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HomeBankingSunTrust Bank Is Offering a $500 Bonus to New Essential Checking Customers

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

Recieve a $500 cash bonus when you open a new Essential Checking and Essential Savings account with SunTrust Bank.

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The best bank bonuses give banking customers a chance to earn free money. Earning a bank bonus usually requires opening a new account and meeting other banking requirements during the promotion’s time frame. SunTrust is offering a $500 bonus now through the end of June, 2021 for new clients who open both an eligible savings account and a SunTrust Essential Checking account.

Here’s a detailed breakdown of the bonus offer, what you need to do to qualify and details of SunTrust Essential Checking accounts.

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SunTrust $500 Essential Checking Bonus

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SunTrust Bank is offering a $500 bonus to individuals who open an Essential Checking account and either an Essential Savings or an Advantage Money Market account. This offer is valid through July 30, 2021.

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

  • Open any new personal checking account and complete at least two qualifying direct deposits totaling $500 or more within 90 days of account opening.
  • 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.

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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 Essential Checking Account Details

The SunTrust Essential Checking account comes with popular features like:

  • Online bill pay
  • Mobile check deposits
  • Access to over 2,000 SunTrust ATMs
  • Access to over 1,200 SunTrust branches
  • Free starter pack of checks or 50% discount on other checks
  • Zelle person-to-person payments

Minimum Opening Deposit

Opening an Essential Checking account requires an initial $100 minimum deposit.

How to Avoid Monthly Fees

There is a $7 monthly maintenance fee associated with Essential Checking accounts. The fee is waived if you meet one of these four requirements each statement cycle:

  • 10+ client-initiated transactions
  • $500 or more in qualifying direct deposits
  • $500 minimum daily collected balance
  • Open an account as a student (you receive a 5-year student waiver)

There’s also a $3 paper statement fee, but you can opt out for free electronic statements.

Applying for the SunTrust Essential Checking Bonus?

You should apply for SunTrust’s $500 bank bonus if you live in one of the qualifying states required to earn it. The account itself has a low minimum deposit requirement and comes with features that most customers would want. Essential checking comes with in-person services and the convenience of both online and mobile access.

Meeting the bank bonus requirements shouldn’t be too difficult, and the time commitment is reasonable. Whether you’re in the market for a new checking account or just want to earn some free money, the $500 Essential Checking bank bonus from SunTrust is a great option. Take time to read over all of the requirements before opening an account.

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.