[MI, OH only] Independent Bank $200 Checking Bonus

Update 3/25/25: Also available in OH.

Update 4/4/24: There is now a $200 bonus.

Update 4/2/24: Extended until December 31, 2024

Update 1/14/24: Extended until March 31, 2024

Update 4/19/23: Extended until December 31, 2023.

Update 3/4/23: Deal is back and valid until March 31, 2023. Hat tip to 14lopeza

Offer at a glance

• Maximum bonus amount: $100
• Availability: MI only
• Direct deposit required: Yes
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown, sensitive
• Credit card funding: Up to $1,000
• Monthly fees: None
• Early account termination fee: $10, 60 days
• Household limit: None listed
• Expiration date: December 31, 2022

The Offer

Direct link to offer

• Independent Bank is offering a bonus of $100 when you open a new checking account. Bonus is broken down as follows
  • Earn $100 when you receive 4 or more direct deposit transactions of $50 or more within 90 calendar days of opening your account
  • Earn $100 when you swipe your new debit card 15 times each month for the first 90 calendar days of opening your account.
• You can also get $50 for each friend or family member you refer

 

The Fine Print

• Subject to 1099-INT reporting.
• Qualifications must be met within 90 calendar days of account opening to receive bonus.
• Offer paid out within 60 calendar days of qualification. V
• alid for new checking account customers only. Cannot be combined with any other offer. Account must be in good standing to receive the bonus.
• Account must be opened by December 31, 2022.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

There is no monthly fee as long as you’re enrolled in eStatements

Early Account Termination Fee

$10 if closed within 60 calendar days.

Our Verdict

Not as good as the $200 bonus that was previously offered.

Hat tip to reader Katie

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