First Midwest Bank Bonus, Get $500 with New Business Checking Account (IL, IN, IA, WI)

First Midwest Bank Bonus, Get $500 with New Business Checking Account

First Midwest Bank is offering a bonus of $500 for new business checking accounts in IL, IN, IA and WI only. You need to open the account at a branch and then complete the requirements listed below in order to get the bonus. Direct deposit is not required.


Open any new Essential Business Checking account by November 30, 2021, and do the following:

  • Make at least 15 debit or credit transactions within the first three statement periods.
  • Maintain a $2,500 average collected balance for the first three statement periods.
  • Check your account balance on Business Express, our Business Online Banking platform, within the first 60 days of account opening

Once all requirements have been met, $500 credit will be issued as a credit to the account approximately 120 calendar days after account opening. The account must be open with a balance greater than zero on the day of bonus processing to receive the $500 credit. Promotional credit may be subject to IRS 1099-INT form reporting and may be considered taxable as interest income to you.


  • Available in IL, IN, IA, WI.
  • Limit of one bonus per client, regardless of the number of accounts and includes all entities owned by or associated with client.
  • Limit of one bonus per mailing address.
  • Offer is not available to existing First Midwest Business checking clients (including authorized signers on multiple accounts), accounts that have been closed within the past 24 months, business clients who received a promotional bonus in the last 36 months or First Midwest colleagues.


The Essential Business Checking account has a $15 monthly fee that you can waive with $1,500 minimum in average collected balance.

Guru’s Wrap-Up

This is a good bonus for those who are in one of the four eligible states. You just need to make 15 debit or credit transactions within the first three statement periods and also maintain a $2,500 balance during that time. The monthly $15 fee is waived if you have $1,500 or more in the account.

If this bonus is not for you, then you can check our full list of available bank bonuses. If you’re new to bank account bonuses, you can learn more about churning bank accounts here. Bank bonuses are a great way to generate some extra income, so it is worth looking into them. You can can definitely bring a few thousands of dollars annually, and most requirements can be easily completed from home.

First Midwest Bank Bonus Details

  • Bonus: $500
  • Account Type: Essential Business Checking
  • Availability: IL, IN, IA, WI
  • Inquiry Type: Soft pull
  • Opening Deposit Credit Card Funding: No
  • Direct Deposit Requirement: No
  • Other Requirements: $2,500 deposit and 15 transactions
  • Monthly Fee: $15 (waivable)
  • Closing Account Fee: Unknown
  • Expiration Date: 11/30/21

HT: Burnout1749

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