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Truist Bank Review 2023

Updated January 3, 2023
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.3 stars out of 5

About Bankrate Score

Overview

Truist Bank is best for consumers who live near one of its more than 2,100 locations in the South, East and Midwest. The bank also has around 3,000 ATMs. It offers savings and checking accounts, CDs and a money market account, most of which require low minimum deposits.

Highlights

  • Large Branch Network
  • Highly Rated App
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Truist was formed from the 2019 merger of BB&T and SunTrust banks. Truist was the seventh largest U.S. bank as of June 30, 2022, according to the Federal Reserve.

Pros

  • Checkmark

    Truist’s over 2,100 branch locations make banking in person convenient for those living and traveling in the regions Truist serves.

  • Checkmark

    The Truist One Checking account doesn’t have overdraft fees.

  • Checkmark

    Truist Online Savings account has no minimum deposit requirement and has no monthly service fee, making it accessible to nearly anyone.

Cons

  • Outgoing international wires cost $65.

  • Truist doesn’t offer phone-based customer service on Sundays, unlike some competitors.

  • Most of Truist’s yields are not competitive.

Truist Bank bank products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Truist Bank savings overview

The Truist One Savings account can be opened with a $50 minimum deposit, and it comes with a $5 monthly fee that can be waived through any of four ways: maintaining a daily balance of at least $300, scheduling a recurring transfer into the account of at least $25 per statement cycle, being a minor under age 18 or having a Truist checking product.

This account offers an APY lower than Bankrate’s national average.

Pros

  • Checkmark

    A relatively low minimum deposit of $50 is required for the Truist One Savings account.

  • Checkmark

    The Truist One Savings account charges a $5 monthly service fee, yet it may be easy for some customers to waive.

Cons

  • The Truist One Savings account doesn’t earn a competitive APY.

  • A $3 monthly fee applies for paper statements for the Truist One Savings account.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

Truist has more than 2,100 branches in 17 states and the District of Columbia. Customers can get help with their accounts by phone 8 a.m. to 8 p.m. Eastern time, Monday-Friday, and 8 a.m. to 5 p.m., Saturday. Customer-service representatives aren’t available Sunday, but there is a 24-hour automated assistance line.

Truist’s app was rated 4.6 stars on iOS and 4.7 stars on Google Play. Like many banks, Truist customers can use Zelle to send and receive money. The app can also be used to deposit checks and lock a Truist debit card.

About Truist Bank

Truist was formed by the 2019 merger of BB&T and SunTrust banks. It offers a range of banking products, including checking and savings accounts and certificates of deposit.

Truist Bank has more than 2,100 locations, mainly in Southern states but also in Indiana, Maryland, New Jersey, Ohio, Pennsylvania and the District of Columbia. The bank has its headquarters in Charlotte, North Carolina.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.