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Truist Bank, the banking giant created by the 2019 merger of SunTrust and BB&T, does not currently disclose all of its certificate of deposit (CD) rates on its website. Although the bank’s website mentions CD terms ranging from seven days to 60 months, you must visit a branch to find out current rates for all terms or open any CD account.
Truist CD rates vary by location, and the following details are accurate as of June 17, 2024.
Truist provides rates for two CD terms, a five-month CD and a one-year CD, on its website. You’ll need to visit a branch to open either certificate or access other terms.
Overview of Truist Bank CDs
On its website, Truist Bank advertises five- and 12-month terms for certificates of deposit with an opening balance requirement of $1,000 for both. Interest compounds daily and is credited annually or at renewal. Investors can withdraw accrued interest without penalty prior to maturity. Early withdrawals trigger a penalty of at least $25.
How Much Can You Earn With Truist Bank’s CD Rates?
Use our CD calculator to find out how much you can earn with a Truist CD.
How Truist Bank CDs Compare
Truist Bank CDs offer rates that are much higher than the national average CD rates, according to data from the FDIC, and close to today’s best CD rates. Still, investors will have more terms to choose from with other banks and may be able to secure better rates, depending on the term they’re looking for.
It’s always wise to compare rates and terms from several banks and credit unions before purchasing a CD. With a bit of comparison shopping, you can increase your rate of return and have a wider selection of CD products to choose from.
About Truist Bank
On December 9, 2019, Winston-Salem, North Carolina-based BB&T (Branch Banking and Trust Company) and Atlanta-based SunTrust completed a merger of equals to become Truist Bank, the eighth-largest U.S. bank based on assets, according to FDIC data.
Truist is headquartered in Charlotte, North Carolina, and operates in 17 states plus Washington, D.C. It has more than 2,100 branch locations and roughly 3,000 ATMs.
For a time after the merger was announced, BB&T and SunTrust continued operating under their separate names. Between late 2021 and early 2022, both banks transitioned to the single Truist brand, and their websites now automatically redirect to Truist.com.
Frequently Asked Questions (FAQs)
Is a CD or a savings account better?
When deciding between a CD and a savings account, it often comes down to a matter of your liquidity needs. If you think you may need to tap your savings frequently, opting for a savings account can help you avoid early withdrawal penalties.
Forbes Advisor tracks the best CD rates every month. When shopping for a CD, be sure to compare features like terms, interest rates, opening balance requirements and early withdrawal penalties.
What are the pros and cons of CDs?
CDs are low-risk, insured time deposit products, making them a secure place for savings. They can help you put money out of arm’s reach, a benefit to those prone to tapping savings on a whim. But traditional CDs generally lack liquidity and they can come with hefty early withdrawal penalties.
Are Truist Bank’s CDs FDIC insured?
Yes. Truist is a member of the FDIC (FDIC certificate No. 9846). Its CDs are FDIC insured up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
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