SunTrust Bank is one of the most coveted names in banking if you live in the Southeastern United States. Offering plenty of products and services that make banking as easy as possible for it’s customers, SunTrust currently operates 1,218 physical branches and over 2,000 ATMs within 11 states and Washington D.C.
If you are looking to make the switch to a new bank and want a traditional experience with a twist of modernization, SunTrust may be a good option for you. SunTrust offers a variety of financial services, including checking, savings, money market accounts, certificates of deposit, mortgage loans and auto loans.
Read more about SunTrust and their current offerings below to help you decide.
**Special Update: SunTrust will soon be changing its name to TRUIST as the result of their merger with BB&T in December 2019.
Where Does SunTrust Operate?
SunTrust Bank operates within:
- Alabama
- Arkansas
- Florida
- Georgia
- Maryland
- Mississippi
- North Carolina
- South Carolina
- Tennessee
- West Virginia
- Virginia
- Washington D.C.
What Types of Accounts Does SunTrust Offer?
SunTrust offers a variety of financial services to help make banking as easy as possible. Current personal banking services include: Checking, Savings, Money Market and Certificates of Deposit.
SunTrust Checking:
Essential Checking Account
The Essential checking account is designed for those who prefer to keep a lower minimum balance and may not need overdraft protection. This account comes with a $7 monthly fee. Customers can avoid this fee by making 10 more transactions during a monthly cycle, making $500 or more in direct deposits or keeping a $500 minimum daily balance.
Select Checking Account (interest-earning checking)
The Select Checking Account is for those who want to earn interest on their deposits and intend on making more transactions. The Select account comes with a $15 maintenance fee. Customers can avoid this by making $2,000 of direct deposits during a monthly cycle or by maintaining an average daily balance of $2,000. The Select option, though, does pay interest on customers’ balances.
Signature Advantage Checking Account
The Signature Advantage checking account is for customers who intend on making large and frequent transactions. The minimum opening amount is $100, and you’ll need to keep at least $25,000 in balances across your SunTrust accounts to avoid the $25 monthly maintenance fee. In addition, you’ll get unlimited free personalized checks and earn interest at 0.01%, as well as have all ATM fees reimbursed and the ability to waive the monthly maintenance fees for up to four essential checking accounts.
SunTrust Savings:
Essential Savings Account
The Essential Savings account is a very basic savings account. There is no minimum opening deposit or monthly maintenance fees. You’ll just need to have at least a balance of $0.01 to prevent account closure. Customers will have to pay a $3 paper statement fee if they don’t choose electronic statements.
Select Savings Account
SunTrust’s Select Savings Account has a minimum opening deposit of $100 and requires a $7 monthly fee, but it pays a 1% anniversary bonus each year to those customers who connect their savings accounts to a Select Checking account. The good news is that customers can avoid the monthly fee by maintaining a daily balance of at least $1,000 or by making at least $25 of automatic transfers each cycle from a connected SunTrust checking account.
SunTrust Money Market Account:
Money Market Savings Account
Money market accounts tend to be like a mix of a checking and a savings account. This savings account offers tiered interest rates — meaning, the money you deposit in the account, the higher the interest rate you will earn. The SunTrust Signature Money Market Account only requires a $100 minimum opening deposit, and earns at least 0.01% APY. Interest is compounded daily and is credited to your account every month.
Their money market account comes with a $15 monthly maintenance fee that can be avoid by making at least $100 in automatic transfers from a SunTrust checking account or maintaining a $5,000 balance. This account also comes with checks, which means it’s like a checking account. The only exception is you can’t make more than six withdrawals/checks in one monthly cycle.
SunTrust CDs:
Certificates of Deposit
SunTrust’s CDs come without a monthly fee (but you will have to pay an early withdrawal fee if you decide to take your money out before the agreed-upon time frame). The minimum deposit is $2,000, and you can access your CD online, via mobile, over the phone as well as at physical branch locations.
June 2022 SunTrust CD Rates:
Term | Interest Rate | APY |
6 Month CD | 0.05% | 0.05% |
12 Month CD | 0.05% | 0.05% |
18 Month CD | 0.05% | 0.05% |
24 Month CD | 0.05% | 0.05% |
How Can I Deposit and Withdraw Money from A SunTrust Account?
Here are the ways you can deposit or obtain money from your SunTrust account:
Deposits
- Direct deposits
- At branches or ATMs
- Online transfers
- Mobile check deposit
- Send a check via mail
- Wire transfers
Withdrawals
- At branches or ATMs
- Online transfer
- Addressing a check to another one of your accounts
- Wire transfers
What Are SunTrust’s Account Fees?
SunTrust lists all of their account fees on their website based on account type. Here is a list of the most common fees that you’ll need to know about:
Type | Fee |
Paper Statement Fee | $3 |
Overdraft Fee | $36 |
Early Account Closure | $25 |
Returned Deposit Fee (Domestic) | $36 |
Outgoing Wire Transfer (Domestic) | $25 |
Outgoing Wire Transfer (International) | $50 |
International ATM | $5 |
Overdraft Protection Transfer Fee | $12.50 (each day a transfer is required) |
Stop Payment | $36 |
Dormant Account Fee (Florida Only) | $15 per month after 12 months of inactivity |
View All of SunTrust’s Account Fees Here.
What Are The Benefits of Having a SunTrust Account?
- FDIC insured up to $250,000
- Variety of account options
- New customer promotions available
- Ability to earn cashback on your purchases
- Interest-bearing accounts available
- Automatic saving option is available
- Branch access (in-person customer support)
- Check images included with statements
- Fraud monitoring
- Free bill pay
- Mobile banking
- Mobile check deposit
- No ATM fees
- Avoidable monthly maintenance fee
What Are The Disadvantages of SunTrust Accounts?
- Low APY
- Monthly fee will be applied if you do not meet the requirements for waiver
- Limited branch locations (not available nationwide)
- Paper statement fee
- High service fees
- Auto transfer limitations (can only set up with a SunTrust Checking account)
Note: If you are more technologically-savvy and don’t necessarily need a traditional banking experience, there are many online banks that offer higher rates or may have better perks.
As of November 2022, here are some rates from competitors that you may want to check out:
- Aspiration Bank – 3.00% APY
- TAB Bank – 3.00% APY
- Citi Accelerate – 3.10% APY
- First Foundation Bank Online Savings – 3.60% APY
- Barclays Bank – 3.00% APY
- CIBC Bank – 3.27% APY
- Goldman Sachs – Marcus Account – 3.00% APY
- Synchrony Bank – 3.00% APY
- TIAA Bank – 0.80% APY
- Ally Bank – 0.75% APY
- Citizens Access – 0.75% APY
- Capital One 360 Performance Savings – 0.70% APY
- Discover – 0.70% APY
- American Express Personal Savings – 0.65% APY
- CIT Bank Savings Builder – 3.25% APY
- MySavingsDirect – 0.50% APY
- Vio Bank – 0.50% APY
- HSBC Direct – 0.05% APY
Is SunTrust FDIC-Insured?
Yes. SunTrust is a FDIC member. Therefore, funds deposited into their checking and savings accounts are insured up to the maximum allowed by law.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. Furthermore, the FDIC insures deposits according to ownership category (such as individual, joint or accounts with beneficiaries). The current maximum amount is $250,000 per depositor, per insured bank, for each account ownership category.
How Do You Open A SunTrust Account ?
Opening an account with SunTrust is a fairly straightforward process. The application can be completed online or by visiting any one of their branch locations.
You just need to:
- Be a US Citizen
- Have a US residential address
- Be at least 18 years old
- Have a Social Security number
You will also need to have access to the following personal details to complete the application:
- Personal contact information
- Address history (for at least 2 years)
- A funding source for your new account
- Verification of age and citizenship (such as a driver’s license)
SunTrust Online Application “How-To”:
- Visit the SunTrust website, hover over Personal banking and click on the account type you want to open.
- Click Open an account.
- Click Open now under on the account type you want to open.
- Fill in your personal information and click Next.
- Review account details, choose your account preferences and click Next.
- Submit your application.
How To Access Your SunTrust Account:
Online: Access your account by logging in with your username and password on their website: SunTrust.com
Mobile Device: Bank on your phone/tablet through their mobile app.
Contact SunTrust About Your Account:
- Phone:
- Call 800.SUNTRUST
- TDD/TTY 800.854.8965
Monday – Friday 8am – 8pm ET and Saturday 8am – 5pm
(excluding most Federal Holidays)
- General Inquiries – SunTrust Client Services Department
- Phone: 800.634.7928
- Hours: Monday through Friday 8 a.m. to 8 p.m. and Saturday 9 a.m. to 3 p.m., ET.
- Mail:
- You may mail checking, savings, or money market deposits to:
- SunTrust Bank, Special Handling
VA-RIC-9292
P.O. Box 27572
Richmond, VA 23261-7572
- SunTrust Bank, Special Handling
- Be sure to include a deposit slip or your name and account number. Do not send currency via U.S. mail.
- You may mail checking, savings, or money market deposits to:
- Email:
- Login to your SunTrust account to send a secure email to a SunTrust banking professional.
- Mobile App:
- Download and use the smartphone app.
Bottom Line
In conclusion, banking with SunTrust can offer you a lot of different options for how you want to manage your money. But – watch out for fees!
Banking Health Score
There are many banks and financial institutions to choose from and it is important to be able to distinguish the good from the bad. Our team reviews each bank on a monthly basis to ensure that the information we share is as up to date as possible. Not only is the financial strength of a company important, but also how well their customer service is rated by actual customers like you.
We also believe that in order to determine how well a bank is functioning, that several sources should be utilized to compare one bank to another.
That said, here is a list of scores from trusted sources that you should consider before making your banking decisions.
SunTrust (Truist) – Bank Health Scores
Bank Professor’s Bank Score = ⭐⭐⭐⭐ 4 stars out of 5 stars
Additional Scores
- Bankrate’s Safe and Sound Rating: 2.6 out of 5 stars
- BauerFinancial Star Rating: 5 out of 5 stars
- BankTracker Troubled Asset Ratio: 3.03
- FDIC: Actively insured
More about the rating system:
- BankProfessor rates banks monthly on a one-to-five scale based on revenue, net income, total assets, total equity, capital ratio, customer reviews, rating agency scores, profitability, and troubled asset ratio.
- Bankrate.com ranks banks and credit unions quarterly on a one- to five-star system, with one being the lowest rating and five the highest. The rating is given based on regulatory filings about the financial institution’s capital adequacy, asset quality, profitability and level of cash available. It compares those levels with peer and industry norms.
- BauerFinancial offers a similar star rating system as Bankrate (a one- to five-star system, with one being the lowest rating and five the highest).
- BankTracker was created by the Investigative Reporting Workshop of American University and MSNBC.com. They determine a bank’s troubled asset ratio. According to the site, the ratio is “a strong indicator of severe stress inside a bank because it shows the bank’s ability to withstand loan losses”. In other words, the higher the ratio, the more “trouble” they are in.
About SunTrust
SunTrust got its start in 1891 when General Assembly in the state of Georgia granted a charter for Commercial Travelers’ Savings Bank in Atlanta. Then, in 1985, the bank merged Florida-based “SunBanks”, forming what is now known as SunTrust Bank.
SunTrust is currently headquartered in Atlanta, Georgia, and operates more than 1,200 branches and 2,000 ATMs in 11 Southeastern states and Washington, D.C. As of 2018, SunTrust’s total assets are estimated at $216 billion and revenue at $9 billion.