BB&T offers multiple checking accounts, each with different features and fee structures
BB&T (now operating as Truist Financial Corporation following a 2019 merger) offers several checking account types rather than a single standard option. The main accounts are Truist One Checking, Truist Preferred Checking, and Truist Wealth Checking, plus a Student Checking account for younger customers. Each account has different monthly maintenance fees, minimum balance requirements, and reward structures.
The account you can open depends on your banking habits, how much you keep on deposit, and whether you use other Truist services. Some accounts waive fees if you meet specific conditions—like setting up direct deposit or maintaining a minimum balance. Others charge a monthly fee regardless, but offer higher interest rates or cash back on debit card purchases.
BB&T also offers Money Market Accounts and Savings Accounts, but these are not checking accounts. If you want transaction and check-writing capability, you need one of the checking products listed above.
Key Takeaways
- Truist One Checking is the basic option with the lowest monthly fee and is easiest to open, though it has no interest paid on your balance.
- Truist Preferred Checking charges a higher monthly fee but offers cash back on debit card purchases and a higher interest rate on your balance.
- Truist Wealth Checking is designed for customers with larger deposits and includes premium features like higher interest rates and fee waivers for other services.
- Student Checking has no monthly fee and no minimum balance requirement, making it the lowest-cost option for customers under a certain age.
- You can hold more than one checking account at Truist, though each account is subject to its own fees and terms.
Truist One Checking: The basic account with low fees
Truist One Checking is the entry-level checking account. It has a monthly maintenance fee, but the fee is waived if you maintain a minimum balance (typically $500 to $1,500, depending on your region and current promotions) or set up a direct deposit of at least $250 per month.
This account includes standard features: a debit card, online banking, mobile app access, and the ability to write checks. You can deposit checks through the mobile app and withdraw cash at any Truist ATM. There is no interest paid on your balance, so money sits at zero percent.
Truist One Checking is the right choice if you want the simplest account with the lowest cost and you can meet one of the fee-waiver conditions. If you cannot maintain the minimum balance or set up direct deposit, you will pay the monthly fee.
Truist Preferred Checking: Cash back and higher interest
Truist Preferred Checking costs more per month than Truist One, but it includes rewards. The account pays interest on your balance (the rate varies and is typically low, but it is higher than Truist One) and gives you cash back on debit card purchases—usually 1 percent back on everyday purchases at most merchants.
This account also has a monthly maintenance fee that can be waived by maintaining a higher minimum balance or setting up direct deposit. The fee-waiver threshold is typically higher than Truist One, meaning you need to keep more money on deposit or have a larger direct deposit to avoid the charge.
Truist Preferred Checking makes sense if you use your debit card frequently and want to earn cash back on those purchases. The cash back and interest together can offset the higher monthly fee, depending on how much you spend and how much you keep in the account.
Truist Wealth Checking: Premium features for larger balances
Truist Wealth Checking is designed for customers who maintain larger account balances or use multiple Truist services. This account typically has the highest monthly fee, but it includes premium benefits: a higher interest rate on your balance, higher cash back rates on debit purchases, and fee waivers on other Truist products like safe deposit boxes or wire transfers.
The monthly fee is usually waived if you maintain a high minimum balance (often $25,000 or more, though this varies) or if you have a certain total relationship balance across all your Truist accounts. Some customers with investment accounts, mortgages, or other Truist services may have the fee waived automatically.
This account is worth considering only if you have substantial savings or use Truist for multiple financial services. If you keep a smaller balance and use only checking, the fee will likely outweigh the benefits.
Student Checking: No fees or minimum balance
Truist Student Checking has no monthly maintenance fee and no minimum balance requirement. It is open to customers under a certain age (typically up to age 24, though this varies by location). The account includes a debit card, online banking, and mobile check deposit.
Student Checking does not pay interest on your balance and does not offer cash back on debit purchases. It is the lowest-cost option if you meet the age requirement, and it is designed to help younger customers build banking habits without worrying about fees.
Once you age out of the Student Checking program, Truist will typically convert your account to Truist One Checking or another standard account. You should confirm the conversion terms with your local branch before that happens.
Can you hold more than one checking account at Truist?
Yes, you can open and maintain multiple checking accounts at Truist. Some customers open one account for everyday spending and another for savings or a specific purpose. Each account is subject to its own monthly fee and terms, so you will pay the maintenance fee for each account unless you meet the fee-waiver conditions for each one.
Holding multiple accounts can be useful if you want to separate finances—for example, keeping a household budget account separate from a business account, or maintaining a checking account for bills and another for discretionary spending. However, each account requires its own minimum balance or direct deposit to avoid fees, so the total cost can add up quickly.
If you are considering opening a second account, calculate whether the combined fees will exceed what you would pay with a single account that better fits your needs. Sometimes upgrading to a higher-tier account is cheaper than maintaining two separate accounts.
How to choose between Truist checking accounts
Start by asking yourself three questions: How much money do you typically keep in checking? How often do you use your debit card? Do you use other Truist services like savings accounts, loans, or investments?
If you keep less than $500 and rarely use your debit card, Truist One Checking with direct deposit is likely your best choice. If you spend frequently on your debit card and can maintain a higher balance, Truist Preferred Checking may pay for itself through cash back. If you have substantial savings or multiple Truist products, Truist Wealth Checking might offer the best overall value.
Visit your local Truist branch or call their customer service line to ask about current fee structures and minimum balance requirements in your area. Promotions and terms vary by location and change over time, so what applies in one state may differ in another.
Frequently Asked Questions
What happens if I do not meet the minimum balance or direct deposit requirement?
You will be charged the monthly maintenance fee for that account. The fee is typically deducted automatically from your balance each month. If your balance falls below zero, you may also incur overdraft fees. You can avoid the charge by depositing more money, setting up direct deposit, or switching to a different account type.
Do Truist checking accounts earn interest?
Truist One Checking does not pay interest. Truist Preferred and Truist Wealth Checking both pay interest, though the rates are typically very low (often less than 0.01 percent annually). The interest rate changes based on market conditions and is set by Truist. Check your account statement or log into online banking to see your current rate.
Can I switch from one Truist checking account to another?
Yes. You can contact Truist by phone, visit a branch, or use online banking to request a conversion to a different account type. Your account number and routing number may change, so you will need to update any automatic payments or direct deposits that are tied to your old account.
Is there a checking account for businesses?
Yes, Truist offers separate business checking accounts with different fee structures and features than personal accounts. Business accounts typically have higher monthly fees but include features like merchant services, payroll processing, and higher transaction limits. Contact a Truist business banker for details.
What if I want to close one of my checking accounts?
You can close an account by visiting a branch, calling customer service, or using online banking. Make sure your balance is zero or positive before closing, and confirm that no automatic payments are still tied to that account. Closing an account does not affect your other Truist accounts.