Truist Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Truist Bank is best for consumers who live near one of its more than 2,000 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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Truist has some accounts that are worthwhile and others that aren’t. While the bank generally offers paltry yields for savings products, at least some of its CDs offer competitive rates. But the bank does offer a good checking account that comes with a highly-rated app and extra perks, depending on the amount of money you deposit.
Pros
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Truist’s over 2,000 branch locations make banking in person convenient for those living and traveling in the regions Truist serves.
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The Truist One Checking account doesn’t have overdraft fees.
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The 12-month CD currently offer high APYs.
Cons
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Outgoing international wires cost $65.
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Truist doesn’t offer phone-based customer service on Sundays, unlike some competitors.
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Most of Truist’s yields are not competitive.
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CDs cannot be opened online.
Truist Bank banking products
SCORE BREAKDOWN
FEATURES
Truist Bank savings overview
This account offers an extremely low APY, much lower than the national average and what many other banks offer.
Withdrawals are limited to six per month. If you go over that limit, you’ll be charged a $5 fee for each additional withdrawal.
Pros
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A relatively low minimum deposit of $50 is required for the Truist One Savings account.
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The Truist One Savings account charges a $5 monthly service fee, yet it may be easy for some customers to waive.
Cons
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The Truist One Savings account doesn’t earn a competitive APY.
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A $3 monthly fee applies for paper statements for the Truist One Savings account.
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The account isn’t tiered.
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There’s a $5 fee for each withdrawal above the monthly limit.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Truist BankAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | $5 - $12, depending on the account |
| Out-of-network ATM fee | $3 per transaction |
| Excessive transaction fee | $5 - $15, depending on the account |
Customer experience
Customer support
24/7 limited hours. 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. on Saturdays. Customer-service representatives aren’t available Sunday, but there is a 24-hour automated assistance line.
Physical presence. Truist has more than 2,000 branches in 18 states and the District of Columbia.
Low overall customer satisfaction. Truist consistently ranked lower than average in customer satisfaction compared to other banks, according to J.D. Power’s 2023 Retail Banking Satisfaction Study.
Digital experience
Highly rated mobile app. Truist’s app is rated highly for iOS and Android devices. More than 500,000 users have reviewed the app on the Apple App Store, while more than 100,000 users have reviewed it on the Google Play Store. Like with many banks, Truist customers can use Zelle to send and receive money. The app can also be used to deposit checks or lock a Truist debit card.
Customizable home screen. Truist’s mobile app lets you arrange and reorder the accounts on your home screen, add shortcuts to your frequently used tasks and toggle tiles (including reward and deal tracking) on your home screen.
Helpful insights. Once you start using your account, Truist provides insights that help keep track of your spending. For example, you’ll receive cash flow summaries and spending for each month. The mobile app will break down that spending by category, so you’ll know if, for instance, you're spending more on entertainment or utilities than usual. These insights also flag upcoming scheduled payments.
Complaints
CFPB enforcement action. Truist Financial Corporation hasn’t received an enforcement action from the Consumer FInancial Protection Bureau since the company’s creation, which was the result of a 2019 merger of two banks (Suntrust and BB&T).
Bankrate staff insights
“Truist’s mobile app combines the bells and whistles of a modern banking app with the features you’d expect from a budgeting app,” said a Bankrate staff member with an account. “But though the bank’s digital features receive high marks, the constant barrage of fees — whether that be monthly maintenance or out-of-network ATM fees — and limited branch network has left customers (including myself) generally dissatisfied.”
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 2,000 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.
How Truist compares to other banks
Truist vs. TD Bank
Truist and TD Bank are two of the largest banking institutions in the U.S., and each bank has more than $400 billion in total assets. However, Truist is a bit larger with approximately 1,000 more branches than TD Bank across 18 states, whereas TD can be found in 16.
TD Bank generally offers higher interest rates on its CDs. However, Truist offers a money market account, which TD Bank doesn’t. And TD’s checking accounts aren’t as good as Truist’s, either, as TD has costlier monthly maintenance fees (it can be up to $13 more per month) and still charges a $35 overdraft fee where Truist charges none.
That noted, TD Bank allows you to open CDs online, unlike Truist, and offers bonuses for new checking accounts if you meet certain criteria.
Truist FAQs
Review methodology
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.
