Suntrust Bank: Checking, Savings, and CD Rates Review

Shawn Plummer

CEO, The Annuity Expert

Suntrust Bank provides money-saving products including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Suntrust Bank’s interest rates to CD, checking, and savings account rates from the top banks in the USA.

Let’s take a look!

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income. Why settle for less than 1% on your money when you can earn 3% and liquidity?

TermInsurance CompanyInterest Rate
24 MonthsOceanview Annuity2.85%
36 MonthsCanvas Annuity3.80%
48 MonthsOceanview Annuity3.35%
60 MonthsAthene Annuity3.85%
72 MonthsOceanview4.30%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. Our goal is to help you find the highest interest rates for your retirement savings.

About Suntrust Bank

Suntrust was founded in 1891 and is headquartered in Atlanta, Georgia. The company has over $200 billion in assets and provides banking services to more than 24 million customers. Suntrust offers a full range of products and services, including checking and savings accounts, credit cards, loans, and investment products.

Suntrust Becomes Truist Bank

On June 12, 2019, Suntrust Bank announced that it would be merging with BB&T to create a new company called Truist Bank. The merger is expected to be completed in the second half of 2019. After the merger, Truist will become the sixth-largest bank in the United States.

Products Offered By Suntrust

Suntrust offers a wide range of products and services, including checking and savings accounts, credit cards, loans, and investment options. They also have a mobile app that allows customers to manage their finances on the go. Suntrust is a great choice for anyone who is looking for a comprehensive financial institution.

Suntrust offers a variety of products and services to its customers. These include:

  • Checking and Savings Accounts
  • Credit Cards
  • Loans
  • Investment Products

How to Open an Account with Suntrust Bank

Opening an account with Suntrust Bank is a simple process that can be completed online, by phone, or in-person at a branch location. To open an account, you will need to provide some basic personal information, such as your name, address, and Social Security number. You will also need to choose a type of account and make an initial deposit.

Suntrust Money Market Account Rates

This account at SunTrust Bank is a good way to get used to saving money. There is no interest for the account but there are no monthly fees whatsoever. And you do not need to make any deposits, as long as you get rid of your paper statements that cost $3 per month.

If you have a Sun Trust Essential Savings account, then when you use your SunTrust credit card, you will get 10% more cashback.

Minimum BalanceAPY
$0.010.01%
$10,000.000.03%
$25,000.000.05%
*APY=Annual Percentage Yield.

Suntrust Savings Account Rates

TypeMinimum BalanceAPY
Essential Savings$0.010.01%
*APY=Annual Percentage Yield.

Suntrust CD Rates

SunTrust offers two CDs, Personal CD, and Advantage CD. The Personal CD is a traditional CD, with a minimum deposit of $2,000 and terms that range from 7 days to 10 years. The Personal CD requires a minimum deposit of $2,000.

SunTrust offers the Advantage CD, a one-year CD. It has one penalty-free withdrawal per 1-year term. You can also deposit more money after you open the account.

TermMinimum DepositAPY
6 Month$2,000.000.05%
1 Year$2,000.000.05%
18 Month$2,000.000.05%
2 Year$2,000.000.05%
APY = Annual Percentage Yield

SunTrust Bank vs.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2-YEAR TERM: 2.85%
  • 3-YEAR TERM: 3.80%
  • 4-YEAR TERM: 3.70%
  • 5-YEAR TERM: 3.85%
  • 6-YEAR TERM: 4.30%
  • 7-YEAR TERM: 4.10%
  • Grow your money as fast as possible
  • Principal protection
  • The interest rate is locked for the term you select
  • Tax-deferred growth
  • Withdraw annually without penalty
  • Lump-sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and a CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Triple CompoundingYesNo
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

Suntrust Pros and Cons

Pros

  • You can make payments for your purchases easily with the app.
  • There are multiple ways to earn cash back and other perks
  • Online banking, text-based banking, and mobile banking are all offered by Suntrust

Cons

  • Branches are only available in the southeastern U.S.
  • Suntrust’s website not completely transparent
  • All CD and Savings Accounts offer some of the lowest interest rates in the United States.

SunTrust Customer Service

You can get help from SunTrust’s customer service line 24 hours a day. The customer service number is 1-800-786-8787. You can also visit the website for more options and details.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD RatesRateTermMinimum
Spectrum Federal Credit Union0.50% APY3 Months$500.00
Navy Federal Credit Union0.40% APY3 Months$1,000.00
Chevron Federal Credit Union0.50% APY3 Months$500.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU0.80% APY6 Months$500.00
Edward Jones 0.75% APY6 Months$1,000.00
Charles Schwab0.80% APY6 Months$1,000.00

1 Year CD Rates

Best 12 Month CD RatesRateTermMinimum
CommunityWide FCU0.90% APY12 Months$1,000.00
Edward Jones1.20% APY12 Months$1,000.00
Charles Schwab1.40% APY12 Months$1,000.00

2 Year CD Rates

Best 2-Year CD RatesRateTermMinimum
Amarillo National Bank1.75% APY24 Months$1,000.00
Edward Jones2.20% APY24 Months$1,000.00
Oceanview Fixed Annuity2.85% APY24 Months$80,000.00

3 Year CD Rates

Best 3-Year CD RatesRateTermMinimum
Edward Jones 2.55% APY36 Months$1,000.00
Canvas Annuity3.80% APY36 Months$2,500.00

4 Year CD Rates

Best 4-Year CD RatesRateTermMinimum
Edward Jones2.60% APY48 Months$1,000.00
Guggenheim3.05% APY48 Months$5,000.00

5 Year CD Rates

Best 5-Year CD RatesRateTermMinimum
Edward Jones2.30% APY60 Months$1,000.00
Canvas Annuity3.80% APY60 Months$2,500.00

The Best Fixed Annuity Rates Today

CompanyTermRateWithdrawals
Oceanview2 Years2.85%10% Annually
Canvas3 Years3.35%10% Annually
Oceanview4 Years3.35%10% Annually
Canvas5 Years3.35%10% Annually
Oceanview6 Years3.65%10% Annually
Canvas7 Years3.35%10% Annually

Key Takeaway – Retirement Income Planning

Consider a deferred annuity with a lifetime income rider if you’re spending the interest from a CD or a fixed annuity to supplement your retirement income. These annuities would offer a guaranteed income for life (even if the annuity ran out of money), removing the concern of making your money last in retirement and running out of money.

Some lifetime income riders offer a retirement income that increases to keep up with inflation, help pay for long-term care expenses, and offer an enhanced death benefit to help your beneficiaries.

Learn the differences and benefits between Fixed Annuities and Certificates of Deposits (CD).

Compare Checking, Savings, and CD in Banking to find the best savings rate.

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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