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Truist Bank Review: Excellent Loyalty Benefits, Low APYs

Review Updated
Steven Porrello
Author: Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Nathan Alderman
Fact Checked: Nathan Alderman
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Founded in 2019 with the merger of BB&T and SunTrust, Truist Bank is now one of the largest banks in the U.S. Like other big national banks, its interest rates are ridiculously low, but it has a benefits program on its checking account that could reward loyal Truist Bank clients immensely. If you're looking for a brick-and-mortar bank network, read on to see if Truist Bank is the right fit for you.

Offer image for

Truist Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Truist Bank is great for those living in the South, East, or Midwest who want to do all their banking in one place. It's an excellent choice for high net worth savers who want to earn more rewards from being a loyal client.

Pros
  • Large branch network
  • Rewards for loyal Truist clients
  • Robust checking accounts
  • No overdraft fees on multiple account
Cons
  • Super low APYs
  • Poor customer service ratings
  • Branches located mostly in the South, East, and Midwest

Is Truist Bank right for you?

Truist Bank could be right for you if:

  • You want a brick-and-mortar bank and live near one of its branches.
  • You have a lot of money to deposit and can qualify for one of its higher rewards tiers.
  • You're okay with earning a low APY if it means getting in-person support and relationship benefits.

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Savings accounts review

Truist Bank has two savings accounts -- the Truist One Savings and the Truist Confidence Savings.

Truist One Savings

If you're looking for a no-frills, low risk savings account, the Truist One Savings might be your best bet. This account has no overdraft fees and a low $50 opening deposit. Better yet, Truist Bank gives you multiple ways to waive the account's $5 monthly service fee, including:

  • Link a Truist Bank personal checking account
  • Keep a minimum daily balance of $300 or more
  • Schedule a recurring internal transfer of $25 or more per statement cycle
  • Be 18 or younger

For all its low fees, however, this account has a horribly low APY of 0.01%. That's not only the lowest you can go before hitting zero: It also pales in comparison to today's top-paying savings accounts. If earning interest is important to you, look at other no-fee online accounts, like the SoFi Checking and Savings account (member FDIC).

Ratings Methodology
Rates as of Jan 31, 2025

Truist One Savings

Member FDIC.
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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APY
0.01%
Min. To Earn APY
$50 to open account
  • No overdraft fees
  • Low APY
  • Maintenance fee (waivable)

This savings account is ideal if you want overdraft protection. Its APY, however, is lackluster and will leave you earning a fraction of a penny on each dollar saved.

  • The Truist Confidence Savings is designed to complement your Truist Confidence Account (you need one to open this account). This savings account has no monthly or overdraft fees. Moreover, it can provide overdraft protection for your Truist Confidence Account. That said, it'll charge you a $5 withdrawal fee if you withdraw more than six times per statement cycle.

    The opening deposit is small ($25), but so is the account's APY. If you're looking to earn high interest, this account will only frustrate you.

Ratings Methodology
Rates as of Jan 31, 2025

Truist Confidence Savings

Member FDIC.
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.75 out of 5 stars.
2.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
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APY
0.01%
Min. To Earn APY
$25 to open account
  • No maintenance fee
  • No overdraft fees
  • Low opening deposit of $25
  • Requires a Truist Confidence Account (Checking)
  • Low APY

The Truist Confidence Savings account is great if you want a basic savings account with no monthly service fees and overdraft protection. It's not ideal, however, if you want to earn interest at a competitive rate.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Truist Bank CD accounts

Truist Bank offers CDs with terms ranging from 7 days to 5 years. For terms below 31 days, you'll need a $2,500 minimum opening deposit, while those 32 days and up will require at least $1,000.

Perhaps one of the most frustrating things about Truist Bank is that it doesn't advertise CD rates, so it's hard to determine how they stack up against top-paying CDs. Instead, it gives a list of "Interest Tiers" on which your CD's APY would be based. Those tiers are the following:

Tier level CD deposit
Tier 1 $0.01 to $9,999.99
Tier 2 $10,000 to $49,999.99
Tier 3 $50,000 to $99,999.99
Tier 4 $100,000 or more
Data source: [bankaccount_issuer slug=truist-bank-general field=name]

To find out more about Truist Bank CD rates, you'll have to contact your local Truist Bank.

Checking accounts review

Truist Bank may not have the strongest savings rates. But it does have two great checking accounts -- the Truist One Checking Account and the Truist Confidence Account.

Truist One Checking Account

The Truist One Checking account is by far the bank's most exciting (and daring) offer.

Like other Truist Bank accounts, this one has no overdraft fees. However, in addition to that, your Truist One Checking account could qualify for a $100 "Negative Balance Buffer." This perk allows you to overdraft up to $100 (an overdraft protection on its own would simply reject the transaction). To initially qualify, your account must be at least 35 days old, have a positive balance, and have at least one direct deposit of $100 for two consecutive months. To keep the perk you must have a direct deposit of at least $100 monthly.

The Truist One Checking account requires a $50 opening minimum deposit and has a $12 monthly maintenance fee. But you can waive the fee in one of five ways:

  • Make $500 or more in total qualifying deposits
  • Maintain a total combined balance of $500 or more across all qualifying Truist Bank accounts (like a savings account)
  • Have a personal Truist Bank credit card, mortgage, or personal loan
  • Link a Small Business Checking Account
  • Be a student under 25 years old

Finally, the Truist One Checking account has benefit tiers based on the combined monthly balance of this and other eligible Truist Bank accounts (like a savings or investment account). These tiers are designed to reward loyal Truist Bank clients who deposit immense amounts at the bank. At a glance, here's what each tier entails:

Truist benefit levels Total monthly average balance Loyalty bonus No-fee withdrawals at non-Truist ATMs Delta SkyMiles Debit Card cost Annual Fee discounts on a safe deposit box
Level 1 $0 - $9,999.99 10% N/A $95 $25
Level 2 $10,000-$24,999.99 20% 1 per monthly cycle $95 $25
Level 3 $25,000-$49,999.99 30% 3 per monthly cycle $75 $25
Level 4 $50,000-$99,999.99 40% 5 per monthly cycle $75 $25
Level Premier $100,000 + 50% Unlimited $25 $25
Data source: [bankaccount_issuer slug=truist-bank-general field=name]

These are some powerful perks for a checking account. The one worth highlighting, however, is the loyalty bonus. This bonus comes when you redeem cash back or rewards on any Truist Bank credit card as an electronic deposit into your Truist Bank checking account. For example, if you're in the Level 2, Truist Bank would add 20% to your cash redemption amount when you deposit it in this way. That's a great value -- and one that could be lucrative over the long term.

Ratings Methodology
Rates as of Jan 31, 2025

Truist One Checking

Member FDIC.
Rating image, 3.25 out of 5 stars.
3.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.25 out of 5 stars.
3.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0%
Min. To Earn APY
$50 to open account
  • No overdraft fees
  • $100 Negative Balance Buffer
  • Benefits tiers
  • No APY
  • Monthly service fee (waivable)

If you want to do all your banking at Truist, the Truist One Checking Account is the best place to start. This account has no monthly service fees and will introduce you to Truist's lucrative benefits tiers.

Truist Confidence Account

The Truist Confidence Account is a basic checking account with no overdraft fees and a low $5 monthly service fee. Better yet, you can waive the fee by making $500 or more in total deposits each statement cycle, making 10 or more qualifying transactions, or being a student under 25. When you open this account, you'll be eligible to open the Truist Confidence Savings account described above.

Ratings Methodology
Rates as of Jan 31, 2025

Truist Confidence Account

Member FDIC.
Rating image, 3.25 out of 5 stars.
3.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.25 out of 5 stars.
3.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0%
Min. To Earn APY
$25 to open account
  • No overdraft fees
  • No check cashing fees
  • Low $25 opening deposit
  • No APY
  • $5 monthly service fee (waivable)

The Truist Confidence Account is a very basic checking account. Its $5 monthly service fee is waivable and you can open an account with just $25. If you're a loyal Truist Bank customer and are interested in opening its Confidence Savings account, you'll have to open this account first in order to be eligible.

Customer Experience

Truist Bank does not have many glowing reviews on third-party sites. For example, reviewers have given it a collective 1.1 stars on Trustpilot (out of 1,270-plus reviews). Its BBB profile has 1.09 stars and more than 4,000 complaints in the last three years.

Perhaps it's no wonder that Truist Bank scored the lowest of big banks on J.D. Power's U.S. Retail Banking Satisfaction Study in the region that it services the most -- the Southeast.

Truist Bank relationship benefits

Truist Bank offers relationship benefits through its tiered rewards system. This system takes the combined monthly balance across all eligible Truist Bank accounts (savings, checking, money market) and assigns you a level. The more money you deposit at Truist Bank, the higher your level and the more lucrative your benefits (see the chart above for more details).

How does Truist Bank compare?

Since Truist Bank's locations are heavily concentrated in the South, East, and Midwest it might not be the best bank for you. If that's the case, here are two alternatives to consider.

Truist Bank vs. Chase Bank

Chase is one of the largest banks in the nation. It offers a variety of bank and investment accounts, including savings and checking, and has a slew of cash back and rewards credit cards. Its large branch network could appeal to those who value in-person banking, while its relationship benefits for Chase Sapphire customers can benefit those who want to do all their banking at one institution.

Truist Bank vs. CIT Bank

For higher interest rates on savings accounts and CDs, check out CIT Bank. This online bank offers high APYs on no-fee accounts, such as its CIT Platinum Savings. You won't get in-person support, nor does it offer relationship benefits, but you could potentially earn more interest for your savings.

Other products by Truist Bank

Truist Bank offers a slew of other products and services, such as credit cards, loans, and mortgages.

Truist Bank credit cards

  • Truist Enjoy Cash: Cash back card that earns 3% back on gas and EV charging, 2% back on utilities and groceries (combined monthly cap of $1,000 spent), and 1% on all eligible purchases. Alternatively, you could choose a flat 1.5% back on all eligible purchases.
  • Truist Enjoy Travel: Earn 2x miles per $1 spent on airfare, car rentals, and hotels, plus 1x miles everywhere else.
  • Truist Future: Get 0% intro APR for 15 months on purchases and balance transfers.
  • Truist Enjoy Beyond: Earn 3x points per $1 spent on airfare, hotels, and car rentals, 2x points per $1 spent on dining, and 1x per $1 spent everywhere else. Card has a $195 annual fee.
  • Truist Enjoy Cash Secured: A secured card that earns rewards, this credit card has a $19 annual fee and earns 3% back on gas, 2% on utilities and groceries (combined monthly cap of $1,000 spent), and 1% everywhere else.

Truist Bank loans

  • Personal loan
  • Auto loan
  • Boat & RV loan
  • Marine loan
  • Recreational vehicle loan
  • HELOC

Truist Bank mortgages

  • Personal mortgage
  • Doctor loan
  • FHA loan
  • VA loan
  • Refinance

FAQs

  • Truist Bank has more than 2,100 locations in Washington D.C. and the following states: Alabama, Georgia, Florida, Kentucky, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia.

  • Truist Bank has about $540 billion in assets, which makes it the seventh largest bank in the U.S., according to BankRate's list.