SunTrust Bank Review 2021

Published December 2020 by TJ Porter

AT A GLANCE
3.4

Bankrate Score

bank-logo

Low Minimum Deposit

SunTrust is a great option for people who live in the Southeast and prefer in-person banking with a full-service financial institution.

  • CDs
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    2.8
  • Savings
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    2.8
  • Checking
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    3.9
  • MMAs
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    2.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    CFBank

    Member FDIC

    CD

    0.70 % APY

    1yr

    Term

    $ 10,000

    Min. deposit

    Overall

    3.4

    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

    • Minimum deposit requirements are relatively low or nonexistent.

    • SunTrust offers two checking accounts with different features.

    • Customers can make free peer-to-peer payments through Zelle.

    What we don't

    • You can find much higher APYs elsewhere.

    • Some requirements to waive monthly fees are steep.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    CFBank

    Member FDIC

    CD

    0.70 % APY

    1yr

    Term

    $ 10,000

    Min. deposit

    SunTrust offers a range of CD terms. The website says you can choose from terms ranging from seven days to 10 years. However, this page displaying rates for specific CD terms only displayed four terms ranging from six months to 24 months. If you’re looking for a CD with a different term, consider contacting SunTrust directly.

    All of SunTrust’s advertised CDs require a $2,000 minimum deposit to open. The advertised APYs are low, even below the national average.

    What we like

    • The $2,000 minimum deposit to open a CD is manageable.

    What we don't

    • You can find much higher APYs at other financial institutions.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    SunTrust offers its Essential Savings account. It doesn’t have a minimum deposit requirement to open, and only one penny is needed to keep the account from closing, making it very accessible to a range of savers.

    Additionally, the account doesn’t charge a monthly maintenance fee. There is a $3 charge for paper statements, but that can be avoided if you enroll in e-statements. The account pays very little interest.

    What we like

    • The account doesn’t have a minimum deposit requirement to open.

    • There’s no monthly maintenance fee.

    What we don't

    • You can find much higher yields if you shop around.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    SunTrust offers two checking accounts: Essential Checking and Advantage Checking.

    The Essential Checking account requires $100 to open. It charges a $7 monthly fee, but you can avoid the fee if you meet one of these criteria: Maintain a $500 balance; make $500 or more in qualifying direct deposits per month; make a minimum of 10 banking transactions per month; or open the account as a student. Account holders also get a free starter pack of 10 checks or 50 percent off their first check order. This account doesn’t earn any interest.

    The Advantage Checking account also requires $100 to open. It charges a $20 monthly fee, but you can avoid it by making $3,000 or more in qualifying direct deposits per month or maintaining at least a $10,000 total combined balance across linked deposits and investments. You will earn some interest on the checking account and it also offers some ATM fee reimbursements. Account holders get a starter pack of 100 checks or 50 percent off their first check order.

    Checking account holders can make free peer-to-peer payments through Zelle.

    What we like

    • SunTrust offers two checking accounts with different features.

    • Customers can make free peer-to-peer payments through Zelle.

    What we don't

    • The minimum requirements to avoid the monthly fees are relatively steep.

    Money market accounts

    2.4

    Bankrate Score

    SunTrust’s Advantage Money Market Savings account offers tiered interest rates; however, you can find higher payouts elsewhere. You will also need to contact the bank to find out the specific rates.

    The account charges a hefty $17 monthly fee if you fail to meet its minimum balance requirements. In order to waive the fee, you’ll need to set up monthly transfers of at least $100 or maintain at least a $10,000 balance.

    The money market account does offer check-writing privileges.

    What we like

    • The account offers check-writing privileges.

    What we don't

    • You can find much higher APYs elsewhere.

    • There’s a $17 monthly fee if you can’t meet the requirements to waive it.

    Bank experience

    For people who live in the Southeast, you will have little trouble finding a branch to visit or an ATM. 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 a thousand 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. SunTrust also offers loans, credit cards, mortgages, investment services and more.

    TJ Porter Twitter Created with Sketch. @

    TJ Porter Twitter Created with Sketch. @

    TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.