Truist Bank Review: One Bank for All Your Accounts
Written by
Kellan Jansen
Edited by
Melanie Grafil
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
Truist Bank
-
Checking Accounts
4.8
-
Savings Accounts
4.7
-
CD Accounts
4.2
-
Money Market Accounts
4.0
-
Banking Experience
4.3
Pros
- No overdraft fees for Truist One Checking, plus a $100 Negative Balance Buffer
- Low opening balance requirements for savings accounts
- Integrated options for credit, investing and retirement
- Has more than 2,000 physical branches
Cons
- High monthly maintenance fees--though there are options to waive them
- Low ratings on mobile rated mobile apps
- Truist's physical branch network only spans 15 states and Washington, D.C.
Truist Bank Overview
Truist is a financial services company based in Charlotte, North Carolina. It was formed by the merger of two equal-sized banks, BB&T and SunTrust. Today, Truist has about 15 million clients across the United States who use the bank for checking, savings and investing.
You can open most types of financial accounts with Truist, including everyday checking, traditional savings, CDs, money markets and even retirement funds. This could make Truist a fit for your needs if you want to have all of your accounts at one bank.
Truist Bank Review: Key Features
There’s a lot to like about Truist. But it has pros and cons just like any financial institution. We take a closer look at these for each account type below.
Checking Account
The Truist One checking account took home one of the top awards for premier checking in 2024. GOBankingRates named it a winner in the list of the Best Checking Accounts and the Best Premium Checking Accounts of 2024. It stands out with a policy of not charging any overdraft fees, ever. Plus, eligible clients get a $100 Negative Balance Buffer This lets you continue spending up to $100 into the negative without any repercussions. It can be very helpful whether you’re living paycheck to paycheck or just sometimes forget to transfer money into your everyday spending account.
Another nice feature is the company’s banking levels. These give you perks that scale as your average monthly balance increases . Some of the rewards are increased points for bundled credit cards and reduced fees.
Thanks!
The main downside to Truist’s checking account is its $12 monthly fee. You can waive this by maintaining an average balance of at least $500 across all of your accounts or by making $500 in qualifying direct deposits per month, among other options.
Savings Accounts
Truist gives its clients many ways to save. From traditional savings accounts to HSAs, you shouldn’t have any trouble finding the account type that you want.
However, the company isn’t as transparent about the interest it pays depositors as the competition. You’ll need to either contact a local branch or complete an application online to figure out what your APY from Truist would be.
CD Accounts
Truist offers CDs ranging from seven days to five years. They have a minimum opening balance of either $1,000 or $2,500, depending on the CD you choose.
However, the company doesn’t publish rate information online, so you need to go through the application process or speak with a banker directly just to find out if one of these accounts is worth opening. This differs from competitors like Ally, which clearly publishes rate information online and has no minimum opening deposits.
Money Market Accounts
You can also open a money market account at Truist Bank. These have a $50 minimum opening deposit and a $12 monthly maintenance fee, which you can waive by maintaining a minimum daily ledger balance of at least $1,000.
Unfortunately, Truist doesn’t publish any rate information about its money market accounts online, either. You’ll need to contact a branch directly or apply online to find your personalized APY.
Banking Experience
The banking experience Truist delivers is strong in some areas and weak in others. This makes it a fine fit for some clients and a poor one for others.
For example, the company has 2,000 physical branches, which is great if you enjoy in-person banking. But you can only find these branches in 15 states throughout the South, Midwest and East Coast .
Truist also has both online and mobile banking options, which gives users the freedom to access their accounts in whatever ways they prefer. But the mobile apps are rated poorly, so you may not even feel like using them.
Truist Bank’s customer support availability is solid. The company has phone representatives available from 8 a.m. to 8 p.m. EST Monday through Friday, and from 8 a.m. to 5 p.m. EST on Saturdays. There’s also a 24-hour automated assistance line you can contact for after-hours support.
Comparable Banking Options
Truist is one of many banks that offers checking and savings products to consumers. If you’re still not sure about it, then you may want to compare Truist to the following alternatives.
Ally Bank
Ally offers all of the same account types that Truist has, but it’s a bit more transparent about the interest rates it offers across these options. The company also has 24/7 support and offers mobile apps that users enjoy more than Truist’s offerings. However, it doesn’t have any physical branches, which may be a deal breaker for some users.
Citi®
Citi is another company that offers users a wide selection of account types to choose from. Like Ally, it’s more transparent than Truist about the APYs it offers across these account types. The company also has a large physical branch network with more geographic coverage of the entire United States than Truist.
Final Take
Truist Bank offers a compelling array of account types to choose from, making it a solid option if you prefer to keep all of your accounts at a single bank. It also offers some nice perks like extra credit card reward points for checking customers with high balances.
The downsides are the company’s lack of transparency around rates and its poorly rated mobile apps. You also shouldn’t choose Truist because of its physical branch network until you’ve confirmed that it has branches in your area, given its limited geographic coverage.
The bottom line is that Truist can be a good fit for a certain segment of users but won’t be the easiest or most financially rewarding option for everyone.
Compare to Other Banks
- Ally Bank Review
- Capital One Bank Review
- US Bank Review
- Wells Fargo Bank Review
- Discover Bank Review
- Best Banks 2024
Truist Bank FAQs
- Is Truist a good bank?
- Truist can be a good bank if you live near its physical branches or are OK with banking primarily online since its mobile apps are poorly rated. It offers a wide variety of account types to choose from, so you can keep all of your money at one bank if you'd like.
- Is Truist Bank financially stable?
- Truist is a financially stable bank. Fitch recently affirmed its A+ rating for both long-term and short-term financial obligations.
- Is Truist Bank now SunTrust Bank?
- Truist Bank was founded when SunTrust Bank merged with BB&T. The company retired the SunTrust brand name after the merger and started doing business as Truist Bank.
- What type of bank is Truist?
- Truist is a U.S. commercial bank that's based in North Carolina. This means it offers financial products to businesses and consumers.
Cynthia Measom and Cynthia Bowman contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.
To determine rankings for the Best Premium Checking Accounts, GOBankingRates looked at the following factors from the most premier/costly checking product from the top 25 banks (in terms of total assets): (1) total assets as sourced from the FDIC; (2) minimum deposit to open an account; (3) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (4) APY on the checking account; and (5) associated and advertised benefits/perks from these premium products. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (5) was weighted 3 times.
Is this your bank?
Take Advantage of our Best Offer(s)
