Truist Bank Review: Services, Pros and Cons (April 2024) (2024)

Our Truist Ratings

We give Truist Bank an overall bank rating of 3.7 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. Its checking accounts and overall banking experience and access scored the highest. Here’s how the company scores in each of our review categories:

*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Truist for comment on its overall rating and savings account, CD and money market account scores but did not receive a response.

Overview of Truist Bank: Pros and Cons

Truist is the seventh-largest bank in the United States with over $535 billion in assets. It achieved this size thanks to the BB&T and SunTrust merger in 2019. These former banks have long histories — BB&T has roots going back to 1872 and SunTrust was established in 1891.

Truist is based in Charlotte, N.C., and has a somewhat small footprint with branches in Washington, D.C., and the following 17 states:

• Alabama
• Arkansas
• Florida
• Georgia
• Indiana
• Kentucky
• Maryland
• Mississippi
• New Jersey
• North Carolina
• Ohio
• Pennsylvania
• South Carolina
• Tennessee
• Texas
• Virginia
• West Virginia

Who Is Truist Bank Best For?

Truist Bank is best for someone who lives near a branch. That way, consumers can take advantage of all of its financial products. While Truist offers a lot of services no matter where someone lives, consumers must open a CD at a physical branch.

Truist Bank Products

Truist offers numerous financial products, including checking accounts, savings accounts, CDs, money market accounts, credit cards, personal loans, auto loans, mortgages, insurance and investing accounts. Alongside its normal consumer offerings, Truist provides small business, corporate and wealth management solutions.

Truist Mobile, the bank’s phone app, automatically includes Zelle functionality. There are more than 2,000 Truist Bank branch locations and 3,000 ATMs. Customer service over the phone is available on weekdays from 8 a.m. to 8 p.m. ET and on Saturdays from 8 a.m. to 5 p.m. ET, but is closed on Sundays.

*APY accurate as of April 23, 2024

Truist Checking Accounts

Truist Checking Account Overview

We rate Truist checking accounts 4.1 stars. There are two types of checking accounts: Truist One Checking accounts and Truist Confidence Accounts.

Both checking account options don’t charge overdraft fees, returned item fees, negative account balance fees or overdraft protection transfer fees.

Pros and Cons

Truist Checking Account Options

Truist One Checking Account

This account requires a $50 deposit to open. It also has a $12 monthly maintenance fee that can be waived if you meet one of the following requirements:

• Have $500 or more in qualifying direct deposits in a given month
• Have a $500 combined monthly average balance across all eligible Truist accounts
• Have either a Truist credit card, consumer loan or mortgage loan (except a Truist LightStream loan)
• Have a Truist small business checking account linked to your Truist One Checking
• Are a student under 25 years old

A negative balance buffer is a major benefit of Truist One checking accounts. With it, customers can overdraft their accounts up to $100 without incurring fees. Customers are eligible so long as they receive $100 of direct deposits per month for two months in a row, the account is open for more than 35 days and the account otherwise has a positive balance.

Truist One Checking account perks depend on a customer’s benefit level, which is determined by the combined average monthly balance of a customer’s Truist accounts. There are five benefit levels, each with different balance requirements:

• Level 1 ($0 to $9,999)
• Level 2 ($10,000 to $24,999.99)
• Level 3 ($25,000 to $49,999.99)
• Level 4 ($50,000 to $99,999.99)
• Level Premier ($100,000 and above)

As the balance increases, perks such as additional cash back for Truist credit cards, out-of-network ATM fee waivers and free or reduced checkbook reorders increase as well.

Truist Confidence Account

Truist Confidence checking accounts have a $5 maintenance fee which can be waived if an account holder is able to meet one of the following requirements:

• Receives $500 in monthly direct deposits
• Makes 10 debit card transactions per statement cycle
• Is a student younger than 25 years old

Truist Confidence checking accounts require a $25 initial deposit to open — half as much as Truist One Checking accounts require. However, unlike the Truist One Checking account, Truist Confidence checking accounts don’t offer a $100 negative balance buffer. Instead, charges above the account balance are usually declined. Truist Confidence account holders also can’t write paper checks.

Level benefits don’t apply to Truist Confidence accounts either, though this may not be an issue for some because the account is designed for people who have trouble qualifying for checking accounts or are new to banking.

Truist Savings Accounts

*APY accurate as of April 23, 2024

Truist Savings Account Overview

We rate Truist savings accounts 3.7 stars. There are two types of accounts: Truist One Savings and Truist Confidence Savings.

Both accounts offer a negligible annual percentage yield (APY). This savings rate is on par with some larger banks, such as Chase Bank, but it’s significantly lower than the Federal Deposit Insurance Corp. (FDIC)’s national average savings account rate of 0.47%. On top of that, many top high-yield savings accounts offer over 4.00% APY.

Customers can get overdraft protection for their checking account by linking either Truist savings account. The first six withdrawals in a given statement cycle are free, after which there’s a $5 fee per withdrawal.

Pros and Cons

Truist Savings Account Options

Truist One Savings

Truist One Savings accounts have a $5 monthly service fee which can be waived if you meet one of the following:

• Have a related Truist checking account
• Maintain a $300 minimum daily balance
• Set up one automated transfer of $25 or more per month from another Truist account
• Are under 18 years old

Truist Confidence Savings

Truist Confidence Savings has no monthly maintenance fee, but you’ll need a Truist Confidence Checking account to open.

Truist CDs

*APY accurate as of April 23, 2024

Truist CD Overview

We give Truist CDs 3.1 stars. Truist only advertises two CD terms and rates on its website, so you’ll have to visit a branch or call for a list of terms and rates available in your location. CDs can only be opened in person at a branch, making them inaccessible to those outside of Truist’s dominantly-southeastern U.S. footprint.

Early withdrawal penalties may be applied to withdrawn amounts. The penalty depends on the CD term:

• Less than three months: All interest earned is forfeited or there’s a $25 fee, whichever is greater
• Three months to one year: Three months’ worth of simple interest or $25, whichever is greater
• 13 months to 23 months: Six months of simple interest or $25, whichever is greater
• 24 months or more: 12 months of simple interest or $25, whichever is greater

Pros and Cons

Truist CD Options

CD terms vary from seven days to five years. CDs with terms ranging from seven days to 31 days have a $2,500 minimum deposit, while CDs ranging from 32 days to five years require a $1,000 minimum deposit.

Although promotional rates could be available in your area, the lack of online transparency makes choosing a Truist CD difficult. However, consumers who value in-person banking may not consider this an issue. Plus, Truist CDs are typically considered when determining a customer’s benefit level for relationship rewards.

Truist Money Market Account

*APY accurate as of April 23, 2024

Truist Money Market Account Overview

Based on our methodology, we give Truist money market accounts 3.4 stars. Truist money market accounts earn an APY that’s much lower than the national average money market interest rate of 0.67%. However, new account holders may be able to earn a higher APY that’s competitive with the top money market account rates.

Pros and Cons

Truist Money Market Account

Truist offers one money market account. There’s a $50 minimum deposit to open a money market account and a $12 monthly service fee, which can be waived by maintaining a $1,000 minimum balance per day.

This account also comes with a debit card and checks, but there’s a limit of six withdrawals per statement cycle (then a $15 withdrawal fee). You can also link your checking account to this account to set up overdraft protection.

Truist Reputation and Customer Satisfaction

Truist receives an A+ rating from the Better Business Bureau (BBB). Bauer Financial also recommends it, giving Truist 4 out of 5 stars, which is an “excellent” rating. The Truist mobile banking app receives mostly positive feedback from users, too, with 4.8 out of 5 stars on Apple’s App Store and 4.7 out of 5 stars on Google Play.

However, Truist does have some dings on its reputation. For example, the 2019 merger, which created Truist, didn’t go smoothly for some customers. WRIC 8News reported customer complaints such as disappearing transactions and hours-long customer service phone hold times in 2022. Similarly, WCNC Charlotte reported in 2023 that customers weren’t able to use their old or new Truist credit cards due to “service disruptions.”

Our team reached out to Truist for comment on WRIC 8News’ and WCNC Charlotte’s reports and did not receive a response.

Additionally, Kelly King, Truist Chairman and CEO, has publicly issued an apology for Truist’s role in perpetuating and profiting off of slavery. The apology was first released as an employee memo in July 2020 in response to internal discussions about systematic racism and the racially-motivated murders of Ahmaud Arbery, Breonna Taylor and George Floyd.

In response, the bank has launched two leadership groups to “help shape and guide [Truist’s] long-term actions” and has pledged increased community involvement and investment.

Truist vs. Other Top Banks

Truist doesn’t have the physical presence of other major financial institutions such as Chase Bank, Wells Fargo and Bank of America since Truist only operates in 17 states and Washington, D.C. It also has fewer in-network ATMs than other large financial institutions.

Apart from its high promotional CD rates, Truist lacks high interest-bearing savings options. However, it does offer a money market account, which Chase, Wells Fargo and Bank of America don’t offer.

The Bottom Line: Is Truist Right for You?

Methodology

Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.