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SunTrust Bank: $125 Checking Bonus

Sun peaking through clouds in a blue skySavers in 11 South and Southeastern states take note: SunTrust Bank is offering a $125 bonus for new customers who open a checking and savings account and receive a direct deposit.

The bank says anyone – all savers – can take advantage of the offer, as long as you don’t already have an existing checking account with SunTrust, based in Atlanta. But anyone who doesn’t live near one of this bank’s 1,500 branches should pass up this deal because SunTrust won’t refund foreign ATM fees.

You’ll need to open an Everyday Checking and e-Savings accounts online, using the promotional code Summer14Checking, on the account application page.

Then have a single direct deposit of at least $1,000 land in your checking account within 60 days of opening.

SunTrust then will deposit $125 into your e-Savings account within eight weeks after receipt of your direct deposit.

The direct deposit must be of your paycheck, pension check, Social Security check or similar regular monthly income.

You’ll have to open your accounts by Aug. 31 to take advantage of the bonus offer.

SunTrust charges a monthly maintenance fee for its Everyday Checking account, but it’s pretty easy to avoid. You just need to receive a direct deposit of at least $100 each month. Otherwise you must keep an average daily balance of $500 in your account.

If you don’t do one of those things, you’ll pay a $7 monthly fee. It takes a minimum deposit of $100 to open an account.

An e-Savings account has no minimum deposit requirement to open, and there’s no monthly maintenance fee.

If you want paper statements, it will cost you $2 a month. The drawback to the e-Savings account is that it pays a miserly 0.01% APY, but it’s worth it to open the account and keep a minimal amount in it just to score the $125 bonus.

SunTrust is the nation’s 18th-largest bank, with branches in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C.

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