We compared Truist Bank CDs to best CD rates and found it to be a standard offering. Truist only offers traditional CDs and other than a few special CD terms, it doesn't offer strong rates.
Truist Bank has branches in 17 US states and Washington, DC.
Truist CD Rates
Truist Bank CD rates offer 0.05% to 4.00% APY.
Truist offers fixed-rate CD terms ranging from 7-day CDs to 5-year CDs. Truist also lists two CD specials online. CD rates may vary by location, so you need to call or visit your local branch to ask about rates for terms you're interested in.
Still, Truist rates are generally low across the board. Truist also doesn't offer specialty CDs, such as no-penalty CDs or raise-your-rate CDs.
| Term Length | APY (Annual Percentage Yield) |
| Truist 5-Month CD | 4.00% APY |
| Truist 36-Year CD | 3.50% APY |
Overview of Truist CDs
Of the promotional CDs it shows online, Truist pays good rates for a brick-and-mortar bank. The best online banks and credit unions for CDs have even higher overall rates, though.
Truist Bank standard CD rates are lower than average CD rates. CD rates can also vary depending on where you live so its best to contact a local Truist branch.
You may prefer a different option if you want a more direct way to see current CD rates. For example, some banks offer the same CD rates nationwide.
Truist CD Rates Pros and Cons
Truist CD Rate Pros
- Compounds interest daily
- CD specials pay solid interest rates
Truist CD Rate Cons
- Must open a CD at a branch or schedule an appointment
- $2,500 minimum deposit on terms of 31 days or less
- Standard-to-high early withdrawal penalties
Truist CD Alternatives
Truist CDs vs. Chase CDs
As with Truist, Chase CD rates can vary depending on where you live. In New York, New York, Chase CD rates pay 0.01% to 4.00% (vary by location)APY.
Chase's standard rates are low overall, but you can earn a "relationship rate" if you also have a Chase checking account.
If you qualify for a relationship rate with Chase, it might be the better pick. Just look at the Chase website to see rates in your area for the term you're interested in to decide whether it's worth using this bank.
Truist CDs vs. Bank of America CDs
Bank of America CD rates depend on the CD type and term length you choose. There are three types of CDs: fixed, featured, and flexible.
A Bank of America Fixed Term CD pays 0.03% to 3.75% APY. The terms between 90 days to 179 days pay the best standard CD rates while the other terms are fairly low.
A Bank of America Featured CD pays 0.11% to 3.80% (vary by location) APY. It only comes with five terms: seven months, 10 months, 13 months, 25 months, and 37 months. The 7-month, 10-month, and 13-month terms pay the highest rates. The 25-month CD rate is decent, while the 37-month CD rate is low.
The Bank of America Flexible CD is a no-penalty CD with a 12-month term (which auto-renews into a 9-month term). It pays 3.25% APY.
When making a Truist CD rates comparison, Bank of America CDs are stronger than CD rates at Truist Bank, but your choice could come down to which term length you want.
What Influences Truist CD Rates
Economic Conditions and Fed Actions
Like all banks and credit unions, Truist responds to market fluctuations when setting its rates. If rates go down, Truist doesn't need to maintain high rates to be competitive, and if rates go up, Truist needs to raise its rates to stay viable.
Fed actions generally cause major market fluctuations. The Federal Reserve is the central banking system of the U.S. When the Fed has a meeting and announces its rate changes, banks and credit unions generally change their rates accordingly.
CD Term Length
The rate you get on your CD will depend on the term length you choose. Right now, short-term CDs have better rates than long-term CDs because people expect the Fed to lower rates this year. If you're looking to maximize the interest rate you get on your CD, you'll probably want to consider a shorter-term CD.
Regional Variations
Like many nationwide brick-and-mortar banks, there will be differences in Truist's CD rates by state and city. If you don't want to worry about how your location impacts what CD rates you can earn, online banks generally don't change their rates based on where you live.
Should You Invest in a Truist CD?
If you want to bank in-person with a nationwide bank, and you're interested in opening a 5-month or 36-month CD, Truist could be worth considering. If you're primarily looking for a high interest rate, online banks' CD rates won't differ by location, and the best 3-year CD rates are higher than what Truist offers.
Why You Should Trust Us: How We Reviewed Truist CDs
We reviewed Truist CDs using Insider's certificate of deposit methodology. For CDs, we look at the minimum deposit, interest rates, variety of term options, early withdrawal penalties, mobile app, ethics, security, miscellaneous features, and customer support.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Truist CD Rates FAQs
Truist's offers a 36-month CD special that's solid but not as high as the best 3-year CD rates. Interest rates at TD Bank also vary on location, so make sure to check the rates your local bank offers before committing. Also check what fees might come with the account, such as Truist CD early withdrawal penalties.
Like many financial institutions, Truist can change its CD rates daily or even weekly in response to market fluctuations. If you already have a CD, however, your rate will stay the same until the term length has been reached.
Truist currently offers a 5-month CD, which is a non-standard term length. It also offers CDs with term lengths as short as 7 days, although its very short-term CDs have an increased minimum opening deposit and interest rates that vary based on your location.
No, you can open a Truist CD without having a preexisting Truist account.
Yes, Truist's CDs are FDIC-insured, so your money is safe up to $250,000 per depositor, per account type. CDs are a low-risk place to keep your money because bank failures are a rare occurrence and the FDIC protects your insured deposits if a bank shutdown occurs.
CD rates at Truist Bank pay 0.05% to 4.00% APY. The highest CD rate at Truist is available on the 5-month CD. Keep in mind CD rates and special may depend on where you live.
