Dedicated to Deposits: Deals, Data, and Discussion

Competitive 6-Year CD Rate at SunTrust Bank - Available Nationwide

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SunTrust Bank

SunTrust Bank has a CD and IRA CD special with a competitive rate. It's a 6-year (72 month) CD with a 2.00% APY. Minimum deposit is $2,000, and the maximum opening deposit is $250,000 per CD. A new or existing checking account is required. This is a limited time special, and the rate may vary by location. This special rate and term are listed at the SunTrust CD rates page for several zip codes as of 2/28/2012.

I wasn't able to find an account disclosure online, so I used SunTrust's online chat service to find out about the CD details. The replies were the same as I received last year when SunTrust was having a CD promotion.

I confirmed that the special CD and checking account can be opened by phone or secure online chat from any state. The funds can be pulled from your existing checking or savings account via an ACH debit. The rate should lock on the day of the application.

One thing that has changed from last year is that there is no longer a free checking account. The best one is its Everyday Checking. Avoiding a monthly fee requires a $500 minimum balance or direct deposit. I was told they do a soft credit inquiry via Equifax. According to the CSR, it's not a hard pull.

Early Withdrawal Penalty

SunTrust's CD early withdrawal penalties are unique. According to the CSR, the penalty is based on the number of days before the CD matures. The closer to maturity, the smaller the penalty.

  • If the CD has 1 day to 31 days to maturity, the penalty is 7 days of interest
  • If the CD has 32 days to 90 days to maturity, the penalty is 1 month of interest
  • If the CD has 91 days to 1 year to maturity, the penalty is 3 months of interest
  • If the CD has 1 year to 3 years to maturity, the penalty is 8 months of interest
  • If the CD has 3 years to 7 years to maturity, the penalty is 12 months of interest

Bank Overview

SunTrust is a large regional bank with $128 billion in deposits. It's based in Atlanta, Georgia, and it has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

SunTrust Bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 17.12% (average) based on September 2011 data. Please refer to our financial overview of SunTrust Bank for more details. SunTrust has been a FDIC member since 1934 (FDIC Certificate # 867).

How the CD Rate Compares

In today's awful interest rate environment, it's hard to find any CD with yields of 2.00%, especially at a bank. For banks, the highest rate at an internet bank is 2.45% APY at Discover Bank, but this is a 10-year CD. Its 7-year CD has a 2.00% APY (AAA members can get rates that are 5 basis points higher.)

Third Federal with branches in Ohio and South Florida has a 2.00% APY 6-year CD.

The bank with the shortest term CD that has a 2.00% APY is US Bank. This is a special CD with a 59-month term.

You can get much higher rates with all-access credit unions like Pentagon Federal Credit Union (2.76% APY 7-year CD) and Andrews Federal Credit Union (2.30% APY 5-year CD).

These rates are accurate as of 2/28/2012.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

  Tags: SunTrust Bank, CD rates, IRA rates, Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia

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