Truist Bank Review: Checking, Savings and CDs

Truist offers a checking account with no overdraft fees but its savings rates are low.
Ruth Sarreal
By Ruth Sarreal 
Edited by Yuliya Goldshteyn

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Truist Bank
  • Checking
  • Savings
  • Customer experience
  • Overdraft fees

Overall institution rating

3.5

NerdWallet rating 
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. It offers certificates of deposit, but because there is little information available about them online, they do not factor into this review.

Best for: Customers who want access to a big bank and don’t need to earn high rates.

Pros

  • No overdraft fees.
  • Large branch network.
  • Large, free, nationwide ATM network.

Cons

  • Monthly fees (though they are avoidable).
  • Low rates on savings accounts.

Full review

Checking

Truist One Checking
Truist One Checking

Checking

Member FDIC

3.0

/5
 NerdWallet rating 
Monthly fee
$12.00
Waived with direct deposit or $500 minimum balance
Bonus
N/A

High monthly fees that can be waived. Truist offers a couple of checking accounts, including One Checking, its standard account. This account requires a $50 minimum deposit to open. It charges a $12 monthly fee, but there are a few ways customers can avoid it:

  • Having monthly direct deposits totaling at least $500.

  • Keeping an average balance of at least $500 across Truist deposit and investment accounts each statement cycle.

  • Having a Truist credit card or loan or linked small-business checking account.

  • Being a student younger than 25.

Mobile banking convenience. Checking account holders have access to mobile banking, including online bill pay and money transfers through Zelle and a debit card that allows you to set spending limits.

Other checking options. In addition to One Checking, Truist offers a more basic account that doesn’t include paper checks and requires a smaller minimum deposit of $25 to open.

» Interested in a personal loan? See our review of Truist Bank Personal Loans

Savings

Truist One Savings
Truist One Savings

Savings

Member FDIC

3.0

/5
 NerdWallet rating 
APY
0.01%
With $0 min. balance for APY
Bonus
N/A

Low interest rates. Truist’s savings account earns a mere 0.01% annual percentage yield, comparable with what you’ll find at other big banks but much less than the best APYs available with online accounts.

The account can be linked to a checking account to support free overdraft protection transfers when there’s not enough money in checking to cover a transaction.

Several options to have monthly fee waived. Customers can avoid the $5 monthly fee on the Truist One Savings account by:

  • Maintaining a daily balance of at least $300.

  • Having an incoming recurring transfer of at least $25 per statement cycle.

  • Having a Truist checking account or being younger than 18.

You can find accounts that also have no monthly fees but offer higher interest rates elsewhere.

» Want to compare your options? Check out NerdWallet’s best savings accounts

Customer experience

4.0

NerdWallet rating 

Presence on the East Coast and in the South. Truist offers a network of almost 2,000 branches and nearly 3,000 ATMs in 15 states (and Washington, D.C.), concentrated on the East Coast and in the South.

Phone support six days a week. The bank offers live support by phone on weekdays from 8 a.m. to 8 p.m. ET and on Saturday from 8 a.m. to 5 p.m ET. Customers can also get help by reaching out on X (Twitter).

Overdraft fees

5.0

NerdWallet rating 

No overdraft fees. Truist has joined other banks that have eliminated or reduced overdraft fees. The Truist One Checking account doesn’t penalize customers for overdrafts, and overdraft protection transfers from a linked Truist deposit account are free. Transfers are also available from a line of credit with the bank, which has an 18% annual percentage rate, or a Truist credit card, with rates from 16.49% APR.

Overdraft buffer for eligible customers. Truist offers a $100 buffer to avoid overdrawing your account, but you’ll need to meet these requirements to qualify for the benefit:

  • Your account has to have been open for at least 35 days.

  • It must have a positive balance.

  • You must have a direct deposit of at least $100 for two consecutive months.

To maintain this benefit, you’ll need to have a recurring monthly direct deposit of at least $100. If your account has overdraft protection and also qualifies for the buffer, the bank will use the buffer first. If your account doesn’t have either of the options, transactions that would overdraw your account will generally be declined.

How does Truist Bank compare?

Chime Checking Account
Chime Checking Account

Deposits are FDIC Insured

NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

4.5

/5

Monthly fee 

$0

Monthly fee 

$0

Monthly fee 

$0

APY 

0.50%

With $0 min. balance for APY

APY 

N/A

APY 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Bonus 

$360

Up to $360 per year. See website for details.

Bonus 

N/A

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Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.