Investing News

Truist CD Rates: January 2025

3 days ago
21 Views
5 Min Read

Truist Bank offers a simple CD account with several potential interest rate tiers

Fact checked by Hans Daniel Jasperson
Reviewed by Thomas J. Catalano

Thomas Barwick / Getty Images

Thomas Barwick / Getty Images

Truist Bank, which offers up to 4.0% on a 5-month certificate of deposit (CD) as of January 2025, has a large presence in the United States, though it’s not in every state.

Created in 2019 after SunTrust and BB&T merged, Truist Bank is among the 10 largest banks in the country. Truist offers several deposit and savings accounts plus other financial products and services for its banking customers. 

A simple certificate of deposit (CD) account is among its offerings. Although Truist may provide different CD rates to residents of different states, rates for each state and territory were the same as of publication. Here’s what to know about the Truist CD, its terms, features, and more.

Truist Bank CD Overview

Compare Truist Bank CD Rates

Opening a CD instead of putting your funds in a savings account, including a high-yield savings account, can be a smart move if you’re comfortable with a longer-term investment.

CD rates, terms, minimum balance requirements, and other account features also vary depending on the lender you choose, how much you plan to deposit, and how long you plan to leave your money in the account. To find the best CD for you, start by comparing CD terms from Truist and other banks.

Truist Bank CD Rates: Key Features

Pros and Cons of Truist Bank CDs

Pros

  • Potentially competitive rates

  • No monthly maintenance fees

Cons

  • Not available in every state

  • Other CD rates may be more competitive

Pros Explained

  • Potentially competitive rates: CDs tend to offer higher interest rates than savings accounts. Check Truist Bank’s current CD rates to see how they compare to other bank’s CD rates. Its 5-month CD currently offers 4.0%, which is higher than some other CDs.
  • No monthly maintenance fees: Truist Bank does not charge monthly maintenance fees on its CD accounts.

Cons Explained

  • Not available in every state: Truist Bank services, including its CD offerings, are only available in 15 states and Washington D.C. If you live in another state, you will have to shop for CDs at another bank.
  • Other CD rates may be more competitive: While Truist Bank’s shorter-term CDs offer fairly competitive rates, you can find better interest rates by shopping around.

About Truist Bank: Other Options

Truist CDs are currently only available in 15 U.S. states and Washington, D.C. These accounts are available to residents of Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.

In addition to CDs, Truist offers checking accounts, savings accounts, and money market accounts. Through Truist, you can get a debit card, Visa gift card, or open a health savings account (HSA).

Alternatives to Truist Bank CDs

  • Other high-interest CDs: Although Truist Bank pays fairly high rates on some short CD terms, other term lengths are not as competitive. Check the best CD rates currently available before making a deposit.
  • High-yield savings account: If you want to protect your funds while also earning interest, you can also consider a high-yield savings account. Some high-yield accounts offer APYs of 4% or more, which is comparable to Truist Bank’s best CD rates.
  • Checking account: A checking account is another option for storing your cash, especially if you don’t want to be subject to withdrawal limits. Some high-interest checking accounts can provide more returns on your cash than traditional checking accounts.
  • Money market account: Money market accounts are similar to savings accounts, though they may also come with check-writing abilities and a debit card. You can often earn a good rate on your savings, but you might have to deal with monthly fees or minimum balance requirements. 
  • I bonds: I bonds from the U.S. government are an investment option for protecting your savings from inflation. I bonds may or may not offer a higher rate than the best CDs. When you invest, you have to commit to leaving your money in the I bond for at least a year.

Frequently Asked Questions (FAQs)

How Do You Get a Truist CD?

If you live in a state where a Truist CD is available, you can visit a local branch to open a new CD account. Unfortunately, you cannot open a Truist CD account online.

Are Truist CDs Worth Investing In?

Depending on your situation and the bank’s current rates, a Truist Bank CD may be worth investing in. Truist’s CD accounts are currently only available in 15 states and Washington D.C. If Truist’s CD is available in your state, you could benefit from a generous APY and flexible terms. The rates you can get with a Truist CD can be significantly higher than the average traditional savings account rates.

Are Truist CDs FDIC-Insured?

Yes, Truist Bank CDs are FDIC-insured. FDIC insurance provides banking customers with up to $250,000 worth of coverage per eligible bank and ownership category in case a lending institution has financial difficulties or defaults. 

How Do You Get the Best Truist CD Rate?

Truist CD rates may vary by state, but in general, its 7-month CDs offer the highest rates for both small and large balances. 

Your Guide to CDs

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation.

Newsletter