Truist Bank Review: Excellent Loyalty Benefits, Low APYs

Founded in 2019 with the merger of BB&T and SunTrust, Truist Bank is now one of the largest banks in the U.S. Like other big national banks, its interest rates are ridiculously low, but it has a benefits program on its checking account that could reward loyal Truist Bank clients immensely. If you're looking for a brick-and-mortar bank network, read on to see if Truist Bank is the right fit for you.

Truist Bank has two savings accounts -- the Truist One Savings and the Truist Confidence Savings.

Truist One Savings

If you're looking for a no-frills, low risk savings account, the Truist One Savings might be your best bet. This account has no overdraft fees and a low $50 opening deposit. Better yet, Truist Bank gives you multiple ways to waive the account's $5 monthly service fee, including:

• Link a Truist Bank personal checking account
• Keep a minimum daily balance of $300 or more
• Schedule a recurring internal transfer of $25 or more per statement cycle
• Be 18 or younger

For all its low fees, however, this account has a horribly low APY of 0.01%. That's not only the lowest you can go before hitting zero: It also pales in comparison to today's top-paying savings accounts. If earning interest is important to you, look at other no-fee online accounts, like the SoFi Checking and Savings account.

Truist Confidence Savings

The Truist Confidence Savings is designed to complement your Truist Confidence Account (you need one to open this account). This savings account has no monthly or overdraft fees. Moreover, it can provide overdraft protection for your Truist Confidence Account. That said, it'll charge you a $5 withdrawal fee if you withdraw more than six times per statement cycle.

The opening deposit is small ($25), but so is the account's APY. If you're looking to earn high interest, this account will only frustrate you

Truist Bank offers CDs with terms ranging from 7 days to 5 years. For terms below 31 days, you'll need a $2,500 minimum opening deposit, while those 32 days and up will require at least $1,000.

Perhaps one of the most frustrating things about Truist Bank is that it doesn't advertise CD rates, so it's hard to determine how they stack up against top-paying CDs. Instead, it gives a list of "Interest Tiers" on which your CD's APY would be based. Those tiers are the following:

To find out more about Truist Bank CD rates, you'll have to contact your local Truist Bank.

While Truist Bank CD rates might not be the most transparent, that doesn't stop you from taking a look at what other banks are offering currently.

Truist Bank may not have the strongest savings rates. But it does have two great checking accounts -- the Truist One Checking Account and the Truist Confidence Account.

Truist One Checking Account

The Truist One Checking account is by far the bank's most exciting (and daring) offer.

Like other Truist Bank accounts, this one has no overdraft fees. However, in addition to that, your Truist One Checking account could qualify for a $100 "Negative Balance Buffer." This perk allows you to overdraft up to $100 (an overdraft protection on its own would simply reject the transaction). To initially qualify, your account must be at least 35 days old, have a positive balance, and have at least one direct deposit of $100 for two consecutive months. To keep the perk you must have a direct deposit of at least $100 monthly.

The Truist One Checking account requires a $50 opening minimum deposit and has a $12 monthly maintenance fee. But you can waive the fee in one of five ways:

• Make $500 or more in total qualifying deposits
• Maintain a total combined balance of $500 or more across all qualifying Truist Bank accounts (like a savings account)
• Have a personal Truist Bank credit card, mortgage, or personal loan
• Link a Small Business Checking Account
• Be a student under 25 years old

Finally, the Truist One Checking account has benefit tiers based on the combined monthly balance of this and other eligible Truist Bank accounts (like a savings or investment account). These tiers are designed to reward loyal Truist Bank clients who deposit immense amounts at the bank. At a glance, here's what each tier entails:

These are some powerful perks for a checking account. The one worth highlighting, however, is the loyalty bonus. This bonus comes when you redeem cash back or rewards on any Truist Bank credit card as an electronic deposit into your Truist Bank checking account. For example, if you're in the Level 2, Truist Bank would add 20% to your cash redemption amount when you deposit it in this way. That's a great value -- and one that could be lucrative over the long term.

Truist Confidence Account

The Truist Confidence Account is a basic checking account with no overdraft fees and a low $5 monthly service fee. Better yet, you can waive the fee by making $500 or more in total deposits each statement cycle, making 10 or more qualifying transactions, or being a student under 25. When you open this account, you'll be eligible to open the Truist Confidence Savings account described above.

Truist Bank does not have many glowing reviews on third-party sites. For example, reviewers have given it a collective 1.1 stars on Trustpilot (out of 1,270-plus reviews). Its BBB profile has 1.09 stars and more than 4,000 complaints in the last three years. Perhaps it's no wonder that Truist Bank scored the lowest of big banks on J.D. Power's U.S. Retail Banking Satisfaction Study in the region that it services the most -- the Southeast.

Truist Bank offers relationship benefits through its tiered rewards system. This system takes the combined monthly balance across all eligible Truist Bank accounts (savings, checking, money market) and assigns you a level. The more money you deposit at Truist Bank, the higher your level and the more lucrative your benefits (see the chart above for more details).

Since Truist Bank's locations are heavily concentrated in the South, East, and Midwest it might not be the best bank for you. If that's the case, here are two alternatives to consider.

Chase Bank

Chase is one of the largest banks in the nation. It offers a variety of bank and investment accounts, including savings and checking, and has a slew of cash back and rewards credit cards. Its large branch network could appeal to those who value in-person banking, while its relationship benefits for Chase Sapphire customers can benefit those who want to do all their banking at one institution.

CIT Bank

For higher interest rates on savings accounts and CDs, check out CIT Bank. This online bank offers high APYs on no-fee accounts, such as its CIT Platinum Savings. You won't get in-person support, nor does it offer relationship benefits, but you could potentially earn more interest for your savings.

Truist Bank could be right for you if:

• You want a brick-and-mortar bank and live near one of its branches.
• You have a lot of money to deposit and can qualify for one of its higher rewards tiers.
• You're okay with earning a low APY if it means getting in-person support and relationship benefits.

Truist Bank offers a slew of other products and services, such as credit cards, loans, and mortgages.

Truist Bank credit cards

• Truist Enjoy Cash: Cash back card that earns 3% back on gas and EV charging, 2% back on utilities and groceries (combined monthly cap of $1,000 spent), and 1% on all eligible purchases. Alternatively, you could choose a flat 1.5% back on all eligible purchases.
• Truist Enjoy Travel: Earn 2x miles per $1 spent on airfare, car rentals, and hotels, plus 1x miles everywhere else.
• Truist Future: Get 0% intro APR for 15 months on purchases and balance transfers.
• Truist Enjoy Beyond: Earn 3x points per $1 spent on airfare, hotels, and car rentals, 2x points per $1 spent on dining, and 1x per $1 spent everywhere else. Card has a $195 annual fee.
• Truist Enjoy Cash Secured: A secured card that earns rewards, this credit card has a $19 annual fee and earns 3% back on gas, 2% on utilities and groceries (combined monthly cap of $1,000 spent), and 1% everywhere else.

Truist Bank loans

• Personal loan
• Auto loan
• Boat & RV loan
• Marine loan
• Recreational vehicle loan
• HELOC

Truist Bank mortgages

• Personal mortgage
• Doctor loan
• FHA loan
• VA loan
• Refinance

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