Synovus Bank Bonus Promotions – $150, $500 for Free Checking

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:

Discover Bank Logo

Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH21 by 12/15/2021 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.

Learn more about this offer

Table of Contents
  1. Synovus Free Checking – $150 [Targeted]
  2. Synovus Free Checking – $500 [Targeted]
  3. How Does This Offer Compare?

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.

Learn more about this offer

(Offer expires 12/31/2021)

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.

Learn more about this offer

(Offer expires 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:

Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH21 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.

Chase Total Checking® – $225

Chase Bank will give you $225 when you open a Total Checking account and set up direct deposit 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 – $450

HSBC has an offer where you can get $450 for eligible new customers who open an HSBC Premier checking account and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months. Click here to learn more about this offer.

Huntington Bank – up to $500

If you are a resident of Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Dakota, West Virginia, or Wisconsin then you could get up to $500 from Huntington Bank for opening a new checking account. There are several checking accounts that qualify but they’re great offers if you live in their geographic region. Click here to learn more about Huntington Bank offers.

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About Jim Wang

Jim Wang is a thirty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

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