Truist Bank Review 2024 | Bankrate (2024)

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Truist Bank Review 2024 | Bankrate (1)

3.5

Rating: 3.5 stars out of 5

Bankrate Score

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 3 stars out of 5

MMA

Rating: 2.3 stars out of 5

About Bankrate Score

Overview

Truist Bank is best for consumers who live near one of its more than 2,000 locations in the South, East and Midwest. The bank also has around 3,000 ATMs. It offers savings and checking accounts, CDs and a money market account, most of which require low minimum deposits.

Highlights

  • Large Branch Network
  • Highly Rated App

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Truist Bank Review 2024 | Bankrate (2)

Member FDIC

Savings Account

5.10

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

Rating: 4.7 stars out of 5

Bankrate Savings rating = 4.7/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

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Promoted offer:

Truist Bank Review 2024 | Bankrate (4)

Member FDIC.

Savings Account

5.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

Rating: 5 stars out of 5

Bankrate Savings rating = 5/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: No fees. Easy deposits and quick withdrawals.

Truist Bank Review 2024 | Bankrate (6)

Member FDIC

Savings Account

4.25

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

Rating: 4.4 stars out of 5

Bankrate Savings rating = 4.4/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min. balance for APY

View offerArrow Right

Promoted offer: It only takes about 5 minutes to open a fee-free account.

Overall

Truist has some accounts that are worthwhile and others that aren’t. While the bank generally offers paltry yields for savings products, at least some of its CDs offer competitive rates. But the bank does offer a good checking account that comes with a highly-rated app and extra perks, depending on the amount of money you deposit.

Pros

  • Truist’s over 2,000 branch locations make banking in person convenient for those living and traveling in the regions Truist serves.

  • The Truist One Checking account doesn’t have overdraft fees.

  • The 7-month and 12-month CDs currently offer high APYs.

Cons

  • Outgoing international wires cost $65.

  • Truist doesn’t offer phone-based customer service on Sundays, unlike some competitors.

  • Most of Truist’s yields are not competitive.

  • CDs cannot be opened online.

Truist Bank banking products

3.0

Rating: 3 stars out of 5

Bankrate Score

Compare top savings rates

FEATURES

Truist Bank savings overview

The Truist One Savings account can be opened with a $50 minimum deposit, and it comes with a $5 monthly fee that can be waived through any of four ways: maintaining a daily balance of at least $300, scheduling a recurring transfer into the account of at least $25 per statement cycle, being a minor under age 18 or having a Truist checking product.

This account offers an extremely low APY, much lower than the national average and what many other banks offer.

Withdrawals are limited to six per month. If you go over that limit, you’ll be charged a $5 fee for each additional withdrawal.

See more details about Truist’s savings account offerings.

Pros

  • A relatively low minimum deposit of $50 is required for the Truist One Savings account.

  • The Truist One Savings account charges a $5 monthly service fee, yet it may be easy for some customers to waive.

Cons

  • The Truist One Savings account offers a rock-bottom APY.

  • A $3 monthly fee applies for paper statements for the Truist One Savings account.

  • The account isn’t tiered.

  • There’s a $5 fee for each withdrawal above the monthly limit.

  • See how rates for this account have changed over time.Interact with the trend lines to view APY by date.

    Truist Bank

    APY

    APY

    National average APY

    How do we get this data?

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Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Truist Bank Review 2024 | Bankrate (18)

Member FDIC

Savings Account

5.10

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

Rating: 4.7 stars out of 5

Bankrate Savings rating = 4.7/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$0

Min balance for APY

View offerArrow Right

Promoted offer:

2.8

Rating: 2.8 stars out of 5

Bankrate Score

Compare top CD rates

FEATURES

Truist Bank CD overview

Truist offers CDs with terms ranging from seven days to five years. Truist’s website doesn’t show you the rates for most of the terms. Instead, you must visit a branch or call to get more information about their CDs. That noted, during our review, we found most of Truist’s CDs offer rock-bottom rates, but there are some special CDs, including its 7-month and 12-month CDs, offering competitive yields.

You must visit a branch to open a Truist CD, but you need not actually reside in the state you visit a branch.

Truist CDs with terms from 32 days to five years have a $1,000 minimum deposit requirement. Truist’s short-term CDs (with terms ranging from seven days to 31 days) require a $2,500 deposit.

See more details about Truist’s CD offerings.

Pros

  • Truist offers CDs with terms ranging from seven days to five years.

  • CDs with terms longer than 31 days only require $1,000 to open.

  • While Truist generally has low APYs, it did have a competitive yield on its one-year CD.

Cons

  • The minimum to open a short-term CD, with a term of 7-31 days, is $2,500.

  • You must visit a branch to open a CD.

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Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Truist Bank Review 2024 | Bankrate (20)

Member FDIC

CD

4.90

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

Rating: 4.9 stars out of 5

Bankrate CD rating = 4.9/5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

$500

Min. deposit

1yr

Term

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Promoted offer:

2.3

Rating: 2.3 stars out of 5

Bankrate Score

Compare top money market rates

Truist Bank money market overview

You’ll only need $50 to open the Truist One Money Market Account.

As long as you keep a daily ledger balance of at least $1,000, you won’t pay the $12 monthly service fee. The account has check-writing privileges.

All six balance tiers currently pay the same APY, which is well below the national average. Withdrawals are limited to six per month. Going over that limit will cost you $15 per additional withdrawal.

Pros

  • You can open this account with a $50 deposit.

  • Truist’s money market account has check-writing privileges.

Cons

  • There’s a $12 monthly service fee unless you maintain at least $1,000.

  • Withdrawals and transfers are limited to six each statement cycle. Exceeding the limit costs $15 for each additional withdrawal or transfer.

  • Higher yields can easily be found elsewhere.

4.3

Rating: 4.3 stars out of 5

Bankrate Score

Compare top checking rates

Truist Bank checking overview

Truist offers two checking accounts, including the Truist One Checking account, which was scored for this review. It requires just $50 to open but charges a $12 monthly fee.

This fee can be waived through any of five ways: making at least $500 in qualifying direct deposits per statement cycle, maintaining a combined balance of $500 or more in Truist personal deposit and investment accounts, having a qualifying Truist credit card, mortgage or consumer loan, having a linked Small Business Checking account or being a student under the age of 25.

Moreover, this account doesn’t charge overdraft fees, and there’s a $100 negative balance buffer if you meet certain eligibility criteria.

The Truist Confidence Account is a checkless account designed for customers looking to maintain healthy spending habits. For this account, transactions that would overdraw the account are simply declined, without any fees charged. No checks are provided, and a $5 monthly maintenance fee can be waived by meeting deposit or transaction requirements each statement cycle.

Pros

  • Only $50 is needed to open Truist’s One Checking account.

  • The $12 monthly fee can be avoided in ways such as meeting balance or direct deposit requirements.

  • Truist One Checking comes with extra perks, including loyalty bonuses on Truist credit cards, depending on how much money you’ve deposited into the account.

Cons

  • The $12 monthly service fee is high.

  • There’s a $3 and $2 fee to receive paper statements with the Truist One Checking Account or the Truist Confidence Account, respectively.

  • The Truist One Checking account doesn’t earn interest.

Compare Offer

Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

Truist Bank Review 2024 | Bankrate (22)

Banking services provided by Coastal Community Bank, Member FDIC

Checking Account

5.00

%

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

APY

APY, or annual percentage yield, is the yearly return on a bank or investment account.

As of 4/23/2024

$0

To open

$0

To avoid fees

View offerArrow Right

Compare more:Bankrate's best savings account offers

Bank fees

FeeCharged?
Overdraft feeNone
Non-sufficient funds feeNone
Monthly maintenance fee$5 - $12
Out-of-network ATM fee$3 per transaction
Excessive transaction fee$5 - $15

Find out:Tips to avoid common bank fees

Customer experience

Customer support

24/7 limited hours. Customers can get help with their accounts by phone 8 a.m. to 8 p.m. Eastern time, Monday-Friday, and 8 a.m. to 5 p.m. on Saturdays. Customer-service representatives aren’t available Sunday, but there is a 24-hour automated assistance line.

Physical presence. Truist has more than 2,000 branches in 17 states and the District of Columbia.

Low overall customer satisfaction. Truist consistently ranked lower than average in customer satisfaction compared to other banks, according to J.D. Power’s 2023 Retail Banking Satisfaction Study.

Complaints

CFPB enforcement action. Truist Financial Corporation hasn’t received an enforcement action from the Consumer FInancial Protection Bureau since the company’s creation, which was the result of a 2019 merger of two banks (Suntrust and BB&T).

Digital experience

Highly rated mobile app. Truist’s app is rated highly for iOS and Android devices. More than 500,000 users have reviewed the app on the Apple App Store, while more than 100,000 users have reviewed it on the Google Play Store. Like with many banks, Truist customers can use Zelle to send and receive money. The app can also be used to deposit checks or lock a Truist debit card.

Customizable home screen. Truist’s mobile app lets you arrange and reorder the accounts on your home screen, add shortcuts to your frequently used tasks and toggle tiles (including reward and deal tracking) on your home screen.

Helpful insights. Once you start using your account, Truist provides insights that help keep track of your spending. For example, you’ll receive cash flow summaries and spending for each month. The mobile app will break down that spending by category, so you’ll know if, for instance, you're spending more on entertainment or utilities than usual. These insights also flag upcoming scheduled payments.

Bankrate staff insights

“Truist’s mobile app combines the bells and whistles of a modern banking app with the features you’d expect from a budgeting app,” said a Bankrate staff member with an account. “But though the bank’s digital features receive high marks, the constant barrage of fees — whether that be monthly maintenance or out-of-network ATM fees — and limited branch network has left customers (including myself) generally dissatisfied.”

Featured customer reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.

Gain_Spirited

Feb 1, 2023

Wells Fargo vs. Truist

I have both Wells Fargo (personal) and Truist (joint) bank accounts. Wells Fargo is much better. The app is better, the customer service is better, and everything including online payments, external bank transfers and Zelle work better with Wells Fargo.

Marquitta_30

Mar 19, 2022

Truist Merger

My bank services aren’t the same since Suntrust merged with Truist… everyday I have problems with my account…

Our editor's take

Digital features vary across banks, though Truist and Wells Fargo score similar marks on their respective iOS and Android apps. Some portions of the digital experience will be up to personal taste, but it’s worth noting that Wells Fargo generally offers higher yields on its deposit accounts over Truist.

Suntrust and BB&T banks merged to form Truist in 2019. As a result, customers of both banks were moved into Truist accounts, which may differ from their original accounts. Since the merger, many customers have been dissatisfied with the bank service, as underscored by Truist’s low customer satisfaction rating in J.D. Power’s 2023 U.S. Retail Banking Study.

About Truist Bank

Truist was formed by the 2019 merger of BB&T and SunTrust banks. It offers a range of banking products, including checking and savings accounts and certificates of deposit.

Truist Bank has more than 2,000 locations, mainly in Southern states but also in Indiana, Maryland, New Jersey, Ohio, Pennsylvania and the District of Columbia. The bank has its headquarters in Charlotte, North Carolina.

How Truist compares to other banks

Truist vs. TD Bank

Truist and TD Bank are two of the largest banking institutions in the U.S., and each bank has more than $300 billion in total assets. However, Truist is a bit larger with nearly 1,000 more branches than TD Bank across 18 states, whereas TD can be found in 16.

TD Bank generally offers higher interest rates on its CDs. However, Truist offers a money market account, which TD Bank doesn’t. And TD’s checking accounts aren’t as good as Truist’s, either, as TD has costlier monthly maintenance fees (it can be up to $13 more per month) and still charges a $35 overdraft fee where Truist charges none.

That noted, TD Bank allows you to open CDs online, unlike Truist, and offers bonuses for new checking accounts if you meet certain criteria.

Learn more:The best banks of 2024

Truist FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Truist Bank Review 2024 | Bankrate (2024)
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