Table of Contents
Table of Contents
Compare Rates
Key Features
Pros and Cons
About
Alternatives
FAQs
Your Guide to CDs
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- Banking
- Certificates of Deposit (CDs)
Truist Bank offers a simple CD account with several potential interest rate tiers
By
Jessica Ullrich
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Full Bio
Jessica is an Associate Finance Editor on the Performance Marketing team at Investopedia and The Balance. She's been editing financial and business content for over a decade.
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Updated July 19, 2024
Reviewed by
Thomas J. Catalano
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Reviewed byThomas J. Catalano
Full Bio
Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018.Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.
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Fact checked by
Hans Daniel Jasperson
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Fact checked byHans Daniel Jasperson
Full Bio
Hans Daniel Jasperson has over a decade of experience in public policy research, with an emphasis on workforce development, education, and economic justice. His research has been shared with members of the U.S. Congress, federal agencies, and policymakers in several states.
Learn about our editorial policies
:max_bytes(150000):strip_icc()/Primary-Image-truist-cd-rates-april-2023-7482821-3e7aa98e434e433fb65b37c241c5c40c.jpg "Truist CD Rates: July 2024 (4)")
Truist Bank, which offers up to 4.5% on a 5-month certificate of deposit (CD) as of July 2024, has a large presence in the United States, though it's not in every state.
Created in 2019 after SunTrust and merged, Truist Bank is among the 10 largest banks in the country. Truist offers several deposit and savings accounts plus other financial products and services for its banking customers.
A simple certificate of deposit (CD) account is among its offerings. Although Truist may provide different CD rates to residents of different states, rates for each state and territory were the same as of publication. Here’s what to know about the Truist CD, its terms, features, and more.
Truist Bank CD Overview
| Truist Bank CD Rates | ||
|---|---|---|
| CD Term | APY | Minimum Deposit |
| 7 days to 60 months | up to 4.5% | at least $1,000 |
Compare Truist Bank CD Rates
Opening a CD instead of putting your funds in a savings account, including a high-yield savings account, can be a smart move if you’re comfortable with a longer-term investment.
CD rates, terms, minimum balance requirements, and other account features also vary depending on the lender you choose, how much you plan to deposit, and how long you plan to leave your money in the account.To find the best CD for you, start by comparing CD terms from Truist and other banks.
Truist Bank CD Rates: Key Features
| Truist Bank CD Key Features | |
|---|---|
| APY Range | up to 4.5% |
| Minimum Balance | $2,500 for terms from 7 to 31 days; $1,000 for terms from 32 days to 60 months |
| Term Range | 7 days to 60 months |
| Early Withdrawal Penalty | Yes, but details not disclosed |
| Grace Period for Penalty-Free Withdrawals | 1 day for terms of 7 to 31 days; 10 days for terms of 32 days to 60 months |
Pros and Cons of Truist Bank CDs
Pros
Potentially competitive rates
No monthly maintenance fees
Cons
Not available in every state
Other CD rates may be more competitive
Pros Explained
- Potentially competitive rates: CDs tend to offer higher interest rates than savings accounts. Check Truist Bank's current CD rates to see how they compare to other bank's CD rates. Its 5-month CD currently offers 4.5%, which is higher than some other CDs.
- No monthly maintenance fees: Truist Bank does not charge monthly maintenance fees on its CD accounts.
Cons Explained
- Not available in every state: Truist Bank services, including its CD offerings, are only available in 15 states and Washington D.C. If you live in another state, you will have to shop for CDs at another bank.
- Other CD rates may be more competitive: While Truist Bank's shorter-term CDs offer fairly competitive rates, you can find better interest rates by shopping around.
About Truist Bank: Other Options
Truist CDs are currently only available in 15 U.S. states and Washington, D.C. These accounts are available to residents of Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
In addition to CDs, Truist offers checking accounts, savings accounts, and money market accounts. Through Truist, you can get a debit card, Visa gift card, or open a health savings account (HSA).
Alternatives to Truist Bank CDs
- Other high-interest CDs:Although Truist Bank pays fairly high rates on some short CD terms, other term lengths are not as competitive. Check thebest CD ratescurrently available before making a deposit.
- High-yield savings account:If you want to protect your funds while also earning interest, you can also consider ahigh-yield savings account. Some high-yield accounts offer APYs of 4% or more, which is comparable to Truist Bank's best CD rates.
- Checking account: A checking account is another option for storing your cash, especially if you don’t want to besubject to withdrawal limits. Somehigh-interest checking accountscan provide more returns on your cash than traditional checking accounts.
- Money market account:Money market accountsare similar to savings accounts, though they may also come with check-writing abilities and a debit card. You can often earn a good rate on your savings, but you might have to deal with monthly fees or minimum balance requirements.
- I bonds:I bondsfrom the U.S. government are an investment option for protecting your savings from inflation. I bonds may or may not offer a higher rate than the best CDs. When you invest, you have to commit to leaving your money in the I bond for at least a year.
Frequently Asked Questions (FAQs)
How Do You Get a Truist CD?
If you live in a state where a Truist CD is available, you can visit a local branch to open a new CD account. Unfortunately, you cannot open a Truist CD account online.
Are Truist CDs Worth Investing In?
Depending on your situation and the bank's current rates, a Truist Bank CD may be worth investing in. Truist’s CD accounts are currently only available in 15 states and Washington D.C. If Truist’s CD is available in your state, you could benefit from a generous APY and flexible terms. The rates you can get with a Truist CD can be significantly higher than the average traditional savings account rates.
Are Truist CDs FDIC-Insured?
Yes, Truist Bank CDs are FDIC-insured. FDIC insurance provides banking customers with up to $250,000 worth of coverage per eligible bank and ownership category in case a lending institution has financial difficulties or defaults.
How Do You Get the Best Truist CD Rate?
Truist CD rates may vary by state, but in general, its 7-month CDs offer the highest rates for both small and large balances.
Your Guide to CDs
- What Is a Certificate of Deposit (CD)?
- What Is a Brokered CD?
- What Is a CD Ladder?
- Pros and Cons of CDs
- How to Invest With CDs
- How to Open a CD
- How to Close a CD
- CDs vs. Annuities
- CDs vs. Stocks
- CDs vs. Mutual Funds
- CDs vs. ETFs
- CDs vs. Savings Accounts
- Short-Term vs. Long-Term CDs
- CD Rates News
- Best 1-Year CD Rates
- Best 18-Month CDs
- Best Jumbo CD Rates
- Best 6-Month CD Rates
- Best 3-Month CD Rates
- Best Bank CD Rates
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. "Truist Certificate of Deposit."
Truist. "BB&T and SunTrust Complete Merger of Equals to Become Truist."
Truist. "Personal Certificates of Deposit (CD) Account Overview."
Truist. "CD Disclosure Information."
Truist. "Truist Certificates of Deposit (CDs)."
Related Terms
Jumbo Certificate of Deposit (CD): What It Is, Pros and Cons
A jumbo certificate of deposit (CD) is a type of savings account with higher balance requirements than a traditional CD. It generally pays a higher interest rate.
more
What Is a Certificate of Deposit (CD)? Pros and Cons
A certificate of deposit (CD) is a type of savings account offered by banks and credit unions. It pays a fixed interest rate for a set period of time.
more
CD Ladder: What It Is and How to Build One
A CD ladder is an investing strategy which you buy multiple certificates of deposit (CDs) with different maturity dates. Learn how to build a CD ladder.
more
Earnings Credit Rate (ECR): Understanding the Banking Metric
The earnings credit rate (ECR) is a daily calculation of interest that a bank pays on customer deposits.
more
Cost of Funds: What It Is, How It Works, Why It's Important
Cost of funds refers to the interest rate paid by financial institutions for the funds that they deploy in their business. Learn how the cost of funds is used.
more
Tiered-Rate Accounts: Examples of How They Work
A tiered-rate account is a bank account—checking or savings—that pays different rates of interest depending on the amount of funds held in it.
more
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