[📌 Update November, 2022: Truist finally lifted the APY (annual percentage yield) on their CDs (certificates of deposit) this month, but now only have one 12 month term available to open online. In October they had CDs with terms of 6, 12, 18 and 24 months, but all their yields sat at just 0.05% APY. See Truist’s CD rates below.]
Truist, formerly SunTrust Bank, is a both a brick-and-mortar and online bank. Their branch locations are limited to a handful of states in the Southeast, but their personal banking products can be managed 100% digitally – making Truist and their deposit accounts accessible to just about anyone.
In this review we’ll cover Truist’s CD rates (certificates of deposit).
They currently offer just one 12 month CD online, but may have more options if you go into a physical branch. To see if these products are right for you and to see how their rates compare, continue reading below.
In this post you'll learn:
Truist CD Rates + Account Details
If you navigate to Truist’s certificates of deposit page you’ll see they claim to offer CDs with terms ranging from 7 days to 60 months. That said, if you’re opening an account online, they only offer a 12 month CD. Rates listed below.
|Deposit Size||CD Term||APY|
|$0 – $9,999||12 months||3.00%|
|$10,000 – $49,999||12 months||3.00%|
|$50,000 – $99,9999||12 months||3.00%|
|$100k +||12 months||3.00%|
Truist’s CD rates are not competitive at this time and provide flat yields across all terms. For context, the national average for a 12 month CD and a 60 month CD sit at 0.90% and 0.98% APY, respectively, according to FDIC data.
A minimum deposit of $1,000 is required to open a Truist CD.
If you go into a branch and are able to open a short term CD of 7 days to 31 days, the minimum deposit requirement is going to be $2,500.
As you can see from the table above, Truist CD rates are tiered and determined by deposit size (although all tiers pay the same APY currently). The tiers are as follows:
- $10,000 – $49,999
- $50,000 – $99,9999
All tiers currently pay the same rate and APY (annual percentage yield). This may change as rates continue to rise.
Early Withdrawal Penalties
With Truist, early withdrawal fees may result in a reduction of principal if accrued interest is not sufficient to cover the penalty. This is less forgiving than many CD accounts on the market. The fees are as follows:
- CDs with a term of less than 3 months, the penalty shall be all interest that would have been
earned or $25, whichever is greater.
- CDs with a term of 3-12 months, the penalty shall be an amount equal to 3 months simple interest earned on the principal amount withdrawn or $25, whichever is greater.
- CDs with a term of 13-23 months, the penalty shall be an amount equal to 6 months simple interest earned on the principal amount withdrawn or $25, whichever is greater.
- CDs with a term 24 months or greater, the penalty shall be an amount equal to 12 months simple interest on the principal amount withdrawn or $25, whichever is greater.
For CDs with terms longer than 32 days the grace period will be a standard 10 calendar days upon maturity in which you may withdraw any and all funds from your deposit without incurring a fee.
For CDs with short terms that are 31 days or under, your grace period will be just 1 day.
You will receive a notice prior to maturity to let you know of the upcoming grace period. If nothing is done during this time, the CD will renew with the same term for the going rate and APY at that time.
Banking Experience and Customer Sentiment
If you’d like to open a CD in person, Truist has just over 2,700 branches in 15 states. You can locate a branch near you here. These states are as follows:
- District of Columbia,
- North Carolina,
- New Jersey,
- South Carolina
- West Virginia
In terms of consumer reviews, Truist doesn’t perform all that well. They have just a 1.08 out of 5 star rating on the BBB with over 1,450 consumer reviews and a 1.1 out of 5 star rating on Trustpilot with 598 consumer reviews.
The Truist app performs much better with 4.2 stars on Google Play with over 38k consumer reviews and 4.6 stars on the App Store with over 2,500 reviews. The mobile and online platforms are said to be easy-to-use and relatively glitch-free.
Truist’s CD rates are getting more competitive, however the selection of CD terms online are minimal with only a 12 month option available at this time. Many other banks and credit unions nationwide are starting to lift their CD rates as the FED continues to raise prime rates throughout the remainder of the year. You can see where we think CD rates are heading here.