Truist Bank was formed in 2019 when SunTrust Bank and BB&T merged. Today, Truist Bank has over $527 billion in assets and is the seventh largest bank in the United States.

Unfortunately, Truist Bank has a limited footprint compared to some nationwide banks. Currently, there are only branch locations in 17 states and Washington, D.C.

Truist CD Rates

If you’re looking for a safe place to store your money and still earn attractive interest rates, consider a certificate of deposit (CD) account. We’ve compared Truist CD rates to some of the best CD rates at other banks and found that while they have a couple of competitive rates, most fall short. This includes not offering a no-penalty CD, which is a popular option for other banks.

Truist Bank CDs have terms from 7 days to 60 months and an annual percentage yield (APY) of 0.05% to 4.00%. While most CDs from Truist have a lower APY, they offer the following two CD products with attractive fixed rates.

Truist Bank CD Features

Here’s a breakdown of some features you’ll find with Truist Bank CDs.

Guaranteed Rates: You’ll enjoy a guaranteed APY on whichever CD product you choose. Current rates range from 0.05% to 4.00%.

You choose the Term Length: You can choose a CD term of 7 days to 60 months. The term you select will determine the minimum opening deposit. Terms of 7 days to 31 days require a $2,500 deposit, while terms of 32 days to 60 months require a $1,000 deposit.

Automatic Renewals: CDs will automatically renew at the current fixed interest rate. If you prefer to redeem your CD, you can do this at its maturity day or within the allowed grace period.

Grace Period: There is a one-day grace period on all CD terms, from 7 days to 31 days. The grace period is 10 days for terms of 32 days to 60 months.

Pros and Cons of Truist CD Rates

Pros

• Competitive Rates on Select Products: While many Truist Bank CD terms have unattractive interest rates, the five-month and 36-month CDs have competitive rates of 4.00% and 3.50%, respectively.
• No Monthly Fees: All Truist Bank CDs have no monthly maintenance fees.
• Wide Range of CD Terms: You can choose from CD terms of seven days to 60 months.
• Low Opening Deposit on Long-term CDs: You can open a Truist CD with as little as $1,000.
• Interest Compounds Daily: Interest earned on your CD will compound daily, boosting how much you can earn.

Cons

• Not Available in Every State: Truist Bank is only located in 17 states and Washington, D.C., which means you will not have access to Truist financial products in many states. 
• High Opening Deposit on Short-term CDs: Short-term CDs require an opening deposit of $2,500, higher than similar products at other banks.
• Must Be Opened in a Branch Location: All Truist Bank CDs must be opened in a branch location. They are not available to open online.
• Many Terms Have Unattractive Rates: Other than the promotional five— and 36-month CD terms, most Truist Bank CD rates are lower than other banks.

How Do Truist Bank CD Rates Stack Up?

Do you want to compare the current Truist CD rates to what else is available? Here are a few other options to consider. Plus, make sure you also check out the other Truist products, like the Truist One Checking account or the Truist Money Market Account.