Truist CD Rates

Truist CD Rates

Truist Bank: A Comprehensive Review of their CD Rates

Truist Bank

At Truist Bank, you can find branches in 17 different states across the US, as well as in Washington, DC. The bank offers a variety of financial services, including certificates of deposit (CDs). CDs are a type of savings account that allows you to lock in a fixed rate of return for a specific term. This means that you won’t have to worry about fluctuations in interest rates during the duration of your CD.

Truist CD Rates: Competitive and Convenient

Truist Bank offers competitive CD rates on two standardized terms, regardless of your location. These fixed term options provide customers with a guaranteed return on their investments. However, it’s important to note that Truist also offers CDs with other term lengths ranging from seven days to five years. Unfortunately, these rates aren’t displayed online, and they may vary depending on your location. If you’re interested in these alternative term lengths, you’ll have to contact your local branch for more information.

While Truist Bank’s rates on terms other than seven and 12 months tend to be low compared to other options on the market, their rates for these two terms are quite appealing. It’s worth mentioning that the best CD rates are often found with online banks. Therefore, if your goal is to find the highest rates, you may want to explore other options as well.

Pros and Cons of Truist CD Rates

When considering Truist CD rates, there are a few advantages and disadvantages to keep in mind. Let’s take a closer look at the pros and cons:

Pros of Truist CD Rates:

  • Competitive rates on 7-month and 12-month CDs
  • Established bank with branches throughout the US
  • The convenience of locking in a fixed rate

Cons of Truist CD Rates:

  • Rates on terms other than 7 and 12 months tend to be low
  • Limited information available online for alternative term lengths

How Truist CD Rates Compare with Other Banks

To determine whether Truist Bank is the best choice for your CD investment, it’s essential to compare their offerings with those of other banks. Two counterparts that we can examine are Chase and Bank of America.

Truist CD Rates vs. Chase CD Rates

Much like Truist, Chase CD rates can vary based on your location. However, Chase displays all of its rates online, making it easy for potential customers to compare. While Chase’s standard rates are generally low, they do offer a “relationship rate” if you have a Chase checking account. This can significantly impact the yield on your CD, depending on the term length.

If you qualify for a relationship rate with Chase, it might be the better choice for you. Visit the Chase website to check the rates available in your area for the specific term you’re interested in to determine if it aligns with your financial goals.

Truist CD Rates vs. Bank of America CD Rates

At Bank of America, CD rates depend on the type of CD and its term length. They offer three types of CDs: fixed, featured, and flexible.

  • The Bank of America Fixed Term CD generally has low rates, except for the 3-month, 4-month, and 5-month terms.
  • The Bank of America Featured CD includes five terms: 7 months, 10 months, 13 months, 25 months, and 37 months. The highest rates are paid on the 7-month and 13-month terms. The 25-month CD rate is decent, while the rates for the 10-month and 37-month terms are low.
  • The Bank of America Flexible CD is a no-penalty CD with a 12-month term that auto-renews into a 9-month term. It offers a competitive 3.51% APY.

Overall, Bank of America’s CD options tend to be stronger than Truist’s. However, your final decision should depend on the term length that aligns with your investment goals.

Should You Consider Truist Bank for your CD Investment?

In conclusion, Truist Bank can be a worthy consideration for individuals interested in investing in 7-month or 12-month CDs, as these term lengths offer competitive rates. However, if you’re looking for CDs with different term lengths, it’s best to explore other options as Truist’s rates tend to be significantly lower.

Why You Can Trust Our Review of Truist CDs

Insider’s experts have assessed Truist CDs using our comprehensive certificate of deposit methodology. This includes evaluating factors such as the minimum deposit, interest rates, variety of term options, early withdrawal penalties, mobile app usability, ethical practices, and customer support. We have ranked each category and calculated average scores between 0 and 5 to provide you with an unbiased and reliable review of Truist CDs.