Truist does not currently offer a dedicated high yield savings account
Truist's standard savings accounts pay rates well below what you can find elsewhere. As of early 2024, Truist's regular savings accounts earn around 0.01% annual percentage yield (APY) on balances, which means $10,000 saved for a year earns roughly $1 in interest. Online banks and credit unions routinely offer 4% to 5% APY on savings accounts with no minimum balance requirements.
If you bank with Truist for checking or other services, you have two realistic paths: keep savings there and accept the low rate, or move your savings to an institution that pays more. Truist does not penalize you for holding money elsewhere, so many customers maintain a Truist checking account while keeping savings at a higher-paying bank.
Key Takeaways
- Truist savings accounts earn approximately 0.01% APY, which is significantly lower than rates available at online banks and credit unions.
- Truist offers no high yield savings product, so you cannot earn competitive rates by staying within their account lineup.
- Moving savings to another bank does not require closing your Truist checking account or other products.
- The difference between 0.01% and 4.5% APY on $10,000 is roughly $450 per year in lost interest.
How Truist savings accounts work
Truist offers several savings account types: a basic savings account, a money market account, and certificates of deposit (CDs). None of these products are structured as high yield accounts. The basic savings account has no minimum opening deposit at most Truist branches, though some locations may require $25. There are no monthly maintenance fees if you maintain a minimum balance—typically $300 to $500 depending on the account type.
The money market account pays slightly more than the basic savings account but still falls far short of competitive rates. CDs lock your money for a fixed term (ranging from 3 months to 5 years) in exchange for a may provide rate, but Truist's CD rates are also below what online banks offer for the same terms.
Why Truist rates are lower than online alternatives
Truist operates thousands of physical branches and employs thousands of staff. Those costs—rent, salaries, technology infrastructure for branches—get passed to customers through lower interest rates on savings and higher fees on checking. Online banks have no branches, no tellers, and minimal overhead, so they can pay depositors more of the interest they earn.
This is not a Truist-specific problem; it is how traditional banking works. Any large regional or national bank with a branch network will pay less on savings than an online-only competitor. You are paying for convenience and access to in-person service. If you rarely visit a branch, that convenience costs you money.
Where to move savings for higher rates
Online banks consistently offer 4% to 5.5% APY on savings accounts with no minimum balance, no monthly fees, and no strings attached. Banks like Marcus, Ally, American Express Personal Savings, and Wealthfront all fit this profile. Credit unions also frequently offer competitive rates, especially if you are a member of one through your employer or community.
Opening an account at another bank takes 10 to 15 minutes online. You will need your Social Security number, a government ID, and a current address. Once the account is open, you can transfer money from Truist using an external transfer (which takes 1 to 3 business days) or by having the new bank pull the funds directly from your Truist account.
You do not need to close your Truist account or move your checking. Many people keep a Truist checking account for direct deposit and bill pay while maintaining savings elsewhere. This hybrid approach gives you the convenience of a local branch for deposits or withdrawals while earning real interest on your savings.
Truist money market accounts versus high yield savings
Truist's money market account is sometimes confused with a high yield savings account, but they are different products. A money market account typically requires a higher minimum balance (often $2,500 or more), may limit the number of withdrawals per month, and pays only marginally more than a basic savings account. Truist's money market accounts currently pay around 0.05% APY—still far below competitive rates.
A true high yield savings account has no withdrawal limits, no minimum balance, and pays 4% or higher. If Truist offered one, it would be labeled clearly as such. The absence of that product from their lineup is deliberate; Truist's business model relies on customers accepting lower rates in exchange for branch access.
CDs as an alternative if you can lock money away
If you have money you will not need for 6 months to 5 years, a CD might make sense. Truist CDs currently pay rates between 0.5% and 2% depending on the term, which is better than savings but still trails online banks. An online bank CD for the same term typically pays 4% to 5.5%.
The trade-off is that your money is locked in. If you withdraw before the term ends, Truist charges an early withdrawal penalty—usually 3 to 6 months of interest. This penalty can wipe out all your earnings if you need the money early. Online banks often have the same penalty structure, so compare the rates and penalty terms side by side before committing.
Frequently Asked Questions
Can I earn interest on my Truist checking account?
Truist checking accounts do not earn interest. Some banks offer checking accounts with small interest rates (usually under 0.5% APY), but Truist is not one of them. If you want to earn interest, you must open a savings, money market, or CD account.
What happens if I move my savings to another bank but keep my Truist checking?
Nothing negative happens. You can maintain a Truist checking account indefinitely while keeping savings elsewhere. Truist does not require you to hold savings with them. You can transfer money between your Truist checking and an outside savings account whenever you need it.
Do I have to pay taxes on the interest I earn?
Yes. Any interest you earn on a savings account, money market account, or CD is taxable income. The bank will send you a 1099-INT form at the end of the year if you earned $10 or more in interest. You report this on your tax return. This applies whether you bank with Truist or anywhere else.
Is my money safe if I move it to an online bank?
Yes, as long as the bank is FDIC-insured. Nearly all online banks carry FDIC insurance, which protects up to $250,000 per account holder per bank. Check the bank's website for the FDIC logo or search the FDIC's bank database to confirm. Your money is just as safe at an online bank as it is at Truist.
How long does it take to transfer money from Truist to another bank?
An external transfer from Truist to another bank typically takes 1 to 3 business days. Weekends and holidays do not count as business days. If you need the money faster, you can withdraw cash from a Truist branch and deposit it at the new bank, though this is less convenient and may trigger fraud alerts at the receiving bank.