Long-Running $200 Checking Bonus Offer Continues at SouthState Bank
I first reported on this $200 bonus offer in 2021, and it continues to be a decent deal that can be done without direct deposit. SouthState Bank is offering a $200 bonus for opening a new personal checking account (in-branch or online) and completing two of three requirements (debit card purchases plus preauthorized automatic draft OR direct deposit) within 60 calendar days of account opening. The latest expiration date for this offer is March 31, 2023.
As stated on the bonus promotion page, the “Eligibility & Qualifications” for the $200 bonus are as follows:
- At account opening, you cannot be a current owner or joint owner of a SouthState personal checking account, or have been an owner or joint owner of a SouthState personal checking account in the past 12 months.
- Within 60 calendar days of opening the account, you must have:
- 15 or more posted and cleared debit card purchases/payments from the account; AND
- Monthly cumulative direct deposits of at least $250 of your salary, pension, Social Security, or other regular recurring monthly income (Note: Internal account transfers, mobile deposits, or deposits made at a banking location or ATM, do not qualify as a direct deposit.); OR
- One or more preauthorized automatic drafts by a third party of at least $25 (excluding recurring Debit Card payments and person to person transfers).
- Your account must be open with no changes to the product type (i.e. SouthState Checking, Choice Checking, Gold Checking etc.) at the time of payment.
Limitations/Restrictions
There is a limit of one $200 checking bonus per customer and the bonus is not available to employees of SouthState Bank or its subsidiaries.
If opening in-branch, a $25 minimum opening deposit is required, but there is no minimum deposit if opening online.
If the eligibility and qualifications as described above are met, $200 bonus will post to the new checking account within two business days of the completion of the 60 calendar day qualifying period.
Eligible Checking Accounts
SouthState Bank has four checking accounts which qualify for the $200 bonus: SouthState Checking, Choice Checking, Gold Checking, and Community Hero Checking.
SouthState Checking is a non-interest bearing account. The $5 monthly maintenance charge can be avoided by enrolling in eStatements. The minimum opening deposit is $25 if opened in-branch; there is no minimum opening deposit if the SouthState Checking account is opened online.
Choice Checking currently earns 0.08% APY on all balances. The $8 monthly maintenance charge will be waived with at least 15 debit card purchase transactions, OR at least $250 in direct deposit(s), OR an average daily balance of least $1k. The minimum opening deposit is $25 if opened in-branch; there is no minimum opening deposit if the Choice Checking account is opened online. Choice Checking comes with one order of free SouthState Bank Custom wallet style checks or a $10 discount on another check style per calendar year.
Gold Checking currently earns 0.06% APY on balances up to $100k and 0.15% APY on balances ≥$100k. The $15 monthly maintenance charge will be waived with a minimum daily balance of $5k in the Choice Checking account OR maintain a combined minimum daily balance of at least $25k in other SouthState deposit accounts (Checking, Savings, CD, IRA) and outstanding loan balances with SouthState per monthly statement cycle. The minimum opening deposit is $25 if opened in-branch; there is no minimum opening deposit if the Gold Checking account is opened online. Gold Checking comes with free SouthState Bank Custom style checks (one order at a time).
Community Hero Checking currently earns 0.08% APY on all balances. This account is only offered to educational professionals, healthcare providers, law enforcement, military or veterans, or rescue services members. The Community Hero Checking account has no monthly maintenance charge. There is no minimum opening deposit whether opened online or in-branch. Up to three foreign ATM transactions per month will be reimbursed. Community Hero Checking receives one order of free SouthState Bank Custom style checks per calendar year. Accountholder may be eligible to receive a $250 credit towards traditional mortgage closing costs for any first lien mortgage.
Availability and Account Opening
Headquartered in Winter Haven, Florida, South State Bank’s brick-and-mortar market area and online market area includes Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia.
Applying for the $200 bonus can be done online online (using promo code EARN200) or at any of 256 full-service branches located in Alabama (9), Florida (93), Georgia (46), North Carolina (20), South Carolina (82), and Virginia (6).
Bank Overview
South State Bank has an overall health grade of “A+" at DepositAccounts.com, with a Texas Ratio of 1.04% (excellent), based on June 30, 2023 data. In the past year, the Bank has increased its total non-brokered deposits by $6.01 billion, an excellent annual growth rate of 18.35%. Please refer to our financial overview of South State Bank (FDIC Certificate # 33555) for more details.
SouthState Bank is currently the largest bank headquartered in Florida and the 53rd largest bank in the country, with assets in excess of $46 billion and more than 1.15 million customer accounts.
The 2020 merger of CenterState Bank and SouthState Bank was described as a “merger of equals” in a January 2020 press release, with the combined company operating as SouthState Bank but under the CenterState Bank FDIC Certificate. Founded in 1933 and 1992 respectively, SouthState Bank and CenterState Bank have nearly 120 years of combined, continuous operation.
The most recent merger was finalized in March 2022. According to a March 2022 press release, SouthState announces the,.
closing of its acquisition of Atlantic Capital Bancshares, Inc. (NASDAQ: ACBI) (“Atlantic Capital”) through the merger of Atlantic Capital with and into SouthState. Immediately after that merger, Atlantic Capital’s subsidiary bank, Atlantic Capital Bank, N.A. merged with and into SouthState Bank, N.A. (“SouthState Bank”). As a result of these transactions, the combined company has an expanded presence in the Atlanta market, with $5 billion in deposits and ranks 8th in market share (3rd among banks under $100 billion in assets).
Bottom Line
Checking bonuses are attractive because they offer a significant return not available in either a liquid account or short-term CD. For most people, opening a fee-free SouthState Checking is the easiest way to qualify for the $200 bonus. There are no liquid accounts or CDs that currently return $200 on a small deposit in approximately 2-3 months. Earning $200 in an online savings account, the current top rate of 4.35% APY, would require about $18.7k on deposit for about three months.
If you don’t qualify for the SouthState Bank bonus, check our list of the best savings and checking account bonus offers for a bonus that’s right for you.
The above information and rates are accurate as of 1/30/2023.
