SunTrust was founded in 1891 as the Commercial Travelers’ Savings Bank in Atlanta, Georgia. As of December 2015, SunTrust has $183.2 billion in assets and $152.8 billion in deposits, 22,293 employees, 1,473 branches in 11 states, and five international financial centers. It is famous for holding the original recipe for Coca-Cola in its vaults and for having a 5% ownership in the company. SunTrust still has its headquarters in Georgia, but the small regional bank has become the 13th largest bank in the United States.
SunTrust has three checking accounts to choose from Essential Checking, Select Checking, and Signature Checking.
Essential Checking includes a starter pack of checks and 10% Cash Back on purchases made with SunTrust’s credit card when they are deposited in a SunTrust account. It has a $7 monthly maintenance fee, but it’s easy to avoid the charge. You just have to make 10 transactions a month, set up $500 a month in direct deposits, or maintain a daily balance of $500 or more.
Select Checking has a $15 monthly maintenance fee, but it includes up to three free Essential Checking accounts. It also provides two free non-SunTrust ATM transactions, a starter pack of 100 checks and customers earn interest on their checking balances. You can avoid the monthly maintenance fee by having a daily balance of $2,000, setting up $2,000 a month in direct deposits or having a combined balance of $10,000 across linked accounts.
Signature Advantage offers up to four free Essential Checking accounts, unlimited (and free) access to non-SunTrust ATMs, free personalized checks, and an optional Delta SkyMiles World Debit card with a reduced annual fee of $75. It has a $25 monthly fee you can avoid if you keep a combined daily balance of $25,000.
SunTrust has two primary savings accounts: Essential Savings and Select Savings.
Essential Savings has no minimum opening deposit, no monthly fee, and you can set up automatic transactions from your SunTrust checking account. There is a $3 monthly fee for customers who want paper statements. The account pays a 0.01% APY on balances.
Select Savings Account has a monthly fee of $12 for customers with a daily balance under $1,000 or who haven’t set up an automatic transfer of at leat $25 a month. Customers receive a 1% anniversary bonus (up to a maximum of $25) when they link the savings account with a SunTrust Select Checking or Signature Advanced account. The account pays a 0.01% APY on savings.
SunTrust also offers a Signature Money Market account that pays up to 0.05% in interest and has a minimum balance of $5,000.
What we love about SunTrust Bank:
- Transparent fee schedule
- Easy to avoid monthly maintenance fees
- Extensive ATM network
- Free checks
- Complimentary checking accounts
What we don’t like about SunTrust Bank:
- Monthly fees
- Minimum balance to avoid fees
- Very low-interest rates
- Only high-balance accounts receive free non-SunTrust ATM access and other prime features