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The bottom line: Business Insider's personal finance team compared Truist bank accounts to other accounts at the best banks. After analyzing and comparing features, Truist bank accounts are standard overall. The bank may appeal to you if you live in the Southeast and want to avoid overdraft fees. But to earn the highest interest rates on savings accounts or CDs, you may want to consider online banks instead.
Truist Bank: Overall Rating
| Feature | Business Insider rating (out of 5) |
| Personal Bank Accounts | 3 to 4 |
| Mortgages | 4.5 |
| Trustworthiness | 5 |
| Total | 4 |
Truist Bank Pros and Cons
| Pros | Cons |
|
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About Truist Bank
Truist National Branch and ATM Presence
Truist Bank has over 1,900 branches and 2,900 ATMs throughout the U.S.
The bank primarily serves residents in the Southeast region of the U.S. Truist has locations in Alabama, Arkansas, Georgia, Florida, Indiana, Kentucky, New Jersey, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Washington, DC.
What You Need to Know About Truist Personal Bank Accounts
Truist Bank launched Truist One Banking in 2022 to provide checking accounts without overdraft fees. Previously, Truist had also discontinued fees for overdraft protection transfers and overdrawn account balances on existing consumer accounts.
Truist One Banking includes two checking options — the Truist Confidence Account and Truist One Checking. The difference between these checking accounts is that the Truist Confidence Account doesn't have paper checks.
Truist also offers two savings accounts, one money market account, and traditional CDs ranging from 7 days to 60 months.
Choosing between Truist One Savings and the Truist Confidence Savings Account will likely depend on whether you get a specific checking account. You must get a Truist Confidence Account to open the Truist Confidence Savings Account. Meanwhile, Truist One Savings doesn't require a particular checking account.
Truist is FDIC insured. You'll be able to deposit up to $250,000 in an individual bank account and your money will be secure.
Truist Bank Digital Experience and App Usability
Truist mobile banking can be used for viewing your bank account statement and transaction history, setting transaction alert preferences, ordering checks, making mobile check deposits, locking cards, and sending money through Zelle. You can also contact Truist customer support or find nearby branches.
The Truist mobile app has 4.7 out of 5 stars in both the Apple and Google Play stores. However, according to the J.D. Power 2024 Banking Mobile App Satisfaction Study, Truist ranked below the study average for overall customer satisfaction in both mobile and online banking.
Truist Bank Customer Support Availability and Satisfaction
To get in touch with a customer service representative, call from 8 a.m. to 8 p.m. ET on weekdays or 8 a.m. to 5 p.m. ET on Saturdays. You can also visit a branch during business hours or send a message through the mobile app.
If these customer support hours don't fit your schedule, you can find banks with 24/7 customer service.
Truist Bank Fees, Rates, and Financial Benefits
Understanding Truist's Fee Structure
Truist Bank is one of the best banks for avoiding overdraft fees. Most national brick-and-mortar banks still charge overdraft fees when you overdraw from your bank account, and the bank covers your negative balance.
Other common bank fees still apply to most Truist bank accounts, though. You'll have to be mindful of monthly bank maintenance fees, out-of-network ATM fees, official check's fees, stop payment fees, and wire transfer fees.
The Truist Confidence Savings Account is an exception to monthly service fees. However, you must have the Truist Confidence Account to get this savings account.
Truist Savings and CD Rates and How They Compare
One of the primary disadvantages to banking with Truist Bank is that there are low savings account interest rates. The average savings account interest rate is significantly higher than either of Truist's savings accounts.
Truist CD rates vary by location. The bank also only lists promotional CD rates online. Of the promotional CD rates shared on the bank's website, Truist offers decent CD rates that are higher than average CD rates. Online banks have even more compelling CD rates, though.
Is Truist Bank Trustworthy?
The Better Business Bureau rates businesses on how they respond to customer issues, advertise, and handle transparency. Trust Bank received an A+ rating from the BBB.
Truist hasn't been involved in any recent public scandals.
Truist Bank FAQs
What services does Truist Bank offer?
Truist Bank offers personal banking, business banking, credit cards, auto loans, personal loans, mortgages and investment services.
What are the fees associated with Truist Bank accounts?
There are many fees associated with Truist bank accounts, including monthly service fees, out-of-network ATM fees, official check's fees, stop payment fees, and wire transfer fees.
How can I contact Truist Bank customer service?
You can contact Truist Bank customer service by going to a branch, calling the bank's support center, or sending a message through the bank's mobile app.
What are the pros and cons of banking with Truist Bank?
The pros of banking with Truist Bank include affordable mortgage options, checking accounts with no overdraft fees, and a vast branch and ATM network. The cons of banking with Truist Bank include low savings account interest rates and common bank fees associated with most bank accounts.
Truist Bank Accounts Review
Truist Bank Savings Account
Truist One Savings
Truist Bank, Member FDIC
Insider’s Rating
3.5/5
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$50
Pros
- Possible to waive fees
Cons
- Low interest rate
- $50 minimum opening deposit
- $5 monthly service fee
- $3 paper statement fee
Insider’s Take
You might like Truist if you're using its other products and want keep things simple — but if you're only looking for high savings rates, you'll find more compelling accounts in our best high-yield savings accounts guide.
Truist One Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $3 paper statement fee, sign up for paperless online statements
- To waive the $5 monthly service fee you must meet one of the following requirements: Maintain at least $300 in your account daily; Initiate a recurring internal transfer of$25 each month; Open any Truist checking account, or are under the age of 18
- Interest compounded daily and deposited monthly
- FDIC insured
Truist One Savings works best if you can avoid paying the account's monthly service. To waive the fee, you'll need to keep at least $300 in your account, schedule a recurring transfer of $25 into your account, or open a Truist checking account. The fee will also automatically be waived if you're under the age of 18.
Truist also has another savings account called the Truist Confidence Savings Account. You must get the Truist Confidence Account. Without the checkless checking account, you won't be eligible to get the Truist Confidence Savings Account.
Truist Bank Checking Account
Truist One Checking
Truist Bank, Member FDIC
Insider’s Rating
4/5
Perks Earn $400 for opening a new Truist One Checking account online using code TRUIST400AFL24 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires October 30, 2024)
Earn $400 for opening a new Truist One Checking account online using code TRUIST400AFL24 and completing qualifying activities (offer expires October 30, 2024)
Fees
$12 monthly services fee
Annual Percentage Yield (APY)
None
Minimum Opening Deposit
$50
Bonus
$400
Pros
- No overdraft fees
- Easy to waive $12 monthly fee
- Earn additional awards on eligible Truist credit cards
Cons
- $50 minimum opening deposit
- $12 monthly service fee if not waived
- $3 paper statement fee
- $3 out-of-network ATM fee
Product Details
- Earn $400 for opening a new Truist One Checking account online using code TRUIST400AFL24 and receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening (offer expires October 30, 2024)
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $12 monthly service fee, do one of the following each month: Make $500 or more in direct deposits per statement cycle, maintain a combined total balance of $500 in all eligible Truist accounts before each statement cycle end date, have a personal Truist credit card or mortgage or consumer loan (excluding LightStream), link to a Small Business Checking Account, or be a student under age 25
- To waive the $3 paper statement fee, sign up for paperless online statements
- Account has a tiered system, and each tier comes with more benefits; reach the next tier when your average monthly balance hits $10k, $25k, $50k, and $100k
- FDIC insured
Truist One Checking is a solid checking account if your goal is to avoid overdraft fees. Eligible customers may also receive a $100 negative balance buffer.
You'll have to be mindful of a $12 monthly services fee monthly service fee, though.
Truist Bank is currently offering a bonus of $400 for new customers looking to open a checking account. You can get it if you open a new checking account, receive at least $500 in direct deposits and make at least 15 debit card purchases within the first 90 days of opening the account. This bonus will last until October 30, 2024.
Truist also offers a checkless checking account called Truist Confidence Account, which has a lower monthly service fee.
Truist Bank CD
Truist Bank CD
Start saving
Truist Bank, FDIC Insured
Insider’s Rating
3.25/5
Annual Percentage Yield (APY)
Vary by location
Minimum Opening Deposit
$1,000 to $2,500
Pros
- Variety of terms to choose from
Cons
- $2,500 minimum opening deposit for terms between 7 to 31 days
- $1,000 minimum opening deposit for terms longer than 31 days
- Standard-to-high early withdrawal penalties
Truist Bank CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Over 2,000 branches and 3,000 ATMs in the Southeast
- Terms range from 7 days to 5 years
- For terms less than 3 months, the early withdrawal penalty will be whichever is greater: all the interest that would have been earned on the withdrawn amount OR $25
- For terms less between 3 months and 1 year, the early withdrawal penalty will be whichever is greater: 3 months of simple interest OR $25
- For terms less between 1 year and 2 years, the early withdrawal penalty will be whichever is greater: 6 months of simple interest OR $25
- For terms greater than 2 years, the early withdrawal penalty will be whichever is greater: 12 months of simple interest OR $25
- Interest compounded daily, deposited monthly
- FDIC insured
Truist Bank no longer allows you to open CDs online, and rates vary by location. To ask about opening a Truist CD, contact your local branch.
Truist Bank Money Market Account
Truist Bank One Money Market Account
Read Review
Insider’s Rating
3/5
Fees
$12 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$50
Pros
- Low minimum opening deposit
- Possible to waive the monthly maintenance fee and paper statement fee
- Check writing included
- Debit card option
Cons
- Low interest rate
- $12 monthly maintenance fee
- $3 paper statement fee
Truist Bank One Money Market Account review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Over 2,000 branches and 3,000 ATMs in the Southeast
- To waive the $12 monthly maintenance fee, keep at least $1,000 in your account monthly
- Interest compounded daily, deposited monthly
- FDIC insured
Truist's money market account might be worthwhile if you're able to maintain at least $1,000 in your account. By meeting this requirement, you'll waive the $12 monthly service fee monthly bank maintenance fee.
Otherwise, the bank's savings account will be easier to manage since it doesn't have a monthly fee.
Truist Credit Cards Review
Truist has cash-back credit cards, travel credit cards, and zero-interest credit cards, but none have landed in our top picks. You might prefer a different national bank for stronger credit card perks.
Truist Loans Review
Truist has personal loans and auto loans. The minimum amount you'll need to borrow is $3,500 for both types of loan options.
Truist Mortgages Review
Truist Bank has conforming loans, jumbo loans, FHA loans, VA loans, USDA loans, home equity lines of credit, doctor loans, and construction-to-permanent mortgages.
The bank is among the best mortgage lenders for first-time homebuyers. Its Community Homeownership Incentive Program (CHIP) allows customers who live in qualifying areas to put 0% down. You also don't need private mortgage insurance for these types of mortgages.
See Business Insider's Truist Mortgages Review.
Truist Investment Services Review
At Truist, you have two investment options: Truist Invest and Truist Trade.
Truist Invest automates investing but requires a minimum of $5,000 to get started. You'll also have to schedule an appointment with the Truist advisor to create a financial plan.
Truist Trade requires self-direct trading and you can open an account online. It requires initial funding of $1, and has a $60 annual fee.
Truist Business Banking Review
Truist has more business banking options than most banks. You can choose from three types of business checking accounts, a business savings account, a business money market account, and business CDs ranging from 7 days to 60 months.
How Truist Bank Compares
Truist Bank vs. Regions Bank
These are two banks in the Southeast with substantial branch and ATM networks, so your decision will likely come down to differences in individual accounts.
If you plan to open a savings account, you may favor Regions Bank over Truist Bank. The Regions LifeGreen® Savings Account has zero monthly service fees and 1% annual bonus (up to $100) if you set up monthly automatic transfers from your Regions checking account.
You may favor Truist Bank if you'd like to open a checking account. It's a bit easier to waive monthly service fees at Truist Bank than Regions Bank.
Regions Bank Review
Truist Bank vs. Fifth Third Bank
You'll probably lean more toward Truist Bank if you're looking to open a savings account. Truist One Savings makes it a bit easier to waive the monthly service than the Fifth Third Momentum® Savings Account.
The opposite is true when it comes to checking accounts. Fifth Third Bank will likely edge out Truist and even Regions. It has a free checking account that doesn't require a minimum opening deposit and is part of the Allpoint ATM network, which provides access to over 55,000 free ATMs.
Fifth Third Bank Review
Is Truist Bank Right For You?
If you live in the Southeast U.S. and are interested in getting a loan for your first home or opening a checking account with no overdraft fees, you may like Truist Bank.
Truist Bank may not be right for you if you're focused on saving or investing. Other big banks have higher savings rates and stronger investment services. Truist Bank also isn't among our top picks for the best credit cards — we've ranked other credit cards higher when evaluating for simplicity, affordability, and value.
Why You Should Trust Us: How We Reviewed Truist Bank
To review Truist Bank, we rated accounts and services using Business Insider's bank account methodology.
In general, we look at ethics, customer support, and mobile apps when rating an account. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and loan types for mortgages.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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