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SunTrust Bank and BB&T merged in 2019 under a new name: Truist Bank. Though Truist Bank has a digital presence, at the moment you can open an account at either SunTrust Bank or BB&T — your account will later move to Truist.
The accounts at SunTrust Bank and BB&T are different and we’ll cover both institutions in this review. Keep in mind that whatever account you choose will eventually transfer to Truist, and it’s possible that its features will change. However, for most customers, deposit account numbers and routing numbers should remain the same through the process.
Rating reflects BB&T and SunTrust Bank accounts that will merge to Truist Bank.
Truist itself doesn’t have any accounts that you can open yet, but its two parent banks (BB&T and SunTrust Bank) have several options to choose from. These accounts will eventually be migrated over to Truist.
BB&T’s most popular savings account offers a low interest rate, though it is compounded daily. It’s easy to join — there are no opening deposit and minimum balance requirements and no monthly maintenance fees. With this account, you can take advantage of unlimited deposits, withdrawals and transfers at BB&T and SunTrust Bank branches and ATMs.
SunTrust Bank offers a simple savings account with no minimum opening deposit or balance requirement. There’s no maintenance fee, but you’ll be charged a monthly $3 fee for paper statements unless you choose to receive paperless online statements. Interest in this account is compounded daily.
BB&T has more options for savings accounts than SunTrust Bank. In addition to the eSavings account, BB&T offers two money market accounts, a health savings account (HSA) and a Young Savers account for people under the age of 18. SunTrust Bank, on the other hand, offers two types of savings accounts: a basic one, outlined above, and a money market account.
Notably, the rates for the savings accounts offered by both BB&T and SunTrust Bank are very low-earning compared to some of the most competitive accounts currently on the market.
Check out the rates offered by the best high-yield savings accounts on the market today.
Rating reflects BB&T and SunTrust Bank accounts that will merge to Truist Bank.
Similarly, there are no Truist checking accounts yet. But there are many other options altogether through either BB&T or SunTrust Bank. Here are their checking accounts that pay interest:
BB&T’s Elite Gold Checking account offers so-so features for a potentially high price. It’s mostly for dedicated customers who have other high-dollar financial products, such as a mortgage or investment account.
You’ll need either $25,000 in investment or deposit accounts, or a mortgage of $150,000 or more with the bank, in order to avoid a $30 monthly fee. In return, you’ll receive a very small amount of interest, free checks, a small interest rate bump on savings and CDs, and fees waived on two overdraft transfers and four out-of-network ATM withdrawals per month.
There are several ways to avoid this account’s monthly maintenance fee. For example, you could receive at least $3,000 in direct deposits each month or maintain a $10,000 or higher balance across your SunTrust Bank deposits and investments. This checking account features a few perks, including a $25 discount on the annual fee for a safe deposit box, free official checks, a free 100-pack of custom checks and cash back on select debit card purchases.
BB&T’s other checking accounts include a basic account with opportunities to avoid a maintenance fee, an account with a fixed monthly fee, a Senior Checking account and a Student Checking account. SunTrust Bank offers two basic checking accounts — one interest-bearing and one non-interest bearing — as well as an account for students.None of these checking accounts are particularly remarkable in terms of APY, and many come with fees.
For more options, check out our picks for the best checking accounts.
Rating reflects BB&T and SunTrust Bank accounts that will merge to Truist Bank.
Again, Truist itself does not offer any CDs yet. If you’re interested in a CD, you’ll need to open an account at either BB&T or SunTrust Bank.
BB&T is probably your best bet if you’re looking for a wide option of CDs because it has the most types to choose from.
| BB&T Personal CD rates | ||
|---|---|---|
| Term | APY | Minimum to earn APY |
| 1 year | 0.01% | $1,000 |
| 3 years | 0.01% | $1,000 |
| 5 years | 0.01% | $1,000 |
BB&T offers 16 term length options for its regular CDs, although the rates offered on them aren’t impressive, especially when compared with the top CDs today. But BB&T also offers “Stepped Rate CDs” where the interest rate grows each year for four years in a row, ending at 0.04% APY as of this writing. BB&T also offers special limited-time rates on certain CDs and a “Can’t Lose CD” where you can add more money or lock in a higher rate as the term progresses.
SunTrust Bank, on the other hand, offers only one type of CD. The rates vary depending on where you live and you can find your rate on SunTrust Bank’s website by supplying your ZIP code. Rates below are for Atlanta, the home of SunTrust Bank’s corporate headquarters.
| SunTrust Bank CD rates | ||
|---|---|---|
| Term | APY | Minimum to earn APY |
| 1 year | 0.05% | $2,000 |
| 3 years | N/A | N/A |
| 5 years | N/A | N/A |
Though SunTrust Bank’s rates are marginally better than BB&T’s, you’ll need twice as much money to open your account. When your SunTrust Bank CD matures, it will automatically renew at the original CD rate and at your applicable APY at the time of renewal, unless you instruct SunTrust otherwise.
For more competitive CD rates, check out our roundup of the best CD rates right now.
Since Truist isn’t yet an operational bank, it’s tough to say what your customer experience might be like once the dust settles. However, a 2020 J.D. Power survey gives some clues: BB&T was rated as having the best banking app, and both BB&T and SunTrust Bank were rated in the top three for online banking satisfaction among nationwide banks.
While the banks do operate online, it’s important to note that they’re a bit limited in their geographic footprint. SunTrust Bank operates physical branches in 10 states on the East Coast and in the Southeast (plus the District of Columbia). BB&T has branches in just 15 states in roughly the same area, and is also found in the District of Columbia.
