Truist Bank Review

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.

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.

*APY accurate as of November 14, 2024

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 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.

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.

*APY accurate as of November 14, 2024

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

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.

*APY accurate as of November 14, 2024

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 0.70%. However, new account holders may be able to earn a higher APY that’s competitive with the top money market account rates.

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.