SunTrust Bank is a traditional bank with branches located in 11 states, primarily along the East Coast.
SunTrust offers traditional CDs with terms ranging from 6 to 24 months. The interest rates on SunTrust CDs are very low when compared to CD interest rates and high-yield savings accounts offered by other financial institutions. All SunTrust bank CDs require a minimum deposit of $2,000.
SunTrust Bank earned a 2.6 out of 5 in Bankrate’s overall rating. SunTrust recently merged with BB&T to form Truist; for now, BB&T’s banking products are still separate.
SunTrust Bank CD rates
SunTrust CD rates come with penalties for early withdrawal of funds. Unless you instruct you want to try other CD terms, CDs will automatically be renewed for the same term and at the standard tiered interest rate.
Note: The APYs (Annual Percentage Yield) shown are as of July 31, 2020. The APYs for some products may vary by region.
How SunTrust Bank compares to top-yielding banks
The CD rates offered by SunTrust bank aren’t particularly impressive when compared to rates offered by other financial institutions. Marcus by Goldman Sachs offers a one-year CD with an APY of 1 percent and a minimum deposit of only $500. Quontic Bank offers a two-year CD with an APY of 1.11 percent and a minimum deposit of just $500. First National Bank of America has a two-year CD with an interest rate of 1.05 percent and a minimum deposit of $1,000.
If you don’t want to tie your money up in a CD, you can get similar rates from high-yield savings accounts. Vio Bank offers an APY of 1.11 percent with a minimum balance of only $100. Citibank has a savings account with a 1.1 percent APY with zero minimum balance.
Other savings options at SunTrust Bank
SunTrust offers customers a number of other savings options in addition to CDs. Its Essential Personal Savings account offers standard options comparable to most traditional banks, while the Advantage Money Market Savings account offers tiered interest rates depending on the account balance. The Youth Advantage Savings Account is designed specifically to help children start learning about finances from an early age.
Featured image by Dan Reynolds Photography of Getty Images.