Truist Business Account: 2023 Review

Q: What documents do I need to open a Truist business bank account?

You may need business formation documents, photo ID, and your Social Security number or Employer Identification Number to open a Truist business bank account.

Q: Can I open a Truist business account online?

Yes, you may have the option to open a Truist business account online or in a branch. Truist Business Certificates of Deposit, however, may only be opened at Truist branch locations and not online.

Q: How much money do I need to open a Truist business account?

Truist may require a minimum opening deposit of $100 to open a business checking, business savings, or business money market deposit account.

Q: What are the benefits and drawbacks to a Truist business bank account?

Truist business bank accounts generally have low fees and you can waive many fees by maintaining a minimum balance or meeting other criteria. A drawback is that branches are not located in every state.

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Sulaiman Abdur-RahmanUpdated June 14, 2023

Truist Bank offers a variety of small business deposit accounts and financing options. In addition to its business checking and savings account offerings, Truist provides small business credit cards, loans, lines of credit, insurance, and merchant services.

Pros and Cons of Truist Business Account

Pros	Cons
Applicants can apply online to open a business checking account	Limited locations: Truist Bank has branches in 17 states and D.C. as of May 2023
Account holders can earn rewards with the Truist Dynamic Business Checking	Truist Business Certificates of Deposit (CDs) can only be opened at Truist branch locations
Low bank fees	None of the Truist business checking accounts are interest-bearing accounts

Truist Business Account Rates, Fees, Types, and More

In addition to the Truist business checking accounts, the bank also offers savings accounts, money market accounts, CDs, loans, credit cards, lines of credit, and other products and services for small businesses. Read on for fees, rates, and requirements for these account types:

Business Checking Accounts

Interest rates:

None of the Truist business checking accounts are interest-bearing accounts
That means you can’t earn interest — or compound interest — with these business checking accounts

Monthly fees:

Truist Simple Business Checking: No monthly maintenance fee
Truist Dynamic Business Checking: $20 monthly maintenance fee (waived with $5,000 average relationship balance)
Truist Community Checking: No monthly maintenance fee

Truist Business Savings, Money Market, and CDs

Interest rates:

Truist Simple Business Savings: Variable annual percentage yield (APY)
Truist Business Money Market: Variable APY
Truist Business CDs: Guaranteed fixed interest rate

Monthly fees:

Truist Simple Business Savings: $5 (waivable with minimum average monthly balance)
Truist Business Money Market Account: $10 (waivable with minimum daily balance)
Truist Business CDs: N/A

Minimum average balance to waive monthly fee:

Truist Simple Business Savings: $250 minimum daily ledger balance or $500 average monthly ledger balance
Truist Business Money Market: $5,000 minimum daily ledger balance

Free monthly transactions:

Truist Simple Business Savings: No charge for first 20 deposited items
Truist Business Money Market: No charge for the first 10 deposited items

Truist Visa® Credit Cards for Businesses

Truist offers the following small business credit cards:

Truist Business Credit Card
Truist Business Cash Rewards Credit Card
Truist Business Travel Rewards Credit Card

Truist Business Loans & Lines of Credit

Truist offers the following small business lending products:

Small business loans of up to $100K
Small business auto loans of up to $250K
Small business commercial vehicle and equipment loans of up to $250K
Small business real estate loans of up to $250K
Small business lines of credit up to $100K

Alternatives to Truist Business Accounts

While doing your homework about business accounts, be sure to check out alternatives to Truist like the Bank of America small business account and the Wells Fargo small business account.Recommended: How to Open a Business Bank Account

What Other Business Account Services Does Truist Offer?

In addition to several options for business loans and deposit accounts, Truist also offers merchant services to help your business accept payments anywhere and small business insurance products.

Why Choose Truist

Truist offers a variety of small business banking account products, including some checking accounts that don’t charge a monthly maintenance fee. Some of the small business deposit account options have monthly maintenance fees that can be waived if you meet a minimum average balance. You may earn a credit card rewards loyalty bonus if you open Truist Dynamic Business Checking and Truist business credit card accounts. You may also receive a merchant services monthly discount credit and business lending rate discount if you open a dynamic checking account and maintain a certain balance.

Important to Keep in Mind

While the low fees and perks are appealing, the biggest drawback is Truist’s lack of branches across the United States. Currently, the bank has branches in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.

Opening a Truist Business Account

If you’re interested in Truist, you may want to know how to open a small business bank account at Truist. You can apply for a checking account online or in a branch. You’ll need to fill out some personal information and business information as part of the application process. This includes information about any business partners you may have.

The Takeaway

Truist keeps things simple with just a few small business checking products, as well as business products like merchant services and small business insurance coverage. For businesses located where Truist has branches, it can be a good option, particularly if you want a bank with lower fees on checking accounts.Lantern by SoFi can help you find the right financing for your business if you need funding. Just fill out a simple form and see today’s rates for small business loans.Fast funding for your business: Loans up to $2 million.

Frequently Asked Questions

What documents do I need to open a Truist business bank account?

Can I open a Truist business account online?

How much money do I need to open a Truist business account?

What are the benefits and drawbacks to a Truist business bank account?

About the Author

Sulaiman Abdur-RahmanSulaiman Abdur-Rahman writes about personal loans, auto loans, student loans, and other personal finance topics for Lantern. He’s the recipient of more than 10 journalism awards and served as a New Jersey Society of Professional Journalists board member. An alumnus of the Philadelphia-based Temple University, Abdur-Rahman is a strong advocate of the First Amendment and freedom of speech.

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External web: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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