Choosing the right bank can feel overwhelming, especially if you’re on the lookout for the best deposit products. With Truist Bank, you can find a range of accounts designed to meet various financial needs. From checking to savings and CDs, this review will highlight what Truist offers, focusing on annual percentage yields (APYs) and how they compare to the national average, so you can make an informed decision for your financial future.
Overview of Truist Bank
Truist Bank emerged from the merger of BB&T and SunTrust, becoming a major player in the banking industry. The bank's mission focuses on improving lives and communities, illustrated through their diverse product offerings and dedication to customer service. For those looking to grow their savings or efficiently manage day-to-day expenses, understanding their deposit accounts is essential.
Checking Accounts: Features and Benefits
Truist offers several checking account options, catering to different customer needs. One standout is the Truist One Checking account. Here are some key features:
No monthly service fees when certain conditions are met, such as maintaining a minimum balance or making a set number of direct deposits each month.
Access to Truist’s vast ATM network, with over 2,500 ATMs across the country.
User-friendly digital banking, allowing easy account management through their app and website.
No minimum deposit requirement, making the account accessible for individuals of all financial backgrounds.
While the Truist One Checking account has its advantages, its APY is currently around 0.01%, which is below the national average for accounts of this type. As of 2025, you may find checking accounts from online banks offering APYs closer to 0.50%.
Savings Accounts: Safe and Secure
Truist Bank’s savings accounts provide security for your funds while helping you earn a modest return. The Truist Savings account includes:
A minimum deposit requirement of $100 to open the account.
APYs that hover near 0.05%, aligning closely with the national average for savings accounts.
While the interest rate may not be among the highest offered, Truist provides valuable banking features. For example, their online banking services allow customers to automate savings transfers, which can help you set aside money effortlessly.
Certificates of Deposit (CDs): Locking in Your Returns
If you are looking for a way to grow your savings securely, consider Truist’s variety of CD options. Their accounts generally offer:
Terms ranging from three months to five years, giving flexibility depending on your savings goals.
Competitive fixed interest rates, with current APYs around 1.25% for selected terms, which is competitive but not the highest in the market.
Early withdrawal penalties, which can impact your decision if you're considering accessing your funds before the term is complete.
As of 2025, you might discover that online banks are offering CDs with rates as high as 4%, making it worth your while to shop around for the best deal.
Comparing APYs with the National Average
It’s important to see how Truist Bank's APYs measure up against national averages. As of 2025, the national average for savings accounts is about 0.05% APY, while many checking accounts yield minimal interest, often less than 0.01%.
Truist’s savings account rates match this national average, which can be sufficient for those focusing on the security of their deposits. However, if you keep a larger balance in your checking account, you might want to explore options that provide better returns for your funds.
When looking at CDs, Truist's rates are similar to other banks, but they may fall short compared to the higher rates available online.
User Experience and Accessibility
Beyond competitive rates, your banking experience matters. Truist emphasizes a user-friendly digital banking experience that makes account management seamless.
Their mobile app and online platform offer features such as:
Remote check deposits, allowing you to deposit checks directly from your phone.
Easy balance monitoring, so you can track your spending and savings effortlessly.
Savings tools and budgeting features, which help you manage your financial goals more effectively.
Truist Bank’s technology integration can enhance your satisfaction, providing quick access to your financial information from anywhere, which is crucial in today's fast-paced world.
Making a Choice: Is Truist Bank Right for You?
Overall, Truist Bank presents an array of deposit products that may appeal to various customers, especially those who prioritize reliable banking services. However, if maximizing your savings yield is your main goal, exploring online banks or credit unions might offer better options.
Each type of account has unique strengths. Whether you need an accessible checking account, a dependable savings account, or a fixed-rate CD, Truist delivers reliable options. However, they may not always be the most competitive on the market.
Evaluate your financial habits and objectives when considering your banking choices. There are many paths to grow your savings effectively in 2025. Take the time to compare options to find the bank that aligns best with your individual needs and goals.