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.

Personal Finance

Truist Bank Bonuses

Earn hundreds of dollars by opening an eligible Truist bank account

By Lindsay VanSomeren

Updated October 31, 2023

Fact checked by

Yarilet Perez

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more.

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 seventh-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 Bonuses: November 2023

Truist Bank: One Checking - $300
Truist Bank: Simple Business Checking - $400 [EXPIRED]
Truist Bank: Dynamic Business Checking - $400 [EXPIRED]

Truist Bank : One Checking - $300

Truist Bank

Bonus Amount: $300
Promotion Expiry: February 27, 2024
Qualifications: Direct deposit

How to Get the Bonus

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.
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.
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 - $400 [EXPIRED]

Truist Bank

Bonus Amount: $400
Promotion Expiry: September 29, 2023
Qualifications: Deposit

How to Get the Bonus

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 promo code “SB23Q2CHECKING” 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.
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.
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 $400 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 January 6th, 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 - $400 [EXPIRED]

Truist Bank

Bonus Amount: $400
Promotion Expiry: September 29, 2023
Qualifications: Deposit

How to Get the Bonus

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 promo code “SB23Q2CHECKING” 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.
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.
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 January 6th, 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, and more.

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

Promotion	Bonus Amount	Promotion Expiry	Qualifications
Truist One Checking	$300	February 27, 2024	Direct deposit
Truist Simple Business Checking	$400	September 29, 2023 [EXPIRED]	Deposit
Truist Dynamic Business Checking	$400	September 29, 2023 [EXPIRED]	Deposit

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.

mother at home looking at her bank accounts from her cell phone — Israel Sebastian / Getty Images

Article Sources

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Truist. "Open Truist One Checking Online. Earn $300 With Qualifying Activities."
Truist. "Truist One Checking Account Overview," Page 1.
Truist. "Open a New Small Business Checking Account—And Earn $400."
Trusit. "Business Deposit Accounts Fee Schedule 12-2-22," Page 3.
Trusit. "Business Deposit Accounts Fee Schedule 12-2-22," Page 4.
Internal Revenue Service. "About Form 1099-Int, Interest Income."