First Merchants Bank
First Merchants Bank Prosper or Prosper Plus Checking $300 – $600 Bonus
First Merchants Bank pays $300 when you open a new Prosper or Prosper Plus Checking account with promo code FMBSEM26 by December 31, 2026 and receive one direct deposit of $500 or more within 90 days. It pays another $300 if you also keep $15,000 from day 8 through day 90. The money arrives in the 6th month after opening. Branches are in Indiana, Michigan, Ohio and Illinois.
- Bonus range
- $300 – $600
- Expires
- Dec 31, 2026
- Time to complete
- ~90 days
- Paid after opening
- ~180 days
- Difficulty
- Easy
We may earn a commission if you open an account through the link above. This doesn't affect our recommendations. See how we make money
Requirements
Last verified: Nov 9, 2026
$300 Tier
Open with promo code FMBSEM26
Open a new Prosper or Prosper Plus Checking account between July 29 and December 31, 2026 and enter promo code FMBSEM26 online, or ask a banker to enroll you in the FMBSEM26 Checking Offer. First Merchants' branches are in Indiana, Michigan, Ohio and Illinois, and its offer page does not say whether it accepts other states.
One $500 direct deposit within 90 days
Establish a direct deposit of $500 or more within 90 days of opening, from your employer or an outside agency. Transfers, Zelle, and branch or ATM deposits do not count, and several smaller deposits do not qualify.
$600 Tier
Open with promo code FMBSEM26
Open a new Prosper or Prosper Plus Checking account between July 29 and December 31, 2026 and enter promo code FMBSEM26 online, or ask a banker to enroll you in the FMBSEM26 Checking Offer. First Merchants' branches are in Indiana, Michigan, Ohio and Illinois, and its offer page does not say whether it accepts other states.
One $500 direct deposit within 90 days
Establish a direct deposit of $500 or more within 90 days of opening, from your employer or an outside agency. Transfers, Zelle, and branch or ATM deposits do not count, and several smaller deposits do not qualify.
Keep $15,000 from day 8 to day 90
Keep a $15,000 minimum daily balance beginning on the 8th calendar day after opening and through the 90th calendar day.
The reward is credited in the 6th month after opening and appears on your statement as "New Checking Offer Reward."
Get new bonuses in your inbox
One email a week: new bank bonuses, deadlines about to pass, and fresh community datapoints. Free. No spam, unsubscribe anytime. If nothing changed, we skip the week.
Account Details
- Prosper Checking: $0 or $10 a month. No fee with one $500 direct deposit per month, $1,000 in minimum combined personal deposit balances, or if you are under 25 or 62 and older.
- Prosper Plus Checking: $0 or $25 a month. No fee with one $1,500 direct deposit per month or $20,000 in minimum combined personal deposit balances.
If the account is closed by you or First Merchants within 6 months of opening, you may be charged up to the full offer amount plus a $50 early closing fee.
Eligibility
New First Merchants personal checking customers only. Not available if you held a personal checking account there within 24 months of the offer start.
- First Merchants' offer page names no residency rule and its branches are in Indiana, Michigan, Ohio and Illinois. Out-of-area approval is unconfirmed.
- One offer per client. Employees are not eligible.
Tips & Gotchas
- One single direct deposit has to reach $500. The bank says several smaller deposits will not qualify.
- The money does not arrive until the 6th month after opening. Closing within 6 months can cost you the bonus plus a $50 fee.
- Prosper Checking has the lower fee: $10 a month, or $0 with one $500 direct deposit. Both accounts qualify.
- We list this offer for Indiana, Michigan, Ohio and Illinois, where First Merchants has branches. Doctor of Credit reports residents of Indiana, Michigan and Ohio. Out-of-area approval is unconfirmed.
Direct Deposit Data Points 8
8 community reports across 7 transfer sources, showing what triggers a qualifying direct deposit at First Merchants Bank.
How long until the bonus posts? The most recent community reports average about 67 days. See 4 reports on First Merchants Bank Checking payout timelines
Can You Earn This Bonus Again?
Fine Print
New First Merchants personal checking customers only. Ask a banker to enroll you in the "FMBSEM26 Checking Offer" or enter the promo code when opening online, on a new Prosper or Prosper Plus Checking account between 7/29/26 and 12/31/26. $300 for a direct deposit of $500 or more within 90 days of opening; multiple deposits of less than the required amount do not qualify. Another $300 for a $15,000 minimum daily balance from the 8th through the 90th calendar day after opening. Credited in the 6th month after opening. If the account is closed within 6 months you may be charged up to the full offer amount and a $50 early closing fee. One per client.
Taxable income · Reported on 1099-INT
Related Articles
What is a direct deposit?
An electronic payment sent directly into your bank account, usually from an employer or government.
Does Zelle Count as Direct Deposit for Bank Bonuses?
Usually no. At most banks a Zelle payment arrives coded as peer-to-peer and will not trigger the bonus. Citi is the clear exception. Its Enhanced Direct Deposit terms name Zelle as a qualifying deposit, and every Zelle report we have from Citi got paid.
What is a fee waiver?
A condition you can meet to have the monthly maintenance fee on an account waived.
Also see: this month's best bank bonuses and community DD data points.
We may earn a commission if you open an account through the link above. This doesn't affect our recommendations. See how we make money