Truist does not currently offer a dedicated high yield savings account

Truist's standard savings products—including their regular savings account and money market account—carry interest rates well below what you'll find at online banks or credit unions. As of now, Truist does not market a high yield savings product under any name. If you're comparing Truist to other banks specifically for savings rate, you're looking at a significant gap: online banks routinely offer rates 10 to 20 times higher than Truist's standard offerings.

This matters because the difference compounds. On $10,000 sitting in a Truist savings account versus a high yield account elsewhere, you could earn hundreds of dollars less per year, depending on the rate environment. Truist's rates change without notice, and they typically move slowly in response to Federal Reserve changes.

If you have money you're not spending in the next few months, keeping it in a Truist savings account is essentially a choice to earn almost nothing. The bank's value proposition is convenience and branch access, not competitive returns.

Key Takeaways

  • Truist's savings accounts and money market accounts pay rates significantly lower than online banks, credit unions, or even some regional competitors.
  • You can open a Truist savings account in a branch or online, but the rate will not change based on your account balance or relationship with the bank.
  • If earning interest on savings is your priority, moving money to an online bank or credit union high yield savings account will increase your annual earnings substantially.
  • Truist's advantage is branch access and integration with checking accounts; its disadvantage is rate competitiveness.

What Truist savings accounts actually pay

Truist offers a basic savings account and a money market account. Both carry rates that typically fall between 0.01% and 0.05% annual percentage yield (APY), though exact rates vary by state and change at Truist's discretion. There is no tiered rate structure—you don't earn more by maintaining a higher balance.

For comparison, online banks routinely offer 4.00% to 5.35% APY on savings accounts with no minimum balance and no monthly fees. Credit unions often match or exceed these rates for members. Even some regional banks now offer rates above 1.00% APY. Truist's rates have historically lagged behind these competitors by a wide margin.

The money market account requires a higher opening balance (typically $2,500 to $10,000 depending on the account tier) and may offer a slightly higher rate, but still nowhere near what you'd earn elsewhere. Truist does not publish a rate comparison tool, so you'll need to call or visit a branch to learn the current rate on your specific account type.

Why Truist's rates are low

Truist is a full-service regional bank with hundreds of branches, customer service centers, and significant overhead. That infrastructure costs money. Online banks have no branches and minimal staff, so they can pass savings to customers through higher rates. Truist prioritizes convenience and service over rate competitiveness.

Additionally, Truist's deposit strategy focuses on customers who value integration with checking accounts, credit products, and investment services. The bank doesn't need to offer high savings rates to attract deposits because many customers stay for the full relationship, not the savings rate alone.

This is not unique to Truist—most traditional banks with branch networks pay low savings rates. The trade-off is intentional: you get a teller, a local branch, and integrated banking, but you sacrifice yield.

Where to move money if you want higher returns

Online banks like Marcus, Ally, American Express Personal Savings, and Discover Bank currently offer rates between 4.00% and 5.35% APY with no minimum balance and no monthly maintenance fees. These accounts are FDIC-insured up to $250,000, just like Truist accounts. You can open one in minutes online and transfer money from your Truist account via ACH.

Credit unions often offer competitive or higher rates, especially if you're a member. Some credit unions have no minimum balance requirements and allow anyone in a certain geographic area or profession to join. The National Credit Union Administration (NCUA) insures credit union deposits the same way the FDIC insures bank deposits.

If you want to keep some money at Truist for convenience but earn more on the rest, a common strategy is to maintain a small checking account at Truist and move savings to a high yield account elsewhere. You can transfer money between them in one to three business days via ACH.

Truist savings account features beyond interest rate

Truist savings accounts come with no monthly maintenance fee if you maintain a minimum balance (usually $300 to $500, depending on the account type) or set up direct deposit. You can withdraw money at any Truist ATM or branch without penalty. Truist has over 2,700 ATMs and more than 2,800 branches across the Southeast and Mid-Atlantic, so access is straightforward if you live or work in those regions.

The account includes fraud protection: if someone makes unauthorized transactions, Truist will investigate and typically reverse the charges within 10 business days. You can link the savings account to a Truist checking account for easy transfers, and you can set up automatic transfers to save money on a schedule.

These features are standard across most banks. The real difference between Truist and online banks is physical access and customer service, not the account mechanics themselves.

How to compare Truist to other options

Start by checking the current rates at three to five online banks and your local credit union. Write down the APY, minimum balance requirement, and monthly fee for each. Then call Truist or visit a branch to confirm the current rate on their savings account. The gap will likely be obvious.

Next, consider your own situation. If you use Truist for checking and want to keep everything in one place, the convenience might be worth a lower rate—especially if the amount is small. If you have $5,000 or more sitting in savings, moving it to a high yield account could earn you $200 to $250 per year instead of $0 to $2.50 at Truist.

You don't have to choose one or the other. Many people keep a small emergency fund at Truist for quick access and move larger savings to an online bank. This gives you branch access when you need it and competitive rates on the money you're actually saving.

Frequently Asked Questions

Can I earn interest on a Truist checking account?

Truist checking accounts pay little to no interest. Some checking accounts marketed as "interest-bearing" pay rates between 0.01% and 0.05% APY, which is negligible. If you want to earn meaningful interest, you need a savings or money market account, or you need to move money to an online bank.

What happens if I move my savings to another bank?

You can transfer money from Truist to another bank via ACH (automated clearing house) transfer, which typically takes one to three business days. There is no penalty for closing a Truist savings account. You'll need the routing number of the receiving bank and your account number there to set up the transfer.

Does Truist offer any promotional rates for new savings accounts?

Truist occasionally runs promotions, but they typically offer small bonuses (like $25 to $100) for opening an account and meeting deposit requirements, not higher ongoing interest rates. Online banks more frequently offer promotional rates that last several months. Check Truist's website or ask a branch representative about current offers.

Is my money safer at Truist than at an online bank?

Both Truist and FDIC-insured online banks protect your deposits up to $250,000 per account owner. The FDIC insurance is the same regardless of whether the bank has branches. Online banks are just as safe as traditional banks from a deposit protection standpoint.

Can I access my Truist savings account from a different bank's ATM?

Truist is part of the Allpoint ATM network, so you can withdraw from thousands of ATMs outside the Truist network without a fee. However, you cannot deposit checks or make deposits at non-Truist ATMs. For deposits, you'll need a Truist branch, ATM, or mobile app.