Truist Bank Review 2023

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8.0 rating

Bottom Line

Truist is a regional bank that operates in 15 states. It provides checking and savings accounts to benefit your everyday banking needs. But if you are in the market to grow your savings with high APYs, Truist is not for you.


  • Solid Overdraft Protection
  • Wide Range of Accounts & Services
  • Top Option for North Carolina Residents


  • Too Many Fees
  • Low APY Rates on Savings

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Truist Bank is among the largest U.S. banks in terms of total assets, which is surprising considering how new it is. But while Truist doesn’t have widespread recognition, it stands as a compelling option for those who want an alternative to the giants.

In this post, you’ll learn everything you can expect from banking with Truist, including its popular account options and most impressive features. We’ll also weigh its pros and cons. From there, you should have a pretty good idea of whether or not you can trust your money with Truist.

To start, let’s cover some background info on what Truist is and how it came to be.

What is Truist Bank?

Unlike many of the big banks we review, which tend to date back a century or longer, Truist was established just a few years ago in 2019.

While it might sound strange for such a big bank to be so new, the explanation is simple: Truist Bank is the result of a merger between BB&T and SunTrust Bank. Both of these banks trace their roots back to the late 1800s. In coming together, they created Truist Financial, which is currently the tenth-largest bank in the U.S.

Truist offers a full suite of financial products, such as bank accounts, investment and retirement services, auto loans and mortgages, and wealth management. Truist serves customers in 15 states, as well as Washington, DC.

Truist is Available in the Following states:

  1. Alabama
  2. Florida
  3. Georgia
  4. Indiana
  5. Kentucky
  6. Maryland
  7. New Jersey
  8. North Carolina
  9. Ohio
  10. Pennsylvania
  11. South Carolina
  12. Tennessee
  13. Texas
  14. Virginia
  15. West Virginia

Don’t see your state listed? No problem, check our list of best banks for each state to find the best bank for your financial needs.

Truist Bank Checking Accounts

Truist currently has two checking accounts on offer:

Truist One Checking

Truist One Checking is the bank’s flagship checking account. It’s a good fit for most basic checking needs.

To get started, you need a minimum deposit of $50 or more. The account comes with a debit card, online and mobile banking, and a tiered set of perks that are based on your average monthly balance.

Basically, the more money you keep in your Truist One account, the more benefits you can earn. These include cash back bonuses on Truist credit cards, overdraft buffers, free checks, and monthly fee waivers.

The account does come with a $12 monthly service fee, but Truist provides five different ways to work around it. The simplest way is to receive direct deposits of $500 or more each month, but students under 25, as well as small business banking and credit card customers, will also get the account for free.

Truist Confidence Checking

Truist Confidence Checking Account is a solid option for those looking to build up a financial foundation. There are no overdraft fees, and also no paper checks, so the account encourages customers to only spend what they have on hand.

To start, there’s a $25 minimum balance requirement when you open. There’s also a $5 monthly maintenance fee, so it isn’t quite a free checking account, but it’s waived if you receive monthly deposits of at least $500, or make at least 10 qualifying transactions per month.

Otherwise, it’s a basic account for simple needs. You’ll have full access to online and mobile banking, plus account alerts and credit score monitoring to help you stay on track.

Truist Bank Savings Accounts

If you are in the market to save money, Truist has several different savings account options, from online savings, to MMAs, to CDs, you are sure to find an account for your needs.

Truist One Savings

Truist One Savings is a basic savings account that has a $50 opening deposit requirement and an avoidable $5 monthly fee. You can get around the fee with a daily account balance of $300 or more, but the easiest way is to simply have a linked Truist checking account.

Overall, Truist One is the best fit for those who are just getting started with their savings journey. The 0.01% annual percentage yield (APY) is nothing to get excited about, so this isn’t a good option for those with higher balances.

That said, the account is easy to use and pairs well with Truist checking, so it can still serve as a great starter savings account.

Truist Confidence Savings

In order to open a Truist Confidence Savings account, you first need the Truist Confidence Checking account. The two accounts are intended to complement each other, and the savings account aims to address the same goal of building a financial foundation.

There are no monthly fees, no overdraft fees, and no returned item fees. This way, account holders can get their feet under them without worrying about getting nicked with charges.

Unfortunately, the account comes with the same paltry 0.01% APY, so this is not a good choice for those looking to earn interest on their savings.

Truist One Money Market Account

Overall, you can think of Truist One Money Market as the same account as Truist One Checking, plus an interest rate. It comes with the same avoidable $12 monthly fee, as well as the $50 minimum opening deposit. Plus, you can directly draw funds from your money market account with a debit card or checks.

One Money Market technically operates on a tiered APY system, but unfortunately, each tier currently offers the same disappointing 0.01% rate. This means that you you won’t earn a better rate for depositing more in your account.

Certificates of Deposit (CDs)

Truist CDs are offered in terms ranging from 7 to 60 months, but unfortunately, you aren’t able to open one online. If you want to open a CD with Truist, you’ll have to pop into your nearest branch to get started.

Much like the Truist One Money Market, Truist CDs are intended to operate with a tiered APY depending on how long you commit, as well as how much you deposit. However, that isn’t the case at the moment. No matter your term length or deposit total, you’ll see the same disappointing CD rate of 0.05%.

While this is the best APY you can currently find with any Truist deposit account, it still falls well behind what’s up for grabs with dozens of other banks and credit unions.

Truist Bank Features

  • Online Banking: Truist has a high-performing online banking platform, which you’d expect from a bank that’s so new to the scene. With online banking, you can monitor all your accounts, take care of bill pay, and send money with Zelle.
  • Mobile App: Handle your personal finances from your smartphone with the Truist mobile app. The app is extremely well-liked by current Truist customers, and currently has a 4.5-star (out of 5) rating in the Google Play Store, and 4.6 stars (out of 5) in the App Store.
  • Bank Branches: Truist has nearly 3,000 brick-and-mortar branches, with locations in each of its served states mentioned above. Its headquarters is located in Charlotte, NC, so as you can imagine, its great consolidation of branches is in that area.
  • 3,000+ ATMs: In addition to its branches, Truist offers more than 3,000 branded ATMs. These locations allow customers to withdraw cash fee-free, and they’re scattered throughout its service areas.

Pricing and Fees

In general, Truist handles its pricing in a way that you’d expect from a traditional bank of its size. Fees are just part of the deal. But fortunately, almost all of the charges with Truist are avoidable if you’re careful and aware of them.

Let’s take a look at the most common fees you’re likely to see.

Monthly Maintenance Fees

Nearly all of Truist’s deposit accounts come with a monthly fee. This isn’t ideal, but the good news is that each of these fees is also entirely avoidable. And Truist gives you plenty of options for how to get around them. It’s a little different for each account but, in general, you can expect to have to hit a minimum balance, or other requirements each month to avoid paying.

ATM Fees

Truist ATMs are always free to use for Truist customers. If you have to use an out-of-network ATM, you’ll pay a $3 ATM fee each time. This is on top of whatever fee the ATM itself charges, so it’s your best bet to stick to in-house options.

Overdraft Fees

Overdraft protection is one area where Truist tends to stand out, with several of its accounts offering complete protection from any overdraft fees. That said, it’s important to note that some of its accounts do still retain these fees to the tune of $36 per overdraft. Keep this in mind as you choose the right account for you.

Getting Started

If you’re ready to get going with Truist, you can find a nearby branch and set up an appointment, or you can just hop online and sign up from home.

Opening an account is simple and painless, and all you’ll need is some contact information, personal details, and bank account information for initial funding.

Like most big banks, Truist makes it quick and easy to get you on board, so you shouldn’t have any problems getting started as a new customer.


At the moment, Truist doesn’t have any promotions or sign-up bonuses for personal deposit accounts. However, as recently as the summer of 2022, the bank offered a $300 bonus to new customers on select accounts, so there’s reason to believe that something similar will eventually come back.

That said, if you’re in the market for a Truist small business bank account, you can take advantage of a $200 promotion.

Just sign up for a Truist small business checking account before October 31, 2022 with the most recent promo code, make deposits of at least $1,500 within 30 days, and you’ll get the bonus.


Truist Financial is an FDIC-insured institution, so all of your deposits are covered up to the maximum amount. On top of its banking services, Truist also features a number of online security measures to keep your money and personal information safe. These include proactive account monitoring, multi-factor authentication, and bank-level encryption.

Customer Support

If you need to get in touch with a Truist customer service representative, you can reach someone at 844-4TRUIST (844-487-8478) on weekdays from 8 am to 8 pm Eastern Time, and from 8 am to 5 pm on Saturdays. On Sundays, you’ll only have access to Truist’s automated assistance.

Pros and Cons


  • Wide range of accounts and services
  • Top option for North Carolina residents
  • Lots of in-person branches and ATMs (in 15 states)
  • Solid overdraft protection


  • Unattractive savings rates
  • Too many fees
  • Limited coverage nationwide
  • Questionable customer support ratings

Alternatives to Truist Bank

Bank of America

Bank of America (BoA) is one of the largest banks in the U.S., and it commands a much larger service area than Truist. Otherwise, it does many things in a similar way, just on a larger scale. If you like the sound of Truist but you’re looking for something even bigger, BoA might be a good fit.

TD Bank

TD Bank is a regional provider that mostly operates on the East Coast. Unlike Truist, TD is known for its award-winning customer experience, making it an appealing choice for those who value customer service ratings.


Chime is an entirely digital bank, and it’s a great alternative who want to earn more on interest than what Truist has to offer. At the moment, you can score an APY of up to 1.50% with a Chime savings account.

Frequently Asked Questions

Is Truist a good bank?

It depends on what “good” means to you. Yes, it’s a big, reliable bank, and it’ll more than serve most basic banking needs. However, if you’re in search of a fee-free bank with high savings rates, Truist does not fit the bill. Instead of trying to determine whether a bank is objectively good, think more about what you need and what a bank can do for you personally. From there, it’ll be much easier to narrow down your options.

Is Truist better than Wells Fargo?

They’re similar in many ways. Wells Fargo has a greater presence in the West, while Truist is mostly located in the Southeast. So, depending on where you live, one bank might be a better fit for you than the other. Aside from location, you’ll see similar products and features with both banks, though Wells Fargo does command a much deeper account catalog.

What bank owns Truist?

Truist Bank is owned by Truist Financial, an FDIC-insured financial institution.

Is Truist Bank Best for Your Financial Needs?

On paper, Truist is pretty much the prototypical big American bank. It’s by no means the worst bank you could work with, but it also doesn’t provide anything that significantly stands out. That said, if you live in its service area and value the reach of a large regional bank, it just might do the trick.

Depending on the banking experience you’re looking for, Truist could either be a perfect fit or fall well short of your expectations. To help make your decision, think about your wants and needs in a banking partner, and you’ll be ready to make the right decision.

And remember: When banks compete, your wallet wins.