BB&T Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
3.1

Bankrate Score

bank-logo

Highly Rated App

No monthly fees

Customers of BB&T are offered a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgages, corporate banking, capital markets and specialized lending.

  • Savings
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    2.7
  • CDs
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    2.5
  • Checking
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    3.8
  • MMAs
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    1.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.1

    Bankrate Score

    BB&T is an accessible, one-stop-shop option for people looking for a financial institution in certain states in the Midwest, South and East Coast. The bank merged with SunTrust to become Truist; however, the brands offer separate products for now.

    What we like

    • The mobile app U by BB&T is highly rated and helps manage multiple accounts from a customizable dashboard.

    • An online savings account is available with no monthly maintenance fee or minimum deposit.

    What we don't

    • Physical branches are located in only 15 states and Washington, D.C.

    • BB&T offers fairly low interest rates on deposit products compared with competitors.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    BB&T’s Regular Savings account only requires a $25 opening deposit. You’ll want to keep at least $350 in the account to avoid the monthly service fee.

    BB&T calls its eSavings account its most popular savings account available exclusively online. The eSavings account earns a yield below the national average on all balances above $0.

    The account doesn’t require you to make a minimum opening deposit and it doesn’t have a monthly maintenance fee.

    What we like

    • The Regular Savings only requires a $25 opening deposit.

    • The Regular Savings account allows you to make two excessive transfers without incurring a fee.

    • The eSavings account allows all customers to earn the top APY on all balances.

    • The eSavings account doesn’t require an opening deposit.

    • The eSavings account doesn’t have a monthly maintenance fee.

    What we don't

    • You could receive six overdrafts, at $36 each, in a day by overdrafting your account.

    • The Regular Savings account can only be opened up in a branch.

    • There are much higher APY accounts available from other banks.

    • Regular Savings and eSavings account customers will incur a $3 fee from BB&T for using an out-of-network ATM.

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.70 % APY

    18mo

    Term

    $ 500

    Min. deposit

    BB&T offers 19 terms of CDs. Its personal CD rates range from seven days to five years.

    BB&T offers several different types of certificates of deposit. In addition to its traditional CDs, the bank offers an add-on CD and a step-up CD that allows yields to rise automatically at set intervals. There are also some CD specials for accounts with unique term lengths.

    The bank’s Can’t Lose CD is also flexible since it lets you add funds and you can make a penalty-free withdrawal during the first year of this 30-month CD.

    Penalties apply for early withdrawals of the principal balance. For example, with the bank's 12-year CD, an early exit will cost you $25 or three months of simple interest.

    What we like

    • Different types of CDs are offered, including one letting you deposit additional funds.

    • Interest can be withdrawn prior to maturity.

    • BB&T’s CDs with terms longer than 31 days have a $1,000 minimum deposit requirement. That’s lower than some other banks.

    What we don't

    • Some banks have lower minimum balance requirements on CDs.

    • Short-term no-penalty CDs aren’t available on BB&T’s website.

    Checking accounts

    3.8

    Bankrate Score

    The BB&T Bright Banking account only requires $50 to open the account. You’ll incur a $12 monthly service fee for going below $1,500.

    BB&T Bright Banking customers will incur a $3 fee for using out-of-network ATMs. The ATM you use will also likely charge you a fee.

    What we like

    • You only need $50 to open a Bright Banking account.

    • BB&T charges $3 for out-of-network withdrawals at ATMs.

    What we don't

    • There’s a $12 maintenance fee for going below $1,500.

    • The Bright Banking account doesn’t earn interest.

    • The requirements to waive the monthly fee are relatively high.

    Money market accounts

    1.6

    Bankrate Score

    The Investor’s Deposit Account is available online. The account earns a little bit of interest and requires a $10,000 deposit to open the account.

    There’s a $15 monthly service fee for going below $10,000.

    Investor’s Deposit Account customers are charged $3 by BB&T for using an out-of-network ATM. So make sure BB&T ATMs are convenient to where you live before opening this account.

    What we like

    • The Investor’s Deposit Account has check-writing privileges.

    What we don't

    • There’s a $10,000 minimum deposit to open the Investors Deposit Account.

    • You’ll be charged $3 by BB&T for using out-of-network ATMs.

    Bank experience

    BB&T’s digital banking platform, called U, is popular among app reviewers. In the Apple app store, the mobile banking app has scored a 4.8 out of five stars, which is a high score for a bank app. In the Android app store, the mobile banking app also scored 4.8 out of five stars.

    The bank’s mobile app comes with standard features, such as being able to pay a bill or pay a friend, as well as deposit checks. It also comes with something less common: the ability to port in data from your other financial accounts. You can also search your transactions.

    Moreover, you can visit more than 1,800 financial centers for in-person help. BB&T also counts about 2,400 ATMs across its footprint.

    BB&T customers can use Zelle to send money to others.

    About BB&T

    Branch Banking and Trust Co. is an FDIC-insured bank headquartered in Winston Salem, North Carolina. BB&T offers fairly accessible deposit account options and solid customer experience. The bank merged with SunTrust to become Truist; however, the brands offer separate products for now.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth