Are you looking for a bank that rewards you? First Midwest Bank is currently offering a range of attractive promotions for new customers, designed to help you grow your savings and manage your finances effectively. Whether you’re interested in a cash bonus for opening a new checking account, a high-yield certificate of deposit (CD), or a flexible home equity line of credit, First Midwest Bank has something to offer.
Exciting Cash Bonus for New Checking Customers
First Midwest Bank is rolling out a fantastic opportunity for individuals opening a new personal checking account. New customers can earn up to a $650 cash bonus by meeting specific qualifying criteria. This offer is designed for those who are new to First Midwest Bank’s personal checking services and are ready to make the switch to a bank that values their business.
Here’s how you can qualify for the cash bonus:
- Open a First Midwest Bank Everyday or Preferred Checking account between February 1, 2025, and June 2, 2025. You can open your account online or by visiting any First Midwest Bank banking center. A minimum opening deposit of $50 is required.
- To earn the $650 cash bonus, you need to set up and receive qualifying direct deposits totaling at least $3,500 per month for three consecutive calendar months.
- If you aim for the $300 cash bonus, the requirement is to receive qualifying direct deposits totaling at least $1,000 per month for three consecutive calendar months.
Important Details about Qualifying Direct Deposits:
The qualification period for direct deposits starts in the calendar month following the month your new account is opened. Qualifying direct deposits include electronic direct deposits of your paycheck, pension payments, Social Security benefits, or other government benefits. These deposits must come from an employer, government agency, or a similar third-party organization through ACH.
Please note: Deposits that do not qualify include those made via teller, ATM, mobile deposits, wire transfers, debit card transfers, transfers between First Midwest Bank accounts, external transfers from other financial institutions, or peer-to-peer transfers (like Zelle or Venmo).
Additional Terms and Conditions:
- This offer is limited to one cash bonus per Taxpayer Identification Number (TIN) or Social Security Number (SSN).
- To receive the bonus, your new First Midwest Bank checking account must remain open, have a balance greater than $0, and be in good standing when the cash bonus is paid, which will be within 130 days after account opening.
- Keep in mind that the bonus may be reported to the IRS on Form 1099-MISC.
- This offer is not available to existing First Midwest Bank personal checking account holders (including joint account owners), those who have closed a personal checking account within the last 12 months, those who have received a First Midwest Bank personal checking promotional bonus in the past 12 months, or First Midwest Bank employees.
- First Midwest Bank reserves the right to modify or discontinue this offer at any time and it cannot be combined with any other offers from First Midwest Bank.
- A $25 fee will be assessed if the account is closed within 180 days of opening. Remember that fees can reduce your earnings.
Maximize Your Savings with a Market Monitor Account
For those looking to grow their savings with a competitive interest rate, the First Midwest Bank Market Monitor account is an excellent choice.
Key Features of the Market Monitor Account:
- Earn a competitive interest rate on balances of $20,000 or more in “new money.” New money is defined as funds not currently on deposit at First Midwest Bank as of January 28, 2025.
- Currently, you can earn an interest rate of 3.69% with a 3.75% Annual Percentage Yield (APY) on balances of $20,000 and above. For balances below $19,999, the interest rate is 0.05% (0.05% APY). These rates are accurate as of January 29, 2025, but are subject to change.
- To maintain the competitive new money rate plan, ensure you deposit at least $20,000 in new money within fifteen (15) calendar days of opening the account. Otherwise, your account will be repriced at the standard Market Monitor rate.
- Like the checking account, a $25 fee applies if the Market Monitor account is closed within 180 days.
- This offer is for personal accounts and personal trusts only, excluding business, public, or institutional deposit funds.
Special 5-Month CD Rate
If you’re looking for a short-term, secure investment option, First Midwest Bank is offering a special rate on a 5-month Certificate of Deposit (CD).
5-Month CD Special Highlights:
- Take advantage of an advertised interest rate of 4.22% with a 4.30% Annual Percentage Yield (APY) for a new 5-month CD.
- This special rate is available for balances of $500 or more.
- CD rates are fixed upon opening, providing a predictable return on your investment if held until maturity.
- A minimum deposit of $500 is required to open this CD.
- Early withdrawal penalties may apply, potentially reducing earnings.
- Upon maturity, the CD will automatically renew for a term equal to the original term at the standard rate/APY in effect at that time.
Home Equity Line of Credit Offer
For homeowners, First Midwest Bank provides a Home Equity Line of Credit (HELOC) with attractive terms.
HELOC Offer Details:
- Promotional rates, terms, and conditions are effective for applications received through July 31, 2025.
- Enjoy an introductory variable rate discount for the first 6 billing cycles. This discount is based on a 1.50% reduction, resulting in an APR of 1.65% below the prime rate as published in the Wall Street Journal.
- After the introductory period, the variable rate will be based on The Wall Street Journal prime rate (plus or minus a margin).
- For example, rates are effective as of December 19, 2024, with the Wall Street Journal prime rate at 7.10%.
- The line of credit has a 10-year draw period followed by a 20-year repayment term.
- An initial $50 annual fee is waived.
- Keep in mind that property insurance is required for all loans secured by real estate and all loans are subject to credit approval.
Contact your First Midwest Bank Banker or Residential Lender for the most current loan rates and to discuss how these offers can benefit you. Don’t miss out on these limited-time opportunities to make the most of your banking with First Midwest Bank.
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