Bank Reviews

BB&T Reviews, Rates: CDs, Savings, Money Market, Mortgages

Branch Banking & Trust (BB&T) has been around the banking scene since 1872. This American based bank was founded by two business men from a farming town located in North Carolina. BB&T has gone through several name changes through the years but finally decided to stay with the catchy name Branch Banking & Trust. This large banking cooperation owns almost 2,000 banking centers across the nation. The owners of BB&T are known to be outspoken in their beliefs in academics and financial issues.

BB&T is a well-known bank worth over 26 million dollars. Because of the services BB&T offers and the amount of revenue it generates, it is known to be one of the most successful banks in America. BB&T has taken over several other banks and continues to be a leader in financial success. BB&T has no problem achieving high customer satisfaction because of the services they offer. Branch Banking & Trust offers services ranging from investment to consumer finance.

Review: BB&T Services

Personal Accounts: BB&T is known to provide its customers with a plethora of financial services. They offer virtual banking and face-to-face banking to their thousands of customers. Fees vary based on the amount of daily balance in your checking account. BB&T offers a check card to their customers for easy access to their funds. For your personal financial preferences, BB&T also offers personal services such as insurance, investing, CDs, and even specialized savings accounts.

Commercial Accounts: This well-known bank works very closely with commercial accounts. BB&T offers just as many commercial services as they do personal. While banking with BB&T, you are guaranteed low fees in every department including money market savings accounts. As long as your business maintains a $500 monthly average, you can steer clear of major fees. A Business Investors account offers a service with no monthly fees as long as you average a $10,000 balance. This means free transfers and withdraws from ATMs. Other financial services provided by BB&T for their commercial customers includes: insurance, investing, and business loans. BB&T is also highly known for their business credit cards.

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Flexibility is the key point in BB&T’s CDs. They have CDs ranging from seven days up to 60 months, as well as other CDs designed specifically to help you meet investment goals.

BB&T has CDs that can help with saving for a home and helping pay for college. Their Add-On CD allows you to make $50 deposits onto it and the Can’t Lose CD offers flexible investment if rates rise or fall. BB&T’s CDs are able to help you in whatever financial situation you are in with the many different CD options they have.

7 days – 60 months

  • Minimum to Open: $1,000-$2,500
  • Interest: Tiered rates, simple interest or compounded daily based upon collected balances
  • Features: Flexible maturity dates, guaranteed return, no monthly fees, automatically renews

Home Saver

  • Minimum to Open: $100
  • Terms: 36 months
  • Interest: Tiered rates, compounded daily based on collected balances
  • Features: Designed to help you save for a home, requires an automatic deposit of $50 or more per month from a BB&T checking orsavings account

College Saver

  • Minimum to Open: $100
  • Terms: 36, 48 or 60 months
  • Interest: Tiered rates, compounded daily based on collected balances
  • Features: Designed to help you pay for college, requires an automatic deposit of $50 or more per month from a BB&T checking or savings account

 

Add-On

  • Minimum to Open: $100
  • Terms: 12 month
  • Interest: Tiered rates, simple interest or compounded daily based on collected balances
  • Features: A monthly draft of at least $50 from a BB&T checking or savings account is required

Can’t Lose

  • Minimum to Open: $1,000
  • Terms: 30 months
  • Interest: Compounded daily based on collected balances
  • Features: Flexible investment if rates rise or fall

Stepped Rate

  • Minimum to Open: $1,000
  • Terms: 48 months
  • Interest: Increases over deposit term
  • Features: Rates are guaranteed to increase each year

Treasury

  • Minimum to Open: $5,000
  • Terms: 6 months
  • Interest: Simple interest or compounded daily based on collected balances
  • Features: Competitive interest rates and easy access to funds

Terms & ConditionsPenalties may apply if funds are withdrawn before maturity date.

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There are many different ways to save with BB&T Bank. Whether it is for college or your first time saving, the supportive staff is there to help you every step of the way.

BB&T eSavings – 0.25% APY – as of 7/30/11

  • Minimum Opening Deposit: $0
  • Minimum Balance Requirement: None
  • Unlimited transfers and withdrawals via BB&T 24 ATMS and BB&T branches
  • Six no-fee transfers and withdrawals via BB&T Phone24 and BB&T Online Banking, $3 is charged for excessive activity
  • Can only be opened online or by phone

 

CollegeWealth 529 Savings – as of 7/30/11

  • $0 – $9,999.99 – 1.98% Interest Rate – 2.00% APY
  • $10,000.00 – $24,999.99 – 1.98% Interest Rate – 2.00% APY
  • $25,000.00 – $99,999,999,999.99 – 2.23% Interest Rate – 2.25% APY

Young Savers

  • No service charges
  • No annual fees
  • No minimum balance/deposit
  • Unlimited in-branch withdrawals
  • Only available to clients under 18. At age 18, Regular Savings features and fees will apply

 

Regular Savings: Indiana

  • Minimum Opening Deposit: $25
  • Interest: Compounded daily
  • Monthly Maintenance Fee: $4 – avoidable with $300 minimum balance, one recurring preauthorized deposit or transfer of at least $25 per monthly cycle or an Elite Gold, Classic Banking, or BB&T Student Free checking account
  • Two free withdrawals per monthly cycle

Money Rate Savings: Indiana

  • Minimum Opening Deposit: $200
  • Interest: Tiered, money market rates compounded daily
  • Monthly Maintenance Fee: $10 – avoidable with a $2,500 minimum balance or with Elite Gold checking account
  • Six free pre-authorized automatic or telephone transfers or withdrawals allowed per month, unlimited BB&T 24 ATM and in-branch withdrawals

Terms & ConditionsCollegeWealth 529 Savings offers tax deductions in some states. Earnings grow free of federal taxes and withdrawals are tax-free when used for qualified higher education expenses.

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BB&T Bank has one money market accountcalled the Investor’s Deposit Account. This account rewards BB&T clients with higher balances by offering premium rates. You are given easy access to your deposited funds and check writing is available.

Some requirements for the Investor’s Deposit Account:

  • $10,000 minimum opening deposit
  • $10,000 minimum balance to avoid $15 maintenance fee

Features and benefits:

  • Six free pre-authorized automatic or telephone transfers or withdrawals allowed per month
  • Unlimited BB&T 24 ATM and in-branch withdrawals
  • Your monthly statement can be combine with your checking account statement

The interest for the Investor’s Deposit Account is tiered and money market rates are compounded daily. BB&T offers a compound interest calculator as well as various other savings calculators.

You can open an account online in just ten minutes and with five easy steps by clicking here or by calling 1-800-BANK-BBT (226-5228).

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BB&T Bank understands the importance of buying a home and choosing the right mortgage. They offer a wide variety of mortgage loans, and have experienced Mortgage Loan Officers on hand to help determine which kind of loan is best suited for you. BB&T Bank has resourceful calculators on their website that will help you decide if buying is the right decision and the overall budget you will need.

In order to get the most up-to-date rates for the mortgage loans, the best option is to contact a BB&T Mortgage Representative who will provide information that allows you to decide which product best suits your needs.

BB&T Bank: Fixed-Rate Mortgage Terms

  • 10, 15, 20 and 30 years

The advantages of a fixed-rate mortgage are that it allows for easy budgeting and long-term planning. You are able to lock in favorable rates for the long term rather than having to worry about your rate increasing. These types of loans are recommended for those who do not expect to relocate, refinance or move in the next few years.

BB&T Bank: Adjustable Rate Mortgage Terms

  • 1, 3, 5, 7 and 10 years

An ARM may be just right for you if you want increased buying power or expect to move because they offer lower initial payments and may allow for a larger loan amount. These types of loans are able to convert to a fixed-rate loan or be full assumable. If you plan to relocate, refinance or move in the next few years, then an ARM is best suited for you.

BB&T Bank: Low Down Payment – Affordable Housing Loan/FHA Loan

This loan offers first-time home buyers, buyers with limited credit history or buyers with lower incomes the ability to purchase their own home. It offers a low down payment and the down payment can be combined with gifts or grants.

The following property types are eligible for an FHA loan:

  • Single family homes
  • Townhomes
  • Condos
  • Doublewide manufactured homes on permanent foundations

BB&T Bank: Veteran’s Administration Loan Terms

  • 15 and 30 year fixed rate loans
  • 3 and 5 year adjustable rate loans

This loan is available to qualified veterans, active duty, reserves and National Guard personnel. It provides a low or no down payment options, allows for limited income and credit history and gift funds are allowed. This type of loan is recommended for those who are interested in 100% financing and would like to make a low down payment.

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