BB&T Bank is a major bank that has recently merged with SunTrust Bank. Going forward, they will likely do more under the brand Truist. However, until then, most will still think of them as BB&T Bank.
So, how do they compare? BB&T had been a leader in online banking, but as of today, they don't really set themselves apart in any specific way.
- Full-service bank offering a wide range of financial products
- Limited locations (mostly in the South)
- High fees and relatively low interest rates
What Is BB&T Bank?
BB&T Bank is a full-service bank offering personal and business financial products that include checking, savings, lending (mortgage, auto, etc.), retirement, and credit cards. If you need it, BB&T Bank probably has it. It’s a one-stop financial shop.
BB&T Bank’s founding dates back to 1872. It is currently based in Winston-Salem, NC. While not a large bank (it doesn’t break the top 50), it operates more than 1,700 financial centers in 15 states and Washington, D.C.
What Do They Offer?
BB&T Bank offers a full lineup of financial services products.
Most of its branches and ATMs are in the Midwest, the South, and the East Coast. Even with a partnership that allows BB&T Bank to use SunTrust ATMs, it still has limited locations. The states BB&T Bank operates in include AL, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, and WV. It also operates in Washington, D.C.
BB&T Bank offers five different checking account options. Only the Elite Gold checking account provides the chance to earn interest.
Unfortunately, BB&T Bank is too focused on earning fees, which do not make any of its checking account options attractive.
BB&T Bank also has five savings account products.
BB&T Bank doesn’t offer any compelling savings account options, either. Its best rate of 1.00% APY requires a quarter of a million-dollar balance. You can certainly earn far more on such a large balance at other banks.
Are There Any Fees?
Yes — fees vary depending on the financial product and the state you open your account in.
How Do I Open an Account?
You can open an account online at https://www.bbt.com or at a branch.
Is My Money Safe?
Yes — BB&T Bank is FDIC-insured. They also use bank-grade encryption.
Is It Worth It?
If you want all of your financial products in one place, have high daily balances in your accounts, and don’t care about earning interest on your money, BB&T Bank might be for you.
For others, the potential for very high fees and low interest rates don’t make BB&T Bank a compelling offer.
BB&T Bank Review
- Interest Rates
- Fees and Charges
- Customer Service
- Ease of Use
- Tools and Resources
- Products and Services
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.