Truist Bank stands out as one of the largest traditional banks with physical branches across the United States. In contrast, American Express Bank is recognized as one of the leading online banks. Both institutions boast an impressive lineup of credit cards.
Now, let's take a closer look at their banking products, comparing them side by side.
Checking Accounts
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Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Amex Rewards Checking | $0 | 1.00% |
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Features
Truist offers two checking account options: the basic one is the Truist Confidence Account, which includes features like mobile bill pay, no overdraft fees, and no check cashing fees, and the Truist One Checking account, a regular checking option.
The Truist One Checking provides benefits such as a loyalty bonus on Truist credit cards, a free first order of 10-pack checks, loyalty bonuses, and more perks.
Truist Bank Account | Main Features |
|---|---|
Truist One Checking account | Loyalty Bonus on Truist credit cards, Free first order 10-pack checks |
Truist Confidence Account | mobile bill pay, No overdraft fees, No check cashing fees |
Amex Rewards Checking lets customers earn Membership Rewards points on eligible Debit Card purchases without any monthly fees. Amex provides round-the-clock customer service and fraud monitoring for added security.
Using the Amex App, mobile check deposits become effortless, and digital transfers make it simple to move money between linked accounts, including the Amex High Yield Savings account.
Moreover, you have the option to add your debit card to your digital wallet, allowing for speedy and convenient payments both in-store and online.
Bank Account | Main Features |
|---|---|
Amex Rewards Checking | Interest on balance, mobile check deposits, digital transfers, debit card with purchase protection, rewards your everyday spending
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Savings Accounts
When it comes to savings accounts, American Express bank is a clear winner with competitive rates, no fees, and a bunch of perks for savers.
With American Express, customers can earn a competitive APY on their balance. Managing savings is easy with features like simple transfers and auto-deposits, and you'll have access to 24/7 customer service.
Like many brick-and-mortar banks, Truist bank savings accounts offer relatively low rates. It also offers a money market account, but the rates are low as well.
Truist Bank Savings | Amex Savings Account | |
|---|---|---|
Savings Rate | 0.05% | 4.00% |
Minimum Deposit | $50 | $0 |
Fees | $5
The monthly maintenance fee can be waived by maintain a minimum daily ledger balance of $300 OR
schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings account OR
waived for a minor under the age of 18 OR
waived with ANY related Truist checking product
| $0 |
Certificate Of Deposits (CDs)
When comparing CD options, Amex is our winner.
However, Amex offers high rates only on specific CD terms. On the other hand, Truist also has competitive rates on specific terms, but they don't show CD rates on its website
Also, unlike Amex,customers can only open Truist CDs in person at a branch, not online.
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American Express CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 3.85% | 270 days interest |
18 Months | 3.35%
| 270 days interest |
24 Months | 3.50% | 270 days interest |
36 Months | 3.00% | 270 days interest |
48 Months | 3.00% | 365 days interest |
60 Months | 3.00% | 540 days interest |
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Credit Cards
American Express wins when it comes to credit cards. It is one of the top credit card issuers in the US, with many cards and different types of cards, co-branded cards, and various redemption options.
For everyday spending, there are straightforward cards like the Blue Cash Everyday® Card and the Blue Cash Preferred® Card from American Express. The American Express® Gold Card offers additional rewards for dining, groceries, and flights, particularly beneficial for travel enthusiasts.
For avid travelers seeking premium benefits, The Platinum Card® from American Express stands out as one of the best options. It includes a plethora of travel perks such as airport lounge access and bonus points for a diverse range of purchases.
American membership Rewards program provide cardmembers with various benefits and rewards for using their American Express cards. Points can be redeemed for a variety of rewards, including travel, merchandise, gift cards, statement credits, and more.
Card | Rewards | Bonus | Annual Fee |
| Blue Cash Preferred® Card from American Express | 1-6%
6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit
and U.S. gas stations, 1% cash back on other purchases
| $250
$250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
| $95 ($0 intro for the first year) |
|---|---|---|---|---|
| American Express® Gold Card | 1X – 4X
4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
| 60,000 points
60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership
| $325 |
| The Platinum Card® from American Express | 1X – 5X
5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
| 80,000 points
80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership
| $695 |
| Delta SkyMiles® Gold American Express Card | 1X – 2X
2X miles on delta purchases, at restaurants worldwide (including take-out and delivery in the U.S) and at U.S. supermarkets, and 1x miles on all other eligible purchases
| 50,000 Miles
Earn 50,000 bonus miles after you spend $2,000 in purchases on your new card in your first 6 months of card membership.
| $150, $0 intro first year |
| Hilton Honors American Express Card | 3X – 7X
7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
| 100,000 points
100,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership
| $0 |
Card | Rewards | Bonus | Annual Fee |
| Truist Enjoy Cash credit card | 1% – 3%
3% cash back on gas and EV charging, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchases
OR 1.5% cash back on all eligible purchases | 0% Intro APR 12 months on purchases | $0 |
|---|---|---|---|---|
| Truist Enjoy Travel credit card | 1x – 2x
2x miles per $1 spent on airfare, hotels, and car rentals, 1x on all other eligible purchases | 20,000 miles
20,000 bonus miles when you spend $1,500 in first 90 days after account opening | $0 |
| Truist Future credit card | N/A | 0% Intro APR 15 months on balance transfers and purchases | $0 |
| Truist Enjoy Beyond credit card | 1x – 3x
3x points per $1 spent on airfare, hotels, and car rentals, 2x on dining and 1x on all other eligible purchases | 30,000 points
30,000 bonus points when you spend $1,500 in first 90 days after account opening | $195 |
| Truist Enjoy Cash Secured credit card | 1% – 3%
3% cash back on gas, 2% on utilities and groceries (up to the $1,000 monthly spend cap) and 1% on all other eligible purchase | N/A | $19 |
Mortgage And Loans
If you need to borrow money, Truist Bank is a better option for borrowers.
Truist Bank is more into mortgages for buying homes, refinancing mortgages, loans for home equity, personal loans, and financing for both new and used cars.
On the flip side, Amex offers only personal loans.
Which Bank Is Our Winner?
Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank, especially for those with deposit requirements.
While both banks offer good checking options and credit card offerings, if you're looking for a high-rate savings account to park your money, American Express is the exclusive option. Conversely, Truist Bank stands out for its physical locations and offers more favorable options for borrowers compared to American Express.
That being said, it is crucial to assess various factors, primarily focusing on those that are significant for your specific needs. This could include banking services, overdraft assistance, frequent ATM usage, proximity to bank locations, and other elements that vary from person to person.
Compare Truist Versus Other Banks
While Truist is a full-service bank where you can find almost any financial product, Chase is our winner. Here's why – and what else to know: Chase vs. Truist Bank
There is no clear winner as to whether Truist Bank or Bank of America is a better choice, but we prefer the latter. Here's why.
Wells Fargo offers better savings rates than Truist Bank, more selection for checking accounts and better credit cards. Here's our comparison: Truist Bank vs. Wells Fargo Bank
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
Overall, we like Fifth Third a bit more than Truist bank, mainly due to the various checking options. Truist is better in credit cards.
Each bank excels in different categories, but our winner is M&T Bank over Truist. There are some reasons for that, here's our comparison: Truist Bank vs. M&T Bank
Our winner is PNC Bank as it offers more options for checking and higher savings rates than Truist bank. Here's our comparison: Truist Bank vs. PNC Bank
Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner: Truist Bank vs. TD Bank
There is no clear-cut answer to which bank is better, but Regions Bank is better than Truist if we have to choose one. Here's why: Truist Bank vs. Regions Bank
Compare American Express Bank
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.
Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
While CIT Bank lacks a credit card option, it does have a decent eChecking account, mortgages, and home loans. However, American Express has personal loans and an impressive choice of credit card options.
CIT Bank vs American Express: Which Bank Account Is Better For You?
While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank
For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.
American Express Bank vs. Bank of America: Which Bank Account Is Better?
Chase Bank is our winner, while Amex and Chase offer great banking services and credit card portfolios. Here's our side-by-side comparison: American Express Bank vs. Chase Bank
While PNC Bank is a brick-and-mortar bank, American Express Bank's is an online bank. Let's compare their banking products side by side: American Express Bank vs. PNC Bank
U.S. Bank is one of the largest brick-and-mortar banks in the US, while Amex Bank is among the best online banks. Let's compare them: U.S. Bank vs. American Express Bank
While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare? American Express Bank vs. TD Bank
American Express and HSBC focus on serving wealthier customers by providing services and features beyond the standard. How do they compare? American Express Bank vs. HSBC Bank (USA)
Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.
Barclays Bank vs. American Express Bank: Which Bank Account Is Better?
American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.
Synchrony Bank vs. American Express Bank: Which Bank Account Is Better?
How We Compared Truist Bank and Amex: Methodology
In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:
Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.
Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.
Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.
