Truist's High-Yield Savings Options
Truist does not currently offer a dedicated high-yield savings account. The bank's standard savings accounts earn minimal interest—typically well below 1% annual percentage yield (APY)—which means your money grows very slowly compared to what other banks pay. If earning interest on savings is your priority, you will need to look elsewhere or use a different account type within Truist's product line.
Truist does offer money market accounts, which sometimes carry slightly higher rates than basic savings accounts, but these rates still lag behind what online banks and credit unions advertise. The exact rate depends on your account balance and current market conditions, so you should contact Truist directly or check their website for the current APY on any money market product.
Key Takeaways
- Truist's standard savings accounts pay less than 1% APY, making them unsuitable if you want your savings to earn meaningful interest.
- Money market accounts at Truist may pay slightly more than savings accounts, but rates remain low compared to online banks.
- If high-yield savings is your goal, you will need to open an account at a different bank—online banks and some credit unions typically pay 4% to 5% APY.
- You can keep a checking account at Truist for everyday banking while holding high-yield savings elsewhere.
Why Truist Rates Stay Low
Traditional banks like Truist maintain physical branches, pay staff, and cover real estate costs. Those expenses mean they cannot afford to pay the same interest rates that online-only banks do. Online banks have no branches and lower overhead, so they pass savings to customers through higher APY on deposits.
Truist's business model depends on lending money at higher rates than it pays depositors. The wider the gap between what they pay you and what they charge borrowers, the more profit the bank makes. High-yield savings accounts narrow that gap, which is why Truist has not introduced one.
Where to Find High-Yield Savings If You Bank with Truist
You do not have to close your Truist checking account to open a high-yield savings account elsewhere. Many people maintain a checking account at a traditional bank for convenience (ATM access, branch visits, bill pay) while keeping savings at an online bank that pays real interest.
Online banks that currently offer high-yield savings include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Credit unions sometimes offer competitive rates as well, especially if you are a member. Rates change frequently, so compare current APY across several institutions before deciding where to move your savings.
The transfer process is straightforward: open the new account, link it to your Truist checking account, and initiate an electronic transfer. Most transfers complete within one to three business days. You can keep both accounts open indefinitely.
Money Market Accounts at Truist as an Alternative
If you prefer to keep all your accounts in one place, Truist's money market account is the next step up from a basic savings account. Money market accounts typically require a higher minimum balance—often $2,500 or more—and may limit the number of withdrawals per month. In exchange, they pay a slightly higher rate than savings accounts.
Even so, Truist's money market rates will likely fall short of what online banks pay on high-yield savings. The trade-off is convenience: everything stays at Truist, with one login and one statement. The cost is lower interest earnings over time.
How Interest Rates Affect Your Savings Over Time
The difference between 0.01% APY (typical for Truist savings) and 4.5% APY (typical for online high-yield savings) becomes significant quickly. On $10,000, you would earn roughly $1 per year at Truist but $450 per year at a high-yield account. Over five years, that gap widens to $5 versus $2,250—a difference of $2,245 in your pocket.
The longer your money sits in a low-rate account, the more interest you lose. If you plan to keep savings untouched for months or years, moving to a high-yield account is one of the easiest ways to increase your money without taking on risk.
Checking Accounts and Other Truist Products
Truist's checking accounts are competitive for everyday banking. They offer online bill pay, mobile deposit, and access to a large ATM network. If you use Truist for checking and bill payments, there is no reason to change—you can simply open a high-yield savings account at another bank and link the two for transfers.
Some Truist customers use the bank for convenience and liquidity (checking, debit card, ATM access) while using a high-yield savings account elsewhere for money they do not need to touch regularly. This hybrid approach gives you the best of both worlds: easy access to your checking money and real interest on your savings.
Frequently Asked Questions
Can I transfer money from Truist to a high-yield savings account at another bank?
Yes. Link your high-yield savings account to your Truist checking account using the other bank's transfer tool or Truist's bill pay feature. Most transfers complete within one to three business days. You can move money back and forth as often as you need.
Will opening a high-yield savings account somewhere else affect my Truist account?
No. Opening an account at another bank does not change your Truist checking or savings accounts. You can keep both open indefinitely. Your credit score may see a small temporary dip from the new account inquiry, but it recovers within a few months.
What is the minimum balance for a high-yield savings account?
It varies by bank. Some online banks have no minimum, while others require $500 to $2,500 to open. Check the specific bank's requirements before opening. Most do not charge monthly fees as long as you maintain the minimum balance.
Is my money safe in a high-yield savings account at an online bank?
Yes, as long as the bank is FDIC-insured. The Federal Deposit Insurance Corporation protects up to $250,000 per account holder per bank, regardless of the interest rate. Check the bank's website or the FDIC's bank search tool to confirm coverage before opening an account.
How often do high-yield savings rates change?
Rates change based on Federal Reserve decisions and bank competition. Some banks adjust rates weekly or monthly. You should check your account's current APY periodically, especially if rates have been falling. Some banks notify customers of rate changes, but not all do.