BB&T CD Rates and Review

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BB&T’s website can leave CD investors wanting more, as the information regarding CDs is fairly basic. Although the bank’s website has as basic overview of certificates of deposit (CDs) stating it offers CDs with terms ranging from 7 days to 5 years with rate information, you need to navigate through a menu and choose your state of residence in order to view current rates.

We called BB&T branches and, on the same day, compared its CD rates with those at other banks and the national averages. After conducting this research, it’s not surprising to see that BB&T makes its CD rates hard to find — they aren’t very competitive.

BB&T CD products and rates

BB&T offers CD terms ranging from as short as 7 days to as long as 5 years. It has 24 CD options, each with different investment goals.

7-day to 60-month Personal CD

For short-term investments, BB&T offers CDs with terms ranging from 7 days to 60 months. These Personal CDs offer a fixed rate of return – annual percentage yield (APY) – along with the flexibility to focus on developing either a short- or long-term investment. It is worth noting that a higher minimum deposit, $2,500, is required for CDs that range for terms of 7 to 31 days.

CD Term

APY

Minimum Deposit to Open

3 months

0.03%

$1,000

6 months

0.05%

$1,000

12 months

0.10%

$1,000

18 months

0.15%

$1,000

2 years

0.20%

$1,000

3 years

0.30%

$1,000

4 years

0.30%

$1,000

5 years

0.30%

$1,000

With the 7-day to 60-month BB&T CDs, there are no penalty-free options for withdrawing your funds before the CD matures. The early withdrawal penalty is the lesser of $25 or 12 months of interest for longer-term CDs. So with smaller initial deposits, early withdrawal penalties will negate any interest you may have earned.

Not only can you find better CD rates at other banks and credit unions for each of the terms BB&T offers, you can also usually secure those rates with smaller minimum deposits. You can see some of the top options in our monthly roundup of the best CD rates.

Can’t Lose CD

As the name of this product implies, whether rates go up or down, you can’t lose – in the broad sense of your investment accruing interest. However, the APY is so low you’re almost certainly going to lose money due to inflation on the longer-term CDs.

At the 12-month mark of this CD’s term, you may make one withdrawal without paying any fees. So if the market rate is higher than what you’re currently getting, simply withdraw the money and reinvest at a higher rate.

If, however, the interest rate you’re receiving is better than what’s currently available, you also have the option of making a second deposit into the Can’t Lose CD (up to $10,000). This locks in the rate for the new investment amount for the remainder of the term. Whether rates go up or down, you’re locked in for the higher rate.

CD Term

APY

Minimum Deposit Amount

Withdrawal Penalties

30-month Can’t Lose

0.25%

$1,000

No penalty for one withdrawal after 12 months

Even when you consider locking in that higher rate, remember that you can find many CDs with better APYs than BB&T’s Can’t Lose CD, regardless of term.

Stepped Rate CD

Creating a CD ladder is a way to stagger your investments so can take advantage of increasing rates. With the Stepped Rate option from BB&T, laddering is built into the CD product. The initial CD starts out at a lower rate and increases each year. BB&T’s 48-month Stepped Rate CD tiers rates this way:

Months

APY

12

0.30%

24

0.40%

36

0.55%

48

0.75%

This particular product allows you to make an additional deposit each year (up to $10,000). So if the interest rate you’re receiving is better than the market, you can invest more money into your existing CD to make a higher return. But if the current CD market is offering better rates than your existing CD, you can simply take advantage of that offer and still make a higher return.

In addition, you may make a withdrawal from what you initially deposited into your Stepped Rate CD after two years. So, again, if the market changes dramatically, you may withdraw your money with no penalty and reinvest in a better option.

An alternative to using the bank’s stepped rate CD is to create a CD ladder on your own, choosing CDs with better rates than those BB&T offers.

Add On CD

The Add On CD option from BB&T offers a 12-month CD with an opening deposit of $100. You’ll need a BB&T checking account and a $50 automatic deposit every month from your checking account into the CD. To get a personal account, you’ll just need to set up direct deposit or maintain a $1,500 balance.

Note that the 12-month Add On CD product is not advertised on BB&T’s website. You need to visit a branch in order to open an Add On CD — contact the bank to learn about the current APY offered on this product.

CD Term

Minimum
Deposit to Open

Withdrawal
Penalties

12-month Add-on

$100

Greater of $25 or
6 months’ interest

Home Saver CD

If you’re in the market for a new home, and you want to earn a little more interest on the money you’re saving, consider the Home Saver CD. Starting with as little as $100, you’ll be able to deposit money earmarked for your new home every month. With this CD, as long as you’re withdrawing the money for use toward the purchase of your new home, you won’t pay any penalties for early withdrawal. But you will need a BB&T checking or savings account set up with a monthly deposit of $50 into your Home Saver CD.

Note that Home Saver CDs are not advertised on BB&T’s website, and you can only open them by visiting a branch. Contact the bank to learn about the current APY offered on this product.

CD Term

Minimum Deposit to Open

Withdrawal Penalties

36-month Home Saver

$100

No penalty for home purchase

College Saver

The College Saver CD is meant for parents or students saving for college. It offers the benefit of starting at a higher APY with the flexibility of withdrawing the money up to four times per year to pay for the cost of attending school. As with the Home Saver CD, you’ll need to have a BB&T checking or savings account with an automatic monthly deposit of $50 into the College Saver. It offers terms of 36, 48 and 60 months.

Note that you must visit a branch to open College Saver CDs, and they are not advertised on BB&T’s website. Contact the bank to learn about the current APYs offered on these products.

CD Term

Minimum Deposit to Open

Withdrawal Penalties

36-month College Saver

$100

No penalty for school costs

48-month College Saver

$100

No penalty for school costs

60-month College Saver

$100

No penalty for school costs

Treasury CD

This CD offers the ability to make additional deposits of at least $100 into your CD at any time and one monthly withdrawal without penalty.

The CD has a six-month term with a variable interest rate tied to the U.S. Treasury Bill — if the rate goes up, you’ll make more money, but if the rate declines, you’ll make less.

If Treasury Bills rise, this can be a great option if you have the $5,000 minimum deposit amount and want a short-term investment with the option to add or remove funds from the CD. You will need to make monthly deposits of $100, and the CD will automatically renew if not cashed out.

CDARS

CDARS, which stands for Certificate of Deposit Account Registry Service, protects your principal and interest by making sure your money is placed into multiple CDs across a network of banks to keep your CDs insured by the FDIC (maximum limit for each CD is $250,000).

Other things to know about BB&T CDs

Can customers take advantage of rising rates once they’ve opened a CD?

BB&T has two CD options that allow you to take advantage of rising rates: the Can’t Lose CD and the Stepped Rate CD. Both allow you to make a withdrawal before the CD comes to maturity in case rates increase (certain terms apply). They also allow to make additional deposits in case rates drop and you want to invest more at the existing rate of your CD. However, the current rates on those products are very low, essentially negating the value of their flexibility.

About BB&T

BB&T (Branch Banking and Trust Co.) is a North Carolina-based bank with locations in 16 states – Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and West Virginia – and the District of Columbia.

BB&T offers a mobile app for both iOS and Android devices. While its website is easy enough to use, finding specific information, particularly about rates, is difficult. The bank’s customer service number isn’t much help either, with most questions answered with a suggestion to visit a branch location. To find the BB&T branch closest to you, use its branch locator tool.

The bottom line

BB&T offers some flexible CD deals to its customers, but in general, better CD rates can be found at other banks and credit unions. You can find them on our list of the best CD rates, which is updated monthly.

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Ralph Miller
Ralph Miller |

Ralph Miller is a writer at MagnifyMoney. You can email Ralph here

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