BB&T savings account rates

2 min read

Branch Banking and Trust Company (BB&T), headquartered in Winston Salem, North Carolina, is a Federal Deposit Insurance Corp-insured bank that offers home mortgage loans and a variety of personal and business banking services, including several BB&T savings account choices. BB&T recently merged with SunTrust to form Truist; for now, though, BB&T’s banking products are still separate.

BB&T can provide one-stop banking for customers where the bank has physical locations, including parts of the Midwest, South and East Coast. For online customers who want to take advantage of a BB&T savings rate, the bank has an excellent mobile app, U of BB&T, that allows you to deposit checks remotely, search your transactions and send or receive money through Zelle.

BB&T earned 2.4 out of 5 in Bankrate’s overall score of its deposit products.

BB&T Savings Account Rates

eSavings

This strictly online account is BB&T’s most popular savings account. It requires no minimum balance and has no monthly fees.

Account name Interest rate APY Minimum deposit
eSavings 0.01% 0.01% $0

High-Performance Money Market Account

This savings account is designed to work alongside your BB&T checking account. When you keep a minimum of $1,000 in the account, you can avoid the $12 monthly fee.

Account name Interest rate APY Minimum deposit
High Performance money market account 0.01% 0.01% $100

Investor’s Deposit Account

A savings account designed for people who can afford to keep a $10,000 minimum balance. The $15 monthly fee is waived as long as you keep the $10,000 in your account.

Account name Term APY Minimum deposit
Investor’s deposit account 0.01% 0.01% $10,000

Note: The APYs (Annual Percentage Yield) shown are as of July 30, 2020. APYs for some products may vary by region.

How BB&T compares to top-yielding banks

Although BB&T offers a solid banking experience overall, especially if you have access to its ATM machines and physical bank locations, its savings account interest rates are considerably lower than some of its top-yielding competitorsCIBC Bank currently offers an APY rate of 1.05 percent, with a $1 minimum balance, on its Agility Savings. Ally Bank, which is a 100 percent online bank, offers 1.00 percent APY on its high-yield savings account, and there is no minimum balance requirement. Other savings terms, like minimum balances and fees, are par for the course when it comes to competitors.

Other savings options at BB&T

You don’t have to limit yourself to regular savings accounts when you have a BB&T Bank savings account. It also offers a variety of CD terms. You’ll get the best current rates with its Special CD, which has terms from seven months through two years. BB&T also offers Personal CDs, with terms ranging from one week to 60 months. For people who want more flexibility, its Can’t Lose CDs and Stepped Rate CDs allow you to make one penalty-free withdrawal once you have held the CD for a certain length of time. That way, you’re not penalized as much for locking the funds when interest rates are low.

Featured image by Rido of Shutterstock.