BB&T Bank Review
About the Bank
BB&T, short for Branch Banking & Trust, is one of the country’s largest banks overall and one of the largest regional banks in the nation. It’s based in Winston-Salem, North Carolina and serves customers in 15 states stretching along the East Coast, as well as Washington, D.C. and Texas. Altogether, the bank has more than 2,000 financial centers.
As a larger bank, BB&T doesn’t skimp on products or services. You’ll find everything you’d expect in a larger bank, including checking accounts, savings accounts, money market accounts, certificates of deposit, credit cards, mortgage loans, car loans and personal loans. BB&T also offers retirement and investment products and services, as well as insurance. In fact, it’s one of the largest insurance brokers in the U.S.
One of the hallmarks of BB&T’s checking account products is that you can choose banking your way, with accounts that fit your lifestyle. For instance, there’s Student Checking for students 23 or younger; Senior Checking for customers 55 and older; BB&T Fundamentals for people who need a basic checking option a low fixed monthly maintenance fee; and Elite Gold checking for people who keep a higher balance in checking and want to earn interest on accounts.
BB&T’s savings accounts are similarly structured to reflect different savings needs. The eSavings account is the most popular option. You can open one of these accounts online with no minimum deposit, no minimum balance and no monthly maintenance fee.
You also get unlimited deposits, withdrawals and transfers at BB&T ATMs and branches. If you want to earn higher interest rates on savings, you can try an Investor’s Deposit Account, which offers money market rates and check-writing abilities. The Young Savers account is geared towards kids aged 18 and younger.
If you’re looking for something more long-term, BB&T has several CD options:
- Stepped Rate CDs let you take advantage of rising interest rates
- Add-On CDs give you the flexibility of being able to add to your CD account monthly;
- Home Saver and College Saver CDs let you save automatically each month to buy a home or prepare for college costs
You can also save using U.S. Treasuries with BB&T. The minimum deposit ranges from $100 to $5,000, depending on which one you choose.
Credit Cards & Loans
There are three credit card options:
- A no-frills card with an introductory offer
- A cash back credit card designed for rewards on gas, utilities and groceries
- A rewards credit card with travel credits
If you need a loan instead, BB&T offers personal loans for debt consolidating, auto or boat finance or home improvements. Unlike some banks, which let you begin the loan application process online, you’ll have to visit a branch or call customer service to get the ball rolling on a BB&T loan.
Banking customers enjoy both online and mobile access to their money with U by BB&T. You can use it to cover the standard banking tasks like transfers, bill pay, mobile deposits and person-to-person money transfers through Zelle. You can also use it to view all your BB&T accounts and your accounts at other financial institutions in one place, track your spending and fine-tune your budget. That’s an added level of convenience that other banks don’t always deliver.