Truist Bank CD

Truist Bank CD Review

Truist Bank CD are offered by Truist Financial Corporation, a bank founded in 2019 and based in Charlotte, NC. Truist Bank CD are available in 15 states (and Washington, DC).

Key Takeaways

• Only one CD type available. Truist Bank CD only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.25%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Limited selection of CD terms. Truist Bank CD only offers two CD terms. This limits your options when trying to set up a CD ladder.

Pros & Cons of Truist Bank CD

Truist Bank CD FAQ

Are CD from Truist Financial Corporation federally insured?

Yes, your Truist Financial Corporation CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #9846). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Truist Financial Corporation offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does Truist Financial Corporation offer on its CDs?

Truist Bank CD offers an APY starting at 4.00% and ranging up to 4.25%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.

What is the minimum deposit to open a CD account with Truist Financial Corporation?

Truist Bank CD require a minimum deposit of $1,000 to open an account.

What is the grace period for Truist Bank CD?

Truist Bank CD does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Truist Financial Corporation charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

Truist Financial Corporation does not charge an early withdrawal fee.