Truist Bank may not be a household name throughout the U.S., but it’s been around for a while. In fact, this bank was born out of the 2019 merger of SunTrust and BB&T, both of which were long-standing financial institutions before they joined forces.
While Truist certificates of deposit (CD) rates aren’t all disclosed on the company website, the institution offers CDs that can last anywhere from seven days to 60 months. Individuals need to have a minimum deposit of at least $1,000 to open a CD with Truist, which is higher than many competing banks require. CDs with the shortest terms also require a much higher minimum deposit requirement of $2,500.
Current Truist CD rates
Some Truist Bank CD rates are highly competitive, although you’ll want to be picky and compare options when it comes to choosing a term. That said, Truist Bank doesn’t disclose CD rates for all of its offerings online.
As of February 2024, however, Truist is advertising CDs with the following terms and annual percentage yields (APYs).
| Term | APY* | Minimum deposit |
|---|---|---|
7 months | 4.50% | $1,000 |
12 months | 4.00% | $1,000 |
Overview of Truist CDs
Individuals who want to open a Truist CD must do so in a physical bank branch. Other CD terms and conditions are as follows:
| Truist CD details | |
|---|---|
Available term lengths | 7 days to 60 months |
Monthly maintenance fees | $0 |
Minimum deposit required |
|
Interest tiers |
|
APY range | Truist does not disclose the APY for all of its CD terms. |
Early withdrawal penalty |
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Comparing Truist Bank CDs with other banks
The fact there are only a few Truist Bank CD rates accessible to the public makes them difficult to compare to other banks. However, a handful of distinctions are easy to make.
For example, Truist Bank CDs require a minimum deposit of $1,000 to $2,500 depending on the CD term chosen, whereas some other banks have a minimum deposit of $0 for their certificates of deposit regardless of the term length. Other institutions may also have higher or lower APYs for CDs with various terms.
The chart below shows how Truist stacks up to a few other banks that offer certificates of deposit:
| CD term | Truist Bank | Capital One | Marcus by Goldman Sachs | Ally Bank |
|---|---|---|---|---|
7 months |
| Not disclosed |
| Not disclosed |
12 months |
|
|
|
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24 months | Not disclosed |
|
| Not disclosed |
60 months | Not disclosed |
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Understanding the earning potential with Truist Bank’s CD rates
How much interest you earn with a Truist Bank CD depends on the amount of money you deposit and the term length you select. However, you can easily figure this out by using a CD calculator or completing some basic calculations on your own.
As just one example, imagine you want to open a CD with $25,000 and you’ve found a CD with a 60-month term that earns 5.25% APY and compounds monthly. In that scenario, you would earn $7,485.81 and end the five-year period with $32,485.81.
Now imagine you choose a shorter CD term with a lower APY. If you opted for a 36-month CD that only earned 3.00% APY, you would earn a total of $2,351.29 and end up with $27,351.29 once the CD reached maturity.
How to open a CD account at Truist Bank
CD rates at Truist Bank are only accessible to those who can visit a physical bank branch in person. After all, you cannot open a CD with Truist online.
What you’ll need to open a CD with Truist Bank or any other bank includes:
- Your full name
- Address
- Phone number
- Social Security number (SSN)
- Funding source for your CD
Truist has more than 2,000 branches throughout the U.S., but they’re only located in 17 states and the District of Columbia.
Other savings options at Truist Bank
Truist Bank has other savings products in addition to certificates of deposit, including savings accounts and money market accounts. However, not all of its products feature competitive rates or compelling terms.
For example, Truist One Savings requires a $50 minimum deposit and earns a paltry 0.01% APY. Worse, this account can charge a monthly fee if you fail to meet minimum deposit requirements or have other qualifying activities.
That said, the Truist Bank money market account offers a much-improved 4.25% APY with a minimum deposit of $50. However, a monthly fee can still apply if you fail to meet the requirements.
Frequently asked questions (FAQs)
Unless you inform Truist Bank otherwise, its CDs automatically renew upon maturity after the grace period ends. If you want to access your money when your CD term ends, you’ll need to contact the bank.
Truist Bank CDs with terms of fewer than 32 days have a one-day grace period, whereas CDs with terms of 32 days or more have a 10-day grace period.
Truist Bank CDs charge penalties if you need to access your money before the CD term ends. These fees vary based on the length of the CD term.
Interest earned with a CD is considered taxable income, per the Internal Revenue Service (IRS).
