Truist is often seen as an industry leader in affordable banking, particularly because it doesn’t charge overdraft fees. Still, banking with Truist can have drawbacks, especially in terms of its low interest-bearing savings products and reputational hits.
In this review, we at the MarketWatch Guides team will highlight Truist’s banking products, its customer service track record and how the bank compares to other financial institutions.
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Our Truist Ratings
We give Truist Bank an overall bank rating of 3.7 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. Its checking accounts and overall banking experience and access scored the highest. Here’s how the company scores in each of our review categories:
Flip Card Truist Bank
Truist Bank Rating 3.7 / out of 5 stars
Rating breakdown
Banking Experience and Access Truist Bank has over 2,000 branch locations and 3,000 ATM locations. 4 / 5
Checking Neither of Truist’s checking accounts charge overdraft fees, returned item fees, negative account balance fees or overdraft protection transfer fees. 4.1 / 5
Savings Truist offers very small APYs on its savings accounts. 3.7 / 5
Certificate of Deposits (CDs) A Truist CD can only be opened at an in-person branch. 3.1 / 5
Money Market Accounts A Truist money market account has a standard APY that is much lower than the national average. 3.4 / 5
*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Truist for comment on its overall rating and savings account, CD and money market account scores but did not receive a response.
Truist vs. Other Top Banks
Truist doesn’t have the physical presence of other major financial institutions such as Chase Bank, Wells Fargo and Bank of America since Truist only operates in 17 states and Washington, D.C. It also has fewer in-network ATMs than other large financial institutions.
Apart from its high promotional CD rates, Truist lacks high interest-bearing savings options. However, it does offer a money market account, which Chase, Wells Fargo and Bank of America don’t offer.
| Truist | Chase | Wells Fargo | Bank of America | |
| Our rating | 3.7 | 4 | 3.8 | 4 |
| Number of branch locations | 2,000+ | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 3,000 | 15,000+ | 11,000 | 15,000 |
| Available deposit products | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes |
>> Related: Learn more about the best online banks
Overview of Truist Bank: Pros and Cons
Truist is the seventh-largest bank in the United States with over $535 billion in assets. It achieved this size thanks to the BB&T and SunTrust merger in 2019. These former banks have long histories — BB&T has roots going back to 1872 and SunTrust was established in 1891.
Truist is based in Charlotte, N.C., and has a somewhat small footprint with branches in Washington, D.C., and the following 17 states:
Pros
Lots of choices: Truist Bank offers customers a wide array of financial products.
Location, location, location: In the states where it operates, Truist has plenty of branch and ATM locations.
Earn relationship rewards: Truist One Checking customers can earn more cash back and other perks depending on their combined monthly balance across eligible Truist accounts.
Overdraft relief: There are no overdraft fees, but there is a negative balance buffer for Truist One checking accounts.
Cons
In limited states: The bank has a limited physical presence, as Truist is primarily in the southeastern U.S.
Lower interest rates on savings products: Truist has lower interest rates on savings and money market accounts than many competitors.
CDs can be hard to get: To get a CD, you must open an account in a branch.
Who Is Truist Bank Best For?
Truist Bank is best for someone who lives near a branch. That way, consumers can take advantage of all of its financial products. While Truist offers a lot of services no matter where someone lives, consumers must open a CD at a physical branch.
>> Related: Learn more about the best CD rates
Truist Bank Products
Truist offers numerous financial products, including checking accounts, savings accounts, CDs, money market accounts, credit cards, personal loans, auto loans, mortgages, insurance and investing accounts. Alongside its normal consumer offerings, Truist provides small business, corporate and wealth management solutions.
Truist Mobile, the bank’s phone app, automatically includes Zelle functionality. There are more than 2,000 Truist Bank branch locations and 3,000 ATMs. Customer service over the phone is available on weekdays from 8 a.m. to 8 p.m. ET and on Saturdays from 8 a.m. to 5 p.m. ET, but is closed on Sundays.
| Truist Account | APY* | Minimum Opening Deposit |
|---|---|---|
| Truist One Checking | N/A | $50 |
| Truist Confidence Account | N/A | $25 |
| Truist One Savings | 0.01% | $50 |
| Truist Confidence Savings | 0.01% | $25 |
| Truist CDs | Varies, advertised rates up to 4.50% (visit branch for details) | $1,000 to $2,500 |
| Truist One Money Market Account | 0.01% (standard rate) or 4.25% (new accounts only) | $50 |
*APY accurate as of July 17, 2024
Truist Checking Accounts
4.1
| Truist Checking Account | Monthly Service Fee | Overdraft Fee |
|---|---|---|
| Truist One Checking | $12 (waivable if meet terms) | $0 |
| Truist Confidence Account | $5 (waivable if meet terms) | $0 |
Truist Checking Account Overview
We rate Truist checking accounts 4.1 stars. There are two types of checking accounts: Truist One Checking accounts and Truist Confidence Accounts.
Both checking account options don’t charge overdraft fees, returned item fees, negative account balance fees or overdraft protection transfer fees.
Pros and Cons
Pros Multiple options: There are two different checking accounts offered, including an option designed for younger bankers. No overdraft fees: Both checking accounts charge no overdraft fees or returned item fees. Waivable monthly fees: Both checking accounts have monthly fees that are easily waivable. Potential rewards: The Truist One Checking account is eligible for relationship perks, allowing you to earn rewards depending on your balance level tier. Cons Limited perks and features: The Truist Confidence Account is not eligible for relationship rewards, and it doesn’t offer paper checks. No interest earned: Neither checking account earns interest.
Truist Checking Account Options
Truist One Checking Account
This account requires a $50 deposit to open. It also has a $12 monthly maintenance fee that can be waived if you meet one of the following requirements:
- Have $500 or more in qualifying direct deposits in a given month
- Have a $500 combined monthly average balance across all eligible Truist accounts
- Have either a Truist credit card, consumer loan or mortgage loan (except a Truist LightStream loan)
- Have a Truist small business checking account linked to your Truist One Checking
- Are a student under 25 years old
A negative balance buffer is a major benefit of Truist One checking accounts. With it, customers can overdraft their accounts up to $100 without incurring fees. Customers are eligible so long as they receive $100 of direct deposits per month for two months in a row, the account is open for more than 35 days and the account otherwise has a positive balance.
Truist One Checking account perks depend on a customer’s benefit level, which is determined by the combined average monthly balance of a customer’s Truist accounts. There are five benefit levels, each with different balance requirements:
- Level 1 ($0 to $9,999)
- Level 2 ($10,000 to $24,999.99)
- Level 3 ($25,000 to $49,999.99)
- Level 4 ($50,000 to $99,999.99)
- Level Premier ($100,000 and above)
As the balance increases, perks such as additional cash back for Truist credit cards, out-of-network ATM fee waivers and free or reduced checkbook reorders increase as well.
Truist Confidence Account
Truist Confidence checking accounts have a $5 maintenance fee which can be waived if an account holder is able to meet one of the following requirements:
- Receives $500 in monthly direct deposits
- Makes 10 debit card transactions per statement cycle
- Is a student younger than 25 years old
Truist Confidence checking accounts require a $25 initial deposit to open — half as much as Truist One Checking accounts require. However, unlike the Truist One Checking account, Truist Confidence checking accounts don’t offer a $100 negative balance buffer. Instead, charges above the account balance are usually declined. Truist Confidence account holders also can’t write paper checks.
Level benefits don’t apply to Truist Confidence accounts either, though this may not be an issue for some because the account is designed for people who have trouble qualifying for checking accounts or are new to banking.
Truist Savings Accounts
3.7
| Truist Savings Account | Monthly Service Fee | Overdraft Fee | APY* | Minimum Deposit |
|---|---|---|---|---|
| Truist One Savings | $5 (waivable if meet terms) | $0 | 0.01% | $50 |
| Truist Confidence Savings | $0 | $0 | 0.01% | $25 |
*APY accurate as of July 17, 2024
Truist Savings Account Overview
We rate Truist savings accounts 3.7 stars. There are two types of accounts: Truist One Savings and Truist Confidence Savings.
Both accounts offer a negligible annual percentage yield (APY). This savings rate is on par with some larger banks, such asChase Bank, but it’s significantly lower than the national average savings account rate of 0.50%. On top of that, many top high-yield savings accountsoffer over 4.00% APY.
Customers can get overdraft protection for their checking account by linking either Truist savings account. The first six withdrawals in a given statement cycle are free, after which there’s a $5 fee per withdrawal.
Pros and Cons
Pros Multiple options: Truist offers two savings account options, including an option designed for younger bankers. Overdraft protection: In addition to no overdraft-related fees, you can link your checking and savings accounts for automatic overdraft protection. Cons Low interest rates: Both Truist savings accounts offer very low APYs, much lower than the national average savings account rate. No high-yield option: Truist doesn’t offer a high-yield savings account. Limited withdrawals: The first six withdrawals each statement cycle are free, then $5 fee per withdrawal.
Truist Savings Account Options
Truist One Savings
Truist One Savings accounts have a $5 monthly service fee which can be waived if you meet one of the following:
- Have a related Truist checking account
- Maintain a $300 minimum daily balance
- Set up one automated transfer of $25 or more per month from another Truist account
- Are under 18 years old
Truist Confidence Savings
Truist Confidence Savings has no monthly maintenance fee, but you’ll need a Truist Confidence Checking account to open.
Truist CDs
3.1
| Truist Featured CD Term | APY* | Minimum Deposit |
|---|---|---|
| 7-month CD | 4.50% | $1,000 |
| 12-month CD | 4.00% | $1,000 |
*APY accurate as of July 17, 2024
Truist CD Overview
We give Truist CDs 3.1 stars. Truist only advertises two CD terms and rates on its website, so you’ll have to visit a branch or call for a list of terms and rates available in your location. CDs can only be opened in person at a branch, making them inaccessible to those outside of Truist’s dominantly-southeastern U.S. footprint.
Early withdrawal penalties may be applied to withdrawn amounts. The penalty depends on the CD term:
- Less than three months:All interest earned is forfeited or there’s a $25 fee, whichever is greater
- Three months to one year:Three months’ worth of simple interest or $25, whichever is greater
- 13 months to 23 months:Six months of simple interest or $25, whichever is greater
- 24 months or more:12 months of simple interest or $25, whichever is greater
Pros and Cons
Pros High-yield CDs: Truist offers some high-yield CDs with competitive rates. Wide variety of terms: Truist advertises terms ranging from seven days to five years, which can suit different personal finance goals. Cons Can’t apply for CDs online: CDs can only be opened in person at a branch. Limited CD information online: Unlike other banks, which show all of their available CD terms and rates online, Truist requires customers to visit a local branch or call for a list of CD terms and rates that may be available to them. High minimum deposit for short-term CDs: CDs terms from seven days to 31 days have a higher $2,500 minimum deposit.
Truist CD Options
CD terms vary from seven days to five years. CDs with terms ranging from seven days to 31 days have a $2,500 minimum deposit, while CDs ranging from 32 days to five years require a $1,000 minimum deposit.
Although promotional rates could be available in your area, the lack of online transparency makes choosing a Truist CD difficult. However, consumers who value in-person banking may not consider this an issue. Plus, Truist CDs are typically considered when determining a customer’s benefit level for relationship rewards.
Truist Money Market Account
3.4
| Truist Money Market Account | Monthly Service Fee | APY* | Minimum Deposit |
|---|---|---|---|
| Truist One Money Market Account | $12 (waivable with a $1,000 minimum daily balance) | 0.01% (standard rate) or 4.25% (new accounts only) | $50 |
*APY accurate as of July 17, 2024
Truist Money Market Account Overview
Based on our methodology, we give Truist money market accounts 3.4 stars. Truist money market accounts earn an APY that’s much lower than the national average money market interest rate of 0.76%. However, new account holders may be able to earn a higher APY that’s competitive with thetop money market account rates.
Pros and Cons
Pros Easily waivable monthly fee: The $12 monthly fee is waivable with a $1,000 minimum daily balance. Overdraft protection: You can link a Truist checking account to your money market account to set up automatic overdraft protection. More flexibility: This account comes with a debit card and check-writing capabilities. Cons Low standard interest rate: Truist’s standard APY is much lower than the national average. High rate only for new accounts: Truist advertises a high APY for new money market accounts only, and states that this rate may change at any time, including after account opening. Limited withdrawals: Withdrawals are limited to six per statement cycle, then a $15 withdrawal fee applies.
Truist Money Market Account Options
Truist offers one money market account. There’s a $50 minimum deposit to open a money market account and a $12 monthly service fee, which can be waived by maintaining a $1,000 minimum balance per day.
This account also comes with a debit card and checks, but there’s a limit of six withdrawals per statement cycle (then a $15 withdrawal fee). You can also link your checking account to this account to set up overdraft protection.
Truist Reputation and Customer Satisfaction
Truist receives an A+ rating from the Better Business Bureau (BBB). Bauer Financial also recommends it, giving Truist 4 out of 5 stars, which is an “excellent” rating. The Truist mobile banking app receives mostly positive feedback from users, too, with 4.8 out of 5 stars on Apple’s App Store and 4.7 out of 5 stars on Google Play.
However, Truist does have some dings on its reputation. For example, the 2019 merger, which created Truist, didn’t go smoothly for some customers. WRIC 8News reported customer complaints such as disappearing transactions and hours-long customer service phone hold times in 2022. Similarly, WCNC Charlotte reported in 2023 that customers weren’t able to use their old or new Truist credit cards due to “service disruptions.”
Our team reached out to Truist for comment on WRIC 8News’ and WCNC Charlotte’s reports and did not receive a response.
Additionally, Kelly King, Truist Chairman and CEO, has publicly issued an apology for Truist’s role in perpetuating and profiting off of slavery. The apology was first released as an employee memo in July 2020 in response to internal discussions about systematic racism and the racially-motivated murders of Ahmaud Arbery, Breonna Taylor and George Floyd.
In response, the bank has launched two leadership groups to “help shape and guide [Truist’s] long-term actions” and has pledged increased community involvement and investment.
The Bottom Line: Is Truist Right for You?
Truist offers accessible checking accounts and unique opportunities for customers to earn rewards depending on their balance tier across their accounts. It also has a highly rated mobile app and an A+ BBB rating. But controversy and customer complaints are a part of Truist’s reputation.
Still, underbanked people and students may be good candidates for banking with Truist. Though its offerings have room for improvement — particularly with its low interest-bearing savings products — Truist is a decent option for people within its geographic footprint.
>> Related: Learn more about the best bank promotions
FAQ: Truist Reviews
Truist may be a good bank for those who live near one of its branches and value in-person banking. Students and people who have trouble qualifying for traditional bank accounts may find a lot of value at Truist as well.
Truist Bank is considered to be a safe bank because it’s insured by the FDIC. That means people who deposit up to $250,000 (per account category) are protected by the federal government and have no need to worry about a bank’s failure.
Truist Bank is not the same bank as BB&T, but it shares history with BB&T. BB&T and SunTrust Bank merged in 2019 to form Truist. Truist is now one of the largest banks in the U.S. with over $535 billion in assets.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
