Truist does not currently offer a dedicated high yield savings account

Truist's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Truist does not market a high yield savings product. Their regular savings accounts typically earn rates between 0.01% and 0.05% annual percentage yield (APY), depending on your account type and balance. If earning meaningful interest on your savings is a priority, you will need to look outside Truist.

This matters because the difference between 0.01% APY and 4.00% APY is substantial over time. On $10,000, you would earn $1 per year at Truist's rate versus $400 per year at a competitive high yield rate. Over five years, that gap grows to $5 versus $2,000—before accounting for compounding.

Truist does offer money market accounts, which sometimes carry slightly higher rates than savings accounts, but these rates are still not competitive with dedicated high yield products offered by online banks and credit unions.

Key Takeaways

  • Truist's savings accounts earn 0.01% to 0.05% APY, which is significantly lower than high yield savings rates available elsewhere.
  • Truist does not currently offer a high yield savings account product, though they do offer money market accounts with marginally higher rates.
  • Online banks and some credit unions offer high yield savings accounts earning 4% to 5% APY or higher, depending on current market conditions.
  • If you keep money at Truist primarily for checking and bill pay, moving savings to a high yield account elsewhere costs nothing and takes a few days to set up.

Why Truist's rates lag behind competitors

Truist is a traditional brick-and-mortar bank with physical branches across the Southeast and Mid-Atlantic. Maintaining branch networks, staff, and physical infrastructure costs money. Online-only banks have no branches and lower overhead, so they pass savings to customers through higher interest rates on deposits.

Truist's business model depends on customers using checking accounts, credit cards, loans, and investment services. They do not compete aggressively on savings rates because they make money primarily through lending, not by paying interest on deposits. A customer who keeps $50,000 in a Truist savings account earning 0.01% is still a customer who might take out a mortgage, auto loan, or credit card—and that is where Truist generates profit.

This is not unusual for regional banks. Most traditional banks offer low savings rates because their revenue model does not depend on deposit rates. If you want higher returns on savings, you have to move your money to a bank that does compete on that metric.

Where to find high yield savings accounts if you leave Truist

Online banks consistently offer the highest savings rates. Banks like Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank typically offer rates between 4.00% and 5.35% APY, though these rates change as the Federal Reserve adjusts interest rates. You can compare current rates on financial comparison sites or by visiting each bank's website directly.

Credit unions sometimes offer competitive rates as well, especially if you are a member. Some credit unions offer high yield savings accounts or share savings accounts (the credit union equivalent) earning 3% to 4% APY. You will need to join the credit union first, which usually requires living or working in a specific geographic area or belonging to a particular employer or organization.

A practical approach: keep your checking account at Truist if you use their branches and bill pay features, but move your savings to a high yield account elsewhere. You can transfer money between banks in two to three business days using ACH transfer, and you only need to do this once to set up the connection.

Money market accounts at Truist as an alternative

Truist offers money market accounts, which function as a hybrid between savings and checking. You get a debit card and check-writing privileges, but the account earns interest. Truist's money market rates are typically 0.05% to 0.10% APY—higher than their savings accounts but still far below high yield options.

Money market accounts make sense if you need frequent access to your money and want to write checks or use a debit card. If your goal is simply to earn the highest interest rate possible, a high yield savings account elsewhere will serve you better. High yield accounts are just as accessible—you can transfer money out in a few days—and they earn significantly more.

How to move savings out of Truist

If you decide to open a high yield savings account elsewhere, moving your money is straightforward. First, open an account at your chosen bank. You will need your Social Security number, a government-issued ID, and proof of address (usually a recent utility bill or bank statement).

Once your new account is open, link it to your Truist account using ACH transfer. Log into Truist online, go to the transfer section, and add your new bank's routing number and your new account number. Truist will send two small test deposits (usually under $1 each) to verify the account is yours. Once verified, you can transfer your full balance. The process takes two to three business days per transfer.

You do not have to close your Truist savings account immediately. Some people keep a small balance ($100 or less) in their Truist account for emergencies or as a backup, then move the bulk of their savings to the high yield account. This gives you time to make sure the new bank works for you before fully committing.

What to consider before switching banks

Before moving your savings, think about whether you actually use Truist's other services. If you have a mortgage, auto loan, or credit card with Truist, moving your savings account will not affect those products. You can keep them open and simply move your savings elsewhere.

Check whether you have any automatic transfers or bill payments set up from your Truist savings account. You will need to update those to point to your new account, or set them up to pull from your Truist checking account instead. This takes a few minutes but is easy to overlook.

Also consider whether you value having all your accounts in one place. Some people prefer the simplicity of one bank for everything, even if it means earning less interest. Others prioritize maximizing returns and do not mind managing accounts across multiple institutions. There is no wrong answer—it depends on what matters to you.

Frequently Asked Questions

Does Truist have any savings account that earns more than 0.05% APY?

Truist's money market accounts earn slightly more than savings accounts, typically 0.05% to 0.10% APY, but this is still far below high yield rates. Truist does not currently offer any savings product that competes with online high yield accounts.

Will I lose FDIC protection if I move my savings to an online bank?

No. Online banks are FDIC-insured just like traditional banks. Your deposits are protected up to $250,000 per account type per bank. Make sure the online bank you choose displays FDIC insurance information on their website.

Can I keep my Truist checking account and move only my savings?

Yes. You can keep your Truist checking account, debit card, and any loans or credit cards open while moving your savings to another bank. The accounts are separate, and closing one does not affect the others.

How long does it take to earn interest at a high yield savings account?

Interest accrues daily and is usually credited to your account monthly. You will see your first interest payment within 30 days of opening the account, though the amount depends on your balance and the current APY.

What happens to my money if the online bank fails?

The FDIC protects your deposits up to $250,000. If a bank fails, the FDIC steps in and either transfers your account to another bank or sends you a check. This has happened only a handful of times in recent decades, and depositors have always been protected.