If you have been thinking about switching to a brand new checking account, it’s well worth looking into whether the bank is offering any cash bonuses. Some banks offer bonuses to new customers which is great news for anyone looking to boost their savings. SunTrust and BB&T have now merged to become Truist Bank, but they still offer separate products for now. SunTrust is giving new customers the chance to get a bonus of up to $400.
SunTrust currently has two savings bonuses, depending on what type of checking account you open. Both have quite strict criteria to get the bonus, but if you can meet them, it’s a great way to earn a bit of extra cash.
Here are all the details you need to know about the SunTrust savings account bonus to see whether it’s right for you.
SunTrust Bonus Details
Is it as simple as opening a new account with SunTrust? Let’s take a look at the details and eligibility requirements to get each SunTrust sign up bonus.
New customers can get up to $200
For those opening a new SunTrust Essential Checking Account, you can earn up to $200. To qualify for this reward, you will need to have at least $500 in direct deposits per statement for two months — within the first full three months after opening the account.
Those who qualify for the reward will receive it up to 4 weeks after all qualifications have been met. To take advantage of this offer, you will need to use the promo code Q320ESSENTIAL when you open a new account.
New SunTrust Advantage customers can get up to $400
If you would rather go for SunTrust’s Advantage checking account instead, you can earn a $400 bonus. To grab this bonus, you will have to make a fairly large deposit of $3,000 in direct deposits per statement for two consecutive cycles. This must also be within the first three full months after opening the account. For this promotion, you will need to use the code Q320ADVANTAGE when you open an account.
What’s the catch?
Naturally, there are some requirements and limitations to the SunTrust checking account bonus. The main one to be aware of is the time requirements. To qualify for either bonus, you will need to receive a direct deposit such as a salary, pension, Social Security or other monthly income into your new checking account. Any money you transfer from another checking account will not be counted. When these payments are made will determine whether you get the bonus.
The statement cycle for the same month you opened the account will not count towards the promotion. If you open your account in August, the full statement cycles will be September, October and November 2020. For the $200 bonus to apply, you will need $500 deposited into your account at least twice over those months. For the Advantage bonus, you will need to receive a $3,000 deposit twice in those months to get the $400.
As this is a new SunTrust open account bonus, only new customers and those who have not closed a SunTrust account within 180 of opening a new one will be considered for this. This offer is also not nationwide and only applies to customers 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.
Is this a good deal for you?
When opening a new checking account, it’s tempting to only focus on the bonus, but it’s important to look beyond that and check whether the checking account is right for you.
SunTrust’s Essential checking account benefits from a 10% Loyalty Cash Bonus when you use the SunTrust Rewards credit card. SunTrust also offers debit card security controls and a Free IDNotify service from Experian to keep an eye on your credit score. With this checking account, you also get no-fee access to over 2,000 SunTrust ATMs and 1,200 branches.
The monthly maintenance fee is usually $7 but this can be waived if you make 10 or more client-initiated transactions per statement cycle, make $500 in direct deposits, keep a $500 minimum daily balance or open the account as a student.
The Advantage checking account has some more benefits over the Essential account. These include the ability to interest, collect Delta SkyMiles and also earn between 10-50% in Loyalty Cash Bonuses.
The monthly fee for this account is $20 but this can be waived if you make $3,000 or more in monthly direct deposits, hold $10,000 in total balances or have a personal SunTrust credit card, mortgage, loan or business account.
If you can make the minimum direct deposits for the first three months, then a SunTrust account could be well worth getting a bit of free cash. However, if you can’t or would rather a checking account without monthly fees, you may want to look elsewhere. For example, Capital One’s 360 savings account doesn’t charge monthly maintenance fees.
Another thing to bear in mind is the APY. With the Advantage account, you get an Annual Percentage Yield of 0.01 percent, which is fairly low compared to other providers.
Free cash is hard to ignore so it’s always tempting to focus only on the bonus rather than the checking, savings or money market accounts themselves. At first glance, the SunTrust accounts look great, especially the opportunity to get loyalty cash bonuses with credit card spends. However, the monthly maintenance fees may be enough to put some people off. Those fees can be waived if you meet the criteria though.
If you are eligible for the free monthly maintenance costs and can make the minimum deposit for the SunTrust new account bonus, then it could be well worth the switch to SunTrust.
Just be aware that the low APY will mean your savings grow a bit slower than they would with another checking account. If you would rather have a set interest rate, you may want to look into SunTrust’s other offerings, namely its CD accounts. However, you won’t be able to get the SunTrust money market account bonus on offer with one of those accounts.