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Truist Bank: Savings, Checking and CDs

Offers a variety of products, but its savings accounts don’t match up.

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Truist Bank

Our verdict

A top 10 US bank, Truist Bank offers banking products and services you’d find with any large bank. It has over 2,500 branches across 16 states and over 3,000 ATMs nationwide. You’ll find a variety of accounts, including checking, savings, money market and certificates of deposit (CDs). Overall, its accounts with monthly fees offer multiple ways to waive them and minimum opening deposits range from $25 to $50 for checking and savings and at least $1,000 for CDs depending on the term. But if you’re looking for a bank with high-yield savings products, Truist’s APYs all rest around 0.01%.

Best for: Customers who want a traditional brick-and-mortar bank at the cost of low APYs.

Pros

  • No overdraft fees on select accounts
  • Truist One Checking unlocks credit card rewards

Cons

  • Low APYs across accounts
  • Opening deposits required
  • High monthly fees if you can’t waive them
  • Must visit branch to open CD

Truist Bank in the news

In 2019, Suntrust and BB&T banks merged to create Truist Financial Corp — one of the largest bank mergers in the last decade. Since the merger, Truist saw an increase in loan originations and deposits. Truist also heavily invested in technology after the merger, moving its banking products on to a digital cloud platform to stay competitive with online banks.

Is Truist Bank right for you?

Truist Bank is worth considering if you want a full-service bank or you’re a student looking for a low-maintenance checking account.

Its checking accounts require monthly maintenance fees, up to $12 per month, but the Truist One Checking account lets you waive it if you’re a student under the age of 25. Other fee-waiving methods involve maintaining a certain balance or opening a Truist credit card or consumer loan.

Truist’s products work best together. For example, with a Truist One Checking account, you’ll earn additional cashback rewards if you have a Truist credit card and the ability to waive its savings account monthly maintenance fee.

How Truist Bank stacks up

Truist Bank has 2,781 locations across 16 states, mainly in the midwest and south, including South Carolina, Florida, Texas and Ohio, and has more than 3,000 ATMs. Comparatively, it has more customer support options than top online banks.

Truist Bank offers standard banking services, including two checking accounts, traditional savings, CDs and money market accounts. As a whole, the accounts are solid but nothing particularly special.

Where it shines

Of all the products, one of the best offered is the Truist One Checking account. It has no overdraft fees, and it offers more earning potential with cashback rewards if you have a select Truist credit card.

Another unique feature of the Truist One Checking account is its $100 Negative Balance Buffer, which is an overdraft service similar to Chime’s SpotMe that allows you to overdraft up to $100 with no fees. This program has requirements, such as having a positive account balance and direct depositing at least $100 per month.

Where it falls short

Truist’s traditional savings account has a very poor APY of 0.01% APY — much lower than the national average and the best accounts in the market. We commonly see savings accounts with APYs around 5%, and the national average is 0.45% APY, according to the Federal Deposit Insurance Corporation (FDIC).

Truist isn’t a free bank. It charges a monthly maintenance fee on almost all its accounts, with some offering the ability to waive it. While most traditional brick-and-mortar banks are known to have fees, plenty of other banks skip it.

Its checking accounts lack the extra perks we see with other top checking accounts, as they aren’t interest-bearing or offer cashback rewards. Other banks and online banking platforms like SoFi® and Upgrade offer savings accounts of with rates up to 4.60% to 5.21% APY. These options also offer high-yield checking accounts, cashback rewards and no monthly service fees.

Truist Bank checking accounts

Truist has two personal checking options:

  1. Truist One Checking requires a $50 opening deposit and a $12 monthly maintenance fee, which can be waived. It offers a $100 Negative Balance Buffer program, no overdraft fees and 10% to 50% more in cashback rewards with select Truist credit cards.
  2. Truist Confidence account requires a $25 opening deposit and a $5 monthly maintenance fee, which you can waive, and there are no overdraft fees.

Of the two accounts, the Truist One Checking is the better option. It comes with more perks, but it’s only worth it if you can waive the $12 monthly fee, which you can do in one of five ways:

  1. Receive a direct deposit of at least $500 per statement cycle.
  2. Maintain a balance of at least $500 in Truist accounts across personal deposits and all investments as reflected on the business day before your statement cycle end date.
  3. Have a Truist credit card, mortgage or consumer loan, excluding LightStream.
  4. Have a linked Small Business Checking Account.
  5. Be a student under the age of 25.

Truist Bank savings accounts

Truist’s personal savings accounts aren’t the best we’ve seen, as they offer very low APYs.

Truist offers two personal savings accounts and one money market account.

  1. Truist One Savings requires a $50 opening deposit and $5 monthly maintenance fee and offers an APY of 0.01%. If you withdraw more than six times from the account, there’s a fee of $5 and a $3 paper statement fee. You can link this account to Truist’s personal checking accounts for overdraft protection as well.
  2. Truist Confidence Savings requires a $25 opening deposit, has no monthly maintenance fees and offers a 0.01% APY. There’s a $2 paper statement fee that you can avoid if you opt for e-statements, and you can link the Truist Confidence Checking for overdraft protection.
  3. Truist One Money Market requires a $50 minimum opening deposit and a $12 monthly maintenance fee, which you can waive. It only earns 0.01% APY, and you can link it to your Truist checking account for overdraft protection. And like most money market accounts, it comes with a debit card.

Waive the $5 monthly service fee for the Truist One Savings account in one of four ways:

  1. Maintain a daily balance of at least $300.
  2. Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle.
  3. Be under 18 years old.
  4. Have a Truist checking account.

Truist Bank CDs

Truist CDs are solid, offering APYs up to 5%. But to open a CD, you must visit a branch, and rates vary by state and amount tier.

Truist CD details:

  • Terms range 7 days to 60 months
  • $2,500 minimum opening deposit for terms from 7 to 31 days
  • $1,000 minimum opening deposit for terms from 32 days to 60 months

While rates depend on your amount and state, we saw APYs up to 5% for seven-month terms, which is in line with top competitors.

Other Truist Bank products

Truist also offers a multitude of other accounts:

  • Credit cards: Many credit cards to choose from, including the Enjoy Cash, Enjoy Travel, Future, Enjoy Beyond and Enjoy Cash Secured. Cashback rewards are up to 3% on select cards, and rates range from 16.24% to 27.24% APR, depending on the card. A few of the cards also don’t charge an annual fee, such as the Enjoy Cash credit card.
  • Truist Simple Business Checking: No monthly maintenance fees, up to 50 free monthly transactions and up to $2,000 in free cash processing per month.
  • Truist Dynamic Business Checking: Requires a $20 monthly maintenance fee, which you can waive, up to 500 free transactions and up to $25,000 free cash processing per month. Depending on your deposits, you might also enjoy rewards.
  • Truist Community Checking: Requires in-person application, has no monthly maintenance fees, unlimited cash processing and up to 225 free monthly transactions.

Compare Truist accounts with other leading bank accounts

Narrow down other checking, savings and CDs by features, APYs, opening deposits and more. Select Compare on up to four options for a closer comparison.

1 - 5 of 26
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
Bonus
SoFi Checking and Savings
$0 per month
$0
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Primis Perks Checking
Finder Score: 4.8 / 5: ★★★★★
Bonus
Primis Perks Checking
$0 per month
$1
N/A
Earn 50 cents for every debit card swipe except for ATM transactions
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
$0
N/A
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
$0
N/A
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
From $0 per month
$0
5.00% on balances of $0 to $1,000,000
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1 - 6 of 30
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
SoFi Checking and Savings
Finder Score: 4.6 / 5: ★★★★★
Bonus
SoFi Checking and Savings
Traditional savings,Checking

4.60%

0.50%

1.20%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
$1,046
Primis Savings account
Finder Score: 4.8 / 5: ★★★★★
Primis Savings account
Traditional savings

5.07%

Up to $2 million
$0
$1
$1,050.70
Barclays Online Savings
Finder Score: 4.3 / 5: ★★★★★
Barclays Online Savings
Traditional savings

4.35%

Up to $250,000
$0
$0
$1,043.50
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
Savings app

5.00%

Up to $1 million
$0
$0
$1,050
Bask Bank Interest Savings Account
Finder Score: 4.6 / 5: ★★★★★
Bask Bank Interest Savings Account
Traditional savings

5.10%

Up to $250,000
$0
$0
$1,051
Cash App Savings
Finder Score: 4.4 / 5: ★★★★★
Cash App Savings
Savings app

4.50%

1.50%

Up to $250,000
$0
$1
$1,045
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1 - 15 of 15
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.90%
4.40%
$1,000
Earn competitive rates up to 4.90% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Go to site
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Go to site
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.05%
N/A
$1
Get 5.05% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Go to site
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Go to site
Bask Bank CDs
Bask Bank CDs
5.35%
5.30%
N/A
$1,000
Enjoy flexible terms of 6, 12, 18, or 24 months with competitive rates of up to 5.30% APY on a 12-month CD. FDIC insured
Go to site
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
4.85%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
Sallie Mae CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Sallie Mae CDs through Raisin
N/A
N/A
N/A
$1
Lock in strong CD rates as high as APY on term lengths you'll only find through Raisin. Plus, you only need $1 to open and you have the option of opening a no-penalty CD. Member FDIC.
Discover® CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover® CDs
4.25%
4.70%
3.75%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees. FDIC insured
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
3.00%
0.30%
0.50%
$1,000
Lock up to a 3% APY with a 6-month CD from CIT Bank, a division of First Citizens Bank with 125 years of experience. $1,000 minimum to open. FDIC insured.
State Exchange Bank CD through Raisin
Finder Rating: 1.5 / 5: ★★★★★
State Exchange Bank CD through Raisin
N/A
N/A
1.71%
$1
Locally-owned independent community bank. Member FDIC No fees.
Sallie Mae 10m CD through Raisin
Finder Rating: 3.5 / 5: ★★★★★
Sallie Mae 10m CD through Raisin
N/A
N/A
N/A
$1
Earn a competitive 5% APY on this 10-month CD. Plus, you only need $1 to open it and there are no withdrawal penalty fees. Member FDIC.
CIT Bank No-Penalty CD
CIT Bank No-Penalty CD
N/A
N/A
N/A
$1,000
Enjoy the security of a CD while still having access to your funds. 11 month term with a 3.5% APY and $1,000 minimum deposit. FDIC insured.
Sallie Mae 14m No Penalty CD through Raisin
Sallie Mae 14m No Penalty CD through Raisin
N/A
N/A
N/A
$1
Earn 5.05% APY, which is higher than the national average. Open with as low as $1. Pay $0 fees and no penalty for early withdrawal. Member FDIC.
CIT Bank Jumbo CDs
Finder Rating: 2.4 / 5: ★★★★★
CIT Bank Jumbo CDs
N/A
N/A
0.50%
$100,000
A Jumbo CD for large balances of $100,000 or more with term options from 2 to 5 years earning up to 0.5% APY. FDIC insured.
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Truist Bank customer service experience

Truist has garnered quite a bit of customer feedback. On its Better Business Bureau (BBB) profile, it holds the highest rating of A+ and has a 1.09 customer star rating.

Truist has seen a considerable number of BBB complaints — over 4,000 in the last three years. For customer reviews, Truist actively responds to each individual review in attempts to resolve any issues, which is likely what gives it that A+ BBB rating. There aren’t any specific trends to call out in reviews, but many customers cite issues contacting customer service to resolve issues, and many reviews are unique circumstances.

Truist’s Trustpilot profile is unclaimed, but the profile has a poor rating of 1.1 stars out of 5, with over 1,000 reviews. Many customers point out issues with their accounts after the merger in 2019, which is common but still unfortunate for customers whose accounts were managed poorly during the merger.

Overall, Truist actively responds to BBB complaints and reviews, something we don’t see that often. But the majority of its reviews are poor, and while common for banks, Truist has very few positive reviews.

Written by

Bethany Hickey

Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full profile

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