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Truist Bank offers many banking products, including checking accounts, savings, money market accounts and CDs. If you are looking for a bank with personalized service at local branches and a range of products, Truist could be the choice for you.
But how does Truist compete with other banks when it comes to CD rates for June 2024?
What Are the Current CD Rates at Truist?
Truist Bank publishes rates for CDs with terms of five months or 12 months.
| Term | Minimum Opening Deposit | APY |
|---|---|---|
| 5 months | $1,000 | |
| 12 months | $1,000 |
Truist Bank advertises CDs with terms ranging from seven days to 60 months. However, rates aren’t available for the CDs offered. You’d have to call or stop into a branch to get rates for other terms.
Interest is compounded daily for CDs with principal balances below $100,000. CDs with principal balances of at least $100,000 earn simple interest.
Truist Bank CDs: What You Need To Know
Truist Bank CDs have no monthly maintenance fees and are FDIC insured. You must visit a Truist branch to open a CD.
You will need $2,500 to open a CD with terms from seven to 31 days. CDs with terms of 32 days to 60 months require a minimum opening deposit of $1,000. You may face an early withdrawal penalty if you close out the CD before the term ends.
Typically, withdrawal penalties will be equal to a set period of interest. If the interest accrued doesn’t cover the penalties, funds may be deducted from your principal balance.
You will have a grace period during which you can make a withdrawal, deposit or term change to your CD. Once your CD reaches maturity, the account will automatically roll over into another term. You will have one day to change the term or withdraw the money from any CD with a term of less than 32 days. For CDs with terms of 32 or more days, you will have 10 days after the renewal date to make a change.
How Do Truist’s CD Rates Compare to Other Options?
Truist CD rates are on the higher side for some of its accounts. For other CD terms, it’s difficult to tell whether or not Truist offers competitive CD rates. In order to get the most current rates, you’ll need to call the bank or visit your local branch.
If you go through the trouble of tracking down the Truist CD rates, you can determine if the rates are competitive. But unless you are an existing Truist customer who wants to keep your money at this bank, then jumping through the hoops required might lead you to choose a different bank for your needs.
How To Choose the Best CD for You
It’s important to shop around for the best rates for CDs. It’s often worth considering online banks, which may have higher interest rates than banks with a brick-and-mortar presence. When you’re shopping around for the best CD rates, also consider penalties associated with early withdrawal, grace periods, minimum deposits and terms available.
Beyond the CD itself, you might want to consider your overall banking situation. If the bank you already work with offers a relatively high APY, then sticking with that financial institution might help keep your life simpler.
About Truist Bank
Truist Bank is part of Truist Financial Corp. It is a full-service bank with more than 1,900 branches in 17 states and Washington, D.C.
Truist Bank emerged as an industry leader when SunTrust and BB&T merged in 2019. Today, Truist is the eighth-largest bank in the U.S., according to the Federal Reserve. Truist holds over $500 billion in assets.
Previously, SunTrust and BB&T operated separately following the merger. In 2022, the banks embraced the Truist name, launching a new website and new products, including a checking account with no overdraft fees.
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Can You Trust Truist Bank?
Truist Bank, like other U.S. banks, is insured by the Federal Deposit Insurance Corp. for up to $250,000 per person, per account ownership category. That means if the bank fails, the FDIC will make sure you have access to your money in a timely manner.
As a top 10 bank in the U.S. based on assets, it’s likely Truist won’t face a situation where it is at risk of failing. Nevertheless, it’s always smart to divide your money between deposit accounts so that all funds fall into the coverage limits for FDIC insurance.
How To Open a CD at Truist Bank
To open a CD at Truist Bank, you’ll need to visit one of its 1,900-plus branches. You’ll want to be prepared with a cash deposit or ready to transfer funds from another account. CDs with terms of less than 32 days require a $2,500 minimum deposit, while terms of 32 days up to 60 months require $1,000 to open the account.
You will also need a state ID, such as a driver’s license, and your Social Security number to open an account.
You can schedule an appointment at a Truist branch near you to get started.
FAQ
Here are the answers to some frequently asked questions about interest rates.
- Who has the highest-paying CD right now?
- CD rates are constantly changing, which means the financial institutions offering the highest-paying CDs vary. As of June 2024, some of the highest-paying CDs are available through BMO Alto and Bask Bank.
- Can you get a 7% interest savings account?
- You won't find a savings account with a 7% interest rate currently available through a U.S.-based financial institution.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 3, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.
- Federal Reserve. 2024. "Large Commercial Banks."
