SunTrust Bank Again Extends Three Checking Bonuses

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UPDATE 7/26/2017: Offer has been extended through October 2, 2017.

Deal Summary: $100, $200, and $300 bonuses when opening a new SunTrust checking account.

Availability: U.S. residents in AL, AR, DC, FL, GA, MD, MS, NC, SC, TN, VA, and WV.

SunTrust Bank’s (SunTrust) Q217 checking bonuses have expired and replaced with the Q317 checking bonuses. The qualifying requirements have remained the same, as has the dollar amount of the bonus for each new checking account.

  • $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.
APYMINMAXINSTITUTIONPRODUCTDETAILS
0.01*%--SunTrust BankSignature Advantage Checking
0.01*%--SunTrust BankSelect Checking
Accounts mentioned in this post. Rates as of September 20, 2017.

Bonus Requirements

  1. Open a new SunTrust checking account, and

  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.

Limitations

  • 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, which must be completed within 14 days.
  • 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 January 6, 2017) are not eligible.

Availability

SunTrust Bank’s Q317 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 October 2, 2017.

As stated earlier, applying for any of the three checking bonuses can be done online, or in person at any of more than 1,350 branches.

If opened online, the promo code Q317CHKNG123OL must be entered on the application. If opened in-branch, a coupon is required, which will be sent via email upon request.

Bank Overview

SunTrust Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.70% (excellent), based on March 31, 2017 data. In the past year, SunTrust Bank has increased its total non-brokered deposits by $9.2 billion, an excellent annual growth rate of 6.18%. Please refer to our financial overview of SunTrust Bank (FDIC Certificate # 867) for more details.

Founded in 1891 as the Commercial Travelers' Savings Bank, today’s SunTrust Bank has assets in excess of $201 billion and more than 6.9 million customer accounts. As Georgia’s largest bank, SunTrust Bank operates more than 1,360 branches and 2,200 ATMs throughout the Southern states.

How SunTrust Bank's Q317 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 an Essential Checking for six months = $100 bonus
  • $500 in a 1.25% savings account for six months = $3.12 interest

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 Select Checking for six months = $200 bonus
  • $2k in a 1.25% savings account for six months = $12.46 interest

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 Q317 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
RJM
RJM   |     |   Comment #1
Will a transfer from Ally Bank count as a direct deposit or not ?
Anonymous
Anonymous   |     |   Comment #3
A transfer does not meet the description of a direct deposit, i.e., "salary, pension, Social Security, or other regular monthly income electronically deposited into your account by your employer or an outside agency."  
RJM
RJM   |     |   Comment #4
But with lots of institutions, an ACH transfer DOES meet the requirements.
pinkterror
pinkterror   |     |   Comment #2
I'm just curious why has Suntrust have had bonuses in quick succession recently.  (First one was okay, the one that just past was the best so far...this one (the max being $300 bonus) seems attractive, but not worth it)  is it trying to attract a buyer or something?
DCGuy
DCGuy   |     |   Comment #5
SunTrust bought out several local banks over the years, so I do not think it is looking for a buyer.  Maybe they are trying to do the same thing like Wells Fargo and get more business by have more accounts opened.  Most of their deposit rates are not competitive, so they need to have some kind of "lure" in order to get people to open accounts.
RickNP
RickNP   |     |   Comment #6
I attempted to take advantage of this offer in August and the ONLY thing that went well was their efficiency in closing the Select Checking account this month, at my insistence, when they determined I hadn't met the "self-enrollment" requirement by entering the correct bonus code while opening the account online. I met all other requirements, they agreed, but insisted I hadn't entered the correct code, despite my having used their own "Click Here to Apply" portal which includes the bonus code field already filled in.
Anonymous
Anonymous   |     |   Comment #7
Substantial performance by you should be rewarded.
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