[Expired] [IL, IN, IA, WI only] First Midwest Bank $250 Checking Promotion – Direct Deposit Not Required

Deal has expired, click here for the best current checking bonuses.

Offer at a glance

• Maximum bonus amount: $250
• Availability: Offer only available to residents of Illinois, Indiana, Iowa and Wisconsin
• Direct deposit required: No
• Additional requirements: eStatements, 10 debit card transactions & deposit $2,500
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: Up to $2,500, no American Express
• Monthly fees: $7.49, avoidable
• Early account termination fee: $25, 12 months
• Household limit: None listed
• Expiration date: September 28th, 2019

The Offer

Direct link to offer

• First Midwest is offering a bonus of $250 when you open a new  checking account and complete the following requirements within 60 days of account opening:
  • Make 10 debit card transactions
  • Make deposits totaling $2,500 or more
  • Enroll in online banking and e-statements

The Fine Print

• To receive the $250 bonus, the new personal checking client must: 1) Open a new Easy, Midwest or Diamond Checking account with $100 minimum deposit by close of business on 9/28/2019.
• 2) Make deposits totaling $2,500 or more within 60 days of account opening.
• 3) Make 10 debit card transactions within 60 days of account opening.
• 4) Enroll in mobile banking and e-statements within 60 days of account opening.
• Once all requirements have been met, $250 bonus will be issued as a credit to the account within 30 calendar days of the transactions being verified, following the 90 day period from opening.
• The account must be open with a positive balance to receive payout.
• Promotional credit may be subject to IRS 1099-INT form reporting and may be considered taxable as interest income to you.
• Consult your tax advisor.
• Limit of one bonus per client, regardless of the number of accounts opened.
• Offer only available to residents of Illinois, Indiana, Iowa and Wisconsin.
• Offer may be changed or withdrawn at any time without notice. Offer is not available to existing First Midwest Personal checking clients, accounts that have been closed within 90 days or First Midwest colleagues.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easy checking account is the easiest to keep fee free. There is a $7.49 monthly fee that is waived if you do any of the following:

• Maintain $100 average daily balance in Checking OR
• make qualifying deposits totalling $100 or more per statement period OR
• be at least 65 years of age

Early Account Termination Fee

Previously account needed to be kept open for six months otherwise you’d forfeit the bonus, but that is no longer in the fine print. Looks like there is an early account termination fee of $25 if closed within 12 months

Our Verdict

Previous best bonus for personal accounts was $100 and that required a direct deposit. This deal is significantly better and definitely worth doing, I’ll be adding this to our list of the best checking bonuses. There is also currently a $350 business checking bonus.

Hat tip to reader Luke

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times