[Expired] [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only] SunTrust $600 Savings Promotion

Deal has ended, view more bank account bonuses by clicking here.

Update 8/5/20: Reader Chyeah found a direct link. Keep in mind that ‘You must have a personal SunTrust checking account to be eligible.’

Offer at a glance

Maximum bonus amount: $600
Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
Deposit required: $10,000-$100,000
Additional requirements: See below
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: $17, avoidable
Early account termination fee: 180 days, bonus forfeit
Household limit: None listed
Expiration date: September 30, 2020

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

SunTrust is offering a bonus of up to $600 when you open a new savings account. Bonus you receive is based on the amount you deposit within 30 days of account opening (must be maintained for 90 days).
- Deposit $10,000+ and receive $100 bonus
- Deposit $25,000+ and receive $300 bonus
- Deposit $100,000+ and receive $600 bonus

The Fine Print

Offer valid for new personal SunTrust Advantage Money Market Savings accounts opened from July 31, 2020, through September 30, 2020.
Enrollment in the promotion is required at the time of account opening. (See Account Opening & Enrollment Instructions below.)
Only new deposits made to a single eligible Advantage Money Market Savings account within 30 days of account opening will be considered for qualification. The final reward amount will be based on the lowest balance tier ($10,000, $25,000 or $100,000) that is maintained for 90 days after opening the new money market savings account.
Total new balances must be new money to SunTrust. The new money cannot be funds currently held in deposits by SunTrust or any of its affiliates.
To be eligible to participate in the promotion: You must be a new SunTrust personal money market savings account client and have a personal SunTrust checking account. Clients with an existing money market savings account with SunTrust (either as the primary or a joint account holder) are not eligible. You must not have closed a personal money market savings account within 180 days of the promotion start date (on or after February 2, 2020). The primary account holder of the participating money market savings account must be 18 years old or older at the time of account opening. Truist employees and/or 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 MMA must have a mailing address in the following states: Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or the District of Columbia.
Reward Processing: The reward will be credited to the new money market savings account up to 4 weeks after all qualification requirements have been verified. “Advantage MMA Offer Reward Q3 2020” will appear on the monthly statement when the reward is credited to the account holder’s Advantage Money Market account. If the money market 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. This promotion is only applicable once per account and per 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.
Reward Forfeiture: The new Advantage Money Market Savings 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 money market savings 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.
Other Terms: The minimum opening deposit (due within 14 days from account opening) for a new Advantage Money Market Savings account is $100. The offer is non-transferable and may not be combined with any other savings offers. This offer is subject to change and may be discontinued at any time. All promotional payouts will be processed no later than May 30, 2021, at which point this promotion and any related disbursements will be considered final, and no further disbursements will be made. For SunTrust Advantage Money Market Savings, the Annual Percentage Yield (APY) is currently 0.01% for Tier 1 ($9,999.99 or less); 0.04% for Tier 2 ($10,000 – $24,999); 0.04% for Tiers 3-4 ($25,000 to $99,999); and 0.08% for Tiers 5-9 ($100,000 or more). The Annual Percentage Yields are accurate as of June 26, 2020, and subject to change at any time including after the account is opened. Fees may reduce your earnings.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $17 monthly fee. This is avoided if you do any of the following:

Set up automatic transfer(s) totaling at least $100
Maintaining a $10,000 minimum daily collected balance

Early Account Termination Fee

Account must stay open and in good standing until the bonus posts and must be kept open for at least 180 days

Our Verdict

It seems this account has different interest rate tiers, but they make it difficult to find out what the interest rate is. Usually that’s a sign that the rate is close to 0%. The effective interest rates of each bonus are as follows:

$100 bonus: 4.06%
$300 bonus 4.87%
$600 bonus: 2.43%

$100/$300 bonus might be worth doing but $600 isn’t that much better than a lot of high yield savings accounts. We will add this to the best savings bonuses.

Hat tip to reader Jim

Useful posts regarding bank bonuses: