Like many banks, SunTrust Bank is not able to offer very high rates on their certificate of deposit products.  The low rates offered by banks are attributable to various factors.  The main reason why rates are rates are so low is because the federal government has kept their key interest rates low to encourage consumers to spend and borrow money.  Unless the economy picks up in the near future, CD rates will continue to be low throughout the year.
 
According to their website, SunTrust Bank offers their customers a variety of bank rates on certificates of deposit that range drastically in term.  A 10 month no penalty CD offered by SunTrust Bank comes with an interest rate of 0.50% APY.  A traditional 10 month CD comes with an interest rate of 0.80% APY.  For an individual who is willing to lock in their money for a longer period of time, a 25 month CD comes with an interest rate of 1.60% APY.
 
The highest CD rates offered by SunTrust Bank come with even longer terms.  A 39 month CD offered by Sun Trust bank has an interest rate of 2.50% APY.  A 59 month CD comes with an interest rate of 3.00% APY. 
 
Beyond traditional CD products, SunTrust also offers IRA CD products.  The benefit of the IRA CD products is that the interest will grow untaxed.  Also, in some situations the funds deposited into an IRA certificate of deposit could also be tax deductible.  However, the funds deposited into the CD and the interest received will not be able to be withdrawn penalty free until the account owner is 59 and a half years old.
 
All of the CD products offered by SunTrust bank come with a minimum deposit of $2,000.  Beyond the set term CD rates provided on the Sun Trust website, customers have a lot of flexibility when it comes to opening a certificate of deposit.  Customers can customize their CD and select any maturity date ranging from 7 days all the way up to 120 months.  The CD’s value will be guaranteed and insured by the FDIC throughout the term.