SunTrust Bank Review 2020

Published March 2020 by TJ Porter

AT A GLANCE
2.6
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Bankrate Score

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Bank Vault

Low Minimum Deposit

If you live in the Southeast and prefer in-person banking, you might consider SunTrust. If you’re looking for the highest rates or lowest fees, you will likely want to look elsewhere.

  • CDs
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    2.4
  • Savings
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    3.3
  • Checking
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    2.6
  • MMAs
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    2.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    2.6

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    Bankrate Score

    SunTrust is a bank that focuses on individuals who live in the southeastern United States. The bank merged with BB&T to become Truist; however, the brands offer separate products for now.

    What we like

    • Offers some ATM fee reimbursements.

    • Minimum deposit requirements are relatively low.

    • Known for leading financial wellness programs.

    What we don't

    • You can find higher rates elsewhere.

    • Charges higher monthly fees for its money market account.

    CD rates

    2.4

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.30 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    SunTrust offers a limited selection of CD terms. The $2,000 minimum deposit to open an account is reasonable; however, you can still find competitors that require a smaller deposit.

    What we like

    • Reasonable minimum balance.

    What we don't

    • You can find higher rates elsewhere.

    • Limited CD term options.

    Savings accounts

    3.3

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.30 % APY

    $ 0

    Min. balance for APY

    You only need to make a $100 minimum deposit to open a savings account. However, the account pays very little interest and it charges a $7 monthly fee. There are easy ways to avoid the fee, however.

    On the Select Savings account, the bank will waive the monthly fee if you have at least one $25 electronic transfer or deposit per statement month. You can also avoid the fee if you keep at least $1,000 in the account on a daily basis.

    What we like

    • Relatively low deposit requirement.

    What we don't

    • $7 monthly fee unless you maintain a certain balance or receive electronic transfers or deposits.

    • You can find higher rates elsewhere.

    Checking accounts

    2.6

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.20 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    While you only need $100 to open SunTrust’s Advantage checking account, you would need to put a lot more money into the account (or across your SunTrust accounts) to avoid a monthly fee. Or, you could link another qualifying bank product to sidestep the fee.

    You will earn some interest on the checking account and it also offers some ATM fee reimbursements. Already, you can use your SunTrust card to make cash withdrawals at any BB&T ATM for free.

    Its overdraft fee price is higher than what some other banks charge.

    What we like

    • Some ATM reimbursements.

    • Free peer-to-peer payments through Zelle.

    What we don't

    • Stricter requirements to avoid monthly fees.

    • Charges steeper overdraft fees than some other banks.

    Money market accounts

    2.1

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    Bankrate Score

    SunTrust’s money market account offers tiered interest rates; however, you can find higher payouts elsewhere. You will also need to contact the bank to find out the rates.

    The account charges a hefty $17 monthly fee if you fail to meet its minimum balance requirements.

    What we like

    • Offers check-writing privileges.

    What we don't

    • High monthly fee.

    • You can find higher interest rates elsewhere.

    Bank experience

    For people who live in the Southeast, you will have little trouble finding a branch to visit. Plus, SunTrust supports relatively well-rated mobile apps that you can use to manage your account from anywhere.

    About SunTrust Bank

    SunTrust is an institution that focuses on consumers who live in the Southeast. It operates more than 1,150 branches.

    While SunTrust has merged with BB&T to become Truist, the two banks continue to offer their own products for now. Under the SunTrust brand, customers can open money market accounts, CDs, savings accounts and checking accounts.

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