Open an account almost anywhere in the US. You can sign up for a bank account online in 50 states.
Can use BB&T ATMs for free. Since SunTrust and BB&T merged to form Truist in December 2019, you can use ATMs from both banks without paying an out-of-network ATM fee.
Limited branch and ATM network. Suntrust only has ATMs and branches located in the southeastern US.
SunTrust Bank Checking and saving accounts Pros&Cons
No minimum deposit is needed for the savings account. SunTrust’s savings account has no minimum opening deposit requirement. Furthermore, there’s also no monthly fee.
Zelle. You can make free peer-to-peer payments to almost any US bank account within minutes using Zelle.
SunTrust Deals. Earn cash back when you make eligible purchases with your debit (and credit card) at select retailers.
Low interest rates. SunTrust’s APY is 0.01%, which is below the industry standard of 0.04%.
High overdraft fees. The fact that you can be charged an overdraft fee of $36 up to six times a day means you have to keep a watchful eye on your balance.
SunTrust Bank Credit cards Pros&Cons
Sign-up bonus. All of SunTrust’s credit card offerings come with a generous welcome bonus. Depending on the card, you might get a cash back bonus or a statement credit.
Pick your design. You can choose one of two designs for your card, which makes it feel more personalized.
SunTrust Rewards Program. On top of the SunTrust Deals program, you can also earn unlimited cash back on qualifying purchases.
Loyalty Cash Bonus. Redeeming your cash back into savings, checking or money market accounts gives you an additional loyalty bonus. Depending on the account, you might get anywhere between 10% to 50%.
No foreign transaction fees. Most credit cards don’t chargea foreign transaction fee.
Good-to-excellent credit required. You need at least a good credit score to be eligible for a card.
SunTrust Bank Personal loans Pros&Cons
LightStream. SunTrust doesn’t directly offer personal loans, but you can get one from its subsidiary, LightStream – a well-known online lender.
No fees. You won’t pay any origination, prepayment or late payment fees with LightStream.
Autopay rate discount. When you set up autopay, your rate will be 0.50 percentage points lower.
Rate Beat Program. If another lender has approved you for an unsecured loan, offering similar terms as LightStream, the SunTrust subsidiary will give you a 0.10% percentage points discount on your loan with them.
Competitive rate. The lowest possible rate you can get is 2.49%, which is well below the industry average.
No prequalification on website. LightStream’s website offers no way for you to prequalify for a loan, meaning the lender has to perform a hard credit check to show you your actual rates.
Can’t use the loan for anything. While most lenders will allow you to use the loan proceeds for any purpose, you can’t use the funds from LightStream to cover expenses related to business or higher education.
SunTrust Bank Mortgage Pros&Cons
Wide range of mortgage options. There is an excellent selection of loan products to meet a variety of needs.
Rated A+ by BBB. The Better Business Bureau (BBB) has awarded SunTrust an A+ rating for delivering exceptional customer service.
No credit score, no problem. SunTrust will use alternative credit scoring data to determine your eligibility if you don’t have a credit score.
Higher than average interest rates. Compared to other banks, SunTrust’s mortgage rates are a bit on the high side.
Some states are excluded. If you’re in Alaska, Arizona, Hawaii or Oregon, you can’t apply for a mortgage.
SunTrust Bank Investment Pros&Cons
Wide range of investment options. You will find a good selection of securities to reach your saving goals, whether you’re doing self-directed investing or using an advisor.
No minimum investment amount. You can open an investment account with any amount.
Advisory fees waiver. When using an advisor for investments less than $50,000, you aren't charged any advisory fees.
No cryptocurrencies and futures investing. The lack of cryptocurrencies and futures might turn off some experienced investors.