Hello there! Thinking about putting your money to work with a Certificate of Deposit (CD) at Truist Bank? That's a smart move if you're looking for a low-risk way to grow your savings with a guaranteed return. Let's dive into how much interest Truist Bank is currently paying on CDs and walk through everything you need to know, step by step.
Understanding Certificates of Deposit (CDs)
Before we get to the numbers, let's quickly clarify what a CD is. A CD is a savings account that holds a fixed amount of money for a fixed period of time, known as a "term." In return for keeping your money untouched for that term, the bank pays you a fixed interest rate. This makes CDs a predictable and secure investment, especially when interest rates are favorable.
The key benefit? Guaranteed rates. Once you open a CD, your Annual Percentage Yield (APY) is locked in for the entire term, regardless of market fluctuations. However, withdrawing money before the maturity date typically incurs penalties.
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| How Much Interest Is Truist Bank Paying On Cds |
Step 1: Discovering Truist Bank's Current CD Rates – Let's Find Out Together!
Ready to see what Truist is offering? Finding the most up-to-date CD rates can sometimes be a bit like a treasure hunt, as rates can change frequently and may even vary by location.
Here's what we know as of June 2025:
Truist Bank generally offers promotional rates on select CD terms, which are typically higher than their standard rates. They also offer a wide range of terms from 7 days to 60 months (5 years).
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Promotional Rates:
- 6-month CD: You might find a special rate of around 4.00% APY. This often requires a minimum opening deposit of $1,000.
- 12-month CD: A competitive rate here could be around 3.75% APY, also typically with a $1,000 minimum deposit.
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Standard CD Rates:
- For their standard CDs across various terms (from 7 days to 60 months), the Annual Percentage Yield (APY) tends to be significantly lower, often around 0.05% APY. This is why it's crucial to look for their special or promotional CD offers.
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Minimum Deposits:
- For terms of 32 days to 60 months, the minimum opening deposit is usually $1,000.
- For shorter terms, like 7 to 31 days, the minimum can be $2,500.
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Important Note: These rates are subject to change and may vary depending on your specific location and whether you are a new or existing customer. The best way to get the absolute most current and personalized rates is to contact Truist directly.
Step 2: Understanding Factors That Influence CD Rates
Why do CD rates differ? Several factors play a role in how much interest Truist, or any bank, pays on its CDs:
Sub-heading 2.1: The Federal Reserve's Influence
The Federal Reserve's interest rate decisions significantly impact CD rates. When the Fed raises its benchmark rate, banks generally follow suit by offering higher rates on savings products like CDs. Conversely, when the Fed lowers rates, CD rates tend to decline.
Reminder: Reading twice often makes things clearer.
Sub-heading 2.2: CD Term Length
Generally, longer CD terms (e.g., 5 years) tend to offer higher APYs than shorter terms (e.g., 6 months). This is because you're committing your money for a longer period, providing the bank with more stability. However, this isn't always the case, especially with special promotional offers on shorter terms, as seen with Truist's current 6-month and 12-month offers.
Sub-heading 2.3: Economic Conditions
Overall economic health, inflation, and market demand for loans can also influence CD rates. In times of high inflation, banks may offer higher rates to attract deposits.
Sub-heading 2.4: Promotional Offers
Banks often offer special promotional rates on specific CD terms to attract new customers or certain types of deposits. These rates are usually more competitive than their standard offerings. As you've seen, Truist often has these types of offers.
Step 3: How to Find the Most Accurate Truist CD Rates for You
Since rates can be dynamic, here's how to get the most precise information:
Sub-heading 3.1: Visit the Truist Bank Website
Go directly to the official Truist Bank website. Look for sections on "Savings," "CDs," or "Certificates of Deposit." They usually list their current promotional rates prominently. Be sure to check for any disclaimers about regional variations or specific requirements.
Sub-heading 3.2: Contact Truist Directly (Recommended)
This is often the most reliable method.
- Call their customer service line: A Truist representative can provide the exact rates available in your area and answer any specific questions you have about terms, minimum deposits, and penalties.
- Visit a local Truist branch: If you prefer in-person assistance, a banker at your nearest Truist branch can provide detailed information and help you open an account.
Sub-heading 3.3: Use Online Rate Comparison Sites
Websites like Bankrate, NerdWallet, and Forbes Advisor often compile CD rates from various banks, including Truist. While these can give you a good overview, always verify the rates directly with Truist as these sites may not be updated instantaneously. Look for the "as of" date on these comparison sites to ensure the information is recent.
QuickTip: Reading regularly builds stronger recall.
Step 4: Important Considerations Before Opening a Truist CD
Before you commit your funds, keep these points in mind:
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Sub-heading 4.1: Early Withdrawal Penalties
CDs are designed for funds you won't need immediate access to. Truist, like most banks, will impose a penalty if you withdraw your money before the CD matures. These penalties can range from a portion of the interest earned to a portion of the principal in some cases. Always understand the early withdrawal penalty terms before opening a CD. For Truist, common penalties include:
- Less than 3-month term: All interest earned or $25 (whichever is greater)
- 3-12 months: 3 months' interest or $25 (whichever is greater)
- 13-23 months: 6 months' interest or $25 (whichever is greater)
- 24 months or more: 12 months' interest or $25 (whichever is greater)
Sub-heading
When your CD matures, Truist typically offers a grace period (often 7 or 10 days) during which you can withdraw your funds without penalty or choose to renew the CD. If you do nothing, your CD will likely automatically renew for the same term at Truist's current standard CD rate (which, as mentioned, can be very low, around 0.05% APY). Be mindful of your maturity date to ensure you make an informed decision about renewal or withdrawal.
Sub-heading 4.3: FDIC Insurance
Your Truist CD is FDIC insured up to the maximum legal limit, which is currently $250,000 per depositor, per insured bank, for each account ownership category. This means your money is safe even if the bank fails.
Sub-heading 4.4: Laddering CDs
If you're unsure about locking up all your money for a long term, consider a CD ladder. This involves dividing your money into several CDs with different maturity dates (e.g., a 6-month, 1-year, and 2-year CD). As each CD matures, you can reinvest the funds into a new, longer-term CD, or access the money if needed. This strategy offers both liquidity and the ability to capture potentially rising interest rates over time.
Step 5: Opening a Truist CD Account
Once you've done your research and are ready to proceed, opening a Truist CD is relatively straightforward:
Sub-heading 5.1: Gather Your Information
You'll typically need:
Tip: Slow down at important lists or bullet points.
- Your Social Security number or Taxpayer Identification Number (TIN)
- A valid government-issued ID (driver's license, state ID, or passport)
- Information about your existing Truist account if you have one, or details for linking an external account to fund your CD.
- The amount you wish to deposit.
Sub-heading 5.2: Choose Your Method of Application
- Online: Truist may offer online CD account opening for certain types of CDs. Check their website for this option.
- In-Branch: Visiting a Truist branch is a common way to open a CD, especially if you have specific questions or prefer in-person assistance.
- By Phone: You might also be able to open a CD by calling Truist customer service.
Sub-heading 5.3: Fund Your CD
You'll need to transfer the minimum deposit amount from an existing Truist account or an external bank account.
Sub-heading 5.4: Review and Confirm
Carefully review all the terms and conditions, including the APY, maturity date, and early withdrawal penalties, before finalizing your CD opening.
Conclusion
Investing in a Truist Bank CD can be a fantastic way to secure a guaranteed return on your savings. While their standard rates are quite low, their special promotional CD offers can be competitive. Remember to always verify the most current rates directly with Truist, understand the terms, and choose a CD strategy that aligns with your financial goals. Happy saving!
10 Related FAQ Questions
How to find Truist Bank's best CD rates?
The best way is to check Truist's official website for "Special Offers" or "Promotional CD Rates," or contact a Truist representative directly via phone or by visiting a branch.
How to avoid early withdrawal penalties on a Truist CD?
To avoid early withdrawal penalties, ensure you do not withdraw funds from your CD before its maturity date. If you need access to your money, consider shorter-term CDs or a CD laddering strategy.
How to renew a Truist CD at maturity?
Truist CDs typically renew automatically for the same term at the standard rate. To choose a different term or rate, you must inform Truist during the grace period (usually 7-10 days) after maturity.
How to open a Truist CD online?
While some banks offer full online CD opening, Truist often encourages contacting a banker or visiting a branch for their best CD offers. Check their website to see if online application is available for the specific CD you're interested in.
QuickTip: Slow down when you hit numbers or data.
How to know if a Truist CD is FDIC insured?
Yes, all Truist Bank CDs are FDIC insured up to the maximum legal limit of $250,000 per depositor, per insured bank, for each account ownership category.
How to compare Truist CD rates with other banks?
You can use online financial comparison websites like Bankrate, NerdWallet, or Forbes Advisor. However, always verify the rates directly with each bank as rates can change frequently.
How to calculate the interest earned on a Truist CD?
You can calculate the approximate interest earned by multiplying your principal deposit by the Annual Percentage Yield (APY) and then adjusting for the term length. For example, $10,000 at 4.00% APY for 6 months would earn approximately ($10,000 * 0.04) / 2 = $200.
How to get a higher interest rate on a Truist CD?
Opt for promotional CD offers, which usually have higher rates than standard CDs. Also, sometimes longer terms offer better rates, but this isn't always the case with special promotions.
How to close a Truist CD account?
You can close a Truist CD account at maturity during the grace period without penalty. If you close it before maturity, you will likely incur an early withdrawal penalty. Contact Truist customer service or visit a branch to initiate the closure.
How to manage my Truist CD account online?
Truist's online banking platform allows you to view your CD account balance and maturity date. For specific actions like renewal instructions, you may need to contact them directly.
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