Offer at a glance
- Maximum bonus amount: $1,000
- Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, and D.C Only
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Mixed DP
- Credit card funding: Up to $250 (lots of reports of it coding as a cash advance)
- Monthly fees: $20, avoidable
- Early account termination fee: 180 days or bonus is forfeit
- Household limit: None
- Expiration date: March 31, 2021
- SunTrust is offering a bonus of up to $1,000 when you complete the following requirements:
- Use promo code CHKSAVQ121
- Open a SunTrust checking account and complete qualifying direct deposits totaling at least $500 within 90 days of account opening
- Open any new SunTrust savings or MMA, and deposit the balances below within 30 days and maintain for 90 days after account opening. Amount you deposit and maintain determines the bonus you receive:
- Less than $10,000 = $300
- $10,000 – $24,999.99 = $400
- $25,000 – $49,999.99 = $600
- $50,000 -$99,999.99 = $800
- $100,000 or more = $1,000
The Fine Print
- Enrollment in the promotion is required and must be completed in the Promotions Center using Promo Code CHKSAVQ121 and indicating the last four digits of the checking account number opened.
- Offer Eligibility: Clients with an existing personal checking, savings, MMA, CD, or IRA deposit account with SunTrust (either as the primary or joint account holder) are not eligible. You must not have closed a personal checking, savings, MMA, CD, or IRA deposit account within 180 days of the promotion start date (on or after 7/9/20). The new checking and savings/money market accounts must be opened on the same day and with the same account ownership. CD and Individual Retirement Accounts (IRA) are not eligible for this offer. Primary account holder must be 18 or older at the time of account opening. Truist employees and/or employee-designated accounts (as the primary or joint account holder) are not eligible. Offer available only to U.S. residents with a U.S. address and a valid U.S. taxpayer identification number. The qualifying checking account must have a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
- Reward Processing: Reward will be deposited into the new SunTrust checking account within 4 weeks of verifying all qualification requirements. Promotion is only applicable once per account and per client. SunTrust may report the value of any offer reward received to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Essentials checking has no monthly fee to worry about. Advantage has a $20 monthly fee. Account required for this bonus has a $20 monthly fee. This is waived if you do any of the following:
- Make $3,000 or more in total qualifying monthly Direct Deposits OR
- Hold $10,000 total combined relationship balances linked across deposits and investments OR
- Linked personal SunTrust Credit Card, Mortgage, or Loan OR
- Linked Small Business Checking account
Early Account Termination Fee
You need to keep your account open for at least 180 days otherwise your bonus will be forfeit
I couldn’t find the interest rates for either Advantage MMA and Essentials Savings account, I’m just going to assume that the rate is 0% but happy to correct that if anybody can find it. SunTrust previously offered a $500 bonus for checking, so this is basically an extra $500 at most. but does require $100,000 in deposits for at least 90 days. That works out to be a return of 2% when compared to the previous $500 bonus, or 4% if comparing to no previous bonus. Personally for most people think that $500 bonus was a better offer, but if you have $100,000 sitting around then the 2%/4% rate is obviously competitive. Obviously if these accounts earn a decent interest rate it makes this bonus even better. We will add this to our list of the best bank account bonuses.
Hat tip to reader Fred
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