Truist Bank Review: Checking, Savings and CDs

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.

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 other accounts with no monthly fees and higher interest rates elsewhere.

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.