Suntrust Cd Rates
Learn about the certificates of deposit (CDs) offered by SunTrust Bank and compare its interest rates and early withdrawal fees to other market-leading CDs. By Thomas (TJ) Porter Updated: Dec 27, 2020. Suntrust Bank provides money-saving products including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Suntrust Bank’s rates to CD, checking, and savings account rates. The best CD rates and accounts offer competitive APYs and a variety of term lengths. Whether from a bank or a credit union, CDs offer safety and growth. SunTrust Bank customers can get a SunTrust mortgage or personal loan, investment and retirement products and advice, credit cards, and private wealth management services. The bank also offers financial education services for individuals as well as businesses’ employees.
Pros- Competitive promotional interest rates
- Suite of bank accounts available
- High minimum deposit
- Low-earning rates outside of promotional CDs
- SunTrust customers who want to benefit from high-earning timed deposits
SunTrust offers certificate of deposit accounts ranging from six months to 2 years. This allows you to open a CD term for however long you’d like it to be within that range. You won’t find the rates for non-promotional terms online, however. You’ll need to call the bank to find the exact rates for these accounts. Unfortunately, these accounts offer relatively low rates.
You’ll do best to open a SunTrust CD with Promotional Rates. Note that you will have to deposit at least $2,000 to open a SunTrust CD account. This may be a high amount for many, but a higher balance does earn more in interest than a smaller balance.
| Promotional CDs | Minimum Deposit | APY |
| 6 Month | $2,000 | 0.05% |
| 12 Month | $2,000 | 0.05% |
| 18 Month | $2,000 | 0.05% |
| 24 Month | $2,000 | 0.05% |
6-Month CD Interest Rate Comparison
Overview of SunTrust CDs
SunTrust offers a huge range of CD terms overall with the shortest term at six months and the longest available term at 2 years. However, you’ll want to focus most on the Promotional CDs listed above. Those have the best CD rates that SunTrust offers. For example, if you want to open a six-month account, you’ll earn at only a 0.05% APY. If you’re looking for a shorter-term, perhaps a simple savings account or money market account with a higher interest rate would work better for you. Those accounts allow much more flexibility in accessing your money, too.
CDs are meant to be held to maturity without any extra deposits or withdrawals. Once a SunTrust CD reaches maturity, it will automatically renew for the same term length and the published rate at the time of renewal. If you don’t want it to renew, you can withdraw some or all of the amount in the account or make an additional deposit.
If you desperately need to make a withdrawal from a CD before its maturity date, you’ll likely face a penalty. For starters, if you have a CD up to 31 days long, you’ll have to forfeit the equivalent of seven days’ interest. Accounts from one to six months assess a penalty equivalent to six months’ interest. Early withdrawals from an account of six to 12 months penalize the equivalent amount of nine months’ interest. The penalty equals 12 months’ interest on accounts between 12 and 24 months, 24 months’ interest on accounts between 24 and 60 months and 6 months’ interest on accounts longer than 60 months.
How Much You Earn With SunTrust Certificate of Deposits Over Time
You stand to earn much more with a longer-term SunTrust Promotional CD. Even with a promotional rate, the 6-month CD earns a few dollars over the term no matter what your initial deposit is. Any promotional terms longer than that, however, offer some great growth as you can see below.
SunTrust compounds CD interest daily. This grows your money more efficiently than compounding weekly, for example. With daily compounding, your initial deposit will earn interest today, and then tomorrow that new amount (your deposit plus interest earned) will earn interest again and so on until the account matures.
Suntrust Cd Rates Feb 2021
The amounts given below represent what your final balance would look like with the given accounts and initial deposits.
| Initial Deposit | 6-Month Promotional CD | 24-Month Promotional CD |
| $2,000 | $2,000.50 | $2,002 |
| $5,000 | $5,001.25 | $5,005 |
| $10,000 | $10,002.50 | $10,010 |
How SunTrust CDs Rates Compare to Other Banks'
If you wanted to open a regular SunTrust CD, you wouldn’t get any standout rates or earnings. Instead, consider opening a Promotional CD, the accounts with higher-earning rates. That way, you can make more out of your initial deposit.
SunTrust’s Promotional CD rates fall somewhere in between the low rates of big banks (like Chase) and the best CD rates from online banks. Its closest competitor in terms of rates is HSBC. HSBC offers only the three terms shown below, although each has a pretty high rate. Plus, HSBC requires a lower initial deposit amount of $1,000.
For even higher CD rates, you’ll want to turn to online banks like Ally and Marcus by Goldman Sachs. Ally is hugely beneficial since it does not require a minimum deposit. This allows you to set aside whatever amount you feel comfortable with. Ally High Yield CDs earn according to balance tiers which means a higher balance can earn at a higher rate. The Ally rates below are for the lowest tiers.
Marcus offers higher rates across all balances, although you need at least $500 to open a CD account.
| CD Account | SunTrust | HSBC | Ally | Marcus by Goldman Sachs | Chase |
| 6 Month | 0.05% | 0.30% | 0.25% | 0.15% | 0.02% |
| 12 Month | 0.05% | 0.40% | 0.60% | 0.55% | 0.02% |
| 24 Month | 0.05% | 0.40% | 0.60% | 0.55% | 0.02% |
Compare SunTrust Bank to Other Competitive Offers
Should You Get a SunTrust CD Account?
You should consider getting a SunTrust CD account if you’re already a customer with the bank. This will make it much easier for you to contact the bank about its CD accounts and rates, whether at a branch or over the phone. Otherwise, you might have difficulty learning about the various rates offered for non-Promotional CDs.
If you decide that you do want to open a SunTrust CD, you should strongly consider a Promotional CD. These accounts offer much better rates which make your deposit and the hassle of opening an account much more worthwhile.
Suntrust Bank has 1,400 branches in the Southeast region. Checking accounts require $100 to open and offers different ways to waive fees. Known as a regional bank with good customer service.
SunTrust Bank Promotions
From time to time, SunTrust Bank offers cash bonuses for new banking customers. Some deals are only available for residents of select States, so make sure you read the fine print carefully.
All SunTrust Bank checking accounts offer free online banking, bill pay, and mobile deposits. There are over 2,100 ATMS.
Suntrust Cd Rates 32159
Special Checking Account Features
SunTrust checking accounts come with these features:
- Overdraft services. SunTrust offers a few options to help cover overdrafts. If you overdraw your account, but make a deposit to cover the amount by the cut-off time, you will not be charged any fees. Or you can enroll in Overdraft Protection and link a SunTrust savings, money market, credit card, or line of credit. Funds from those will be automatically transferred to cover any overdrafts. Enrollment in these services are optional.
- Free checks. All checking accounts come with free checks. The amount varies depending on which account you open.
- Cash deposit bonus. If you have a SunTrust Cash Rewards credit card, you will earn a bonus when you redeem your rewards back into a SunTrust deposit account. The bonus ranges from 10% - 25%, depending on which checking account you have.
- Send money with Zelle. Easily send money to anyone with just a U.S. phone number or U.S. email address.
What to Open at SunTrust Bank
- Promotional CDs. SunTrust Bank offers a great rate for their Promotional CDs of 12-month or longer. Terms go up to 58 months. The minimum to open is $2,000.
- Select Savings. This savings account allows you to earn a 1% annual bonus (up to $25) when linked with a Select Checking or Signature Advantage Checking account. You can avoid the monthly service fee by setting up auto transfers of at least $25/month from your checking account, or by maintaining a daily balance of at least $1,000.
- Essential Checking student account. If you're a student, you can get the Essential Checking for free for up to 5 years. You must be able to prove active enrollment in high school, college, or trade school.
How to Avoid Suntrust Bank Checking Account Fees
- Essential Checking. The $7 monthly fee can be waived if you: initiate 10 or more transactions per statement cycle, OR maintain a daily balance of at least $500, OR have combined direct deposits of at least $500 per month, OR open as a student and receive a 5-year Student waiver.
- Select Checking. The $15 monthly fee can be waived if you: maintain a daily balance of at least $2,000, OR have combined direct deposits of at least $2,000 per month, OR maintain a combined balance of at least $10,000 across all deposit accounts, investments, mortgages and loans, OR hold a SunTrust Mortgage with SurePay, OR hold a linked small business checking account.
- Signature Advantage Checking. The $20 monthly fee can be waived if you maintain a combined balance of at least $10,000 across all SunTrust deposit and investment accounts, make $3,000 or more in total monthly qualifying direct deposits, or hold a linked SunTrust Small Business Checking account, Lending account or Credit Card solution.
- Balanced Banking. The $12 monthly fee can be waived if you maintain a combined balance of at least $3,000 across all SunTrust deposit and IRA accounts.