Truist does not currently offer a dedicated high-yield savings account
Truist's savings products are traditional savings accounts with rates that do not compete with high-yield options. As of now, Truist offers a basic savings account and money market accounts, but neither carries the elevated interest rates you would find at online banks or credit unions specializing in high-yield products.
If you bank with Truist and want higher returns on your savings, you have two paths: keep money in a Truist account for convenience and branch access, or move funds to a separate high-yield account elsewhere while maintaining your Truist checking account for daily use.
Key Takeaways
- Truist savings accounts earn interest rates significantly lower than high-yield savings accounts offered by online banks and some credit unions.
- Truist does offer money market accounts, which typically pay slightly more than basic savings but still fall short of high-yield rates.
- You can hold a Truist checking account for bill pay and deposits while keeping a high-yield savings account at another institution for your emergency fund or savings goals.
- Interest rates at all banks change regularly, so comparing current rates between Truist and other providers takes a few minutes online.
Truist savings account rates versus high-yield alternatives
Truist's standard savings account typically earns less than 0.01% annual percentage yield (APY), depending on your account type and balance. Money market accounts at Truist may offer slightly higher rates—sometimes in the range of 0.05% to 0.15% APY—but these still lag far behind what online banks and credit unions pay.
High-yield savings accounts at online institutions commonly pay between 4% and 5% APY, though rates fluctuate with Federal Reserve decisions. The difference compounds over time: $10,000 in a Truist savings account earning 0.01% generates $1 per year, while the same amount in a 4.5% high-yield account earns $450 annually. Over five years, that gap grows to thousands of dollars.
Truist's lower rates reflect its business model: as a full-service regional bank with physical branches, it has higher operating costs than online-only competitors. You pay for convenience and local access, not for competitive interest rates.
When a Truist savings account still makes sense
If you value in-person banking, a Truist savings account works for smaller balances or short-term holding periods. Some customers keep a modest emergency fund at Truist for quick access to a teller or ATM, then park larger sums elsewhere.
Truist also offers relationship benefits: bundling a checking account, savings account, and credit card may may have access to you for fee waivers or other perks. If you already use Truist for checking and payroll deposit, the friction of opening a second account elsewhere might not be worth it for a small savings balance.
However, if you are building a serious emergency fund or saving for a goal months or years away, the interest rate difference justifies the ten minutes it takes to open an account at an online bank.
How to compare Truist rates with other banks
Check Truist's website directly for current rates on savings and money market accounts—rates change frequently and vary by account tier. Then visit the websites of online banks like Marcus, Ally, American Express Personal Savings, or Discover to see their current high-yield rates side by side.
Credit unions often offer competitive rates too. If you are a member of a credit union or can join one through your employer or community, check their savings rates as well. Credit unions are nonprofits and sometimes pay higher rates than banks.
Use a rate comparison tool or spreadsheet to track rates over a few weeks if you are not ready to move money immediately. Rates do shift, and knowing the trend helps you decide when to act.
Moving money between Truist and a high-yield account
Opening a high-yield savings account at another bank does not require closing your Truist account. You can keep your Truist checking for bills and payroll, then transfer money to the high-yield account for savings goals.
Most banks allow you to link external accounts and transfer funds via ACH (Automated Clearing House), which typically takes one to three business days. Some online banks also let you deposit checks by photo or set up automatic transfers from your Truist checking account each payday.
If you eventually want to close your Truist savings account, make sure you have moved all funds out first and that you do not have any pending transactions. Truist may charge a fee if you close an account within a certain period—check your account agreement for details.
FDIC protection and safety across accounts
Both Truist and online banks are FDIC-insured, meaning deposits up to $250,000 per account type are protected if the bank fails. This protection applies separately to savings accounts, checking accounts, and money market accounts at the same bank.
If you split $250,000 between a Truist savings account and a high-yield savings account at another FDIC-insured bank, both amounts are fully protected. You do not lose safety by moving money to earn higher interest.
Frequently Asked Questions
Can I earn more interest by keeping a larger balance at Truist?
Truist does not offer tiered interest rates that increase with balance size on most savings accounts. Your rate stays the same whether you have $100 or $100,000 in the account. Money market accounts sometimes offer slightly better rates at higher balances, but even then, the rates remain far below high-yield alternatives.
What if I need to withdraw money quickly from a high-yield account?
High-yield savings accounts are liquid—you can withdraw funds anytime without penalty. Transfers to your Truist checking account take one to three business days via ACH, or you can use the high-yield bank's ATM network or debit card if available. There is no lock-in period like a certificate of deposit.
Do I need to close my Truist account to open a high-yield savings account elsewhere?
No. You can keep your Truist checking and savings accounts open while opening a high-yield account at another bank. Many people do this to maintain local banking convenience while earning better interest on savings.
Will opening a second savings account hurt my credit?
Opening a savings account does not affect your credit score. Banks perform a soft inquiry that does not show up on your credit report. Only credit applications (loans, credit cards) trigger hard inquiries that may temporarily lower your score.
What happens to my money if the online bank fails?
As long as the bank is FDIC-insured, your deposits up to $250,000 are protected by federal insurance. Check the bank's website for the FDIC insurance logo or call the FDIC to verify coverage before moving large sums.