BB&T Bank Review 2020

Published May 2020 by Adrian D. Garcia

AT A GLANCE
2.4

Bankrate Score

bank-logo

Highly Rated App

No Minimum Balance

No monthly fees

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.

  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.3
  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.6
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    2.2
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    1.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    2.4

    Bankrate Score

    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.

    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.

    • BB&T was named to Fortune's “World’s Most Admired Companies” list in the superregional bank category in 2018.

    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

    3.3

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    American Express National Bank

    Member FDIC

    Savings account

    0.60 % APY

    $ 1

    Min. balance for APY

    BB&T calls its eSavings account its most popular savings account available exclusively online. The eSavings account earns 0.03% APY on all balances above $0, up to $99 billion.

    What we like

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

    • Interest is compounded daily.

    • No monthly maintenance fees.

    • No minimum deposit.

    What we don't

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

    CD rates

    2.6

    Bankrate Score

    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.

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

    What we like

    • Interest is compounded daily.

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

    • Interest can be withdrawn prior to maturity.

    What we don't

    • Low yields compared with what online banks offer.

    • Higher balances don’t earn more interest.

    • Harsh early withdrawal penalties could cause you to lose most earned interest.

    Checking accounts

    2.2

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    BB&T customers can earn interest with Elite Gold Checking after a $100 minimum opening deposit. The $30 monthly maintenance fee is waived for those with a combined balance of $25,000 across eligible linked accounts.

    Other options do not include interest but have lower fees, including BB&T Fundamentals ($5 monthly fee and no minimum initial deposit) and Bright Banking ($12 waivable fee and $50 opening deposit).

    What we like

    • Tiered rates offer interest on all balances.

    • Elite Gold clients are allowed four non-BB&T ATM transactions per statement cycle ($3 fee per transaction thereafter).

    What we don't

    • Interest rates are relatively low.

    • Requirements to waive monthly fee relatively high.

    Money market accounts

    1.7

    Bankrate Score

    The High Performance Money Market Account allows you to earn interest on up to $99 billion. The account requires only a $100 minimum opening deposit and allows check-writing.

    What we like

    • Account has check-writing privileges.

    • Interest is compounded daily.

    What we don't

    • $1,000 minimum to avoid the $12 maintenance fee is a little higher than other banks.

    • Low APY compared with other money market accounts at other institutions.

    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 scored 4.5 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 1,900 financial centers for in-person help. BB&T also counts about 2,5000 ATMs across its footprint.

    About BB&T

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

    The bank merged with SunTrust to become Truist; however, the brands offer separate products for now.

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia joined Bankrate as a data reporter in 2018. Adrian previously spent four years covering business, trends and other news stories for Denverite.com, the Fort Collins Coloradoan and other news organizations in Colorado. He graduated with a journalism degree from the University of Colorado Boulder in 2014. He participated in ProPublica's inaugural summer data institute in 2016 and the SABEW Goldschmidt Data Immersion Training in 2019.