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!
- About Suntrust Bank
- Suntrust Becomes Truist Bank
- Products Offered By Suntrust
- How to Open an Account with Suntrust Bank
- Suntrust Money Market Account Rates
- Suntrust Savings Account Rates
- Suntrust CD Rates
- SunTrust Bank vs.
- Suntrust Pros and Cons
- SunTrust Customer Service
- The Best CD Rates Today
- The Best Fixed Annuity Rates Today
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?
| Term | Insurance Company | Interest Rate |
|---|---|---|
| 24 Months | Oceanview Annuity | 2.85% |
| 36 Months | Canvas Annuity | 3.80% |
| 48 Months | Oceanview Annuity | 3.35% |
| 60 Months | Athene Annuity | 3.85% |
| 72 Months | Oceanview | 4.30% |
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 Balance | APY |
|---|---|
| $0.01 | 0.01% |
| $10,000.00 | 0.03% |
| $25,000.00 | 0.05% |
Suntrust Savings Account Rates
| Type | Minimum Balance | APY |
|---|---|---|
| Essential Savings | $0.01 | 0.01% |
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.
| Term | Minimum Deposit | APY |
|---|---|---|
| 6 Month | $2,000.00 | 0.05% |
| 1 Year | $2,000.00 | 0.05% |
| 18 Month | $2,000.00 | 0.05% |
| 2 Year | $2,000.00 | 0.05% |
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?
| Feature | Fixed Annuity | CD |
|---|---|---|
| Who Offers | Insurance Company | Banks |
| Premium Amounts | $2,500 to $1 Million | $500 – No Maximum |
| Terms | 2 Years to 20 Years | 3 Months to 7 Years |
| Guaranteed Interest Rates | Up to 3.25% | Up to 1.25% |
| Triple Compounding | Yes | No |
| Principal Protection | Yes | Yes |
| Can Lose Money? | No | No |
| Liquid After Term | 100% | 100% |
| How Are Gains Taxed? | Tax-Deferred | Taxed Annually |
| Annual Liquidity | Up to 10% Annually | No Liquidity |
| Who Protects My Money? | Insurance Company/SGA | FDIC |
| Accepts IRA | Yes | No |
| Accepts 401(k) | Yes | No |
| Death Benefit | Lump-Sum | Lump-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 Rates | Rate | Term | Minimum |
|---|---|---|---|
| Spectrum Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
| Navy Federal Credit Union | 0.40% APY | 3 Months | $1,000.00 |
| Chevron Federal Credit Union | 0.50% APY | 3 Months | $500.00 |
6 Month CD Rates
| Best 6-Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.80% APY | 6 Months | $500.00 |
| Edward Jones | 0.75% APY | 6 Months | $1,000.00 |
| Charles Schwab | 0.80% APY | 6 Months | $1,000.00 |
1 Year CD Rates
| Best 12 Month CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| CommunityWide FCU | 0.90% APY | 12 Months | $1,000.00 |
| Edward Jones | 1.20% APY | 12 Months | $1,000.00 |
| Charles Schwab | 1.40% APY | 12 Months | $1,000.00 |
2 Year CD Rates
| Best 2-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Amarillo National Bank | 1.75% APY | 24 Months | $1,000.00 |
| Edward Jones | 2.20% APY | 24 Months | $1,000.00 |
| Oceanview Fixed Annuity | 2.85% APY | 24 Months | $80,000.00 |
3 Year CD Rates
| Best 3-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.55% APY | 36 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 36 Months | $2,500.00 |
4 Year CD Rates
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.60% APY | 48 Months | $1,000.00 |
| Guggenheim | 3.05% APY | 48 Months | $5,000.00 |
5 Year CD Rates
| Best 5-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| Edward Jones | 2.30% APY | 60 Months | $1,000.00 |
| Canvas Annuity | 3.80% APY | 60 Months | $2,500.00 |
The Best Fixed Annuity Rates Today
| Company | Term | Rate | Withdrawals |
|---|---|---|---|
| Oceanview | 2 Years | 2.85% | 10% Annually |
| Canvas | 3 Years | 3.35% | 10% Annually |
| Oceanview | 4 Years | 3.35% | 10% Annually |
| Canvas | 5 Years | 3.35% | 10% Annually |
| Oceanview | 6 Years | 3.65% | 10% Annually |
| Canvas | 7 Years | 3.35% | 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.
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