Checking Account

First Merchants Bank

First Merchants Bank Prosper Checking/Prosper Plus Checking Bonus

$600bonus

Required Deposit

$25,000

Time to Complete

90 days

Min. Hold Period

180 days

Requirements

Direct Deposit Required

Set up recurring direct deposits to your account

Required Deposit: $25,000

Deposit required to qualify for bonus

Prosper Checking fee waived with one $500 direct deposit per month, or maintain at least $1,000 in minimum combined personal deposit balances, or be a student under 25 or senior 62+. Prosper Plus Checking fee waived with one $1,500 direct deposit per month or maintain at least $20,000 in minimum combined personal deposit balances.

Bonus Timeline

Bonus Posts Within180 days after meeting requirements
Keep Account Open90 days minimum
Monthly RequirementsProsper Checking fee waived with one $500 direct deposit per month, or maintain at least $1,000 in minimum combined personal deposit balances, or be a student under 25 or senior 62+. Prosper Plus Checking fee waived with one $1,500 direct deposit per month or maintain at least $20,000 in minimum combined personal deposit balances.

Promo / Referral Code Required

MIPROSPER

Fine Print

Credit PullSoft Pull
ChexSystemsPulls Chex — Unknown
Accepts CC FundingYes
CC Funding$1,000
Household LimitOne per client
New Customers OnlyYes — no account in last 12 months

Fees & Terms

Monthly Fee$25.00
Fee WaiverProsper Checking: waive $10 monthly fee with one $500 direct deposit per month, at least $1,000 in minimum combined personal deposit balances, or student under 25/senior 62+. Prosper Plus Checking: waive $25 monthly fee with one $1,500 direct deposit per month or at least $20,000 in minimum combined personal deposit balances.
Early Termination Fee$50.00
Minimum Hold Period180 days

Details

Open a new First Merchants Prosper Checking or Prosper Plus Checking account with promo code MIPROSPER. Earn $400 with Prosper Checking by making one qualifying direct deposit of $500 or more within 90 days. Earn $600 with Prosper Plus Checking by depositing at least $25,000 within 7 calendar days and maintaining a $25,000 minimum daily balance through 90 days. Available to new personal checking customers age 18+ whose primary residence is in Michigan.

Availability

MI

Qualifying Direct Deposits

ACH pushes from these financial institutions have qualified as a direct deposit at First Merchants Bank. Counts are community-confirmed data points.

Alliant · 6
Ally Bank · 4
Capital One · 4
Charles Schwab · 4
American Express Bluebird · 2
Marcus by Goldman Sachs · 2
Chase · 2
Astra Finance · 2

Last updated: May 25, 2026