SunTrust Bank Is Offering a $500 Bonus to New Advantage Checking Customers

Earn a big cash bonus and then enjoy an interest-bearing checking account with a variety of unique perks.

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If you’re a fan of free money, then earning one of the best bank bonuses is an easy way to make some extra cash. The latest bank bonus offer from SunTrust Bank is definitely a promotion to get excited about. There are some requirements to meet, including opening both a new eligible checking account and savings account. However, if you qualify, you can earn $500 just for banking with SunTrust.

>>GUIDE: How Bank Bonuses Can Earn You $2,000 a Year 

This deal runs through the end of June 2021. So you must act on this soon if you want to earn some free cash. Here’s a look at SunTrust’s bank bonus offer, the qualifications for earning it and information about SunTrust Advantage Checking.

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SunTrust $500 Advantage Checking Account Bonus

SunTrust bank is offering new customers up to $500 in bonus cash when they open both an eligible checking account and any SunTrust savings or money market account. Eligible accounts are SunTrust Advance Checking, Essential Checking, Essential Savings and Advantage Money Market.

To earn this SunTrust bonus, you must complete two steps.

  1. Open any new personal checking account and complete at least two qualifying direct deposits totaling $500 or more within 90 days of account opening.
  2. On the same day, open any new SunTrust savings or money market account and deposit $15,000 or more within 30 days of account opening and maintain that balance for 90 days:

Accounts must be opened on the same day and with the same account ownership to be eligible for the reward. Amount of reward available is based on the balance through day 30.

Offer valid from April 1, 2021 through June 30, 2021. For new checking, savings or money market clients only.

Enrollment in the promotion is required at account opening using promo code CHKSAVQ221. The reward will be deposited into the new checking account within four weeks of verifying all qualification requirements.

Fine Print

The amount of your cash bonus is based on the balance through day 30. If you close your account before this date, then SunTrust may seek to recoup the bonus cash from your account at closing. Otherwise, the deposit will be deposited into the new checking account within four weeks of verifying all qualification requirements.

This offer expires on June 30, 2021 and is available to residents of AL, AK, GA, FL, MD, MS, NC, SC, TN, VA and DC.

SlickTip: If you don’t live in these states, then you’re still likely to be eligible for this $600 HSBC Premier Checking bonus.

SunTrust Bank Promo Code

Individuals opening an account online must use the promo code CHKSAVQ221 to qualify for this bonus. If applying in person, be sure to enroll in the promotion when opening your account.

Bank Bonus Post Date

The SunTrust bank bonus deposits in your account within four weeks of meeting all of the promotion’s requirements. You’ll need to keep your new Advantage Checking account open (and have a positive balance) until the bank bonus is deposited into your account.

SunTrust Bonus Eligibility

Not everyone qualifies for this bonus from SunTrust Bank. Unfortunately, only new personal checking clients are eligible for the bonus. Any account not in good standing, closed or with a balance of less than $0 will not receive a bonus.

Individuals must also meet specific requirements to open a SunTrust account. Applicants must:

  • Be 18 years or older
  • Have a U.S. address
  • Have a valid U.S. taxpayer identification number
  • Have a mailing address in one of these select states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and District of Columbia

It’s also worth noting that SunTrust Bank performs a soft credit inquiry during the application process. Soft credit inquiries do not negatively impact your credit score.

SunTrust Advantage Checking Features and Benefits

Advantage Checking is no ordinary checking account. It comes with a host of perks not found with most traditional checking accounts including:

  • Loyalty cash bonuses up to 50% based on relationship balance
  • Up to three out-of-network ATM fee refunds per statement cycle
  • Optional Delta SkyMiles Debit Card
  • IDNotify by Experian
  • Online bill pay
  • Mobile check deposits
  • Free money orders or official checked
  • Waived incoming wire transfer fees
  • Free 100- pack of checks or 50% discount on other checks

Advantage Checking is an interest-bearing account that earns an APY based on your account balance. However, currently, all nine balance tiers earn a below average APY.

Advantage Checking Minimum Opening Deposit

Opening an Advantage Checking accounts requires a $100 initial deposit.

How to Waive Monthly Fees

The checking account does have a $20 monthly maintenance fee, but the fee is waived three ways:

  • Make $3,000 or more total in qualifying direct deposits
  • Keep $10,000 combined relationship balance between SunTrust deposit and investment accounts
  • Have a SunTrust small business checking account, lending account, or credit card

Bottomline

If you live in a state where SunTrust Bank does business, consider taking advantage of this bank bonus before it expires. Make sure you can hit the direct deposit requirement before applying for an account. The last thing you want to do is open an account only to miss out on free money.

Don’t apply for this bank bonus if you won’t meet the bonus requirements or would end up paying the maintenance fee each month. Like any other offer, take the time to read the fine print before opening an account.

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While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Kevin Payne

Kevin Payne is a personal finance, credit card, and travel writer. He is the family travel and budget expert behind FamilyMoneyAdventure.com. Kevin lives in Cleveland, Ohio, with his wife and four kids. His work has appeared on several websites, including FinanceBuzz, Credit Karma, Millennial Money, Club Thrifty, Student Loan Planner and Slickdeals.

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