Truist works best if you want a large regional bank with physical branches and straightforward checking accounts
Whether Truist is a good bank depends on what you actually use a bank for. Truist is a full-service regional bank with branches across the Southeast and Mid-Atlantic, owned by BB&T Corporation. It offers checking, savings, credit cards, mortgages, and investment services. The question is not whether Truist exists or what it does — it is whether its fees, interest rates, and features match what you need.
If you want a bank you can walk into, Truist has over 2,700 branches and 8,000 ATMs. If you want low monthly fees and reasonable interest on savings, you will find better options. If you want a mortgage or investment account, Truist can do it, but you should compare rates with competitors first.
Key Takeaways
- Truist charges a monthly fee on most checking accounts unless you meet balance or deposit requirements, which costs more than many online banks.
- Savings account interest rates at Truist are lower than rates at online-only banks, sometimes by 4 to 5 times the annual percentage yield.
- Truist's strength is branch access and in-person service, which matters if you deposit cash regularly or need to speak to someone face-to-face.
- Truist offers credit cards, mortgages, and investment services under one roof, which simplifies things if you want all your accounts in one place.
Monthly fees and minimum balance requirements
Truist charges $12 per month on its basic checking account, called Truist One Checking, unless you keep a $1,500 minimum daily balance or set up a direct deposit of at least $500 per month. Many online banks charge zero monthly fees with no balance requirement, which means you save $144 per year just by switching. That is real money.
Truist does offer a no-fee checking account called Truist One Checking with eChecks, but it requires you to receive statements electronically and use eChecks instead of a debit card for most transactions. That is a workaround, not a feature. If you want a checking account that costs nothing and works like a normal checking account, Truist is not the cheapest option.
Savings accounts at Truist also carry a $25 minimum balance requirement. The monthly fee is waived if you maintain that balance, but the interest rate — currently around 0.01% annual percentage yield on standard savings — is so low that the balance requirement feels like a formality.
Interest rates on savings and money market accounts
Truist's savings account pays roughly 0.01% APY, which means $100 in savings earns about one cent per year. Online banks like Marcus, Ally, and American Express offer savings accounts paying 4% to 5% APY on the same $100. That is a difference of $4 to $5 per year on a small balance, and hundreds of dollars per year if you have $10,000 or more saved.
Truist does offer a money market account that pays slightly higher rates, but the difference is marginal and still lags behind online competitors. If you are saving money and want it to earn interest, Truist is not the place to do it. You would be better off keeping a checking account at Truist for convenience and moving savings to an online bank that actually pays.
Branch access and in-person banking
Truist has real value if you need to deposit cash, withdraw large amounts, or speak to a banker in person. With 2,700 branches across 15 states, Truist covers the Southeast and Mid-Atlantic well. If you live in North Carolina, South Carolina, Virginia, Maryland, or Florida, you have straightforward access. If you live elsewhere, Truist branches are sparse or nonexistent.
The ATM network is also substantial — 8,000 ATMs nationwide, plus access to the Allpoint network, which adds thousands more. If you travel and need to withdraw cash without fees, this matters. Online banks often reimburse ATM fees, but Truist does not, so out-of-network withdrawals cost $2 to $3 each.
Credit cards and rewards
Truist offers several credit cards, including cash-back cards and travel cards. The rewards are standard — typically 1% to 2% cash back on purchases — and not better than what you will find from competitors like Chase, American Express, or Capital One. Truist credit cards also carry annual fees on some products, which you should compare against no-fee alternatives before explore.
If you already have a Truist checking account, linking a Truist credit card is convenient, but convenience is not a reason to accept lower rewards or higher fees. Shop around before you decide.
Mortgages and investment services
Truist offers mortgages, auto loans, and investment accounts through its subsidiary Truist Investment Services. Mortgage rates at Truist are competitive but not always the lowest — rates vary by day and by your credit profile, so you should get quotes from at least three lenders before committing. The same applies to auto loans and investment accounts.
The advantage of using Truist for mortgages and investments is simplicity: everything is in one place, and you can manage it all through one online portal. The disadvantage is that you may pay more for that convenience. Mortgage brokers and online lenders often have lower rates because they have lower overhead. Investment accounts at Truist are fine, but Fidelity, Vanguard, and Charles Schwab often have lower fees and better tools.
Online and mobile banking
Truist's mobile app and online banking platform are functional and find. You can check balances, transfer money, pay bills, and deposit checks by phone. The interface is not the most intuitive, and some users report that the app is slower than competitors' apps, but it works. If you do most of your banking on your phone, this is acceptable but not exceptional.
Truist does offer bill pay, account alerts, and fraud monitoring. These are standard features at any modern bank, so they do not set Truist apart. If you want a bank that is straightforward to use on your phone and nothing else, Truist is fine. If you want a bank that is straightforward to use on your phone and pays competitive interest rates, you will need to look elsewhere.
When Truist makes sense
Truist is a reasonable choice if you live in the Southeast or Mid-Atlantic, deposit cash regularly, and want a bank you can visit in person. It is also reasonable if you want a mortgage, credit card, and checking account all from one institution and you do not mind paying a bit more for that convenience.
Truist is not a good choice if you are looking for the lowest fees, the highest interest rates, or the best rewards. For those things, you will find better options at online banks, credit unions, or specialized lenders. The decision comes down to what you value: convenience and branch access, or lower costs and higher returns on your money.
Frequently Asked Questions
Does Truist have any checking accounts with no monthly fee?
Truist offers Truist One Checking with eChecks, which has no monthly fee, but it requires electronic statements and limits you to eChecks instead of a debit card. The standard Truist One Checking account costs $12 per month unless you maintain a $1,500 balance or set up a $500 direct deposit. Most online banks offer no-fee checking with no strings attached.
What is Truist's savings account interest rate?
Truist's standard savings account pays approximately 0.01% APY, which is significantly lower than online banks offering 4% to 5% APY. The difference adds up quickly if you have money saved. If earning interest on savings matters to you, an online bank will serve you better.
Can I use Truist if I do not live near a branch?
Yes, you can bank with Truist entirely online and by phone. However, if you need to deposit cash or handle transactions in person, the lack of nearby branches becomes a problem. Truist's strength is physical access, so if you do not need that, you may find better rates elsewhere.
Does Truist reimburse out-of-network ATM fees?
No, Truist does not reimburse ATM fees. Out-of-network withdrawals typically cost $2 to $3. If you travel frequently or live far from a Truist ATM, this adds up. Many online banks reimburse these fees, so compare before you decide.
Are Truist's mortgage rates competitive?
Truist's mortgage rates are in the middle range — not the highest, not the lowest. Rates change daily and depend on your credit and loan type. You should get quotes from at least three lenders, including Truist, before choosing. Mortgage brokers and online lenders often have lower rates because they have lower overhead costs.