Personal Finance Banking Certificates of Deposit
Written by Laura Grace Tarpley, CEPF and Kit Pulliam; edited by Sarah Silbert; reviewed by Evelyn He
Updated
- Truist CD Rates
- Pros and Cons
- What Influences Truist CD Rates
- How Truist CDs Compare
- FAQs
- Should You Invest?
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Truist Bank has branches in 17 US states and Washington, DC. The bank offers certificates of deposits (CDs), which are savings accounts that lock in your rate for the entire term. CDs provide a guaranteed rate of return since there's no chance your rate will increase or decrease before the term ends.
Truist CD Rates Today
Truist offers fixed-rate CD terms ranging from 7-day CDs to 5-year CDs. But it only displays the below Truist promotional CD rates online, and rates may vary by location. So you need to call or visit your local branch to ask about rates for terms you're interested in.
| Term Length | APY (Annual Percentage Yield) |
| Truist 7-Month CD | 4.50% APY |
| Truist 1-Year CD | 4.00% APY |
Still, Truist rates are generally low across the board. The best CD rates are usually from online banks.
Truist also doesn't offer specialty CDs, such as no-penalty CDs or raise-your-rate CDs.
Truist CD Rates Pros and Cons
| Pros | Cons |
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What Influences Truist CD Rates
Economic Conditions and Fed Actions
Like all banks and credit unions, Truist responds to market fluctuations when setting its rates. If rates go down, Truist doesn't need to maintain high rates to be competitive, and if rates go up, Truist needs to raise its rates to stay viable.
Fed Actions generally cause major market fluctuations. If you're wondering what the Federal Reserve is, also known as the Fed, it's the central banking system of the U.S. When the Fed has a meeting and announces its rate changes, banks and credit unions generally change their rates accordingly.
CD Term Length
The rate you get on your CD will depend on the term length you choose. Right now, short-term CDs have better rates than long-term CDs because people expect the Fed to lower rates this year. If you're looking to maximize the interest rate you get on your CD, you'll probably want to consider a shorter-term CD.
Regional Variations
Like many nationwide brick-and-mortar banks, there will be differences in Truist's CD rates by state and city. If you don't want to worry about how your location impacts what CD rates you can earn, online banks generally don't change their rates based on where you live.
How Truist CD Rates Compare
Truist CDs vs. Chase CDs
As with Truist, Chase CD rates can vary depending on where you live. But Chase posts all of its rates online so they're easy to find.
Chase's standard rates are low overall, but you can earn a "relationship rate" if you also have a Chase checking account. While this doesn't make a huge difference on some terms, you can earn a significantly higher relationship rate on other terms.
If you qualify for a relationship rate with Chase, it might be the better pick. Just look at the Chase website to see rates in your area for the term you're interested in to decide whether it's worth using this bank.
Chase Bank Review
Truist CDs vs. Bank of America CDs
Bank of America CD rates depend on the CD type and term length you choose. There are three types of CDs: fixed, featured, and flexible.
The Bank of America Fixed Term CD pays low rates except on 3-month, 4-month, and 5-month terms.
The Bank of America Featured CD only comes with five terms: seven months, 10 months, 13 months, 25 months, and 37 months. The 7-month and 13-month terms pay the highest rates. The 25-month CD rate is decent, while 10-month and 37-month CD rates are low.
The Bank of America Flexible CD is a no-penalty CD with a 12-month term (which auto-renews into a 9-month term). It pays 3.51% APY.
When making a Truist CD rates comparison, Bank of America CDs are stronger than Truist CDs overall, but your choice could come down to which term length you want.
Bank of America Review
Truist CD Rates FAQs
Does Truist offer competitive CD rates?
Truist's promotional offers can be competitive, depending on what you're looking for in a CD. Interest rates vary based on location, however, so make sure to check the rates your local bank offers before committing. Also check what fees might come with the account, such as Truist CD early withdrawal penalties.
Does Truist change their CD rates often?
Like many financial institutions, Truist can change its CD rates daily or even weekly in response to market fluctuations. If you already have a CD, however, your rate will stay the same until the term length has been reached.
What's unique about Truist CDs?
Truist currently offers a 7-month CD, which is a non-standard term length. It also offers CDs with term lengths as short as 7 days, although its very short-term CDs have an increased minimum opening deposit and interest rates that vary based on your location.
Do I need an existing Truist account to open a CD?
No, you can open a Truist CD without having a preexisting Truist account.
Are Truist CDs legit?
Yes, Truist's CDs are FDIC-insured, so your money is safe up to $250,000 per depositor, per account type.
Should You Invest in a Truist CD?
If you want to bank in-person with a nationwide bank, and you're interested in opening a 7-month or 1-year CD, Truist could be worth considering. If you're primarily looking for a high interest rate, online banks' CD rates won't differ by location, and the best 1-year CD rates are higher than what Truist offers.
Why You Should Trust Us: How We Reviewed Truist CDs
We reviewed Truist CDs using Insider's certificate of deposit methodology. For CDs, we look at the minimum deposit, interest rates, variety of term options, early withdrawal penalties, mobile app, ethics, and customer support. We rank each category, then calculate the average and assign CDs a score between 0 and 5.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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