Offer has now expired and is no longer being offered. Click here to view more bank bonuses.
Update 08/17/18: Offer is no longer available online but you can get it in branch or by calling in (877.302.8258). Unsure on what the new expiry is. Hat tip to @rolyexpress
Update 05/01/18: Bonus has been extended until July 31st, 2018 with a new promo code: Q218CHECKINGOL.
Offer at a glance
- Maximum bonus amount: $500
- Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
- Direct deposit required: Yes, $1,000 or $2,000
- Additional requirements: Deposit $100 and 10 debit card transactions
- 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: Up to $25, waivable
- Early account termination fee: 180 days or bonus is forfeit
- Household limit: None
- Expiration date:
April 30th, 2018 July 31st, 2018October 15th, 2018
Contents
The Offer
SunTrust are offering a sign up bonus of up to $500 on their checking accounts when you use the promotional code Q218CHECKINGOL:
Earn $250 or opening the Select CheckingDeposit at least $100 within 14 days of account openingReceive $1,000 in qualifying direct deposits within 60 days of account openingMake at least 10 debit card purchases wihtin 60 days of account opening
- Earn $500 for opening the Signature Advantage Checking
- Receive $2,000 in qualifying direct deposits within 60 days of account opening
- Make at least 10 debit card purchases wihtin 60 days of account opening
The Fine Print
- Offer valid for new SunTrust personal checking accounts opened from May 1st through July 31st, 2018
- 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. “Q1 2018 Online Checking Offer Reward” will appear on the monthly checking account statement when the reward is credited to the account holder’s checking account. The reward amount will be based on the type of checking account open when SunTrust verifies that all promotional offer qualifications have been completed. This promotion is only applicable once 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.
- The new 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 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.
- Minimum account opening deposit for a new checking account is $100. In order to earn the reward, you will need to complete the $100 deposit requirement within 14 days. The offer is non-transferable and may not be combined with any other offers. This offer is subject to change and may be discontinued at any time. All promotional payouts will be processed no later than December 31, 2018 at which point this promotion and any related disbursements will be considered final, and no further disbursements will be made.
- 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 7, 2017).
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Early Account Termination Fee
You need to keep your account open for at least 180 days otherwise your bonus will be forfeit
Select Checking – $15 Monthly ($250 Bonus)
The $15 monthly fee is waived if you do any of the following:
Make $2000 or more in total qualifying monthly Direct Deposits10 ORMaintain a $2000 minimum daily Select Checking balance ORHold $10,000 total combined relationship balances linked across deposits, investments, mortgages, and loans11 ORSunTrust First Mortgage with SurePaySM12 ORLinked Small Business Checking account13
Signature Advantage $25 Monthly ($500 Bonus)
Avoid the $25 monthly maintenance fee with $25,000 minimum daily balance in linked deposits and investments
Our Verdict
Previously the bonuses have been $200 for select checking and $300 for Signature checking so this is better for both of those accounts. . At least one reader also had success going for the $500 bonus and downgrading via phone before any fees hit. I don’t expect SunTrust to come out with any better offers in the short term (they have offered $250 on the essentials account previously and that is easier to keep fee free than the select checking account). Considering you can get the $500 bonus and then downgrade without paying any $25 monthly fees this bonus is great.
It looks like the bonus will post within 8 weeks of meeting the requirements so you should be able to get the bonus within 2-3 months of account opening. Just keep in mind your account does need to be kept open for 180 days to avoid the early account termination fee. If you put the $25,000 into a basic savings account with a 1.5% interest rate you’d be earning $32.25 in interest or $195 over the 180 day period. You could also just pay the $25 monthly fee and you’d pay $150 over six months. Keep in mind you can just downgrade though.
I’d recommend the $500 bonus and then downgrade after it posts. This one is definitely going on our list of the best checking account bonuses.
Big thanks to reader, Yet Another Redditor who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Ally push $7500: ELECTRONIC/ACH CREDIT ALLY BANK P2P 1770527921
Ally account verifying payment $0.57: ELECTRONIC/ACH CREDIT ALLY BANK TRIALCREDT 1770527921
Don’t think Ally worked for me since it says P2P. Will try with employer DD.
Opened account : 06/28/2019
Direct Deposit : $2000 07/27/2019
Savings Deposit: 25K on 07/20/2019
Debit Card Purchases : accidentally only 5 made by 07/20/2019, 5 debit card purchases didn’t go through. Have to make them again on 09/01/2019, but have crossed 60 day limit.
I have not received $500 bonus as I have not completed 10 debit card purchases with in 60 days. I have called suntrust customer care multiple times for bonus. If not $500, then atleast $250 for meeting the $25,000 requirement.
William Charles anything I can do to receive the bonus?
If you have a security freeze with Equifax and or TransUnion you’ll have to lift them before you apply.
the link still brings you to a $300 bonus landing page
SunTrust is telling me they are not issuing a 1099 for the $500 bonus. Has this been the case for anyone else? Thanks.
Missed this article since I was traveling…
https://www.doctorofcredit.com/which-banks-send-out-1099s-for-account-bonuses/
Looks like no 1099 from SunTrust due to the bonus having purchase requirements – the debit card purchases.
Holy Crap! Just checked up on this via the link above and they renewed it…up to $750 bonus! The requirements are a bit different too though. $3k DD for all tiers and the $750 bonus requires $100k. Also, all 3 tiers are for opening an Advantage Checking account. Maybe need a new post for this? Code Q119ADVCHKOL.
Opened the signature advantage account and tried calling several times to downgrade after I received the bonus. I was told each time they were unable to do this over the phone and I’d need to come into a branch. (Not possible since I don’t live near one).
I’ve had the account for 4 months and they haven’t charged me a fee, I only left 100 bucks in the account figuring they’d eat that in fees. This was back in August. I opened the account in July. Today I was able to downgrade through their online chat service with no issue.
Just some FYI about their fee structure.
For those that downgraded their account from Signature Advantage, did SunTrust take back anyone’s bonus?
Onsale No problems here. I signed up for the $500 on April 5, downgraded via phone on May 3, and closed my account in person October 12. I left with all the money.
Thanks for the DP! You get my MVP vote for this thread!
DP
10/15/18 Acct Opened (Sig. Advantage)
10/25 5x Amazon reload + 5x PIN purchases
10/26 DD from job
11/7 $500 bonus posted
Downgrading sometime next week.
Opened Sig Adv account 09/21/18 with 100 cash in branch and printed email offer. 10 debit purchases and 2k from Cap One 360 checking account on 10/16. On 10/23 recvd email that all reqs met. On 11/2 got 500 bonus in account. Got on chat via suntrust website 11/2 and downgraded to essential checking. Will keep fee free with 10 debit card purchases and close at 6 month mark. I am in Florida. HTH.