Did you get a mailer from Synovus Bank offering a eye-watering sum for opening an account? If so, we have all the details below in an easy to read explanation.
Synovus Bank has two offers right now, one for $150 and one for $500. For both, you need to have received a mailer but there’s a good chance the $150 offer is available to anyone who calls in and lives in their service area.
Before we get to the offer, some minor housekeeping. Synovus Bank is a regional bank that is FDIC insured with Certificate #873. They have locations in five states – Alabama, Florida, Georgia, South Carolina, and Tennessee – and fewer than 300 branches. It has a decently sized geographic footprint but limited to just the south.
Now, onto the offer:
Table of Contents
Synovus Free Checking – $150 [Targeted]
If you did not get a mailer, the offer is only $150. You will have to call 1-888-SYNOVUS to ask for a promotion code if you did not receive one in the mail. (the reason I think it’s available with a phone call is because the $500 offer doesn’t say you can call in if you don’t have your unique promo code)
The $150 offer is easy – open a Synovus Free Checking account and make 15 qualifying debit card purchases within 60 days of opening your account. The minimum deposit to open the account is $100 and it has no monthly fees.
(Offer expires 8/31/2022)
Synovus Free Checking – $500 [Targeted]
First things first, this is a targeted offer and so you’ll need a six character promotion code before you can get this offer. Unless you received a mailer, there’s no way around this.
You start by opening a Synovus Free Checking account and then within the first 90 days:
- Maintain $25,000 in minimum ending deposit balances or investments accounts or
- Have a total of $5,000 in minimum monthly deposits into a Synovus Free Checking account.
Once you achieve either of these, you will receive the bonus. The account has a minimum opening balance of $100 but there is no monthly fee for the Free Checking account.
The promotion page talks about Synovus Plus – you meet the requirements for Synovus Plus when you accomplish either of those two conditions. Synovus Plus is a program that offers you “premium benefits” like coaching, advice, as well as preferred rates on deposit accounts and loans. It’s not a type of account but more of an enhancement of your existing banking relationship.
(Offer expired 12/31/2021)
How Does This Offer Compare?
Pretty good! The $500 bonus is much higher than some of the other new account promotions I’ve seen and you can get it by a high deposit or a high monthly direct deposit. You don’t need both to qualify for this offer and it’s an account with no monthly fees.
The only downside is that it’s limited to five states – Alabama, Florida, Georgia, South Carolina, and Tennessee.
Here are some nationwide and regional offers to give you a sense of how it stacks up:
BMO Relationship Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $300
Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
HSBC Premier Checking – up to $4,000
HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.