 days. Confirm the bank's exact definition before applying. Not every rung is a direct-deposit rung: $600 with $25,000 in new money.
When should the First Merchants Bank bonus post?
The tracked estimate is about 180 days after you satisfy the requirements.
Full Requirements
Must use promo code MIPROSPER when opening. Also available: $600 bonus with Prosper Plus requires $25k deposit within 7 days + maintain $25k daily balance for 90 days (balance-hold mechanic, not DD-driven).
Fees
Waived with one $500 DD per month OR $1,000 minimum combined balance OR student (under 25) or senior (62+)
ChexSystems & Credit Pull
ChexSystems pulled. Credit card funding allowed up to $1,000 (Visa/Mastercard).
Eligibility
New FMB personal checking customers only. Cannot have closed FMB checking account within 12 months (on or after 3/2/26). Primary residence must be in Michigan; P.O. boxes or properties in other states disqualify. One bonus per client. Offer valid 3/1/26 - 12/31/26.
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Sources (2)
We last checked this against the bank's page on September 8, 2026.
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Fat Stacks Academy may earn a commission when you open an account through links on this page, at no additional cost to you. Commissions do not influence our reviews — we verify offer terms directly with each bank before publishing and do not accept paid placement in our rankings. Bonus offers, requirements, and fees are determined by each financial institution and may change at any time. Always verify the current terms directly with the bank before applying. This content is for informational purposes only and does not constitute financial advice.