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Truist Bank: 2024 Banking Review

You can choose from a wide range of checking and savings options at one of the biggest banks in the country – but don’t count on earning any meaningful interest unless you open a CD.

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Truist Bank

Truist is a decent option if you’re looking for a big bank that offers access to a wide range of different products and a large network of physical branches. It’s the seventh-largest bank in the country by consolidated assets – the result of a merger between BB&T and SunTrust.

If you’re looking for a checking account or a savings account that pays a good interest rate, though, you’re better off looking elsewhere. You won’t earn any interest on your checking account balance here, and the savings and money market annual percentage yields, or APYs, are so low – 0.01% for both – that you won’t see any meaningful returns on your money. Customer reviews of the banking experience aren’t stellar, either. But a lack of overdraft fees and a minimum balance requirement that’s comparatively lower than several big-bank competitors may make it appealing for some.

What we like

  • No overdraft fees
  • More than 2,100 branches in 17 states and the District of Columbia
  • Competitive APYs on certain CDs

What we don’t like

  • Extremely low APY on savings and money market accounts
  • No interest on checking accounts
  • Only displays rates for two CD terms
  • Must meet certain requirements to avoid monthly maintenance fees on most accounts (except the Truist Confidence Savings Account, which doesn’t charge any fees)

Who is Truist Bank suited for?

The most valuable benefit of Truist is its large network of branches. Here’s a rundown of where you’ll find one of the more than 2,100 Truist branches:

  • Alabama
  • Arkansas
  • District of Columbia
  • Florida
  • Georgia
  • Indiana
  • Kentucky
  • Maryland
  • Mississippi
  • North Carolina
  • New Jersey
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • West Virginia

If you have a branch nearby and prefer in-person banking, Truist might be a good option for you. While you might not earn much interest on your money, you may find the convenience of doing all your banking at a physical location with help from a real person more valuable. And, unlike a small, local bank that only has a branch or two in your city, Truist has a wide network across the country so you’ll likely (but not always) be able to find a branch even if you’re traveling or moving.

Outside of branch access, there are not a lot of reasons to bank with Truist. Many online banks offer high APYs and fewer fees on checking, savings and money market accounts, while most of Truist’s big-bank competitors -- which also have branch access -- have better customer satisfaction ratings, according to J.D. Power. But Truist’s lack of overdraft fees and relatively lenient requirements to waive the monthly maintenance fee on its checking accounts (compared with such banks as Chase and U.S. Bank) may make it a good choice for some. 

Truist Bank products


Truist offers two types of checking accounts: Truist One and Truist Confidence. The Truist Confidence is a checkless checking account, so you won’t get to write any paper checks – which may not be a big deal for many consumers in the digital banking age.

Truist One is the bank’s more robust checking account option, but the only way to earn any valuable perks with this account is to open a Truist rewards credit card and deposit a sizable sum of money. For example, the bank’s top tier – Level Premier – requires at least $100,000 to qualify for a 50% loyalty bonus when redeeming rewards on a Truist credit card. The tiered system is a bit convoluted, and regardless of how much money you deposit, this checking account doesn’t pay any interest – a huge drawback.


Account features

APY None
Minimum balance to open $50 for Truist One

$25 for Truist Confidence
Monthly maintenance fee $12/month for Truist One (waived by having $500 in total direct deposits each statement cycle; maintaining a $500 combined balance in all your Truist personal accounts; having a Truist credit card, mortgage or loan; having a linked small business account; or being a student under age 25)

$5 per month for Truist Confidence (waived with $500 of total direct deposits in a statement cycle; 10 qualifying transactions per statement cycle, including debit card purchases, ATM withdrawals and Zelle payments; or being a student under age 25)


Rates as of May 4, 2023


Truist’s savings accounts include Truist One and Truist Confidence. While Truist One Savings earns interest, the rate is a measly 0.01%. The Truist Confidence account doesn’t pay interest at all. The only real selling point is that the Truist Confidence doesn’t charge any fees or have any requirements for maintaining a minimum balance.


Account features

APY 0.01% for Truist One; none for Truist Confidence
Minimum balance to open $50 for Truist One

$25 for Truist Confidence

Monthly maintenance fee $5 for Truist One (waived with a minimum balance of $300, recurring transfers of $25 or more, a linked Truist checking account or being under the age of 18)

None for Truist Confidence


Rates as of May 4, 2023


Truist’s money market account fails to stack up to the best money market accounts available right now – some of which pay upwards of 4.00% APY. Truist, on the other hand, pays just 0.01%. Additionally, the bank’s excessive withdrawal fee is excessively high: If you make more than six transactions in a statement period, you’ll be slapped with a $15 fee for every additional transaction. 


Account features

APY 0.01%
Minimum balance to open $50
Monthly maintenance fee $12 (waived if you maintain a minimum daily balance of $1,000)


Rates as of May 4, 2023


Truist offers CDs with terms that range from seven days (which is absurdly short) to 5 years. While the bank’s website doesn’t include rate information for all its CD offerings, Truist is offering some competitive earning potential for 7-month and 12-month CDs right now. Like all traditional CDs, you should be 100% confident that you can leave the money in until it reaches maturity because Truist charges withdrawal penalties if you need to access it early:

  • CDs less than 3 months: All the interest that would’ve been earned or $25 (whichever amount is greater)
  • CDs between 3 and 12 months: Three months’ worth of simple interest on the amount withdrawn or $25 (whichever is greater)
  • CDs between 13 and 23 moths: Six months’ worth of simple interest on the amount withdrawn or $25 (whichever is greater)
  • CDs longer than 24 months: Twelve months’ worth of simple interest on the amount withdrawn or $25 (whichever is greater)


Account features

Minimum balance to open $1,000 for CDs between 32 days and 5 years; $2,500 for CDs between 7 and 31 days
Monthly maintenance fee None


CD term APY
7 months 4.25%
12 months 3.50%
Other terms APYs not listed


Rates as of May 4, 2023

Overdraft fees

Truist doesn’t charge overdraft fees on either of its checking accounts. The bank eliminated them last July, along with fees for returned items, negative account balances and overdraft protection transfers. The Truist One checking account’s Negative Balance Buffer feature allows eligible clients to overdraw their account by up to $100 with no overdraft fee.

Other financial products

In addition to a portfolio of deposit products, Truist offers a wide range of other banking products and services including:

  • Home loans: Conventional, jumbo, FHA and VA mortgages, refinances and home equity lines of credit (HELOCs)
  • Personal loans: Traditional loans and a unique Truist Ready Now loan between $100 and $1,000 for customers with a Truist checking account
  • Vehicle loans: Auto, boat and RV loans
  • Credit cards: Five credit cards including three rewards cards, one no-frills card that can be good for balance transfers and a secured credit card
  • Investing: Options for robo-advised trading, self-directed and access to financial advisors for guidance
  • Insurance: A range of coverage options including property, life and disability via the bank’s partner network

Banking experience

Based on the results from the latest J.D. Power Banking Satisfaction Study, Truist has a long way to go to deliver a customer service experience that will win any awards. The bank scored 605 out of 1,000 – coming in last place among its big-bank competitors and more than 40 points below the industry average. The feedback on Trustpilot is even worse: Truist has an abysmal 1.1 out of 5 rating based on more than 1,000 customer reviews as of April 2023, mainly based on issues related to customer service. 

Customer service

There are several ways to get assistance from a customer service rep at Truist:

  • Go to a branch: The bank operates more than 2,100 retail locations, but hours vary. Your best bet is to use the bank’s online branch finder and schedule an appointment online to avoid a wait.
  • Give them a call: You can reach the bank’s customer service line by calling 844-487-8478 between 8:00 a.m. and 8:00 p.m. ET, Monday through Friday and between 8:00 a.m. and 5:00 p.m. ET on Saturday. There’s also an automated assistance option that can provide help outside of normal business hours.
  • Use social media: You can reach out to Truist via its social media accounts, including Twitter, Facebook and Instagram. Depending on the platform, you may be able to send Truist a private message or tag the bank in a public comment. Never share any personal information such as your account information or social security number over social media channels, whether it’s a public or private message. 
  • Make an appointment with an advisor: If there’s a specific Truist professional you want to speak with, such as a banker or loan officer you’ve worked with before, you can look them up in Truist’s system to find their contact information or book an appointment with them. You can also search for advisors by area of expertise and location to find the right person to help you with your financial needs.
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
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