When I saw that SunTrust Bank (SunTrust) was promoting a checking bonus, I assumed it would be the same promotion I had been writing about for the past year. I was pleasantly surprise to discovered that SunTrust has re-worked the bonus, which now has a maximum potential value of $250 when opening a new Essential or Select Checking account.
As stated on the promotion page,
EARN $125 when you
EARN AN ADDITIONAL $125 when you
- Open a new SunTrust checking account
- Deposit at least $100 with 14 days of account opening, and
- Complete at least $500 Direct Deposits within 60 days of account opening
- Continue to maintain at least $500 in monthly Direct Deposits* until December 31, 2016.
*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.
- Each $125 bonus will be credited to the new checking account up to 8 weeks after the applicable qualifications are fulfilled.
- Must qualify for the initial $125 bonus in order to be eligible to earn the second $125 bonus.
- Checking account must be open in good standing with a positive balance until each bonus is processed to receive the applicable bonus.
- Minimum opening balance for a new Select or Essential Checking account is $100.
- The monthly maintenance fee (Essential Checking $7, Select Checking $15) 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., February 3, 2016) are not eligible.
SunTrust Bank’s Q316 checking promotional offer is 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 September 19, 2016.
If opened online, the promo code Q316CHKNGOLP1 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 4.31% (excellent), based on March 30, 2016 data. In the past year, SunTrust Bank has increased its total deposits by $8.2 billion, an excellent annual growth rate of 5.06%. 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 $189 billion. Headquartered in Atlanta, SunTrust Bank operates more than 1,400 branches and 2,200 ATMs throughout the Southern states.
How SunTrust Bank's Q316 Checking Bonuses Compare
First $125 bonus - assuming the $500 Direct Deposit is left undisturbed for 6 months:
- $500 in a savings account earning 1.00% for 6 months = $2.49 interest
- $500 in an Essential or Select Checking for 6 months = $125 bonus
Note: The Essential Checking’s $7 monthly maintenance fee is waived if a $500 minimum daily balance is maintained, but waiving the Select Checking’s $15 monthly maintenance fee requires a $2,000 minimum daily balance or $2,000 in monthly direct deposits. In other words, the first $125 bonus on a Select Checking account could be substantially reduced by monthly maintenance fees.
Second $125 bonus - assuming four months of $500 Direct Deposits is left undisturbed for 6 months:
- $2,000 in a savings account earning 1.00% for 6 months = $9.88 interest
- $2,000 in an Essential or Select Checking for 6 months = $125 bonus
Other Bank Promotions and Bonuses
Not eligible for SunTrust Bank’s Q316 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.