Truist Bank CD rates
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In 2019, BB&T and SunTrust banks merged to form a new bank that became Truist. Since then, services from the two former banks have moved over to Truist. Customers of both former banks have seen changes in what kinds of accounts are available to them and what features the accounts have.
Truist CDs are only available in 15 states in the East and South and the District of Columbia.
Truist CD Rates
Truist offers one type of certificate of deposit, a personal CD with four term options. Each requires a minimum $1,000 deposit. At the end of the term, the CD can either be redeemed or renewed. An early withdrawal penalty applies to funds withdrawn before the end of the term, which may include a portion of the principal.
|Account name||Term||APY||Minimum deposit|
|Personal CD||1 year||3.00%||$1,000|
Note: Annual percentage yields (APYs) shown are as of Dec. 21 and may vary by region for some products.
How Truist compares to top-yielding banks
Like many of its competitors, Truist offers online banking, including a mobile banking app that makes it easy to open and check up on accounts at your convenience. Its CD rates pale in comparison to some online banks that offer much higher yields on one-year CDs, for example. Many of the highest-yielding banks, like Live Oak Bank, operate only online, a consideration if branch banking is important to you. Truist operates more than 2,100 branches.
Truist also has a limited number of terms available compared with online competitors. Marcus by Goldman Sachs, for example, offers a greater variety of terms, plus a separate, no-penalty CD option.
Other savings options at Truist
Truist offers other savings options, if you’re wary of locking up your money for a set term. It offers two savings accounts, Truist One Savings and Truist Confidence Savings. The former requires $50 to open it, and you’ll need $25 to open the latter account.
Ways to waive the $5 monthly service fee on the Truist One account include:
- Keeping at least $300 in the account at all times.
- Having a Truist checking account.
- Being under 18 years old.
- Having a recurring transfer from a Truist account of at least $25 each statement cycle.
The Truist Confidence Savings doesn’t have a monthly service fee or overdraft fees.
Truist also offers a money market account. The money market account charges a $12 monthly fee, unless you maintain a minimum $1,000 balance.