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At A Glance

SunTrust Bank opened its doors in Atlanta, Georgia in 1891. Today, they have more than 1,400 branches and 2,100 ATMs in the Southeast regions of the US. It has over US$199 billion in assets. They offer a full line-up of products and services designed to meet the needs of their consumer, business, corporate and clients. They also provide commercial and small business financing, as well as wealth management services.

Rates at SunTrust are lower compared to its competitors, but many of its competitors are online banks, which mean you get no access to in-person customer service.

Mission Statement: “Lighting the Way to Financial Well-Being
SunTrust’s mission is to spread financial confidence across America by helping the average American live their lives to the fullest, every day.

  • Over 2,000 ATMs
  • High APY on CDs
  • Free Student account
  • Cash back and rewards
  • Monthly fees
  • Low APY on savings accounts
  • Limited information on products on their website
  • Limited location other than in the South

Types of Accounts

SunTrust Bank offers a range of personal banking products, most of these accounts do require a monthly maintenance fee if customers don’t meet specific requirements:

SunTrust Checking Accounts

SunTrust Savings Accounts

SunTrust CDs

SunTrust Money Market Accounts

SunTrust IRAs

SunTrust Checking Accounts

There are three types of checking accounts offered by SunTrust bank:

Essential Checking account:

  • Requires a minimum deposit of $100 to open
  • SunTrust is also FDIC insured up to the maximum amount allowed by law
  • 10% Loyalty Cash Bonus with a SunTrust Cash Rewards credit card
  • $7 monthly fee, waivable with one of the following:
  • Make at least 10 transactions per statement cycle
  • $500 in total qualifying monthly direct deposits per statement cycle
  • Keep a minimum daily collected balance of $500
  • If you are student and you’ll receive a 5-year student waiver

Balanced Banking:

  • This account requires a minimum $100
  • $20 returned item fee
  • SunTrust is also FDIC insured up to the maximum amount allowed by law
  • 10% Loyalty Cash Bonus with a SunTrust Cash Rewards credit card
  • $12 monthly fee, waivable under these conditions:
  • with a minimum daily total deposit balance of at least $3,000

Advantage Checking:

  • This account requires $100 to open
  • SunTrust is also FDIC insured up to the maximum amount allowed by law
  • Fees of $20 a month are waivable:
  • with total deposit balances of at least $25,000
  • This account is interest-bearing at a 0.01% APY rate
  • No fees for 3 non-SunTrust ATM transactions per statement cycle
  • This SunTrust checking account offers 3 choices of redeemable cash bonus with the SunTrust Cash Rewards credit card:
  • Advantage option offers 10% Loyalty Cash Bonus
  • Advantage Choice option offers 5% Loyalty Cash Bonus
  • Advantage Preferred option offers 50% Loyalty Cash Bonus
  • $25 discount safety deposit box
  • Free incoming wire transfers
  • Free money orders and checks

SunTrust Savings Accounts

SunTrust has two savings accounts:

Essential Savings: an easy and convenient way to start a savings plan for any budget with 0.01% APY:

  • No minimum opening deposit required
  • Enjoy no monthly maintenance fee
  • Avoid the $3 monthly Paper Statement Fee by going paperless
  • Auto transfers from any SunTrust checking account

Select Savings Account:

  • Get an annual 1% anniversary bonus up to $25, when linked with a checking account
  • Accounts are FDIC insured up to the maximum allowed by law
  • Auto transfers from any SunTrust checking account
  • Monthly maintenance fee of $25, can be waived:
  • By setting up an automatic transfer occurring once per cycle
  • Maintaining a $1,000 minimum daily balance

SunTrust CDs

With a minimum of $2,000 you can open a SunTrust CD. They offer both guaranteed interest rates and tiered interest rates. There is an additional Promotional CD with high interest rates. SunTrust offers terms on CDs ranging from 7 days to 10 years with the best rates available:

6 Month 0.50% APY
12 Month 2.26% APY
18 Month 2.50% APY
24 Month 2.56% APY
58 Month 2.56% APY

SunTrust Money Market Accounts

SunTrust Money Market is a type of savings account that gives your savings an edge. To open an account, you need as little as $100. You’ll also go the following advantages:

  • Check writing privileges
  • Easy access to your money
  • FDIC insured up to the maximum allowed by law
  • Waive the 17$ maintenance fee by:
  • Automatic transfer of at least $100 per statement cycle
  • Maintaining a $10,000 minimum daily balance

SunTrust IRAs

SunTrust’ increase your tax-deferred retirement savings account depend on your income and what’s best suited for you. Your income and your contributions to a Traditional IRA may be tax-deductible. And any earnings and investment growth accumulated will be federally tax deferred until you begin to make withdrawals.

  • Additional source for tax-deferred investment growth
  • Boosts your employer-sponsored retirement plan savings
  • Catch-up on contributions if you’re age 50 or older
  • Multiple choices of investments: stocks, bonds and exchange-traded funds
  • SunTrust Investment Services advisor (STIS)

Keep in mind with SunTrust IRAs a 10% early withdrawal penalty may apply for withdrawals taken before the age of 60.

Banking Features

  • Online banking – SunTrust’s website offers a live chat service, allowing you to talk to a bank representative at any time. Bill payments and transfers are made easy through the portal.
  • Opening an account – with an easy maneuvering website, all you need is to answer the personal questions required and provide the identification pieces required.
  • Cash back – You can earn cash back on your purchases. If you use your SunTrust Visa Debit card, you may earn cash back on certain purchases.
  • Zero Liability – The SunTrust Visa Debit card comes with a Zero Liability promise. Should you lose your card or be a victim of fraud, you may not be responsible for the charges.

About SunTrust Bank

SunTrust bank got its start in 1891 in Atlanta, Georgia. In 1985, the bank merged with Florida-based SunBanks, forming what is now known as SunTrust Bank. From its headquarters, still based in Atlanta, SunTrust owns more than 1,400 branches locations and 2,160 ATMs in 11 Southeastern states and Washington, D.C. It also employs nearly 2,400 workers.

This bank offers plenty of financial services, from checking and savings accounts to money market accounts, certificates of deposit, mortgage loans and auto loans. They also have financing solutions for businesses and wealth management for investors alike.

SunTrust Bank doesn’t offer the highest rates on the market, but does remain competitive amongst the best to offer especially in regards to CDs.

The Bottom Line

SunTrust bank isn’t for everyone. It’s best suited for consumers able to keep solid minimum balances in their accounts, those who make frequent transactions a month and those who are confident they can build their savings account balances steadily.

If you’re looking for a reliable online banking option, with an informational website and high savings APY, perhaps another bank is best for you.