Grab a $250 Bonus from 1st Source Bank – Here's How It Works

If you live in Indiana or Michigan and don't mind a little paperwork, 1st Source Bank is offering a solid $250 cash bonus for opening a new checking account. The offer is straightforward: open an Easy Banking Club Checking account, set up a direct deposit, and use your debit card a few times. Here's what you need to know before you apply.

What You Need to Do for the $250

To qualify, you'll need to open a new Easy Banking Club Checking account between July 1 and August 15, 2026. Then, within your first three statement cycles, you have to complete three tasks in one single statement cycle: receive at least $500 in qualifying ACH direct deposits, make 10 debit card point-of-sale purchases, and enroll in eStatements.

Qualifying direct deposits include payroll, pension, or government benefits. Transfers between your own accounts, person-to-person payments like Venmo, and deposits made at a branch or ATM won't count. So make sure your employer or benefits provider can send the money via ACH.

The 10 debit card purchases need to be point-of-sale transactions—think swiping at a grocery store or gas station. Online purchases using your debit card should also count, but it's safest to use the card in person if you're unsure. Recurring payments might not qualify, so stick to one-time transactions.

Once you've met all three conditions in one statement cycle, the $250 bonus should hit your account within three more statement cycles. Just keep the account open until then—closing early means forfeiting the bonus.

Watch Out for Fees and Fine Print

The Easy Banking Club Checking account has a $10 monthly service fee, but you can avoid it by receiving $250 or more in direct deposits each statement cycle. Since you're already planning to deposit $500 for the bonus, this should be easy to manage.

There's also a $25 early account closure fee if you close the account within 180 days. That's pretty standard, but it means you should plan to keep the account open for at least six months after opening to avoid losing money.

One more thing: the bonus is considered taxable income. You'll likely receive a Form 1099-INT from the bank, so set aside a portion for taxes if needed.

Is This Offer Worth It?

For a $250 bonus with relatively modest requirements, this is a decent deal if you're already in 1st Source's service area. The $500 direct deposit and 10 debit card purchases are doable for most people. Just be aware that the account's interest rate is very low (0.07% APY), so don't keep a huge balance here long-term.

If you're not near a branch or prefer online-only banking, there are other bonuses out there that might be easier to snag. But for locals, this is a straightforward way to earn some extra cash with minimal hassle.

Bottom Line

• Open an Easy Banking Club Checking account by 8/15/26 using the offer code.
• Within one statement cycle, set up a $500+ direct deposit, make 10 debit card purchases, and enroll in eStatements.
• Keep the account open for at least 180 days to avoid the $25 closure fee.
• The $250 bonus is taxable—plan accordingly.

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