Truist Bank offers a variety of CD terms, ranging from seven days to 60 months. Unfortunately, the bank doesn't disclose CD rates online, so you'll have to schedule an appointment at one of its 2,000 branches to see if its APYs are even worth your attention.
Below, we'll break down Truist CD rates and help you decide if a Truist CD might be a good place to park some cash.
Truist CD rates for 2024
Rates as of Aug. 7, 2024
APY = Annual Percentage Yield
Truist CD
Bottom Line
Truist CD rates are not available online. You must visit your local Truist Bank branch to inquire about current CD rates and open a CD account.
MINIMUM DEPOSIT $2,500 for 7- to 31-day terms; $1,000 for 32 days to 60-month terms
Is a high-yield savings account a better option for you?
A high-interest savings account offers rates competitive with the best CDs accounts, but without having to lock your money away for months or even years at a time. Here are some top-rated high-yield savings account options from our experts.
Rates asof Aug 12, 2024
| Offer |
| ||
|---|---|---|---|
| Account | American Express® High Yield Savings OnAmerican Express'sSecure Website. | Bask Interest Savings | E*TRADE Premium Savings OnE*TRADE'sSecure Website. |
| Rating | Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| APY | 4.25%Rate info4.25% annual percentage yield as of August 12, 2024 | 5.10% | 4.50% |
| Min. to earn APY | $1 | $0 | $0.01 |
| Next Steps | Open Account for American Express® High Yield Savings Read full review | Read Review | Open Account for E*TRADE Premium Savings Read full review |
Compare Truist CD rates
Since Truist doesn't reveal rates on its certificates of deposit (CDs), it's hard to assess how the bank stacks up against competitors. But to give you some perspective, here's what other CD providers are offering.
Rates as of Aug. 7, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD Member FDIC. | APY:4.70% | Term:1 Year | Min. Deposit:$2,500 | Open Account for Discover® Bank CD OnDiscover Bank'sSecure Website. |
LendingClub CD Member FDIC. | APY:5.20% | Term:10 Months | Min. Deposit:$2,500 | Open Account for OnSecure Website. |
Quontic CD Member FDIC. | APY:5.05% | Term:6 Months | Min. Deposit:$500 | Open Account for OnSecure Website. |
Details about Truist CDs
Even though Truist doesn't advertise CD rates online (boo), it does disclose some important details that can help you prepare for that in-person meeting at a Truist location. Below is a breakdown of what we can gather about Truist CDs.
Standard CDs pros and cons
Pros
- Variety of terms
- Tiered interest rates
Cons
- APYs undisclosed
- High minimum deposit
- Not available everywhere
Full Truist CD review
Truist CDs have CD terms ranging from seven days to five years. For CDs with terms ranging from seven to 31 days, you'll need a minimum opening deposit of $2,500, while those ranging from 32 days to 60 months require $1,000 to get started.
Perhaps the most interesting feature of a Truist CD is its interest rate tiers. Though you won't know your APY until you visit a Truist branch, you can get a good idea of which tier you would fall into based on how much you want to deposit.
Truist CD interest rate tiers
| Tier 1 | $0.01 to $9,999.99 |
| Tier 2 | $10,000 to $49,999.99 |
| Tier 3 | $50,000 to $99,999.99 |
| Tier 4 | $100,000 or more |
Data source: Truist Bank.
To be sure, big banks like Truist typically have lower APYs on CDs than smaller banks and credit unions. So, even if you fall into Tier 4, that doesn't mean you'll get the highest CD rate on the market.
Since Truist CDs can only be opened in person, you'll need to live near a Truist branch for this to be feasible or convenient. Right now, Truist Bank has over 2,000 branches in 15 states and the District of Columbia. If you've never heard of Truist -- or you have but don't have a branch near you -- you're better off looking at some of today's top-paying CD providers.
Who is a Truist CD right for?
A Truist CD might be right for you if you already bank with Truist and want to keep all your money at the same institution. It might also be a decent option if you're looking to deposit more than $100,000 in a CD, as that would lock you into a Tier 4 interest rate. Finally, since you need to visit a Truist branch in person to get details on CD rates, Truist CDs are only right for those who live in the 15 states where Truist does business.
Keep reading about Truist Bank
- Truist Bank review
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
Truist branches are currently located in Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and the District of Columbia.
Nope. The only way to open a Truist CD is to go to a physical brick-and-mortar branch and open one in person.
Yes. In 2019, Suntrust and BB&T merged to become Truist Bank.
