Synovus Bank's $600 Checking Bonus: Targeted, But Worth a Look

Synovus Bank has brought back its $600 checking account bonus, and while it's targeted, it's still one of the more generous offers out there. If you live in Alabama, Florida, Georgia, South Carolina, or Tennessee, you might have received a mailer or seen ads online. The requirements are straightforward, but there are a few hoops to jump through. Let's break down what you need to know.

What You Need to Do to Get the $600

The bonus structure is pretty simple: open a Synovus Free Checking account and complete one of two qualifying activities within the first 90 days. You can either maintain $25,000 in minimum ending deposit balances (which includes investment accounts) or make $5,000 in total monthly deposits. The latter is much easier for most people.

The $5,000 in deposits can come from direct deposits, cash or check deposits, ACH transfers, or mobile deposits. Just make sure the deposits actually post—reversed deposits due to insufficient funds or stop payments won't count. You'll also need to fund the account with at least $100 when you open it, not including the bonus.

• Open a Synovus Free Checking account.
• Fund it with at least $100 within 90 days of opening.
• Either maintain $25,000 in ending balances or make $5,000 in total monthly deposits within 90 days.
• Keep the account in good standing until the bonus posts.

The Catch: It's Targeted

This offer is only available to recipients of the mailer or targeted ads. The terms explicitly state that it's non-transferable and limited to one per address. So if you didn't get the mailer or see the ad, you might not be eligible. That said, Synovus has been running this promotion on and off for a while, and ads have been spotted on Facebook and other sites, so it's worth checking if you're in one of the eligible states.

Also, if you already have a consumer checking account with Synovus (as a primary or secondary owner), you won't qualify. Employees of Synovus or its affiliates are also excluded.

• Offer is only for the recipient of the mailer or targeted ad.
• One offer per address.
• Not available if you already have a Synovus consumer checking account.
• Employees of Synovus and affiliates are not eligible.

Fees and Other Things to Watch

The Synovus Free Checking account has no monthly fees, which is a nice change from many other banks. However, there's a $25 fee if you close the account within 90 days of opening. So if you're planning to grab the bonus and run, make sure you keep it open for at least three months.

The bonus is considered interest, so you'll get a 1099-INT and owe taxes on it. The payout will be posted by either March 31 or May 31, 2027, depending on when you meet the requirements. It'll show up as a credit on your statement labeled 'checking incentive.'

• No monthly fees on the Free Checking account.
• $25 early account termination fee if closed within 90 days.
• Bonus is taxable and reported on IRS Form 1099-INT.
• Payout by March 31 or May 31, 2027.

Is It Worth It?

If you're in one of the eligible states and can easily meet the $5,000 deposit requirement, this is a solid bonus. It's much better than the $200 offers we've seen from Synovus in the past. The $25,000 balance requirement is steep for most people, but the deposit route is achievable if you have the cash flow.

Just remember that it's targeted, so you'll need to have received the offer. If you did, it's a pretty easy $600 for a few months of banking. If not, keep an eye out—Synovus tends to bring this back periodically.

• Good value if you qualify and can meet the deposit requirement.
• Targeted offer, so not everyone will be eligible.
• Consider the tax implications and the 90-day closure fee.

Bottom Line

• Synovus Bank is offering a $600 bonus for new checking customers in AL, FL, GA, SC, and TN.
• The offer is targeted, so you need to receive the mailer or see the ad to be eligible.
• You must either maintain $25,000 in balances or make $5,000 in monthly deposits within 90 days.
• There's a $25 fee if you close the account within 90 days.
• The bonus is taxable and will be reported on a 1099-INT.

Common Questions