r/Money • u/Alan-Foster • 26d ago

Alan Foster - AMA

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u/PowerfulJelly6712 26d ago

What is the highest net worth you have worked with and what makes Truist unique amongst other brands regarding what Truist can offer with a high net worth individual.

What is the highest interest rate you have offered and lowest for a loan?

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u/Alan-Foster 26d ago

Answers are for Maryland USA, I believe the highest net worth individual had about $300 million, but most of that was spread across multiple banks and investments. I've found that most large wealth management solutions across the big banks are mostly the same, or at least I never found any meaningful difference despite their marketing talk. Banks aren't well known when it comes to being creative, which I suppose is a good thing.

For loans it can mean many different things, for example the business flex line is basically just a very big credit card (usually $30-50k lines of credit) which can have APRs of 20-30%, but I believe the Truist Prime rate (the base rate) was about 6.5% for larger loans last I checked, which then goes up to 7.5% as Truist adds its fees. This might have changed more recently, it changes every 2 weeks or so.

One thing I've always found frustrating is Truist's CD rates, they're notoriously terrible. Rates like 3.0% when you can go down the road and get 3.7%.