On September 19, 2016, SunTrust Bank’s (SunTrust) Q3 checking bonus expired, and on September 20, 2016, the new Q4 checking bonuses were unveiled. While the qualifying requirements have remained the same, the dollar amount of checking bonuses has not and are dependent on which checking account is opened.
- $100 bonus when opening a new Essential Checking account.
- $200 bonus when opening a new Select Checking account.
- $300 bonus when opening a new Signature Advantage account.
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As stated on the promotion page,
EARN A CHECKING BONUS when you
1. Open a new SunTrust checking account
2. Deposit at least $100 with 14 days of account opening, and
3. Complete at least $500 Direct Deposits* within 60 days of account opening, and
4. Make at least 10 debit card purchases within 60 days of account opening.
*SunTrust defines a qualifying Direct Deposit as follows:
A qualifying Direct Deposit is an electronic credit of your salary, pension, Social Security, or
other regular monthly income deposited to your account by your employer or an outside agency.
- The bonus will be credited to the new checking account up to 8 weeks after the applicable qualifications are fulfilled.
- Checking account must be open in good standing with a positive balance when the bonus is processed to receive the applicable bonus.
- Minimum opening deposit for a new checking account is $100.
- The monthly maintenance fee (Essential Checking $7, Select Checking $15, Signature Advantage $25) can be waived by meeting daily balance requirements or monthly direct deposit requirements.
- If the checking account is closed by you or SunTrust within 180 days after opening, the reward amount will be deducted from the account at the time of closing.
- Those who have an existing SunTrust personal checking account are not eligible.
- SunTrust customers who have closed a personal checking account with 180 days of promotion start date (i.e., on or after March 24, 2016) are not eligible.
SunTrust Bank’s Q416 checking promotional offer is available to any U.S. resident, 18 years or older, with a mailing address in Alabama, Arkansas, the District of Columbia, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia now through December 31, 2016.
If opened online, the promo code Q416CHKNG123OL must be entered on the application. If opened in-branch, a branch coupon is required, which can be downloaded.
SunTrust Bank, (FDIC Charter # 867) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.16% (excellent), based on June 30, 2016 data. In the past year, SunTrust Bank has increased its total deposits by $7.32 billion, an excellent annual growth rate of 4.95%. Please refer to our financial overview of SunTrust Bank for more details.
Founded in 1891 as the Commercial Travelers' Savings Bank, today’s SunTrust Bank has assets in excess of $194 billion. Headquartered in Atlanta, SunTrust Bank operates more than 1,400 branches and 2,200 ATMs throughout the Southern states.
How SunTrust Bank's Q416 Checking Bonuses Compare
Assuming the $500 Direct Deposit is left undisturbed for six months in an Essential Checking account to avoid the $7 monthly maintenance fee:
- $500 in a savings account earning 1.00% for six months = $2.49 interest
- $500 in an Essential Checking for six months = $100 bonus
Assuming a $2k minimum daily balance is maintained for six months in a Select Checking account to avoid the $15 monthly maintenance fee:
- $2k in a savings account earning 1.00% for six months = $9.99 interest
- $2k in a Select Checking for six months = $200 bonus
Note: Waiving the Signature Advantage’s $25 monthly maintenance fee requires a $25,000 minimum daily balance in linked deposits and investments. In other words, the $300 bonus on a Signature Advantage account could be substantially reduced by monthly maintenance fees.
Other Bank Promotions and Bonuses
Not eligible for SunTrust Bank’s Q416 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.