Truist Bank Review: Affordable Opening Deposits and Low Monthly Maintenance Fees

GOBankingRates Score

Quick Take: Truist Bank may be the new kid on the block, but that's in name only. The bank is the result of the merger of two other well-known financial institutions. With a large network of branches, low minimum opening deposits and the opportunity to waive account fees, Truist Bank might be a good choice for people who want access to affordable banking products and services with the convenience of either banking online or in person.
  • Minimum Opening Deposits
  • Monthly Maintenance Fees
  • Customer Service
  • Branch Availability
How did we calculate this?


  • Large network of branches
  • Waivable monthly maintenance fees
  • Variety of CD terms
  • Affordable minimum opening deposits


  • Higher APYs are available elsewhere
  • High overdraft fee

About Truist Bank

Truist Bank is the product of a $66 billion merger between BB&T Corp. and SunTrust Banks Inc. that was completed in December 2019. Truist Bank currently has 2,781 branches across 15 states and in Washington, D.C., which makes it one of the largest banks in the United States, in line with the likes of Bank of America, Chase and Wells Fargo.

GOBankingRates’ Best Banks of 2022 rankings named Truist Bank in the categories of Best Money Market Accounts, Best Regional Banks and Top 100 Banks. See how these accolades help Truist Bank stand out from other big banks in the nation.

Checking Accounts

Truist offers five different checking options. Here are the details for each.

Truist Dimension Checking

The bank’s Dimension Checking account requires a minimum $50 opening deposit and a $20 monthly maintenance fee. However, there are options to waive the fee: Make at least $3,000 in qualifying direct deposits, maintain a combined monthly balance of at least $10,000 or have a related personal Truist credit card, mortgage, consumer loan or a linked Small Business Checking account.

With this account, you can open up to four other free checking accounts. Additionally, the account offers a $25 discount on any safe deposit box and complimentary checks and money orders. Plus, this is a rewards checking account, so the higher your account balance, the better rewards you’ll receive in the form of credit card loyalty bonuses, discounted Delta SkyMiles Debit Card annual fee and free out-of-network ATM transactions.

Truist Bright Checking

Like Dimension Checking, Bright Checking also requires a $50 minimum opening deposit, but it has a lower monthly maintenance fee of $12. The $12 fee can be waived by making at least $500 in qualifying direct deposits or maintaining an average ledger balance of $1,500 per statement cycle. This basic account is one to consider for everyday financial needs; it doesn’t pay interest or offer rewards.

Truist Fundamental Checking

The Fundamental Checking account lives up to its name. Truist recommends this account for people who want a simple and affordable checking account and generally have a lower monthly checking balance. Like the Dimension and Bright checking accounts, this account requires a $50 minimum opening deposit and has a low $5 monthly maintenance fee, which is not eligible to be waived. No interest or rewards are included with this account.

Truist Student Checking

Designed for students age 23 and younger, the Student Checking account has no minimum opening deposit or monthly maintenance fee, which makes it easy to open and maintain. As a perk, the account comes with a customizable debit card.

Truist Money Account

The Truist Money Account, which is a reloadable prepaid debit card, requires no minimum opening deposit and no additional bank account. You can use this account as a companion to an existing bank account and digitally transfer funds to and from the reloadable card whenever you want. The account does have a $5 monthly maintenance fee, which can be waived if you load at least $500 a month onto the card. Plus, you can earn cash back by taking advantage of select merchant discounts that are part of the account.

Savings Accounts

Truist Bank has one savings account, which stands out among options offered by other banks because it’s free of fees and other requirements. Here are the details.

Truist Online Savings

The bank’s online savings account pays 0.01% APY and has no monthly maintenance fee. It also has no minimum opening deposit, which means you can open the account with an amount that works for you. To help you reach your savings goals effortlessly, you can set up automatic transfers from your Truist checking account and get balance alerts to help you track your progress.

Money Market Accounts

Truist also only has one money market account. Here’s what you need to know.

Truist Money Market Account

The Truist Money Market Account made was named in GOBankingRate’s Best Banks of 2022 as one of the Best Money Market Accounts. To start, the account only requires a $100 opening deposit and has a $12 monthly maintenance fee. However, the fee can be waived by maintaining a $1,000 minimum daily balance. Like the Truist Online Savings account, this account pays 0.01% APY, so if you’re not planning to maintain a $1,000 minimum daily balance, the bank’s savings account would be a better option to avoid the $12 monthly maintenance fee. You can also write checks directly from this account, which gives you convenient access to your cash. Plus, you can sign up for balance alerts to track your savings progress.

CD Rates

Truist offers certificates of deposit with terms from seven days to 60 months with no monthly maintenance fee and an APY of 0.05% across all balance tiers. For terms from seven months to 31 days, a $2,500 minimum opening deposit is required. And for terms from 32 days to 60 months, there is a $1,000 minimum opening deposit.

Banking Experience

Now that you know more about the different accounts and their features and rates, here’s some valuable information about the bank’s outstanding features that helped it earn a 4.1 overall rating.

Minimum Opening Deposits

You’ll find that the minimum opening deposit requirements at Truist are reasonable. Most of the checking accounts require a $50 deposit, while the money market account requires a $100 deposit. The savings account, prepaid debit account and student checking account don’t have a minimum deposit requirement, and CDs have a minimum opening deposit requirement of $1,000.

Monthly Maintenance Fees

Monthly maintenance fees can really eat into your bottom line each month, but Truist Bank doesn’t go overboard in this area like some competing banks do. Its highest monthly maintenance fee is $20, and that fee, like its others, is easily waived by completing simple requirements.

Customer Service

If you need to speak to a banking representative, you can reach one Monday-Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET. The bank does not have Sunday customer service hours, but you can always access account information and complete certain banking tasks via the 24-hour automated system. You can also communicate with the bank on Twitter. Additionally, you can visit a branch or make an appointment with a bank representative for personal banking, loans or small business needs.

Branch Availability

Truist Bank boasts over 2,700 branches across 15 states and Washington, D.C., which means if you live in the bank’s service area, there’s a good chance a branch is close by. This is an advantage for people who prefer to complete certain banking tasks in person.

Editor’s Favorite

The Truist Online Savings account is completely free of monthly maintenance fees, which can help you reach your savings goals faster. Plus, it’s convenient to open the account anytime due to no minimum deposit requirement.

Truist Bank vs. Competitors

To get a clearer picture of whether what Truist Bank offers is what you’re looking for, here’s how the financial institution measures up to other big banks in its league.

Truist Bank vs. Bank of America

Bank of America gives its customers the option of earning higher APYs on its savings accounts by becoming a Preferred Rewards member, while Truist doesn’t have a competing structure in place. However, Truist offers a savings account that has no minimum opening deposit, no monthly maintenance fees and no minimum daily balance requirement. On the other hand, Bank of America’s savings account requires a $100 minimum opening deposit and charges an $8 monthly maintenance fee if you don’t maintain a minimum daily balance of at least $500.

Truist Bank vs. Chase

Chase has a much bigger branch network than Truist Bank — over 4,700 versus Truist’s approximately 2,700. However, Chase does not offer a money market account and Truist Bank does. Money market accounts typically allow account holders to write checks directly from the account, while you have to initiate a withdrawal or transfer to access savings account funds.

Truist Bank vs. Wells Fargo

Wells Fargo offers an Overdraft Rewind feature that will reverse overdraft charges from the previous day if a direct deposit is received by 9 a.m. local time, and Truist doesn’t offer this feature. But while Truist offers a savings account that requires no minimum opening deposit and has no monthly maintenance fees or minimum daily balance requirements, Wells Fargo’s savings account options do require a minimum opening deposit and also carry monthly fees and balance requirements.

Final Take

Access to affordable banking products and services and the convenience of banking at a branch or online are the foundation of Truist Bank. While you may be able to find higher APYs elsewhere, things like the bank’s free savings account and a large network of branches may make banking here worth it.

Truist Bank FAQ

Here are answers to some of the more commonly asked questions about Truist Bank.
  • What is the customer service number for Truist Bank?
    • Call 844-487-8478 to speak to a banking representative Monday through Friday, 8 a.m. to 8 p.m. ET, or Saturday, 8 a.m. to 5 p.m. ET.
  • Does Truist use Zelle?
    • Yes, you can use Zelle with your Truist bank account. 
  • Does Truist offer mobile check deposits?
    • Yes, Truist offers mobile check deposits. 

Rates are subject to change. Information on accounts is accurate as of Dec. 27, 2021.

Editorial Note: This content is not provided by Truist Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Truist Bank.

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About the Author

Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English.

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