BB&T is one of the largest financial services holding companies in the U.S. with approximately $210 billion in assets and market capitalization of approximately $31.3 billion, as of August 17, 2015. Branch Banking & Trust Company was founded in 1872 by Alpheus Branch and Thomas Hadley in 1872 in North Carolina as Branch and Hadley.
The bank is now based in Winston-Salem, N.C., but it operates 2,149 financial centers in 15 states and Washington, D.C. It offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. Branch Banking & Trust Company has a five-star rating with Bauer Financial and an A+ rating with BBB.
BB&T has five main checking accounts: BB&T Brigh Banking, BB&T Fundamental Checking, Elite Gold, BB&T Student Checking and Senior Checking. The only checking account that bears interest is Elite Gold and that’s only a 0.01% APY. Here are the main features of each account.
BB&T Bright Banking has a $50 minimum opening deposit and a monthly fee of $12. Avoid the fee with a direct deposit of $500 per month or a $1,500 average checking balance. The account allows for online banking and bill payment and has a mobile app with check deposit.
BB&T Fundamentals Checking is a basic checking account with a low monthly fee of just $5. There is no minimum balance, but you cannot waive the monthly maintenance fee.
BB&T Elite Gold is the only account that pays interest, but it’s only a 0.01% APY. It also gives customers access to premium benefits and services, such as bonus rates on CDs and IRAs, and a safe deposit box discount. The minimum deposit is $100 and the monthly fee is $10. You can avoid the monthly fee by having $500 in direct deposits, a $1,000 average checking balance, or a $6,000 combined balance with checking and savings accounts.
BB&T Student Checking is only for students through 23. It has no minimum balance requirement and a $3 monthly fee that can be avoided if you choose online-only statements. It also includes two (four in some states) free non-BB&T ATM transactions per month.
BB&T Senior Checking offers free personalized checks and online banking with bill payment for just $10 a month. The monthly fee is waived, if you maintain a balance of $1,000, direct deposit of $500, or a combined balance of checking and savings of $6,000.
BB&T has three savings accounts: BB&T eSavings, Investor’s Deposit Account and CollegeWealth 529 Savings.
The BB&T eSavings account has a 0.05% APY, no monthly maintenance fees and unlimited withdrawals and transfers at BB&T financial centers.
The Investor’s Deposit Account is a money market account that has a $10,000 minimum balance requirement, check writing ability and unlimited withdrawals and transfers at BB&T financial centers. The interest rate is 0.05%.
CollegeWealth 529 Savings is a tax-efficient FDIC insured college savings account with a 0.50% APY and no monthly maintenance fee. In some states the savings are tax deductible and withdrawals are tax-free when used for education expenses.
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