SunTrust Bank has extended its $100 or $200 bonus for new Essential Checking or Select Checking account respectively. The account must be opened by July 31, 2016 using promo code MAY16CHKONLYOL. The requirements obviously vary a bit for each bonus. The accounts can be open online or in-branch, but when you open one online make sure the promo code is entered on the first page of the application and then “Yes” is selected to enroll in the offer in the following page.
$200 Bonus
- Open a new Select Checking account online
- Use Promo code: MAY16CHKONLYOL
- Deposit at least $100 at account opening or within 14 days of account opening
- Deposit a minimum of $2,000 in qualifying Direct Deposits within 60 day
$100 Bonus
- Open a new Essential Checking account online
- Use promo code: MAY16CHKONLYOL
- Deposit at least $100 at account opening or within 14 days of account opening
- Deposit a minimum of $500 in qualifying Direct Deposits within 60 day
$50 Savings Bonus
You can also open a Savings account for an extra $50 bonus, but you need to deposit a minimum of $5,000 or more in new balances into the new savings account within 14 calendar days and maintain a balance of $5,000 or more in the savings account for 60 days after checking account opening. This is probably not worth the $50 bonus, but if you decide to go for it, then you have to use promo code MAY16CHKSAVOL when you open either of the checking account to go along with teh savings account.
Fees
Select Checking comes with a $15 monthly fee that can be waived with the following options
- $2,000 or more in total qualifying monthly direct deposits OR
- $2,000 minimum daily Select Checking balance OR
- $10,000 total combined relationship balances (linked across deposits, investments, mortgages and loans)
Essential Checking comes with a $7 monthly fee that can be waived with the following options
- Minimum of 10 Banking Transactions per statement cycle OR
- $500 or more in total qualifying monthly Direct Deposit(s) OR
- $500 minimum daily balance OR
- A 5-year Student Waiver
If you do get charged a fee, remember to always ask for a refund at least for the first charge.
Who is eligible?
Current customers or customers who closed a personal checking account within 180 days of the promotion start date will not be eligible for the promotion.
The offer is available only to U.S. Residents with a U.S. Address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C., and West Virginia.
Which one should you pick?
If you can make $2000 in direct deposits, then you should definitely go for the $200 bonus. The first month’s $2000 deposit will fulfill the bonus requirement and also give you the minimum balance requirement to avoid the monthly fee.
I’m forced out of this offer since I’m not in one of the lucky states.
Offer Details
- Apply Online Here or Print Coupon to Apply In Branch
- Account Type: Select Checking ($200) or Essential Checking ($100)
- Availability: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington D.C., and West Virginia
- Expiration Date: 07/31/2016
- Inquiry Type: Soft pull
- Opening Deposit Credit Card Funding: Yes up to $1000
- Direct Deposit Requirement: $2000 or 500
- Monthly Fee: $15 or $7 but waivable (see above)
- Closing Account Fee: 25 if closed within 6 months
HT: DoC
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