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SunTrust Essential Savings account review
Last updated:
No initial deposit requirements or monthly fees, but you won't earn much interest.
This no-frills account is designed to help students and those that are new to savings. It has a few respectable perks, but it only pays 0.01% interest on your balance and you can only open it if you live in one of the 11 states SunTrust operates in.
0.01%
APY
$0
Fee
$0
Minimum deposit to open
How do I open a SunTrust Essential Savings account?
If you’re a resident of one of the 11 states that SunTrust operates in, you’ll be able to open this account at a branch or online:
- Go to the provider’s site and follow the steps to apply.
- From SunTrust’s website, hover over Personal banking and click Essential savings.
- Click Open an account.
- Click Open now under Essential savings.
- Fill in your personal information and click Next.
- Review account details, choose your account preferences and click Next.
- Submit your application.
Eligibility
- At least 18 years old
- Reside in one of the 11 states where SunTrust operates
- US citizen
- Valid Social Security number or tax ID
- State-issued ID
Required information
- Name
- Contact information
- Date of birth
- Government-issued ID number
- Social Security or tax ID number
What are the benefits of the SunTrust Essential Savings account?
This account is FDIC-insured and designed to help you start saving with a few useful features:
- No opening deposit. You won’t need to deposit any money when you apply for this account.
- No monthly fees. You won’t be charged any monthly service fees to keep this account open.
- Auto transfers. Set up automatic transfers into your savings to reach your goals sooner.
- Overdraft protection. Unlike some other savings accounts, this account has optional overdraft protection.
What should I look out for?
If you’re considering this account, you should watch out for these potential drawbacks:
- Low interest rate. You’ll only earn 0.01% on your balance, which is next to nothing.
- Paper statement fee. You’ll be charged $3 per month for paper statements unless you switch to eStatements.
- High service fees. Watch out for the $36 overdraft fee, $15 dormant account fee in Florida, $25 outgoing domestic wire transfer fee, $50 outgoing international wire transfer fee and more.
- Limited availability. SunTrust products are only available in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.
- Auto transfer limitations. You’ll only be able to set up automatic transfers from a SunTrust checking account.
- Low excessive-withdrawal fee. Most banks charge $10 to $15 for each withdrawal over the monthly limit of six, SunTrust charges $6. However, if you routinely exceed the limit, the bank could close your account or convert it to a checking account.
Compare with other savings accounts
How do I deposit or withdraw money?
There are a number of ways you can access your money in this account:
Deposits:
- At a branch
- Phone, online or wire transfer
- Direct deposit
- Mobile check deposit
- Mail a check
Withdrawals:
- At a branch
- Phone, online or wire transfer
- Bill pay
How can I get in touch with customer service?
If you need assistance or have any questions, you can reach SunTrust customer service by phone at 800-382-3232. Representatives are available weekdays from 8 a.m. to 8 p.m. ET, and Saturdays 8 a.m. to 5 p.m. ET.
Bottom line
The SunTrust Essential Savings account is a no-frills option that’s available in 11 states. It has no initial deposit requirement or monthly fees. However, it pays almost no interest, so you may want to compare other savings options to see what else is out there.