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This regional full-service bank lacks competitive deposit interest rates
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Lee Huffman is an expert on bank reviews with 18 years of experience as a financial planner and corporate finance manager. Lee has been writing about personal finance, credit cards, and travel rewards since 2012, with his work having appeared in outlets like Forbes, NerdWallet, and The Points Guy. He received his Bachelors in Business Management from Pepperdine University.
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Updated July 24, 2023
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BB&T Bank/Truist is one of the largest financial services companies in the U.S. It is headquartered in Winston-Salem, N.C., and operates more than 2,800 financial centers across 17 states and Washington, D.C.. It began as a small bank in 1872 and now has more than $230 billion in assets. In 2019 BB&T merged with SunTrust, another southeastern regional bank. This merger of equals created the seventh largest commercial bank in the U.S. The banks have integrated and renamed themselves Truist Bank. This in-depth review can help you decide if its deposit accounts are right for you. Pros & Cons Pros Open a checking or savings account with $100 or less Savings account with no minimum deposit or monthly fees Flexible options with CDs Cons Uncompetitive interest rates on deposit accounts Limited geographic footprint Company Overview Table of Contents BB&T Bank Review Pros Explained Cons Explained Best for Bank Offerings Other Products Customer Service How to Bank Final Verdict Methodology BB&T Bank should appeal to consumers living within the 17 states (and Washington, D.C.) where it has branches. It may be a good fit if you: As a large full-service regional bank, BB&T offers an extensive menu of accounts and services to its customers. For most deposit accounts customers can choose from several options that fit their needs and budget. BB&T Bank customers have several options for their checking needs. These include two standard checking accounts, a student account, a senior account, and a premium account. Customers using the bank’s ATM card can use any of its 2,400 ATMs without a fee. If you use another bank’s ATM, BB&T Bank will charge you $3 per transaction. There is one money market account available from BB&T/Truist. There are two savings accounts offered by BB&T. There are four types of CDs to choose from at BB&T. CDs renew automatically at maturity at the current rates. For terms less than 32 days, there is a one-day grace period to withdraw or change the term without penalty. All other CDs have a 10-calendar-day grace period. The bank charges an early withdrawal penalty if you withdraw money before the CD matures. Penalties vary depending upon the length of the CD term. As a large regional bank, BB&T Bank offers a variety of accounts and services to meet the needs of its customers: Customer service is available by phone at 1-800-226-5228, Monday through Friday from 8 a.m. to 8 p.m. EST. and Saturday from 8 a.m. to noon EST. It is closed on Sundays. There are more than 2,900 branches across 17 states (and Washington, D.C.) for you to speak with a banker in person. Branches are located along the East Coast and as far west as Texas. Your account is available 24 hours a day online and through BB&T’s mobile app, which is available for both Apple (4.8 stars, 346,400 ratings) and Android (4.7 stars, 56,699 ratings) mobile devices. The app allows you to view transaction history, personalize your accounts, pay bills, deposit checks, and more. It even has a budget feature that tracks your spending against your goals. General questions can be answered through BB&T Bank’s X (formerly Twitter) account. However, for security reasons, do not include your account number, Social Security number, or any other personally identifiable information. You can open an account online, over the phone, or at a branch, of which there are more than 2,900 available in Washington, D.C., and the following states: BB&T Bank is a full-service regional bank well suited for customers who live near one of its branches. It has most of the account types that a customer would want, but its interest rates are not competitive with other banks. That being said, the bank does offer multiple checking account options to meet your needs and budget. It would do well as a primary bank for day-to-day needs. Customers looking for high-yield savings accounts, money market accounts, and CDs should look elsewhere. BB&T Bank does offer tiered pricing for higher deposit levels, but the interest rates are much lower than the alternatives. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Truist. "Certificates of Deposit (CDs) Disclosure Information." Apple.com. "U by BB&T." Google.com. "U by BB&T." Twitter.com. "@BBT.":fill(white):max_bytes(150000):strip_icc()/bbt-d6ab86de2fa849909af3dc705d51f5cd.png "BB&T Bank Review (4)")
Pros Explained
Cons Explained
Who Is BB&T Bank Best for?
What Does BB&T Bank Offer?
Checking Accounts
BB&T/Truist BANK CHECKING ACCOUNTS ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY) Fundamentals Checking $50 $5 None Bright Checking $50 $12 None Student Checking $0 $0 None Money Market Accounts
BB&T/Truist BANK MONEY MARKET ACCOUNTS ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY) Truist One Money Market Account $50 $12 0.01% Savings Accounts
BB&T/Truist BANK SAVINGS ACCOUNTS ACCOUNT NAME MINIMUM OPENING DEPOSIT MONTHLY FEE ANNUAL PERCENTAGE YIELD (APY) Truist One Savings $50 $5 0.01% Truist Confidence Savings $25 $0 Not disclosed CDs
BB&T/Truist BANK CD RATES Term Tier APY Minimum Deposit 7 months $0–$9,999 5.00% $1,000 7 months $10,000–$49,999 5.00% $1,000 7 months $50,000–$99,999 5.00% $1,000 7 months $100,000–$99,999,999 5.00% $1,000 12 months $0–$9,999 4.50% $1,000 12 months $10,000–$49,999 4.50% $1,000 12 months $50,000–$99,999 4.50% $1,000 12 months $100,000–$99,999,999 4.50% $1,000 Other Financial Products Offered by BB&T Bank
BB&T Bank Customer Service
How to Bank With BB&T Bank
Final Verdict
Methodology
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