Truist Bank Review: Services, Pros and Cons (June 2024) (2024)

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Why You Can Trust the MarketWatch Guides Team

Here’s a breakdown of how we reviewed and rated top banks and credit unions


Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.


Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.


Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.


Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.

Our Truist Ratings

We give Truist Bank an overall bank rating of 3.7 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. Its checking accounts and overall banking experience and access scored the highest. Here’s how the company scores in each of our review categories:

Truist Bank Review: Services, Pros and Cons (June 2024) (1) Flip Card Truist Bank

Truist Bank Rating 3.7 / out of 5 stars

Rating breakdown

Banking Experience and Access Truist Bank has over 2,000 branch locations and 3,000 ATM locations. 4 / 5

Checking Neither of Truist’s checking accounts charge overdraft fees, returned item fees, negative account balance fees or overdraft protection transfer fees. 4.1 / 5

Savings Truist offers very small APYs on its savings accounts. 3.7 / 5

Certificate of Deposits (CDs) A Truist CD can only be opened at an in-person branch. 3.1 / 5

Money Market Accounts A Truist money market account has a standard APY that is much lower than the national average. 3.4 / 5

*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Truist for comment on its overall rating and savings account, CD and money market account scores but did not receive a response.

Truist vs. Other Top Banks

Truist doesn’t have the physical presence of other major financial institutions such as Chase Bank, Wells Fargo and Bank of America since Truist only operates in 17 states and Washington, D.C. It also has fewer in-network ATMs than other large financial institutions.

Apart from its high promotional CD rates, Truist lacks high interest-bearing savings options. However, it does offer a money market account, which Chase, Wells Fargo and Bank of America don’t offer.

TruistChaseWells FargoBank of America
Our rating3.743.84
Number of branch locations2,000+4,7004,6003,800
Number of ATM locations3,00015,000+11,00015,000
Available deposit productsChecking, savings, CDs, money marketChecking, savings, CDsChecking, savings, CDsChecking, savings, CDs
No-fee checking account option?*YesYesYesYes

>> Related: Learn more about the best online banks

Overview of Truist Bank: Pros and Cons

Truist is the seventh-largest bank in the United States with over $535 billion in assets. It achieved this size thanks to the BB&T and SunTrust merger in 2019. These former banks have long histories — BB&T has roots going back to 1872 and SunTrust was established in 1891.

Truist is based in Charlotte, N.C., and has a somewhat small footprint with branches in Washington, D.C., and the following 17 states:


Lots of choices: Truist Bank offers customers a wide array of financial products.

Location, location, location: In the states where it operates, Truist has plenty of branch and ATM locations.

Earn relationship rewards: Truist One Checking customers can earn more cash back and other perks depending on their combined monthly balance across eligible Truist accounts.

Overdraft relief: There are no overdraft fees, but there is a negative balance buffer for Truist One checking accounts.


In limited states: The bank has a limited physical presence, as Truist is primarily in the southeastern U.S.

Lower interest rates on savings products: Truist has lower interest rates on savings and money market accounts than many competitors.

CDs can be hard to get: To get a CD, you must open an account in a branch.

Who Is Truist Bank Best For?

Truist Bank is best for someone who lives near a branch. That way, consumers can take advantage of all of its financial products. While Truist offers a lot of services no matter where someone lives, consumers must open a CD at a physical branch.

>> Related: Learn more about the best CD rates

Truist Bank Products

Truist offers numerous financial products, including checking accounts, savings accounts, CDs, money market accounts, credit cards, personal loans, auto loans, mortgages, insurance and investing accounts. Alongside its normal consumer offerings, Truist provides small business, corporate and wealth management solutions.

Truist Mobile, the bank’s phone app, automatically includes Zelle functionality. There are more than 2,000 Truist Bank branch locations and 3,000 ATMs. Customer service over the phone is available on weekdays from 8 a.m. to 8 p.m. ET and on Saturdays from 8 a.m. to 5 p.m. ET, but is closed on Sundays.

*APY accurate as of June 17, 2024

Truist Checking Accounts

Truist Bank Review: Services, Pros and Cons (June 2024) (2)


Truist Checking Account Overview

We rate Truist checking accounts 4.1 stars. There are two types of checking accounts: Truist One Checking accounts and Truist Confidence Accounts.

Both checking account options don’t charge overdraft fees, returned item fees, negative account balance fees or overdraft protection transfer fees.

Pros and Cons

Pros Multiple options: There are two different checking accounts offered, including an option designed for younger bankers. No overdraft fees: Both checking accounts charge no overdraft fees or returned item fees. Waivable monthly fees: Both checking accounts have monthly fees that are easily waivable. Potential rewards: The Truist One Checking account is eligible for relationship perks, allowing you to earn rewards depending on your balance level tier. Cons Limited perks and features: The Truist Confidence Account is not eligible for relationship rewards, and it doesn’t offer paper checks. No interest earned: Neither checking account earns interest.

Truist Checking Account Options

Truist One Checking Account

This account requires a $50 deposit to open. It also has a $12 monthly maintenance fee that can be waived if you meet one of the following requirements:

  • Have $500 or more in qualifying direct deposits in a given month
  • Have a $500 combined monthly average balance across all eligible Truist accounts
  • Have either a Truist credit card, consumer loan or mortgage loan (except a Truist LightStream loan)
  • Have a Truist small business checking account linked to your Truist One Checking
  • Are a student under 25 years old

A negative balance buffer is a major benefit of Truist One checking accounts. With it, customers can overdraft their accounts up to $100 without incurring fees. Customers are eligible so long as they receive $100 of direct deposits per month for two months in a row, the account is open for more than 35 days and the account otherwise has a positive balance.

Truist One Checking account perks depend on a customer’s benefit level, which is determined by the combined average monthly balance of a customer’s Truist accounts. There are five benefit levels, each with different balance requirements:

  • Level 1 ($0 to $9,999)
  • Level 2 ($10,000 to $24,999.99)
  • Level 3 ($25,000 to $49,999.99)
  • Level 4 ($50,000 to $99,999.99)
  • Level Premier ($100,000 and above)

As the balance increases, perks such as additional cash back for Truist credit cards, out-of-network ATM fee waivers and free or reduced checkbook reorders increase as well.

Truist Confidence Account

Truist Confidence checking accounts have a $5 maintenance fee which can be waived if an account holder is able to meet one of the following requirements:

  • Receives $500 in monthly direct deposits
  • Makes 10 debit card transactions per statement cycle
  • Is a student younger than 25 years old

Truist Confidence checking accounts require a $25 initial deposit to open — half as much as Truist One Checking accounts require. However, unlike the Truist One Checking account, Truist Confidence checking accounts don’t offer a $100 negative balance buffer. Instead, charges above the account balance are usually declined. Truist Confidence account holders also can’t write paper checks.

Level benefits don’t apply to Truist Confidence accounts either, though this may not be an issue for some because the account is designed for people who have trouble qualifying for checking accounts or are new to banking.

Truist Savings Accounts

Truist Bank Review: Services, Pros and Cons (June 2024) (3)


*APY accurate as of June 17, 2024

Truist Savings Account Overview

We rate Truist savings accounts 3.7 stars. There are two types of accounts: Truist One Savings and Truist Confidence Savings.

Both accounts offer a negligible annual percentage yield (APY). This savings rate is on par with some larger banks, such asChase Bank, but it’s significantly lower than the Federal Deposit Insurance Corp. (FDIC)’snational average savings account rate of 0.45%. On top of that, many top high-yield savings accountsoffer over 4.00% APY.

Customers can get overdraft protection for their checking account by linking either Truist savings account. The first six withdrawals in a given statement cycle are free, after which there’s a $5 fee per withdrawal.

Pros and Cons

Pros Multiple options: Truist offers two savings account options, including an option designed for younger bankers. Overdraft protection: In addition to no overdraft-related fees, you can link your checking and savings accounts for automatic overdraft protection. Cons Low interest rates: Both Truist savings accounts offer very low APYs, much lower than the national average savings account rate. No high-yield option: Truist doesn’t offer a high-yield savings account. Limited withdrawals: The first six withdrawals each statement cycle are free, then $5 fee per withdrawal.

Truist Savings Account Options

Truist One Savings

Truist One Savings accounts have a $5 monthly service fee which can be waived if you meet one of the following:

  • Have a related Truist checking account
  • Maintain a $300 minimum daily balance
  • Set up one automated transfer of $25 or more per month from another Truist account
  • Are under 18 years old
Truist Confidence Savings

Truist Confidence Savings has no monthly maintenance fee, but you’ll need a Truist Confidence Checking account to open.

Truist CDs

Truist Bank Review: Services, Pros and Cons (June 2024) (4)


*APY accurate as of June 17, 2024

Truist CD Overview

We give Truist CDs 3.1 stars. Truist only advertises two CD terms and rates on its website, so you’ll have to visit a branch or call for a list of terms and rates available in your location. CDs can only be opened in person at a branch, making them inaccessible to those outside of Truist’s dominantly-southeastern U.S. footprint.

Early withdrawal penalties may be applied to withdrawn amounts. The penalty depends on the CD term:

  • Less than three months:All interest earned is forfeited or there’s a $25 fee, whichever is greater
  • Three months to one year:Three months’ worth of simple interest or $25, whichever is greater
  • 13 months to 23 months:Six months of simple interest or $25, whichever is greater
  • 24 months or more:12 months of simple interest or $25, whichever is greater

Pros and Cons

Pros High-yield CDs: Truist offers some high-yield CDs with competitive rates. Wide variety of terms: Truist advertises terms ranging from seven days to five years, which can suit different personal finance goals. Cons Can’t apply for CDs online: CDs can only be opened in person at a branch. Limited CD information online: Unlike other banks, which show all of their available CD terms and rates online, Truist requires customers to visit a local branch or call for a list of CD terms and rates that may be available to them. High minimum deposit for short-term CDs: CDs terms from seven days to 31 days have a higher $2,500 minimum deposit.

Truist CD Options

CD terms vary from seven days to five years. CDs with terms ranging from seven days to 31 days have a $2,500 minimum deposit, while CDs ranging from 32 days to five years require a $1,000 minimum deposit.

Although promotional rates could be available in your area, the lack of online transparency makes choosing a Truist CD difficult. However, consumers who value in-person banking may not consider this an issue. Plus, Truist CDs are typically considered when determining a customer’s benefit level for relationship rewards.

Truist Money Market Account

Truist Bank Review: Services, Pros and Cons (June 2024) (5)


*APY accurate as of June 17, 2024

Truist Money Market Account Overview

Based on our methodology, we give Truist money market accounts 3.4 stars. Truist money market accounts earn an APY that’s much lower than the national average money market interest rate of 0.67%. However, new account holders may be able to earn a higher APY that’s competitive with thetop money market account rates.

Pros and Cons

Pros Easily waivable monthly fee: The $12 monthly fee is waivable with a $1,000 minimum daily balance. Overdraft protection: You can link a Truist checking account to your money market account to set up automatic overdraft protection. More flexibility: This account comes with a debit card and check-writing capabilities. Cons Low standard interest rate: Truist’s standard APY is much lower than the national average. High rate only for new accounts: Truist advertises a high APY for new money market accounts only, and states that this rate may change at any time, including after account opening. Limited withdrawals: Withdrawals are limited to six per statement cycle, then a $15 withdrawal fee applies.

Truist Money Market Account Options

Truist offers one money market account. There’s a $50 minimum deposit to open a money market account and a $12 monthly service fee, which can be waived by maintaining a $1,000 minimum balance per day.

This account also comes with a debit card and checks, but there’s a limit of six withdrawals per statement cycle (then a $15 withdrawal fee). You can also link your checking account to this account to set up overdraft protection.

Truist Reputation and Customer Satisfaction

Truist receives an A+ rating from the Better Business Bureau (BBB). Bauer Financial also recommends it, giving Truist 4 out of 5 stars, which is an “excellent” rating. The Truist mobile banking app receives mostly positive feedback from users, too, with 4.8 out of 5 stars on Apple’s App Store and 4.7 out of 5 stars on Google Play.

However, Truist does have some dings on its reputation. For example, the 2019 merger, which created Truist, didn’t go smoothly for some customers. WRIC 8News reported customer complaints such as disappearing transactions and hours-long customer service phone hold times in 2022. Similarly, WCNC Charlotte reported in 2023 that customers weren’t able to use their old or new Truist credit cards due to “service disruptions.”

Our team reached out to Truist for comment on WRIC 8News’ and WCNC Charlotte’s reports and did not receive a response.

Additionally, Kelly King, Truist Chairman and CEO, has publicly issued an apology for Truist’s role in perpetuating and profiting off of slavery. The apology was first released as an employee memo in July 2020 in response to internal discussions about systematic racism and the racially-motivated murders of Ahmaud Arbery, Breonna Taylor and George Floyd.

In response, the bank has launched two leadership groups to “help shape and guide [Truist’s] long-term actions” and has pledged increased community involvement and investment.

The Bottom Line: Is Truist Right for You?

Truist offers accessible checking accounts and unique opportunities for customers to earn rewards depending on their balance tier across their accounts. It also has a highly rated mobile app and an A+ BBB rating. But controversy and customer complaints are a part of Truist’s reputation.

Still, underbanked people and students may be good candidates for banking with Truist. Though its offerings have room for improvement — particularly with its low interest-bearing savings products — Truist is a decent option for people within its geographic footprint.

>> Related: Learn more about the best bank promotions

FAQ: Truist Reviews

Truist may be a good bank for those who live near one of its branches and value in-person banking. Students and people who have trouble qualifying for traditional bank accounts may find a lot of value at Truist as well.

Truist Bank is considered to be a safe bank because it’s insured by the FDIC. That means people who deposit up to $250,000 (per account category) are protected by the federal government and have no need to worry about a bank’s failure.

Truist Bank is not the same bank as BB&T, but it shares history with BB&T. BB&T and SunTrust Bank merged in 2019 to form Truist. Truist is now one of the largest banks in the U.S. with over $535 billion in assets.


Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.

  • Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
  • Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
  • Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
  • Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.

*Data accurate at time of publication

If you have feedback or questions about this article, please email the MarketWatch Guides team

Truist Bank Review: Services, Pros and Cons (June 2024) (6)

Myriam Robinson-PucheContributor

Myriam is a personal finance writer based in Brooklyn, New York. The foundation of her financial knowledge comes from developing financial plans for over 100 clients.

Truist Bank Review: Services, Pros and Cons (June 2024) (7)

Jared MacarinEditor

Jared is an editorial veteran who joined Home Solutions after more than 20 years in the newspaper industry. He has written, edited or designed more than 50 newspapers across the country, winning numerous awards. Jared has also edited and wrote for Forbes Advisor, Lending Tree, The Streamable and Lonely Planet. When he isn’t working, Jared enjoys spending time with his wife on outdoor adventures, watching sports and reading.

Truist Bank Review: Services, Pros and Cons (June 2024) (2024)


What are the disadvantages of Truist Bank? ›

  • Fees often apply. Truist checking charges monthly fees that can be waived if you meet direct deposit requirements, such as having other eligible accounts with Truist or you're a student under the age of 25.
  • This account earns zero interest. ...
  • You need a certain balance to get most of the rewards.
Jun 14, 2024

What is the rating for Truist Bank? ›

Overall, Truist earns 3.7 out of 5 stars, with its checking accounts standing out for no overdraft fees and easily waivable account maintenance fees.

How stable is Truist Bank? ›

The trend for all ratings is Stable. The Intrinsic Assessment (IA) for the Bank is AA, while its Support Assessment remains SA1. The Company's Support Assessment is SA3 and its Long-Term Issuer Rating is positioned one notch below the Bank's IA.

What is the risk of Truist Bank? ›

Industry Comparison
CompanyESG Risk RatingIndustry Rank
Truist Financial Corp.17.3 Low193 out of 1050
Axis Bank Ltd.19.6 Low266 out of 1050
U.S. Bancorp24.9 Medium465 out of 1050
Industrial Bank Co., Ltd.27.6 Medium630 out of 1050
1 more row

Why is Truist falling? ›

Truist's net interest income declined 4.2% to $3.43 billion, missing expectations, and net income margin slid 7 basis points (bps). The bank blamed “lower earning assets and higher funding costs.” However, noninterest income jumped 6.1% to $1.45 billion on higher investment banking and trading income.

Is my money safe with Truist Bank? ›

Truist Bank is also a member of the FDIC, which insures up to $250,000 per account type, per depositor. Yes. Truist is the result of a 2019 merger, but both prior institutions have been around for more than 100 years.

Is Truist under review? ›

Truist Financial's TFC ratings, which were under review, have been downgraded by Moody's. The rating agency has lowered all the long-term ratings and assessments for TFC. The company's long-term senior unsecured debt has been downgraded to Baa1 from A3.

Where does Truist Bank rank nationally? ›

List of largest banks in the United States
RankBank nameMarket capitalization (billions of US$ as of 12/31/2023)
9Truist Financial$49.24
10TD Bank, N.A.$100.30
11Charles Schwab Corporation$125.39
12Capital One$49.94
69 more rows

What is the safest bank to bank with? ›

JPMorgan Chase, the financial institution that owns Chase Bank, topped our experts' list because it's designated as the world's most systemically important bank on the 2023 G-SIB list. This designation means it has the highest loss absorbency requirements of any bank, providing more protection against financial crisis.

Is Truist Bank at risk of bankruptcies? ›

The Probability of Bankruptcy of Truist Financial Corp (TFC) is 20.1% . This number represents the probability that TFC will face financial distress in the next 24 months given its current fundamentals and market conditions.

Should I bank with Truist? ›

The bottom line: Truist was formed in 2019 through a merger of two banks, BB&T and SunTrust. Today, Truist Bank is among the top 10 largest banks in the U.S. Truist has a good basic checking account but its savings rates are generally low.

Which is better Wells Fargo or Truist? ›

Truist ranked 12th out of 27 banks and fintech companies, with a 728 score out of a possible 1,000. Meanwhile, Wells Fargo was 17th with a 714 score — which was the national average score.

Is Truist having financial problems? ›

Truist Financial's odds of distress is over 60% at the present time. It has an above-average probability of going through some form of financial straits in the next 2 years.

What is the financial status of Truist? ›

Earnings & Estimates Truist Financial Corp.
Qtr. EPS Est. +0.63 Q2 2024Qtr. Year Ago +0.92 Q2 2023
Ann. EPS Est. +3.21 FY 2024Ann. Year Ago -1.09 FY 2023
Next Report 07/22/2024Last Report 04/22/2024
Fiscal Yr Ends December 31No. of Analysts 14

Is Truist an ethical bank? ›

At Truist, we live our core values of trustworthy, caring, one team, success, and happiness. These values ensure we conduct business in a way that upholds high ethical standards to build upon our foundation of integrity and principled business conduct.

Which bank is better, Wells Fargo or Truist? ›

Truist was ranked ninth again with a score of 624 out of a possible 1,000. Although the score was 29 points below the industry average of 653, it represented a 19-point increase from 2022. Wells Fargo remained eighth with a 625 score, unchanged from 2022.

How does Truist rank in banking? ›

Truist formed in 2019 when SunTrust and BB&T merged, creating the eighth-largest bank in the U.S. Now, Truist's headquarters is in Charlotte, N.C., and the bank offers personal banking, business banking and commercial banking for large businesses.

Why is Truist Bank under review? ›

Moody's also highlighted concerns related to Truist's asset liability and interest rate risk management. The bank incurred substantial unrealized losses on its investment portfolio as the Federal Reserve raised the interest rates over the past two years, indicating weaknesses in risk management practices.

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