October 25, 2018

BB&T Bank Review: Account Good for You?

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Banks aren't a one-size-fits-all thing. You have to find the one that suits your needs. Whether you are a seasoned banker or just starting out, each person has different needs, means, and capabilities when it comes to finances.

BB&T Bank is one of the many offerings for those on the East Coast. It offers a variety of personal banking products that suit a large audience with different needs. Each checking account includes a free BB&T ATM card as well as online and mobile banking.

BB&T also offers savings accounts with a variety of needs in mind. Are you saving for college? Do you need an account for health spending? Maybe you are on the lookout for a good money market account. BB&T offers each of these options, each of which has various terms and requirements. They also have an extensive variety of CDs to help people from all walks of life save money.

BB&T has been around for almost 150 years, and has quickly grown from a small bank to one that services 13 different states and people of all ages.

Keep reading to see if BB&T Bank offers what you need for your new bank account.

Services Offered

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Checking Accounts

BB&T has a large variety of checking accounts, each of which caters to a different group:

  • Student Checking: Students in high school or college can get familiar with how a checking account works with the Student Checking program. With very few requirements, including no minimum opening balance or minimum monthly balance, it's easy to get started with your first checking account.

  • Senior Checking: If you are over the age of 55, you may enjoy the free wallet-style checks, one no-penalty early withdrawal from a CD, and access to more than 3,100 ATMs. The account does have a $10 monthly fee, but you can waive it with $500 in deposits (in a BB&T account) or a $1,000 minimum balance in your checking account.

  • BB&T Fundamentals: If you don't like worrying about minimum balance requirements, the BB&T Fundamentals account may be for you. You'll pay a $5 monthly fee and you won't earn interest. You also don't have to worry about meeting specific requirements, though. With just $50, you can open a checking account and go about business as usual.

  • Bright Banking: If you know you'll keep a larger balance in your checking account, you can utilize the benefits of the Bright Banking account. It does cost $12 a month, but you can get it waived by meeting the minimum direct deposit or monthly balance requirements.

  • Elite Banking: If you have a BB&T mortgage or you keep more than $25,000 in your BB&T deposit accounts combined, the Elite account may benefit you. You may be eligible for bonus rates on CDs. You may also get non-BB&T ATM charges and/or overdraft protection charges waived (per the maximum allowed per month).

Compare Checking Account Promotion

    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
    HSBC Bank

    HSBC Advance Checking - $350 Bonus

      Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
    • Open your new HSBC Advance checking account online by December 31, 2019; and
    • Deposit a minimum Qualifying Balance of $5,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening, maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance; and
    • Set-up recurring Direct Deposits from a third party to an HSBC Advance checking account at least one per calendar month for 3 consecutive months following account opening month
    • You will automatically receive the $350 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
    • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
    Expires 12/31/2019
    Huntington Bank

    Asterisk-Free Checking Account - $150 Bonus

    Open a Huntington Asterisk-Free Checking account online. Make total deposits of at least $1,000 within 60 days of account opening. Your bonus of $150 will be deposited in your Asterisk-Free checking account after all requirements are met and your account is open for 90 days. This offer is available to applicants residing in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.

    Expires 8/30/2019

Savings

  • eSavings: If you just need a simple savings account to hold money with no monthly maintenance fees or minimum deposit requirements, this account may suffice. The interest you earn may be minimal, but it's a safe place to park your money.

  • High Performance Money Market: If you have at least $1,000 to keep in your savings account, you can earn competitive money market rates while having easy access to your funds.

  • Investor's Deposit Account: If you are in between investments and need somewhere to park a large amount of money, this account may help. You earn tiered money market interest rates as long as you keep a minimum balance of $10,000 in the account.

  • Young Savers: Children under the age of 18 can open a savings account with no minimum deposit or balance requirements. It also doesn't have a monthly maintenance fee. The account turns into a regular savings account after your child's 18th birthday.

  • HSA: If you pay a lot of medical expenses, you may want to explore the BB&T HSA, which offers tax advantaged contributions to your medical expenses. It offers tiered interest rates and doesn't require a minimum balance. There is a small monthly fee for using the service.

Compare Savings Account Promotion

    Discover Bank

    Online Savings Account - Earn 2.00% APY

    • No fees
    • No minimum opening deposit
    • No minimum balance required
    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 5,000 branches
    • Apply online in minutes. Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

CDs

BB&T has 8 different CD products to choose from. They range from 7 days to 60 months and have a variety of opening deposit requirements. You can set up a standard CD or choose a specialized option, such as:

  • Add-On: You can add funds to the CD at any time during its term

  • Home Saver: Get help saving for a deposit on a new house

  • College Saver: Get help saving for college or other educational expenses

Finding Your BB&T Bank Routing Number:
You can find your particular BB&T Bank routing number on the bottom left-hand side of your checks. Each BB&T Bank has its own state-specific routing number. If you call the bank or look online for a routing number, make sure you look at the state your bank is located in for proper routing.

Compare CD Rates

Reasons We Like BB&T Bank

  • You can categorize your expenses and view them month-by-month to get a full view of your spending. This may help you set and keep to a budget by being able to easily track your spending. BB&T will automatically assign your expenses to a category based on the merchant type, but you are free to change it to any category you like. You can even tag additional categories to the expense or add a custom note if there is something specific you want to remember about this expense.

  • You can avoid the monthly maintenance fee charged on the Bright Banking checking account (the most popular account) in two ways. You can have direct deposits that meet the minimum requirements ($500 for Bright Banking) or have an average balance of $1,500.

  • You can get a free Student Checking account as long as you are a student (high school or college). You will need a parent cosigner if you are under the age of 18. You won't pay any fees for this account and it will automatically transfer into a Bright Banking checking account upon your graduation date or your 24th birthday, whichever occurs first.

  • You can use the basic savings account (eSavings) as your overdraft account. If you pair it with your BB&T Bank checking account, you can avoid overdraft charges, bounced checks, and unnecessary fees.

  • You can set up a budget or set goals with U by BB&T. The mobile and online platform walks you through the steps to create a budget, analyze it, or set up savings goals. You can then monitor your progress, make necessary changes, or adjust your spending accordingly.

  • You can arrange your online BB&T dashboard the way you like it. You choose the tiles and their order so that you see what you want when you log into your BB&T online banking platform. You can also link as many accounts as you like, including other BB&T accounts as well as external accounts.

  • You can earn cash back with BB&T Deals. BB&T makes offers available on your online banking platform. You browse the deals, which are based on your past purchases, and activate the ones you'll use. You shop as usual with your BB&T debit card and earn the cash back. The money is automatically added to your bank account.

  • Your deposits are FDIC insured up to $250,000. This covers you in case BB&T Bank goes out of business. You would have coverage for your funds, up to $250,000 per account.

  • You can purchase a BB&T prepaid card and link it to your BB&T accounts. The prepaid card isn't a bank account. It helps you budget your spending by not allowing you to spend more than what's on the card. You can reload the card by transferring money from your linked BB&T bank account, but the card won't withdraw from that account, giving you peace of mind.

  • BB&T offers a large variety of CDs that pertain to different goals. For example, they have a Home Saver CD that automatically adds a minimum of $50 per month to the CD. It has a 36-month term and a maximum balance of $100,000.

Contacting BB&T Bank:
You can reach BB&T Bank by phone at 1-800-226-5228. Customer service representatives are available from 6 AM to Midnight ET. You can also send a secure message through your online portal with BB&T or visit them in person at a local branch.

Reasons You May Want to Look Elsewhere

  • You have to live within the BB&T boundaries in order to open a bank account with them. The boundaries include North and South Carolina, Virginia and West Virginia, Maryland, Kentucky, Tennessee, Alabama, Georgia, Florida, Texas, Washington D.C, and Indiana.

  • You'll have to pay close attention to the requirements to waive the monthly maintenance fees; otherwise, they can be costly. If paying $30 a month for a checking account seems excessive to you, you'll have to know the requirements to waive the fees and make sure you reach them all of the time. If not, it will cost you.

  • The overdraft fee can be excessive. At $36 per overdraft and with a limit of 6 overdrafts per day, it can cost you quite a bit to make one financial mistake. Even if you have overdraft protection, you'll pay $12.50 per transfer from a linked BB&T account unless the transfer is less than $5.

How It Compares

Wells Fargo:
Wells Fargo is located in 39 states and has 13,000 free ATMs located throughout. They, like BB&T, offer upgrades to current Wells Fargo mortgage holders and have a wide variety of deposit accounts available. Their checking and savings accounts have monthly maintenance fees that you can get waived. Their CDs, however, have some of the lowest interest rates in the industry.

M&T Bank:
Located primarily in New York and the mid-Atlantic, M&T Bank has checking and savings accounts with high fees and somewhat low interest rates. M&T does have an even higher overdraft fee than BB&T. They charge $38.50 per overdraft and then charge another higher overdraft fee if it continues for more than 5 days.

Bank of America:
Bank of America has about 4,500 branches in the US. They have a user-friendly mobile app and online banking tool. They also offer extended customer service hours, which can be helpful for those who like to manage their finances at night. They have a wide variety of checking and savings accounts with the typical monthly fees that you can waive by meeting their requirements.

You might also consider:

    Discover Bank

    Discover Online Savings - $150 Cash Bonus

    To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 9/9/19, 11:59 PM ET, online or by phone. Enter Offer Code CY819 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 9/23/19, 11:59 PM ET. Maximum bonus eligibility is $200.

    What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 10/7/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

    Expires 9/9/2019
    Discover Bank

    Discover Online Savings - $200 Cash Bonus

    To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 9/9/19, 11:59 PM ET, online or by phone. Enter Offer Code CY819 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted by 9/23/19, 11:59 PM ET. Maximum bonus eligibility is $200.

    What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Account must be open when bonus is credited. Bonus will be credited to the account by 10/7/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

    Expires 9/9/2019
    Betterment

    Betterment Everyday - Earn up to 2.39% with Savings

    • Savings is FDIC-insured up to $1,000,000
    • No minimum balance
    • No fees on balance
    • Unlimited withdrawals

Bottom Line

BB&T Bank is a viable choice if you live within one of the states where it's located. As long as you choose the account for which you can meet the minimum requirements to avoid the monthly fee, you likely find the choices acceptable.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

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