Posted by William Charles on January 3, 2019
Bank Account Bonuses

Published on January 3rd, 2019 | by William Charles

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SunTrust Up To $750 Checking Promotion [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only]

Offer at a glance

  • Maximum bonus amount: $750
  • Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
  • Direct deposit required: Yes, $3,000
  • Additional requirements: Deposit $100 and 10 debit card transactions + deposit requirements
  • Hard/soft pull: Soft
  • ChexSystems: Mixed DP
  • Credit card funding: Up to $250 (lots of reports of it coding as a cash advance)
  • Monthly fees: $20, avoidable
  • Early account termination fee: 180 days or bonus is forfeit
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • SunTrust Bank is offering bonuses of up to $750 when you open a new checking account. All three tiers require opening a SunTrust Advantage checking account. Bonuses are as follows:
    • Earn $250:
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening
    • Earn $500:
      • Bring back to $25,000 in total new balances within 30 days and maintain that balance for 90 days from account opening
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening
    • Earn $750:
      • Bring back to $100,000 in total new balances within 30 days and maintain that balance for 90 days from account opening
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening

The Fine Print

  • You must be a new SunTrust personal checking client. Clients with an existing personal checking account with SunTrust (either as the primary or secondary account holder) are not eligible.
  • You must not have closed a personal checking account within 180 days of the promotion start date (on or after July 6, 2018). The primary account holder of the participating checking account must be 18 years old or older at the time of account opening. SunTrust employee-designated accounts are not eligible for this promotion. Offer available only to U.S. residents with a U.S. address and a valid U.S. taxpayer identification number.
  • The qualifying checking account must be opened online using the applicable promotion code with a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
  • After meeting the qualification requirements, the applicable reward will be credited to the new checking account up to 8 weeks after all qualifications are met. “Advantage Checking Online Reward Q1 2019” will appear on the monthly checking account statement when the reward is credited to the account holder’s checking account.
  • If the checking account opened in response to a Promotional Offer is converted to another account type or product, it may no longer be eligible to receive the promotional offer. No reward will be earned if the checking account qualifications are not met within the required timeframe. This promotion is only applicable once per client and per account, including all individual and joint accounts. For the purpose of promotion reward qualification, the first name listed on the Savings, Money Market, CD, and IRA accounts will be considered as the participating client.
  • SunTrust may report the value of any reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient.
  • The new checking account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed in order to receive the reward. If you close an account that was opened in response to a Promotional Offer, you are no longer eligible for that promotional offer and will not be able to receive any rewards applicable to that offer. If the checking account is closed by you or SunTrust within 180 days after opening, SunTrust reserves the right to deduct the reward amount from the account at the time of closing.

Avoiding Fees

Monthly Fees ($20)

Account required for this bonus has a $20 monthly fee. This is waived if you do any of the following:

  • Make $3,000 or more in total qualifying monthly Direct Deposits OR
  • Hold $10,000 total combined relationship balances linked across deposits and investments OR
  • Linked personal SunTrust Credit Card, Mortgage, or Loan OR
  • Linked Small Business Checking account

Early Account Termination Fee

You need to keep your account open for at least 180 days otherwise your bonus will be forfeit

Our Verdict

So this is $250 more than the previous best SunTrust bonus, but keep in mind the large deposit requirements. Previously you could downgrade the account to help keep it fee free, but this is specifically called out as not working in the fine print and now the deposit is required for the bonus rather than for keeping the account fee free so I think this will be enforced.

You’ll need to have the $25,000/$100,000 in the account for at least 90 days (we will ignore the monthly fee for now). If you put that same amount in a 2.5% APY savings account you’d earn:

  • ~$154 ($25,000)
  • ~$616 ($100,000)

I don’t think the $750 bonus is worth considering because of that. I think the $500 bonus is probably the sweet spot as having the $25,000 invested would also keep the account fee free for those first 90 days. After that you’d either need to do the direct deposit or have $10,000 invested.

Hat tip to Danny Deal Guru

Useful posts regarding bank bonuses:



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Yet Another Redditor

Looks like learnt from their mistakes last year when customers didn’t really move in the $25K for the $500 bonus.. Still not bad for the $500 offer. 8% return for $25K for 3 months.

Also William Charles , the link to the offer can be cleaned up to be just this – https://www.suntrust.com/lp/checking-offer

Dontdoit
Dontdoit

Tried it last year. So painful to deal with that I closed the account and gave up

workedforme
workedforme

I did it last year for the $500 bonus and it was easy. Downgraded my account without a problem after receiving the bonus and never had to pay a fee. In fact, I’ve still got the account open.

EW
EW

They also offer a $200 business checking bonus:
https://www.suntrust.com/lp/open-small-business-checking-account

Orin
Orin

I did Sutrust last year. Bonus posted but they were the only ones who made me come into the branch to verify myself.

Lily
Lily

Geez, i forgot to close the account that was opened last March.

Moe
Moe

Does anyone remember the link to track the status of the processing?

Banking On Bonuses
Banking On Bonuses

Just to clarify on this, do you need to hold the funds at the bank for any amount of time? If I do the business concurrent with this, would it be feasible to open the personal, push 3k to it, open the business, push 1.5k to the biz, link the accounts (to avoid personal fees), and then withdraw funds to satisfy the $.01 to keep the accounts open and fee free until the time frame and then either keep em or close them? That way I really only have to float 3k for a short amount of time, unless I’m missing something about keeping the funds there. Speaking about the 250 bonus.

LD
LD

Does a Venmo payment with the debit card count toward the debit card requirement not just for SunTrust but for all banks?

William Charles Would be great of there was a master post for bank account bonuses that listed all the ways you can make debit card purchases to count toward bank account bonuses (i.e. paypal, venmo, POS system etc.)

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