BB&T Bank offers a range of certificate of deposit (CD) accounts, including ones designed to help you save for college or a home purchase. You can open a standard CD for terms stretching from just seven days to five years. So these CDs may be good for people with short-term savings needs or those investing for specific goals. But across its suite of CDs, the bank doesn’t offer the best CD rates. Still, these CDs may appeal to customers who value the convenience of having access to physical branches and face-to-face customer service. Interest is compounded daily and credited monthly. All CDs renew at maturity, or the end of their terms, under the same conditions set forth in your initial contract.
It’s important to note that BB&T CD rates may change on a daily basis, which is why the firm doesn’t publish all its rates online.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
7-Day To 60-Month CDs
These are the bank’s standard CD accounts, and you can open one with a minimum of $1,000 for terms ranging from 7 days to 60 months (or five years). For terms ranging from seven to 31 days, you can open up one with a minimum of $2,500. Longer-term options generally carry higher interest rates. Overall, these rates reflect what you would likely find at brick-and-mortar banks for the same terms. The table below provides more details.
But to get a better glimpse of what’s out there, you can compare CD rates from among options at banks, credit unions and online banks throughout the country.
| Term Length | Minimum Deposit | APY |
| 90 Days | $1,000 | 0.01% |
| 180 Days | $1,000 | 0.01% |
| 360 Days | $1,000 | 0.01% |
| 24 Months | $1,000 | 0.01% |
| 36 Months | $1,000 | 0.01% |
| 48 Months | $1,000 | 0.01% |
| 60 Months | $1,000 | 0.01% |
Stepped Rate CD
BB&T Bank also offers an evolving CD of sorts. You can open a Stepped Rate CD for a term of 12 months and the rate will increase every 12 months for a total term length of 48 months or six years.
Stepped Rate CDs allow you to deposit up to $10,000 during each 12-month interval. Furthermore, you can make a penalty-free withdrawal from what you deposited into your CD following the 2-year mark. This benefit may come in handy if you’re not very satisfied with the interest hike.
| Term Length | Minimum Deposit | APY |
| 12 Month | $1,000 | 0.01% |
| 24 Month | $1,000 | 0.02% |
| 36 Month | $1,000 | 0.03% |
| 48 Month | $1,000 | 0.04% |
Can’t Lose CD
This CD does not act as the name implies, and you should be aware of the risks involved. The Can’t Lose CD is tied to current market rates and is available only in a 30-Month term. After the first 12 months of each term, you can deposit up to $10,000 into the CD. In this sense, you can bump up your principal if your CDs interest rate rises. You’re also allowed to make one penalty-free withdrawal, which you can take advantage of in case rates dip below what you can stomach. However, you’d have to meet the following requirements to make the penalty-free withdrawal.
- Your initial deposit must remain in the CD for the first 12 months before withdrawal.
- Any additional deposits you’ve made must have had been in the CD for at least seven calendar days before your withdrawal.
- You have made no nonqualified (penalty-inducing) withdrawals within the six calendar years preceding the withdrawal.
Compare BB&T Bank to Other Competitive Offers
Overview of BB&T Bank CDs
BB&T Bank CD rates aren’t the strongest out there, but the bank does offer some distinct options its customers may find of value. The bank offers some flexibility by allowing you to add additional deposits to some CDs and make penalty free withdrawals from certain CDs under specific circumstances. That said, BB&T Bank may suit someone who’s new to CD investing and saving for a very specific short-term goal.
However, the minimum deposit of $1,000 for most CDs offered may be steep considering the overall low rates. You can lock in better rates for the same or smaller minimum deposits and with fewer restrictions at other banks.
How Much You Earn With BB&T Certificate of Deposits Over Time?
Due to their low and often fluctuating interest rates, your deposits may not have risen much by the time of maturity. Generally, you earn a higher APY if you open a BB&T CD with a longer term. So you’d need to make a large minimum deposit and sock your money away for at least five years to make the most out of your investment.
| Initial Deposit | 6-Month CD | 12-Month CD | 60-Month CD |
| $500 | $500.03 | $500.05 | $500.25 |
| $1,000 | $1,000.05 | $1,000.10 | $1,000.50 |
| $2,500 | $2,500.13 | $2,500.25 | $2,501.25 |
| $5,000 | $5,000.25 | $5,000.50 | $5,002.50 |
| $10,000 | $10,000.50 | $10,001.00 | $10,005 |
Also, remember that CDs are designed to hold your money in exchange for earned interest. So you’ll face a penalty if you dig into your savings before the end of your term. As with any bank, early withdrawal penalties can shave a sizable chunk off your savings. Penalties at BB&T Bank are as follows.
- For CDs with a term of less than three months, the penalty would be all interest that would have been earned or $25 (whichever is greater)
- For CDs with a term of three to 12 months, the penalty would be an amount equal to three months of interest earned on the principal amount withdrawn, or $25 (Whichever is greater).
- For CDs with a term of 13 to 23 months, the penalty shall be an amount equal to six months of simple interest earned on the principal amount withdrawn, or $25 (Whichever is greater)
- For CDs with a term of 24 months or greater, the penalty will be an amount equal to 12 months of simple interest on the principal amount withdrawn or $25, whichever is greater.
How Does BB&T Bank Compare to Other Banks
BB&T Bank CD rates aren’t very competitive with those offered by online banks. But its rates are competitive with those of some of its brick-and-mortar counterparts—even major ones. As you can see, you can secure a BB&T Bank CD with a 180-day term and a 0.01% APY today. At Chase, its offering dings you 0.02%.
But overall, you may find better rates and even smaller minimum deposits at other financial institutions. At Marcus by Goldman Sachs, an online entity, you can get a similar CD with an annual percentage yield (APY) of 0.15% and a smaller minimum deposit of $500.
| CD Account | BB&T | Chase | Marcus by Goldman Sachs |
| 6 Month | 0.01% | 0.02% | 0.15% |
| 1 Year | 0.01% | 0.02% | 0.55% |
| 3 Year | 0.01% | 0.02% | 0.55% |
| 5 Year | 0.01% | 0.02% | 0.60% |
Should You Get a BB&T CD Account?
That decision is ultimately up to your individual preferences. You may find higher CD rates under similar terms at online banks. But you may also appreciate access to physical branches and face-to-face customer service, as well as some wiggle room when it comes to withdrawing your money and making additional deposits into your CD. Your short-term goals may also revolve around saving for college or a home purchase. In that regard, you may find a suitable option at BB&T Bank. But remember that the bank’s rates can change daily, so it’s best to reach out to your local branch for the latest offers.
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