Is the SunTrust Money Market Account Worth It?

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There are great reasons to consider as an investor when you are looking at a particular market.
Investopedia highlighted some below when considering SunTrust Money Market, enjoy it.

For investors shopping for a money market account, the SunTrust Advantage Money Market Savings Account, offered by Truist Financial, is one option to consider. In December 2019, Truist Financial Corporation was formed as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Bank.

For investors with high balances or regular monthly transfers, this account can offer low fees. Prior to the merger, both institutions maintained a solid reputation for customer service, and, as a result of the merger, Truist Financial now has even more physical branch locations and a greater amount of resources to offer its customers. On the downside, this money market account pays lower interest than several comparable accounts from online banks, and its fees may add up quickly for investors with low balances.

KEY TAKEAWAYS

  • The SunTrust Advantage Money Market Savings Account, a product by Truist Financial, offers a no-fee account for investors who maintain high balances or regular monthly transfers.
  • Truist Financial waives the $17 monthly maintenance fee for investors with a regular monthly transfer of at least $100 or a minimum balance of $10,000.
  • Account holders can access their funds through the financial institution’s online banking portal, a mobile app, by visiting over 1,400 physical branch locations and more than 2,100 ATMs, and by writing checks.
  • Interest is paid on the account in tiers and is compounded daily.

Money Market Accounts

A money market account is a type of savings account in which the bank invests your funds in a series of short-term, highly liquid, and very safe financial instruments, such as U.S. Treasury bills (T-bills), municipal notes, and certificates of deposit (CDs). Most money market accounts pay higher interest rates than standard savings accounts, but they offer the same level of safety. Like other deposit accounts, money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 for each account holder.

Money market accounts are a viable investment vehicle for those who want to be able to access their money in the near future, but also want to earn a small amount of interest on that amount of money. For example, a person who is planning to buy a house in six months might withdraw money that they have invested in the stock market and place it in a money market account. This way, their principal is protected and they still earn something on it. A person may also open a money market account as an emergency fund or for long-term retirement planning purposes.

SunTrust Advantage Money Market Savings Account Overview

The SunTrust Advantage Money Market Savings Account, a product of Truist Financial, helps account holders achieve their financial goals by providing them a vehicle in which to put their money for a variety of different reasons.

Account holders have easy access to their money at any time, and they can make transfers and write checks to be withdrawn from their account at any time (provided they don’t go over the withdrawal limit). Like any other savings and money market account, Truist’s account also falls under federal regulations that limit the number of debit transactions to six per month.

Here’s some basic information about the account:

  • Minimum deposit to open account: $100
  • Monthly maintenance fee: $17
  • Requirements to waive maintenance fee: Account holders can set up an electronic transfer or electronic deposit totaling at least $100 electronic for each statement cycle or maintain a $10,000 minimum daily collected balance
  • Excessive withdrawal fees: Account holders are charged $15 (regardless of balance) for each excessive withdrawal if they go above the limit of six per month. This applies to debit card transactions, checks, electronic transactions (ACH), automatic payments, bill payments, overdraft protection transfers, wire transfers, and deposit funds transfers completed through online or mobile banking.
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