Truist Bank CD Rates and Information

Truist Bank, the result of the 2019 merger between SunTrust and BB&T, is making waves in the banking industry with its competitive certificate of deposit (CD) rates. However, there’s a catch – not all CD rates are disclosed on the bank’s website. To find out the current rates for all terms or to open a CD account, customers must visit a branch.

As of May 3, 2024, Truist Bank offers CD rates for two terms – a seven-month CD and a one-year CD. Both require a minimum opening balance of $1,000, with interest compounding daily and credited annually or at renewal. Customers can withdraw accrued interest without penalty before maturity, but early withdrawals incur a minimum penalty of $25.

Compared to national average CD rates, Truist Bank’s rates are significantly higher and on par with some of the best CD rates available today. However, customers may find more term options and potentially better rates with other banks. It’s recommended to compare rates and terms from multiple institutions before committing to a CD to maximize returns and product selection.

Truist Bank, headquartered in Charlotte, North Carolina, is the eighth-largest bank in the U.S. following the merger of BB&T and SunTrust. With over 2,100 branch locations and 3,000 ATMs across 17 states and Washington, D.C., Truist offers a wide range of banking services to its customers.

For those considering a CD versus a savings account, the decision often hinges on liquidity needs. While CDs offer security and higher interest rates, savings accounts provide easier access to funds without penalties. Truist Bank’s CDs are FDIC insured up to $250,000 per depositor, ensuring the safety of customers’ funds in the event of a bank failure.

In conclusion, Truist Bank’s CD rates are competitive and offer a secure investment option for customers. By comparing rates and terms from various institutions, individuals can make informed decisions to maximize their returns and financial goals.