Truist Bank Bonuses: March 2024

Earn hundreds of dollars by opening an eligible Truist bank account

Fact checked by Michael Rosenston

You might not be familiar with the name yet, but the big banks BB&T and SunTrust merged in 2019 to create a new financial institution: Truist. It’s the eighth-largest bank in the county, with over 2,000 branches in 17 states and Washington, D.C. Like any large bank, it often offers plenty of incentives to sign up for an account, which we’ll thoroughly cover in this review of Truist bank bonuses.

Truist Bank: One Checking – $300

• Bonus Amount: $400
• Promotion Expiry: June 26, 2024
• Qualifications: Direct deposit

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How to Get the Bonus

1. Open a new Truist One Checking account. The minimum opening deposit on this account is $50. You can open an account online or in person at a Truist branch. To make sure you earn this offer, enter the promo code on the page linked above when you apply for this account.
2. Receive two direct deposits totaling $1,000 within 90 days. After you open your account, the clock will start ticking. You’ll have 90 days to receive at least two direct deposits into your account, and together they’ll need to total at least $1,000.
3. Keep your account open and in good standing. Truist will deposit the bonus into your account sometime after you meet the requirements. This should happen within four weeks, but it could take far longer in some cases. If your account balance drops to $0 or below before you receive the payout, you also won’t be eligible—so be extra careful not to overdraw your account.

Bonus Restrictions and Account Fees

• Only available to residents of certain states and districts: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
• Not available if you’re currently employed by or affiliated with Truist Bank.
• Must be a U.S. resident with a taxpayer ID number, and at least 18 years or older.
• Not available if you currently have a Truist personal checking account, or if you did have one but you closed it on or after a specified date.
• The Truist One Checking account charges a $12 monthly fee unless you meet one of five waiver requirements each month: 1) be a student under age 25, 2) have at least $500 in direct deposits, 3) keep at least $500 in all of your Truist investment and personal accounts, 4) have an open credit card or loan through Truist, or 5) link up a Truist Small Business Checking account.
• This account doesn’t charge overdraft fees but it does come with several other fees, such as an out-of-network ATM fee ($3 in the U.S., $5 internationally) and paper statement fees ($3).

Truist Bank: Simple Business Checking – $300 [EXPIRED]

• Bonus Amount: $300
• Promotion Expiry: March 28, 2024
• Qualifications: Deposit

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How to Get the Bonus

1. Open a new Simple Business Checking account. You can open the account online by clicking through to the promotional offer page and verifying that the correct promo code is applied to your application. You can also sign up at a local branch if you bring that same code in to be applied to your in-person application. This account has a $100 minimum opening deposit. 
2. Deposit at least $1,500 into your account within 30 days. Almost any type of deposit counts, except for NSF fee refunds and debit card credit transactions. You can split up these deposits over the course of 30 days, or get it all done as one deposit.
3. Keep your account open and in good standing until you earn the bonus. After you’ve checked off all of the boxes to earn the bonus, Truist will deposit $300 into your new account. You’ll need to keep the account open at least long enough to receive the payout. You’ll also need to keep the account balance from dropping to a zero or negative value; it must have at least one cent in the account at all times until you earn the bonus.

Bonus Restrictions and Account Fees

• Available to residents of the following states and areas: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
• You must be a U.S. resident, at least 18 years old, and have a taxpayer ID number. 
• Not available if you currently have any other Truist business checking accounts, or if you closed one on July 7th, 2023 or after.
• This account doesn’t have a monthly maintenance fee, but it does have other charges including a $0.50 per transaction fee (your first 50 transactions of the month are free) and a $3 paper statement fee.

Truist Bank: Dynamic Business Checking – $300 [EXPIRED]

• Bonus Amount: $400
• Promotion Expiry: March 28, 2024
• Qualifications: Deposit

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How to Get the Bonus

1. Open a new Dynamic Business Checking account. This account requires a minimum opening deposit of $100. You can open it online or in person, but either way, make sure that you see the correct promo code applied to your application to ensure you’re eligible for the bonus. If you’re applying online, it may be easiest to ensure this by clicking through the offer on the promotional page.
2. Deposit at least $1,500 into your new account within 30 days. You can do this as a single deposit or split it up among several, as long as they total $1,500 or more. Any type of deposit counts except for NSF fee refunds and debit card credit transactions.
3. Wait up to four weeks for the bonus deposit to post. After you meet the requirements to earn the bonus, Truist will reward you with the payout by depositing it directly into your new account sometime within the next four weeks. Until that time, keep your account open with a positive balance. If it dips below $0.01, you’ll lose eligibility.

Bonus Restrictions and Account Fees

• Must live in one of the states where Truist Bank operates: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
• You must be a U.S. resident, at least 18 years old, and have a taxpayer ID number.
• Not available if you’re already a Truist business checking customer, or if you closed a business checking account on or after July 7th, 2023.
• The Truist Dynamic Business Checking account charges a $20 monthly maintenance fee unless you’ve maintained an average balance of $5,000 or more across all of your combined Truist business bank accounts over the last three months.
• This account charges several other fees, including a $0.50 transaction fee for all checking transactions after your 500th of the month, a $0.003 monthly coin and currency deposit fee for all cash amounts over $25,000.

Warning

If you’ll be using this account long-term it might be better to pick a business checking account with fewer fees. 

Compare Truist Bank Promotions

Frequently Asked Questions

Are Truist Bank Bonuses Taxable?

Yes, Truist bank bonuses are taxable just the same as if you’d earned that money as interest. Truist will report bonus payouts on a Form 1099-INT to you and the IRS at the end of the year.

Who Is Eligible for Truist Bank Bonuses?

If you’re a U.S. resident living within one of the states that Truist Bank operates in (Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.), you’re generally eligible for the bonus. You’ll also need to be a new customer, so you can’t have any other Truist bank accounts of the same type, or have had one that you recently closed.

Does Truist Offer Any Bonuses for Current Customers?

No. You’re only eligible for a bonus from Truist Bank if you’re opening a new bank account within the promotion type. For example, having an open checking account from the same bank will usually disqualify you from other checking account promotions, but you may qualify for a checking account bonus if you only have a Truist savings account.

How Do Truist Bank Bonuses Compare to Other Banks?

Truist’s bank bonuses are quite good. They’re relatively easy to get, and the payout is quick. That said, there usually are quite a few bank promotion offers available at any given time, so it’s worth checking these out too.

The Bottom Line

Truist’s only active promotion for January 2024 is $300 for opening a One Checking account. This offer is good through February 27, 2024 and requires a minimum deposit of $50, the applicable promo code, two direct deposits totaling $1,000 within 90 days of opening the account, and keeping the account in good standing. Residents of 17 states and Washington, D.C., are eligible for this offer. Truist has other bonus offers that expired in September 2023, so it’s possible those might return or other offers might be introduced.

Read the original article on Investopedia.