BB&T Savings account review: annual and monthly maintenance fees, ATM fee, interest rates, required minimum daily balance, pros and cons. Is BB&T FDIC insured?

Nine Reason to Choose the BB&T e-Savings Account

According to the 2017 FDIC National Survey of Unbanked and Underbalanced households, nearly 6.5 percent of US households are unbanked. Whether it’s because they don’t qualify for a checking account or just prefer alternatives to traditional banking, that means millions of Americans are dependent on prepaid debit cards, check-cashing establishments, or payday lenders. This also leaves them vulnerable to whatever fees that are charged by these companies.

But what happens when an employer uses a payment processer, such as Bill.com, that requires an actual bank account? Certain cash apps, such as Venmo, require that their service be connected to a bank account, and not a prepaid debit card as well. For these situations, an online savings account, such as the e-Savings account at BB&T could be the right answer. The North Carolina based bank’s (who recently announced a merger with SunTrust bank) e-Savings account is perfect for someone in need of a more traditional banking option. There are both pros and cons for choosing to take this particular route so lets discuss them in detail:

BB&T e-Savings Account Review


Let’s get this out of the way first. The major con with the BB&T e-Savings account is the low APY (annual percentage yield), which sits around 0.03%. While that maybe on par with the APY’s of other brick and mortar banks, compared to best online savings accounts it is considerate low. For example, Ally and Barclay’s online savings accounts currently have APY’s set at 0.80%. Goldman Sachs is slightly higher at 0.90%. And the highest rate, 1.00%, is in CIT Bank.

So, if the amount of interest earned on the deposited money is so low, what is the benefit of opening an BBT e-Savings account? There are several.

1. No minimum opening deposit

There is no minimum deposit requirement to open this account. Which means if someone were in need of a bank account for their direct deposit, but he or she is low on cash, they could still open this account and have their pay deposited directly into it. As long as the account is funded within the specified time-period, there are no issues.

2. No minimum balance

There are no minimum balance requirements. This is particular great for freelancers whose income is, at times, unsteady. No balance requirement makes this a good starter savings account for a child, or a teenager just off to college. While everyone needs to learn the importance of saving, they shouldn’t have to pay an arm and a leg in bank fees and penalties if there are little hiccups along the way.

3. BB&T e-Savings Penalties and Fees

The fees associated with this account are fairly reasonable, and relatively low compared to most traditional banks. Customers are allowed up to six (6) transfers or withdrawals per month without penalty. For any transaction amount over that, there is a $3 fee charged to the account. There is also a $3 fee to use an out of network ATM. However, in times of emergency and/or natural disaster, BB&T has been known to waive this fee.

In the event of an overdrawn account, and if the account is left overdrawn for seven (7) days or more, there is a $36 fee assessed to the account. However, if the account in question is overdrawn by less than five (5) dollars, the fee is waived.

The BB&T e-Savings account offers unlimited deposits, withdrawals, and transfers at any BB&T branch or BB&T ATM. There are also no fees charged in order to sign up for online bill payments. This feature is great to manage payments and establishing a sound payment history with creditors.

4. U by BB&T

One of the best features about this account is the U by BB&T feature. This option allows the account holder to create savings goals for themselves. It also helps to organize and keep track of those savings goals. One of the great features under this program is the ability to gain access to both Vantage and Equifax credit scores right from the account. It also gives the ability to link to outside accounts, as well as the ability to manage those accounts through the BB&T dashboard. This makes keeping track of spending a breeze.

5. FDIC insured

The BB&T e-Savings account is insured by the Federal Deposit Insurance Corporation, or FDIC. This means that any money in the account Is insured by the federal agency for up $250, 000, in the event of a bank failure. In other words, any money deposited into the account is safe, even in the event of theft.

6. ATM Access and Mobile Banking

BB&T had already established an extensive network of ATMs across 15 states. With the recent merger with SunTrust Bank, that network is soon to expand. Along with it, the mobile banking options will increase. The merger will make them the 6th largest bank in the US. This means easier and more convenient access to your money, and lower likelihood of being charged an out of network atm fee.

BB&T e-Savings Account

7. Brick and Mortar Buildings

While Ally and Barclay’s have considerably higher APY’s attached to them, all transactions have to take place online, through wire transfer, or through the mail. While this is certainly convenient, at times it is nice to have the option of going to a brick and mortar building and speaking to someone in person.

8. My Banker

One of the nice features about the BB&T e-Savings account is that of My Banker. Within the account the name of the Branch manager at the nearest BB&T location is listed. It also shows their photo, email, phone number, and branch address. In addition, there is an optional chat feature.

9. Secured messaging

Secured messaging is easily reached from the dashboard. Simply click the envelope next to the profile feature. This feature allows for the receipt of policy updates, notifications, and correspondence with security, customer service, or the Branch manager. There is also the option of speaking to an operative over the phone.

BB&T e-Savings Review Summary

If a high return on investments is the primary goal of opening an online savings account, then the BB&T account is not the best option - go with CIT Bank instead.

The BB&T e-Savings account is a safe and convenient product with reasonable fee structure. It is a good option for the unbanked, underbanked, novice savers, and anyone else in need of a savings account.

CIT Bank Money Market Account

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