SunTrust Bank's Q1 2016 Checking Bonuses Earn $200 or $100

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UPDATE 5/16/16: Promotion extended through June 17, 2016. Promotion also includes an additional $50 bonus:

Plus, earn $50 when you also open a new Select Savings or Essential Savings
account and deposit at least $5,000 in new balances within 14 days of account opening.
You must maintain a balance of $5,000 for 60 days after checking account opening."
Availability: U.S. residents in AL, AR, DC, FL, GA, MD, MS, NC, SC, TN, VA, and WV

In the past, SunTrust Bank has presented a variety of checking account bonuses, with at least one new promotion every quarter.

The latest offering (available now through March 14 June 17, 2016) includes a $200 bonus when opening a new Select Checking account, and a $100 bonus when opening a new Essential Checking account.

$200 Bonus Requirements

  • Open a new Select Checking account online or in a SunTrust branch.
  • Must enter promo code Q1SELECTOL16 MAY16CHKONLYOL on the first page of online application.
  • Must check "Yes" in the "Special Offer" box on the second page of online application.
  • Bring direct mail, email or coupon with promo code 16Q1NEWCHKNGBR MAY16CHKSAVCPN if opening at a branch location.
  • Have at least $2K in Direct Deposits* within 60 days of account opening.

$100 Bonus Requirements

  • Open a new Essential Checking account online or in a SunTrust branch.
  • Must enter promo code Q1ESSENTIALOL16 MAY16CHKONLYOLE on the first page of online application.
  • Must check "Yes" in the "Special Offer" box on the second page of online application.
  • Bring direct mail, email or coupon with promo code 16Q1NEWCHKNGBR MAY16CHKSAVCPN if opening at a branch location.
  • Have at least $500 in Direct Deposits* within 60 days of account opening.

*SunTrust defines a qualifying Direct Deposit as follows:

A Direct Deposit of your salary, pension, Social Security, or other regular monthly income electronically deposited into your account by your employer or an outside agency.

The fine print on the Everyday Checking Flyer reads:

Eligible accounts opened at a branch include:
Essential Checking, Select Checking, Signature Advantage, and Balanced Banking.

Limitations

  • Minimum opening balance for a new Select or Essential Checking account is $100.
  • Checking account must be open in good standing with a balance of at least $1 when bonus is processed (within 8 weeks after qualifying deposit is made) to receive the bonus.
  • The monthly maintenance fee (Essential Checking, $7; Select Checking, $15; Signature Advantage Checking, $25; Balanced Banking, $12) can be waived by meeting daily balance requirements or monthly direct deposit requirements.
  • There is an early account termination fee of $25 if closed within six months.
  • SunTrust customers who already have a SunTrust personal checking are not eligible.
  • SunTrust customers who have closed a personal checking account with 180 days of promotion start date (February 1, 2016 November 14, 2015) are not eligible.

Complete details are available on SunTrust’s Q1Q2 2016 Checking promotion page.

Availability

SunTrust Bank’s Q1 2016 Checking promotional offers are available to any U.S. resident, 18 years or older, with a U.S. address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia now through March 14, 2016.

As stated earlier, the $200 and $100 bonus promotions can be opened using SunTrust Bank's online application or in person at any of 1,472 branches.

Bank Overview

SunTrust Bank, (FDIC Charter # 867) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.43% (excellent), based on September 30, 2015 data. In the past year, SunTrust Bank has increased its total deposits by $9.38 Billion, an excellent annual growth rate of 7.04%. Please refer to our financial overview of SunTrust Bank for more details.

Founded in 1891 as the Commercial Travelers' Savings Bank, the current SunTrust Bank has assets in excess of $183 Billion. Headquartered in Atlanta, SunTrust Bank operates more than 1,400 branches and 2,200 ATMs throughout the Southern states.

How SunTrust Bank's Q1 2016 Checking Bonuses Compare

Assuming the Select Checking $2K Direct Deposit is left undisturbed for 6 months:

  • $2K in a savings account earning 1.00% for 6 months = $9.98
  • $2K in a Q1 2016 promotion Select Checking account for 6 months = $200

Assuming the Essential Checking $500 Direct Deposit is left undisturbed for 6 months:

  • $500 in a savings account earning 1.00% for 6 months = $2.49
  • $500 in a Q1 2016 promotion Essential Checking account for 6 months = $100

It must be noted that if the monthly maintenance fees are not waived, the value of the bonuses will be decreased.

Other Bank Promotions and Bonuses

Not eligible for SunTrust Bank’s Q1 2016 checking bonuses? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.

Comments
pinkterror
pinkterror   |     |   Comment #1
is the 2k in direct deposits a total in the space of 60 days?  or does it mean the direct deposit needs to be 2k in one shot?
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