Truist Bank
Checking Fees
Savings APY
Minimum Deposit
CDs APY Range
Truist Bank provides an extensive array of financial solutions tailored for both individuals and businesses. Their offerings include savings and checking accounts, CDs, and a money market account, complemented by a network of approximately 3,000 ATMs. Although Truist may not boast the most competitive rates, their accounts are associated with comparatively low fees.
The birth of Truist occurred in 2019 when BB&T and SunTrust merged, resulting in one unified entity. Currently, Truist Bank holds a prominent position as one of the top 10 largest banks in the United States. With over 2,100 branches distributed across 17 states and the District of Columbia, Truist effectively caters to a wide range of customers nationwide.
This bank made it to our list of top banks in Florida and North Carolina.
Pros & Cons
Here are the main pros and cons of Truist bank:
Pros | Cons |
|---|---|
Many branches in Florida, North Carolina, Virginia, Georgia and Maryland | Active in 17 states |
Competitive CD rates | Low savings and MMA rates |
Variety of financial products | Fees |
Great ATM network |
Truist Checking Accounts
Truist One Checking offers a straightforward option with no overdraft fees, and a $12 or $0 monthly maintenance fee depending on qualifications. Eligible clients receive a $100 Negative Balance Buffer for overdraft protection. Additionally, they offer 10%-50% more rewards, providing increased cash back or miles on select Truist credit cards.
Truist Bank offers different levels of benefits and rewards based on the total monthly average balance maintained in your accounts. Here are the differences between each level:
-
Level 1 ($0 - $9,999.99):
- 10% loyalty bonus on Truist credit cards.
- 10% more rewards from Truist credit cards.
- $100 Negative Balance Buffer for eligible clients.
- 10-pack free personal checks.
- Truist One Savings account with no monthly maintenance fee.
- Personal debit card included, with the option to request a Delta SkyMiles® Debit Card for a $95 annual fee (with a $25 safe deposit box discount).
Here's what you can also get if you have level 2,3,4 or 5:
Level 2 | Level 3 | Level 4 | Level 5 | |
|---|---|---|---|---|
Amount | $10K-$25K | $25K-$50K | $50K-$100K | $100,000 + |
loyalty bonus on Truist credit cards | 20% | 30% | 40% | 50% |
No-fee, non-Truist ATM transactions | 1 | 3 | 5 | Unlimited |
Savings Accounts: Rates Could Be Better
Truist One Savings account offers a secure way to build savings and work towards personal goals. The account earns a low 0.01% APY, calculated and compounded daily, with monthly crediting of interest. To maximize your savings, you should look for other savings accounts.
With a minimum opening deposit of $50, it provides the option to waive the monthly fee through various methods. This includes maintaining a daily ledger balance of $300, scheduling a recurring preauthorized transfer of $25 or more per statement cycle, being a minor under the age of 18, or having any related Truist checking product.
Relationship Savings | |
|---|---|
Savings APY | 0.01% |
Savings Fees | $5
The monthly maintenance fee can be waived by maintain a minimum daily ledger balance of $300 OR
schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings account OR
waived for a minor under the age of 18 OR
waived with ANY related Truist checking product
|
Minimum Deposit | $50 |
Truist bank also offers a money market account. The conditions and rates for Truist money market account are quite similar to Truist savings accounts.
CDs: Limited Terms, Competitive Rates
Truist offers Certificates of Deposit (CDs) as a secure and rewarding option for saving and growing your money. With flexible terms ranging from 7 days to 60 months, you have the freedom to choose the duration that suits your needs. There is no monthly maintenance fee associated with these CDs, making them cost-effective.
To open a CD with terms ranging from 7 to 31 days, a minimum deposit of $2,500 is required, while terms from 32 days to 60 months require a minimum deposit of $1,000. This allows customers to start their CD investment with varying amounts depending on their chosen term length.
Truist CDs | |
|---|---|
7 Month | 5.00% |
12 Month | 4.50% |
Minimum Deposit | $2,500 |
To get started, interested individuals can visit a Truist branch and schedule an appointment. On the website, Truist presents rates of featured CD.
Credit And Lending Products
Truist offers a variety of credit cards with different rewards and features to cater to diverse preferences and needs.
Each card is designed to meet specific financial needs, whether it's maximizing cash back, earning travel rewards, establishing credit, or benefiting from a 0% intro APR:
- Truist Enjoy Cash Visa® Credit Card:
- Truist Enjoy Travel Visa® Credit Card:
- Truist Future Visa® Credit Card:
- Truist Enjoy Beyond Visa® Credit Card:
- Truist Enjoy Cash Secured Visa® Credit Card:
Truist offers various levels of financing to cater to diverse borrowing needs:
- Mortgage: Truist offers mortgages and pre-approval options, including jumbo and FHA mortgages.
- Personal Loans: This category includes loans and lines of credit, such as the Truist Ready Now Loan, Personal Line of Credit, and Physician Line of Credit. These options provide flexibility and coverage for personal expenses.
- Home Equity Line of Credit (HELOC): Ideal when refinancing isn't the right choice, a HELOC allows access to cash with a choice of fixed or variable rates. Interest paid on a HELOC may also be tax-deductible, and borrowers can access up to 90% of their home's value.
- Auto Loans: Offering the freedom to choose the desired car, Truist provides auto loans for purchasing or refinancing. Terms range up to 84 months.
- Boat & RV Loans: For adventurers seeking financing for boats, marine vessels, or RVs, Truist offers fixed-rate loans, making weekend getaways and travel dreams achievable.
