Truist Bank Review [2024]: Full-Service Perks, Low APYs

Truist One Checking - $400 Bonus

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Truist One Checking Benefits

• New checking clients can earn a $400 bonus with qualifying activities¹ <p><b><u>Terms and Conditions for the $400 Truist One Checking Affiliate Offer 1: AFL2425TR1400</u></b></p> <p><b><u>Offer Information</u></b>: Open a new Truist One Checking account <b><u>online</u></b> from 10/31/24 through 4/30/25, receive at least 2 qualifying Direct Deposits* totaling $1,000 or more within 120 days of account opening and earn $400.</p> <p> Account must be opened online. Enrollment in the promotion is required at the time of account opening using promo code <b>AFL2425TR1400</b>. Please refer to the Account Opening and Enrollment section below for full instructions.</p> <p>*A qualifying Direct Deposit is an electronic credit (greater than $0.00) of your salary, pension, Social Security or other regular monthly income deposited into your new checking account by your employer or outside agency. Transfers made from one account to another, or deposits made via a branch, ATM, online transfer, mobile device, debit/prepaid card number or the mail are not eligible direct deposits.</p> <p><b><u>Offer Eligibility</u></b>: Clients that are the primary account holder on an existing personal checking account with Truist or who have closed a personal checking account with Truist on or after 10/31/23 are not eligible to participate. Offer valid for Truist One Checking accounts only. Primary account holder must be 18 or older at the time of account opening. Truist employees, Directors, Officers, and Local Boards/Advisors are not eligible. Offer available only to US residents with a valid US taxpayer identification number. The qualifying checking account must be opened online and have a mailing address in: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.</p> <p><b><u>Reward Processing</u></b>: The reward will be deposited to the new checking account within 4 weeks after the qualification requirements have been met and verified. The new checking account must be open and in good standing with a balance of at least $0.01 at the time of Truist verification and until the reward is deposited to receive the reward. Truist verification will occur one time after the qualification requirements are initially met. Promotion is only applicable once per checking account and per client. Truist may report the value of any offer reward received to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.</p> <p><b><u>Reward Forfeiture</u></b>: Reward forfeiture will occur if: (1) the checking account is changed to an account type not included in this client offer, (2) the checking account is closed prior to the reward being deposited, or (3) the new checking account has a $0.00 or negative available balance at the time Truist verifies the qualification requirements have been met.</p> <p><b><u>Other Terms</u></b>: Minimum opening deposit is $50. The offer is non-transferable, may not be combined with any other checking offers, is subject to change, and may be discontinued at any time. Truist reserves the right in our sole discretion to prohibit a reward payout to non-eligible individuals for any offers claimed through third-party websites with no affiliation or prior authorization from Truist. All promotional payouts will be processed no later than 1/31/26 at which point this promotion (and any related disbursements) will be considered final, and no further disbursements will be made.</p> <p><b><u>Account Opening & Enrollment Instructions</u></b>: To open and enroll your new account in the promotion, visit the offer website and click on “Open an account online.” Enter AFL2425TR1400 into the promo code field provided, review the offer Terms and Conditions, and then select “Accept Offer”. Accounts opened without the promo code applied will not be eligible to participate in the offer. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800.709.8700.</p> <p>Version 3 10022024 <b>AFL2425TR1400</b></p>
• No overdraft fee to worry about
• Minimum opening deposit is just $50
• $100 Negative Balance Buffer² <p>The $100 Negative Balance Buffer is only available with Truist One Checking and allows eligible clients to overdraw their account up to $100.</p> <p>All eligibility requirements below must be met to initially qualify for the $100 Negative Balance Buffer:</p> <ul> <li>Account must be opened for a minimum of 35 calendar days</li> <li>Account must be funded and have a positive balance</li> <li>A single direct deposit of at least $100 per month must be made for 2 consecutive months</li> </ul> <p>To remain qualified for the $100 Negative Balance Buffer, the requirement below must be met:</p> <ul> <li>A recurring direct deposit of at least $100 per month</li> </ul> <p>For accounts that qualify for the $100 Negative Balance Buffer and also have Overdraft Protection, Truist will use the $100 Negative Balance Buffer first. If the account has neither, transactions that exceed the account balance will typically be declined or returned.</p> for eligible clients
• Ways to waive the monthly maintenance fee³ <p>The Monthly Maintenance Fee (MMF) can be waived for the Truist One Checking account for each statement cycle by:</p> <p><b>Option 1: Making $500 or more in total qualifying Direct Deposits per statement cycle.</b> A qualifying direct deposit is an electronic credit via ACH deposited to your account during the current statement cycle. Pre-authorized transfers made from one account to another or deposits made via a branch, ATM, online transfer, mobile device, debit card/prepaid card number or the mail are not eligible to meet this requirement.</p> <p><b>Option 2: Maintaining a total combined ledger balance of $500 or more in any Truist related accounts across personal deposits and all investments as reflected on the business day before your statement cycle end date.</b>A Ledger Balance is actual balance in your account on a specific day and does not reflect any holds or pending transactions. Your Total Combined Balance is the sum of all balances within the Truist personal deposit accounts (checking, savings, money market or CDs), IRAs or brokerage accounts introduced through Truist Investment Services, Inc. Related Accounts automatically includes all applicable accounts associated with primary and secondary account holders.</p> <p><b>Option 3: Having a personal Truist credit card, mortgage or consumer loan, excluding LightStream®. </b></p> <p><b>Option 4: Having a linked Small Business Checking Account.</b> Eligible Small Business account types include: Truist Dynamic Checking, Business Interest Checking, Simple Business Checking and Business Value 200.</p> <p><b>Option 5: Maintenance fees waived for students under the age of 25.</b> Waiver for a student under the age of 25 requires that they are listed as the primary owner. The waiver is applied automatically at account opening and expires on the 25th birthdate of the student or their stated graduation date, whichever comes later. On this date, the account is subject to all applicable fees, including the Monthly Maintenance Fee unless at least one waiver criterion is satisfied.</p> <p><b>Option 6: Primary account owner is age 62 and older.</b></p> <p>Truist Bank, Member FDIC. ©2024, Truist Financial Corporation. Truist, Truist Purple and the Truist Logo are service marks of Truist Financial Corporation.</p>
• Member FDIC

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open a Truist One Checking account here

What is Truist?

Truist is a brick-and-mortar bank that resulted from the merger of SunTrust and BB&T in 2019. When these two established banks came together, the institution rebranded as Truist. Today, Truist is the eighth-largest commercial bank by asset size (just ahead of Capital One and behind Goldman Sachs), with over $500 billion in assets. It has over 1,900 branches in 17 states. This is a respectable footprint, but it pales in comparison to giants Chase and Bank of America.

Despite its considerable size, Truist doesn’t offer banking services to everyone. Some of its products are only available in certain states, and some require visiting a branch to open.

Who is Truist Bank best for?

• People who live near a branch
• Students looking for a checking account
• People looking for a full-service bank

You can visit one of over 2,000 Truist branch locations in the U.S. if you prefer face-to-face customer support over digital banking. Access to in-person locations sets Truist apart from online-only banks, but it’s worth noting that Truist branches are only in 17 states.

In addition to its lineup of checking and savings accounts, Truist also offers credit cards, loans, and retirement accounts. But if you decide to do a lot of your banking with Truist because you prioritize convenience, know that you’ll likely face more monthly fees and potentially lower APYs than you’d get with many of the best banks.

Who Truist might not be right for

• People who want to avoid monthly fees
• People looking for savings accounts
• People who bank primarily online or from a mobile device

Truist is a poor choice for avoiding monthly maintenance fees, as many of us try to do. Even though you can waive most monthly fees by meeting requirements, you shouldn’t have to. There are enough fee-free bank accounts to make settling for waivable fees not worth it. And whether you waive the fees or not, you won’t earn high rates on your accounts.

And although Truist has thousands of branches, people in most of the country won’t live near one. For comparison, PNC Bank is not that much larger than Truist in terms of its assets and branch network, but it operates in 28 states.

Truist Bank checking

Truist offers two checking accounts: One Checking and Confidence. Neither account charges overdraft fees, which sets them apart from accounts with many big banks. They also have low deposit requirements, though many other checking accounts have lower or no minimums.

Truist One Checking

Truist One Checking requires $50 to open, but you may need to aim for a higher balance to avoid a $12 monthly fee.

This fee can be waived in five different ways:

1. Make $500 or more in total qualifying direct deposits per statement cycle.
2. Maintain a combined monthly average balance of $500 or more across eligible Truist bank accounts.
3. Have an eligible personal Truist credit card, mortgage, or consumer loan.
4. Have a linked small business checking account.
5. Be a student under 25 years old.

I might recommend this as a student checking account because that’s an easy way to waive the fee.

An interesting feature of Truist One Checking is that you can receive more benefits as your combined monthly average balance increases⁴ <p>Most Truist One checking accounts start in Level 1 upon account opening and can begin increasing levels following the first month. Thereafter, Truist One Checking levels are determined by the balance in your Truist One Portfolio (“Portfolio”). Your Portfolio includes all eligible Truist consumer deposit balances in your checking accounts, savings, Certificates of Deposit, IRAs and/or all investments through Truist Investments Services, Inc. where you are the primary or secondary account owner. For each of your accounts used in the Portfolio, we use the monthly average ledger balance. We then take the sum of all of these accounts to determine the Portfolio balance for the month. Each month, your level is based on the highest Portfolio value of the three previous months.</p> <p>Leveling up can occur on a monthly basis but leveling down can only occur on a three-month basis.</p> <p>Accounts that are opened with a company ID code through a company sponsored Financial Wellness program start at Level 2; Clients identified as Truist Teammates, Premier clients, and Wealth clients start at Level Premier. The monthly maintenance fee waiver and any other associated benefits can take up to two (2) business days to take effect. NOTE: Truist Dynamic Business Checking linkage will be checked on the 2nd business day of the month when levels are calculated. If clients have a linked Dynamic Business Checking account, they will be granted Level Premier.</p> . There are five incremental levels with decent benefits, like certain waived fees and loyalty bonuses. If you’re into relationship banking, this isn’t a terrible option. But you’ll need at least $100,000 for the best tier, and other banks for high-net-worth customers have much better perks.

Truist One Checking - $400 Bonus

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Truist One Checking Benefits

• New checking clients can earn a $400 bonus with qualifying activities¹ <p><b><u>Terms and Conditions for the $400 Truist One Checking Affiliate Offer 1: AFL2425TR1400</u></b></p> <p><b><u>Offer Information</u></b>: Open a new Truist One Checking account <b><u>online</u></b> from 10/31/24 through 4/30/25, receive at least 2 qualifying Direct Deposits* totaling $1,000 or more within 120 days of account opening and earn $400.</p> <p> Account must be opened online. Enrollment in the promotion is required at the time of account opening using promo code <b>AFL2425TR1400</b>. Please refer to the Account Opening and Enrollment section below for full instructions.</p> <p>*A qualifying Direct Deposit is an electronic credit (greater than $0.00) of your salary, pension, Social Security or other regular monthly income deposited into your new checking account by your employer or outside agency. Transfers made from one account to another, or deposits made via a branch, ATM, online transfer, mobile device, debit/prepaid card number or the mail are not eligible direct deposits.</p> <p><b><u>Offer Eligibility</u></b>: Clients that are the primary account holder on an existing personal checking account with Truist or who have closed a personal checking account with Truist on or after 10/31/23 are not eligible to participate. Offer valid for Truist One Checking accounts only. Primary account holder must be 18 or older at the time of account opening. Truist employees, Directors, Officers, and Local Boards/Advisors are not eligible. Offer available only to US residents with a valid US taxpayer identification number. The qualifying checking account must be opened online and have a mailing address in: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.</p> <p><b><u>Reward Processing</u></b>: The reward will be deposited to the new checking account within 4 weeks after the qualification requirements have been met and verified. The new checking account must be open and in good standing with a balance of at least $0.01 at the time of Truist verification and until the reward is deposited to receive the reward. Truist verification will occur one time after the qualification requirements are initially met. Promotion is only applicable once per checking account and per client. Truist may report the value of any offer reward received to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.</p> <p><b><u>Reward Forfeiture</u></b>: Reward forfeiture will occur if: (1) the checking account is changed to an account type not included in this client offer, (2) the checking account is closed prior to the reward being deposited, or (3) the new checking account has a $0.00 or negative available balance at the time Truist verifies the qualification requirements have been met.</p> <p><b><u>Other Terms</u></b>: Minimum opening deposit is $50. The offer is non-transferable, may not be combined with any other checking offers, is subject to change, and may be discontinued at any time. Truist reserves the right in our sole discretion to prohibit a reward payout to non-eligible individuals for any offers claimed through third-party websites with no affiliation or prior authorization from Truist. All promotional payouts will be processed no later than 1/31/26 at which point this promotion (and any related disbursements) will be considered final, and no further disbursements will be made.</p> <p><b><u>Account Opening & Enrollment Instructions</u></b>: To open and enroll your new account in the promotion, visit the offer website and click on “Open an account online.” Enter AFL2425TR1400 into the promo code field provided, review the offer Terms and Conditions, and then select “Accept Offer”. Accounts opened without the promo code applied will not be eligible to participate in the offer. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800.709.8700.</p> <p>Version 3 10022024 <b>AFL2425TR1400</b></p>
• No overdraft fee to worry about
• Minimum opening deposit is just $50
• $100 Negative Balance Buffer² <p>The $100 Negative Balance Buffer is only available with Truist One Checking and allows eligible clients to overdraw their account up to $100.</p> <p>All eligibility requirements below must be met to initially qualify for the $100 Negative Balance Buffer:</p> <ul> <li>Account must be opened for a minimum of 35 calendar days</li> <li>Account must be funded and have a positive balance</li> <li>A single direct deposit of at least $100 per month must be made for 2 consecutive months</li> </ul> <p>To remain qualified for the $100 Negative Balance Buffer, the requirement below must be met:</p> <ul> <li>A recurring direct deposit of at least $100 per month</li> </ul> <p>For accounts that qualify for the $100 Negative Balance Buffer and also have Overdraft Protection, Truist will use the $100 Negative Balance Buffer first. If the account has neither, transactions that exceed the account balance will typically be declined or returned.</p> for eligible clients
• Ways to waive the monthly maintenance fee³ <p>The Monthly Maintenance Fee (MMF) can be waived for the Truist One Checking account for each statement cycle by:</p> <p><b>Option 1: Making $500 or more in total qualifying Direct Deposits per statement cycle.</b> A qualifying direct deposit is an electronic credit via ACH deposited to your account during the current statement cycle. Pre-authorized transfers made from one account to another or deposits made via a branch, ATM, online transfer, mobile device, debit card/prepaid card number or the mail are not eligible to meet this requirement.</p> <p><b>Option 2: Maintaining a total combined ledger balance of $500 or more in any Truist related accounts across personal deposits and all investments as reflected on the business day before your statement cycle end date.</b>A Ledger Balance is actual balance in your account on a specific day and does not reflect any holds or pending transactions. Your Total Combined Balance is the sum of all balances within the Truist personal deposit accounts (checking, savings, money market or CDs), IRAs or brokerage accounts introduced through Truist Investment Services, Inc. Related Accounts automatically includes all applicable accounts associated with primary and secondary account holders.</p> <p><b>Option 3: Having a personal Truist credit card, mortgage or consumer loan, excluding LightStream®. </b></p> <p><b>Option 4: Having a linked Small Business Checking Account.</b> Eligible Small Business account types include: Truist Dynamic Checking, Business Interest Checking, Simple Business Checking and Business Value 200.</p> <p><b>Option 5: Maintenance fees waived for students under the age of 25.</b> Waiver for a student under the age of 25 requires that they are listed as the primary owner. The waiver is applied automatically at account opening and expires on the 25th birthdate of the student or their stated graduation date, whichever comes later. On this date, the account is subject to all applicable fees, including the Monthly Maintenance Fee unless at least one waiver criterion is satisfied.</p> <p><b>Option 6: Primary account owner is age 62 and older.</b></p> <p>Truist Bank, Member FDIC. ©2024, Truist Financial Corporation. Truist, Truist Purple and the Truist Logo are service marks of Truist Financial Corporation.</p>
• Member FDIC

4.3

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open a Truist One Checking account here

Truist Confidence

The Truist Confidence checking account is designed for everyday purchases and transactions. It doesn’t include paper checks, but you won’t be charged overdraft fees either. It has a $5 monthly service fee, which is low, but many bare-bones checking accounts like this are free to open and maintain.

You can avoid this fee by meeting one of the following requirements:

• Make $500 or more in total deposits per statement cycle.
• Make 10 or more qualifying transactions per statement cycle.
• Be a student under 25 years old.

Truist Bank savings accounts

Truist offers two savings accounts, a money market account, and CDs. The Truist One Savings and Confidence Savings are savings accounts with low minimums.

For savings, Truist offers way below-average APYs. According to current FDIC data, the national average rate on savings accounts is 0.43% (as of 11/18/24)⁶ <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 10/21/24.</p> . While some of the best high-yield savings accounts offer rates ten times greater than this, Truist pays 0.01% (as of 12/16/24). CD rates are similarly poor.

Truist One Savings

APY: 0.01% (as of 12/16/24)

Truist One Savings requires a $50 deposit to open and has a $5 monthly maintenance fee. You can waive this by meeting one of the following requirements:

• Maintain a minimum daily ledger balance of $300 or more.
• Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into your Truist One Savings account.
• Be a minor under the age of 18.
• Have any related Truist checking product.

Overall, this is a very disappointing account. Since the rate you earn on your deposits is generally the most important factor when choosing a savings account, this isn’t worth opening.

4.8

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Earn up to 4.75% APY

Earn up to 4.75% APY⁷ <p>LevelUp Rate of 4.75% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.75% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 11/25/2024. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> when you open a new LevelUp Savings account and deposit $250+ per month. Member FDIC.

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5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn up to 4.00% APY⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.⁹ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> FDIC Insured.¹⁰ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

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Truist Confidence Savings

APY: 0.01% (as of 12/16/24)

Truist Confidence Savings account is a basic account with no monthly maintenance fees and a $25 minimum deposit requirement, but you’ll need a Truist Confidence checking account to open it.

This account could make sense if you have a checking account with Truist and want to avoid overdraft-related fees, returned item fees, and negative account balance fees.

Truist One Money Market

APY: 0.01% (as of 12/16/24)

Truist One Money Market accounts require you to maintain a $15,000 minimum daily ledger balance to waive a $12 monthly fee. This account earns a rock-bottom rate well below the national average of 0.60% (as of 11/18/24)⁶ <p>Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 10/21/24.</p> . Other money market accounts blow this one out of the water.

However, Truist may offer promotional APY rates from time to time for its Money Market account, so you could consider this account if you’re a current customer.

Truist CDs

APY: 0.05% (standard); 3.50% to 4.00% (promotional)

Terms: Seven days to 60 months (five years)

Truist offers CDs, but I strongly recommend against getting them. This is because you need to visit a branch to open one, and Truist’s standard CD rate is one of the lowest I’ve ever seen. It’s also the same for every term, which is highly unusual. Many banks offer better yields on certain terms, such as those less than a year or very long terms.

Truist CDs would provide the yields of a supremely bad savings account. The bank’s promotional rates are decent, though I prefer a bank with competitive yields across the board because I like to open different accounts when mine expire. For the best CD rates, check out online banks like Ally and Marcus by Goldman Sachs, as well as credit unions.

Additional Truist Bank products

As a full-service bank, Truist also provides:

• Credit cards
• Loans (including personal loans, auto loans, home equity lines of credit (HELOCs), mortgages, and more)
• Retirement accounts (including traditional and Roth individual retirement accounts (IRAs))
• Investing services
• Insurance
• Small business products and services
• Wealth management
• Commercial services

Truist mobile app

• App Store: 4.8 stars
• Google Play: 4.7 stars
• Total reviews: 1.1 million

The Truist Bank mobile app scores highly overall with customers, with star ratings similar to Capital One and Synchrony Bank (though Truist has far fewer reviews than Capital One and significantly more than Synchrony).

Truist customers have praised improvements to the digital platform and app since the merger, noting that it’s packed with helpful features. But updates seem to be a source of frustration as well. Some users complain that there are too many, that some rollouts cause more glitches, and that the app can be slow to load. I want to note that Truist representatives respond to many customer reviews, which I don’t see from every bank.

Alternatives to Truist Bank

SoFi®

If you’re looking for one solid bank account and care more about earning good rates and avoiding fees than anything else, I recommend SoFi. With a SoFi Checking and Savings account⁸ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> , you’ll have no monthly maintenance fees and no minimum opening deposit requirement.¹¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> Even better, this account provides up to 4.00%⁹ <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> APY with direct deposit. This is an online-only account with next to no banking fees and tons of banking perks, like early direct deposit¹² <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> and debit card roundups to help you save more.

SoFi doesn’t offer any other bank accounts, so it isn’t a good Truist alternative if you need to open a lot of accounts.

Visit SoFi or read our SoFi review.

Bank of America

If you’re looking for a big bank, Bank of America is generally a better option than Truist. It has more branches in more states than Truist, with over 3,700 locations. It also has account variety going for it, and you can open any bank account online. You’ll still have monthly fees to think about with Bank of America, but you can waive them with a higher relationship balance like you can with Truist. The Bank of America Preferred Awards program is also far more rewarding than Truist’s relationship banking program.

Bank of America isn’t right for you if you’re seeking high savings APYs or an institution with no monthly fees, but it’s a good choice for full-service and in-person banking.

Visit Bank of America or read our full Bank of America review.

FAQs

Bottom line

Truist is a large bank with various financial products and services. We like that you can manage all your different accounts under the same roof, and its well-rated mobile app makes that easier. However, this isn’t going to be a good bank for many people. Its APYs aren’t competitive, and almost all its accounts have monthly fees.

With limited features and too many restrictions, Truist banking doesn’t offer the customer experience I look for in a bank.

Rare Checking Account That Offers Cash Back

4.5

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Discover® Cashback Debit Benefits

• Earn 1% cash back on up to $3,000 in debit card purchases each month¹³ <p>See website for details.</p>
• No minimum deposit, no minimum balance, and no account fees
• Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
• 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

4.5

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

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