Analysis of Services, Fees, and Customer Experience
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Business Insider’s personal finance team compared Truist Bank accounts to other accounts at the best banks. After analyzing and comparing features, Truist banking is standard overall. The bank may appeal to you if you live in the Southeast and want to avoid overdraft fees. But to earn the highest interest rates on savings accounts or CDs, you may want to consider online banks instead.
Truist Bank: Overall Rating
Truist Bank Pros and Cons
About Truist Bank
Truist National Branch and ATM Presence
Truist Bank has over 1,900 branches and 2,900 ATMs throughout the U.S.
The bank primarily serves residents in the Southeast region of the U.S. Truist has locations in Alabama, Arkansas, Georgia, Florida, Indiana, Kentucky, New Jersey, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Washington, DC.
Truist Bank is the result of a 2019 merger between BB&T, also known as Branch Banking and Trust Company, and SunTrust Bank. When the two companies merged, they became Truist.
What You Need to Know About Truist Personal Bank Accounts
Truist Bank launched Truist One Banking in 2022 to provide checking accounts without overdraft fees. Previously, Truist had also discontinued fees for overdraft protection transfers and overdrawn account balances on existing consumer accounts.
Truist One Banking includes two checking options — the Truist Confidence Account and Truist One Checking. The difference between these checking accounts is that the Truist Confidence Account doesn’t have paper checks.
Truist also offers two savings accounts, one money market account, and traditional CDs ranging from 7 days to 60 months.
Choosing between Truist One Savings and the Truist Confidence Savings Account will likely depend on whether you get a specific checking account. You must get a Truist Confidence Account to open the Truist Confidence Savings Account. Meanwhile, Truist One Savings doesn’t require a particular checking account.
Truist is FDIC-insured. You’ll be able to deposit up to $250,000 in an individual bank account and your money will be secure.
Truist Bank Digital Experience and App Usability
Truist mobile banking can be used for viewing your bank account statement and transaction history, setting transaction alert preferences, ordering checks, making mobile check deposits, locking cards, and sending money through Zelle. You can also contact Truist customer support or find nearby branches.
The Truist mobile banking app has 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple App store. However, according to the J.D. Power 2024 Banking Mobile App Satisfaction Study, Truist ranked below the study average for overall customer satisfaction in both mobile and online banking.
Truist Bank Customer Support Availability and Satisfaction
To get in touch with a customer service representative, call from 8 a.m. to 8 p.m. ET on weekdays or 8 a.m. to 5 p.m. ET on Saturdays. You can also visit a branch during business hours or send a message through the mobile app.
If these customer support hours don’t fit your schedule, you can find banks with 24/7 customer service.
Truist Bank Fees, Rates, and Financial Benefits
Understanding Truist’s Fee Structure
Truist Bank is one of the best banks for avoiding overdraft fees. Most national brick-and-mortar banks still charge overdraft fees when you overdraw from your bank account, and the bank covers your negative balance.
Other common bank fees still apply to most Truist bank accounts, though. You’ll have to be mindful of monthly bank maintenance fees, out-of-network ATM fees, official check fees, stop payment fees, and wire transfer fees.
The Truist Confidence Savings Account is an exception to monthly service fees. However, you must have the Truist Confidence Account to get this savings account.
Truist Savings and CD Rates and How They Compare
One of the primary disadvantages to Truist banking is low Truist savings account interest rates. The average savings account interest rate is significantly higher than either of Truist’s savings accounts. That being said, Truist’s money market account offers high interest rates, but only for new customers. Customers who already have a money market account will continue to earn low interest rates.
Truist CD rates vary by location. The bank also only lists promotional CD rates online. Of the promotional CD rates shared on the bank’s website, Truist offers decent CD rates that are higher than average CD rates. Online banks have even more compelling CD rates, though.
Is Truist Bank Trustworthy?
The Better Business Bureau rates businesses on how they respond to customer issues, advertise, and handle transparency. Trust Bank received an A+ rating from the BBB.
In 2024, Truist paid over $9 million to the United States. The U.S. Office of Public Affairs says that SunTrust Bank, which was later bought out and combined with another bank to form Truist, established trust accounts for people involved in a settlement for lead poisoning cases. The Office of Public Affairs said that SunTrust made decisions regarding the trust accounts that were not in the beneficiaries’ best interests but were instead in the best interest of third parties. Truist does not admit or deny wrongdoing by settling with the U.S.
Truist Bank FAQs
Truist banking services include personal banking, business banking, credit cards, auto loans, personal loans, mortgages and investment services.
There are many fees associated with Truist bank accounts, including monthly service fees, out-of-network ATM fees, official check’s fees, stop payment fees, and wire transfer fees.
The pros of Truist banking include affordable mortgage options, checking accounts with no overdraft fees, and a vast branch and ATM network. The cons of Truist banking with include low Truist savings account interest rates and common bank fees associated with most bank accounts.
Yes, Truist Bank is a legitimate bank. The bank is FDIC-insured, so your money is safe in your account up to $250,000 per depositor in case of a bank failure.
Truist is a good bank for avoiding overdraft fees, but it’s a pretty standard brick-and-mortar bank otherwise. Most of its savings accounts offer low interest rates and come with monthly service fees if you don’t meet certain requirements.
Truist Bank isn’t quite the same as BB&T, but it is related. Truist Bank was created from a 2019 merger between BB&T, also known as Branch Banking and Trust, and SunTrust.
Truist Bank Accounts Review
Truist Bank Savings Account
Truist One Savings
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$50
- Possible to waive fees
- Low interest rate
- $50 minimum opening deposit
- $5 monthly service fee
- $3 paper statement fee
Product Details
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $3 paper statement fee, sign up for paperless online statements
- To waive the $5 monthly service fee you must meet one of the following requirements: Maintain at least $300 in your account daily; Initiate a recurring internal transfer of$25 each month; Open any Truist checking account, or are under the age of 18
- Interest compounded daily and deposited monthly
- FDIC insured
Truist One Savings works best if you can avoid paying the account’s monthly service. To waive the fee, you’ll need to keep at least $300 in your account, schedule a recurring transfer of $25 into your account, or open a Truist checking account. The fee will also automatically be waived if you’re under the age of 18.
Truist also has another savings account called the Truist Confidence Savings Account. You must get the Truist Confidence Account. Without the checkless checking account, you won’t be eligible to get the Truist Confidence Savings Account.
Truist savings account interest rates aren’t great, so if you’re primarily interested in earning good interest rate on your savings, you might want to go elsewhere.
Truist Bank Checking Account
Truist One Checking
Fees
$12 monthly services fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$50
- No overdraft fees
- Easy to waive $12 monthly fee
- Earn additional awards on eligible Truist credit cards
- $50 minimum opening deposit
- $12 monthly service fee if not waived
- $3 paper statement fee
- $3 out-of-network ATM fee
Product Details
- Earn $400 for opening a new Truist One Checking account online using code AFL2425TR1400 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires April 30, 2025)
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $12 monthly service fee, do one of the following each month: Make $500 or more in direct deposits per statement cycle, maintain a combined total balance of $500 in all eligible Truist accounts before each statement cycle end date, have a personal Truist credit card or mortgage or consumer loan (excluding LightStream), link to a Small Business Checking Account, or be a student under age 25
- To waive the $3 paper statement fee, sign up for paperless online statements
- Account has a tiered system, and each tier comes with more benefits; reach the next tier when your average monthly balance hits $10k, $25k, $50k, and $100k
- FDIC insured
Truist One Checking is a solid checking account if your goal is to avoid overdraft fees. Eligible customers may also receive a $100 negative balance buffer.
You’ll have to be mindful of a $12 monthly services fee monthly service fee, though.
Truist Bank is currently offering a bonus of $400 for new customers looking to open a checking account. You can get it if you open a new checking account and receive at least two direct deposits totalling $1,000 or more within the first 120 days of opening the account. This bonus will last until April 30, 2025.
Truist also offers a checkless checking account called Truist Confidence Account, which has a lower monthly service fee.
You can choose between two debit cards when you open a checking account with Truist: a personal debit card and the Delta SkyMiles Debit Card. The former is a cash-back debit card, while the latter lets you earn miles with your purchases. The Delta SkyMiles Debit Card comes with a $95 annual fee, but the personal debit card is free.
Truist Bank CD
Truist Bank CD
Annual Percentage Yield (APY)
Vary by location
Minimum Opening Deposit
$1,000 to $2,500
- Variety of terms to choose from
- $2,500 minimum opening deposit for terms between 7 to 31 days
- $1,000 minimum opening deposit for terms longer than 31 days
- Standard-to-high early withdrawal penalties
Product Details
- Over 2,000 branches and 3,000 ATMs in the Southeast
- Terms range from 7 days to 5 years
- For terms less than 3 months, the early withdrawal penalty will be whichever is greater: all the interest that would have been earned on the withdrawn amount OR $25
- For terms less between 3 months and 1 year, the early withdrawal penalty will be whichever is greater: 3 months of simple interest OR $25
- For terms less between 1 year and 2 years, the early withdrawal penalty will be whichever is greater: 6 months of simple interest OR $25
- For terms greater than 2 years, the early withdrawal penalty will be whichever is greater: 12 months of simple interest OR $25
- Interest compounded daily, deposited monthly
- FDIC insured
Truist Bank no longer allows you to open CDs online. Truist CD rates vary by location. To ask about opening a Truist CD, contact your local branch.
Truist Bank Money Market Account
Truist Bank One Money Market Account
Fees
$12 monthly service fee
Annual Percentage Yield (APY)
0.01% to 4.00%
Minimum Opening Deposit
$50
- Low minimum opening deposit
- Possible to waive the monthly maintenance fee and paper statement fee
- Check writing included
- Debit card option
- Low interest rate
- $12 monthly maintenance fee
- $3 paper statement fee
Product Details
- New Money Market Accounts earn 4.00% APY, all other accounts earn 0.01% APY
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $12 monthly maintenance fee, keep at least $1,000 in your account monthly
- Interest compounded daily, deposited monthly
- FDIC insured
Truist’s money market account might be worthwhile if you’re opening a new account now and you’re able to maintain at least $1,000 in your account. By meeting the $1,000 requirement, you’ll waive the $12 monthly service fee monthly bank maintenance fee, and by opening a new account, you’ll earn the highest interest rate.
Otherwise, the bank’s savings account will be easier to manage than the money market account since it has a lower monthly fee.
Truist Credit Cards Review
Truist has cash-back credit cards, travel credit cards, and zero-interest credit cards, but none have landed in our top picks. You might prefer a different national bank for stronger credit card perks.
Truist Loans Review
Truist has personal loans and auto loans. The minimum amount you’ll need to borrow is $3,500 for both types of loan options.
Truist Mortgages Review
Truist Bank has conforming loans, jumbo loans, FHA loans, VA loans, USDA loans, home equity lines of credit, doctor loans, and construction-to-permanent mortgages.
The bank is among the best mortgage lenders for first-time homebuyers. Its Community Homeownership Incentive Program (CHIP) allows customers who live in qualifying areas to put 0% down. You also don’t need private mortgage insurance for these types of mortgages.
See Business Insider’s Truist Mortgages Review.
Truist Investment Services Review
At Truist, you have two investment options: Truist Invest and Truist Trade.
Truist Invest automates investing but requires a minimum of $5,000 to get started. You’ll also have to schedule an appointment with the Truist advisor to create a financial plan.
Truist Trade requires self-direct trading and you can open an account online. It requires initial funding of $1, and has a $60 annual fee.
Truist Business Banking Review
Truist has more business banking options than most banks. You can choose from three types of business checking accounts, a business savings account, a business money market account, and business CDs ranging from 7 days to 60 months.
How Truist Bank Compares
Truist Bank vs. Regions Bank
These are two banks in the Southeast with substantial branch and ATM networks, so your decision will likely come down to differences in individual accounts.
If you plan to open a savings account, you may favor Regions Bank over Truist Bank. The Regions LifeGreen® Savings Account has zero monthly service fees and 1% annual bonus (up to $100) if you set up monthly automatic transfers from your Regions checking account. Both Truist savings account interest rates and Regions savings account interest rates are low, at 0.01% APY.
You may favor Truist Bank if you’d like to open a checking account. It’s a bit easier to waive monthly service fees at Truist Bank than Regions Bank.
Regions Bank Review
Truist Bank vs. Fifth Third Bank
You’ll probably lean more toward Truist Bank if you’re looking to open a savings account. Truist One Savings makes it a bit easier to waive the monthly service than the Fifth Third Momentum® Savings Account. Both banks’ savings accounts offer low interest rates of 0.01%.
The opposite is true when it comes to checking accounts. Fifth Third Bank will likely edge out Truist and even Regions. It has a free checking account that doesn’t require a minimum opening deposit and is part of the Allpoint ATM network, which provides access to over 55,000 free ATMs.
Fifth Third Bank Review
Is Truist Bank Right For You?
If you live in the Southeast U.S. and are interested in getting a loan for your first home or opening a checking account with no overdraft fees, you may like Truist Bank.
Truist Bank may not be right for you if you’re focused on saving or investing. Other big banks have higher savings rates and stronger investment services. Truist Bank also isn’t among our top picks for the best credit cards — we’ve ranked other credit cards higher when evaluating for simplicity, affordability, and value.
Why You Should Trust Us: How We Reviewed Truist Bank
To review Truist Bank, we rated accounts and services using Business Insider’s bank account methodology.
To rate banks as a whole, we start by rating all of their individual banking products. We rate each individual banking product across several categories. The categories differ depending on what banking product we’re rating, but they include things like customer service, interest rates, early withdrawal penalties, mobile app ratings, overdraft protection, ATM networks, and transaction limits.
We give each of these categories a score from zero to five using our scoring formula. Once each category has a score, we average the category ratings together to get the banking product’s overall ratings. Once we have a rating for each of the bank’s banking products, we average their scores together along with a bank’s ethics rating to get the bank’s total score.
A score of one means that a bank is not worth using under pretty much any circumstance for most people, while a score of five means that a bank offers strong products across the board. A score of three could mean that a bank has one outstanding product and its other products don’t meet market standards, or it could mean that the bank has middle-of-the-road options for all of its products.
To learn more about how we choose and rate banks and banking products, read our editorial standards.
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