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SunTrust Bank Essential Savings Account

in Savings Accounts

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SunTrust Bank Essential Savings Account

Unaffiliated

in Savings Accounts

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Overview

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 12 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.

What Are SunTrust Bank’s Checking And Savings Accounts Like?

Checking Accounts
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.

Savings Accounts
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 $7 for customers with a daily balance under $1,000 or who haven’t set up an automatic transfer of at least $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 Are The Advantages and Disadvantages Of SunTrust Bank’s Checking And Savings Accounts?

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

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 11 states and Washington, D.C.
  • Alabama
  • Arkansas
  • Washington, DC
  • Florida
  • Georgia
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia

Feature Breakdown

List of Fees
Paper Statement Fee
$3
International ATM Surcharge
$5
Early Account Closure
$25
Returned Deposit Fee (Domestic)
$36
Wire Transfer Fee - Domestic (Outgoing)
$25
Wire Transfer Fee - International (Outgoing)
$50
Bauer Financial A+/A Rating
 
Bank Account Features
  • Automatic Savings
  • Bauer Financial A+/A Rating
  • Branch Access
  • Check Images with Statement
  • Fraud Monitoring
  • Free Bill Pay
  • Interest Bearing Account
  • Mobile Banking
  • Mobile Check Deposit
  • No ATM Fees
  • No Monthly Maintenance Fee
Percentage
APY
0.01%
  0% 6%

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SunTrust Bank Savings Accounts

Product

Reviews

Monthly Fee

APY

APY Minimum Balance

SunTrust Bank Select Savings Account
Monthly Fee $0 - $7     $0 $25
APY 0.01% APY
APY Minimum Balance N/A APY Minimum Balance