Truist does not 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 account pays around 0.01% annual percentage yield (APY), which means $10,000 in savings earns roughly $1 per year. Online banks and credit unions often pay 4% to 5% APY on savings accounts, meaning the same $10,000 would earn $400 to $500 annually.

If you bank with Truist for checking or other services, you have two realistic paths: keep savings there for convenience and accept the low rate, or move savings to a separate institution that prioritizes yield. Many people do both—maintaining a Truist checking account while holding savings elsewhere.

Key Takeaways

  • Truist savings accounts currently pay around 0.01% APY, which is significantly lower than online banks and credit unions offering 4% to 5%.
  • Truist does offer money market accounts, which pay slightly higher rates than savings accounts but still lag behind online alternatives.
  • You can open a high yield savings account at a separate institution while keeping your Truist checking account active.
  • The difference between Truist's rate and a high yield account compounds over time—on $50,000, you could earn $2,500 annually elsewhere versus $5 at Truist.

What Truist savings accounts actually offer

Truist's basic savings account requires a minimum opening deposit (typically $100 to $500 depending on the account type) and charges a monthly maintenance fee if you fall below a minimum balance. The rate does not change based on how much you deposit or how long you hold the money there.

Truist also offers a Money Market Account, which pays a slightly higher rate than savings but still remains far below market rates at online institutions. The money market account also comes with check-writing privileges and a debit card, which a savings account does not. However, the rate advantage is minimal—often just 0.05% to 0.10% APY higher than savings.

Where to find high yield savings if you want to leave Truist savings

Online banks like Marcus, Ally, American Express Personal Savings, and Discover all offer high yield savings accounts with no monthly fees and rates between 4% and 5% APY. Credit unions often match or exceed these rates for members. You do not need to close your Truist account to open one elsewhere—you can maintain both simultaneously.

Opening a high yield account at another institution takes 10 to 15 minutes online. You will need your Social Security number, a government ID, and your current address. Once opened, you can transfer money from Truist using ACH (Automated Clearing House), which typically takes one to three business days.

The math on keeping money at Truist versus moving it

The difference compounds quickly. On $10,000, Truist pays roughly $1 per year while a 4.5% account pays $450—a $449 annual gap. On $50,000, that gap becomes $2,495 per year. On $100,000, it becomes $4,999 per year. Over five years, moving $50,000 to a high yield account costs you roughly $12,500 in foregone interest if you stay with Truist.

The only reason to keep savings at Truist is convenience—having everything in one place, avoiding the mental overhead of managing multiple accounts, or needing immediate access to funds through a physical branch. If you value those things, the cost is real but you are paying for simplicity, not for a competitive rate.

Truist checking accounts and other products

Truist's checking accounts are separate from savings and come in several tiers: basic checking, premium checking, and business checking. These accounts have their own fee structures and minimum balance requirements. If you use Truist checking, you do not have to keep savings there—many people maintain a Truist checking account for bill pay and direct deposit while holding savings elsewhere at a higher rate.

Truist also offers CDs (certificates of deposit), which lock your money away for a set term in exchange for a may provide rate. Truist CD rates are similarly uncompetitive compared to online banks, so the same logic applies: if you want a CD, shopping elsewhere usually makes financial sense.

How to move money between Truist and another bank

If you decide to open a high yield savings account elsewhere, transferring money from Truist is straightforward. Log into your new account and look for an option to link an external bank account or initiate an ACH transfer. You will need your Truist routing number (011000015 for most Truist customers) and your account number, both visible on your Truist checks or in online banking.

The transfer typically takes one to three business days. Some online banks offer faster transfers or even reimburse fees if Truist charges you for the outgoing transfer (though most do not). Once the transfer completes, your money is in the high yield account earning a real rate of return.

Frequently Asked Questions

Can I earn interest on my Truist checking account?

Most Truist checking accounts pay no interest or pay rates below 0.01% APY. A few premium checking products may offer slightly higher rates, but they typically require very high minimum balances ($25,000 or more) and still pay far less than a high yield savings account elsewhere.

What happens if I move my savings but keep my Truist checking?

You can maintain both accounts indefinitely. Your checking account works normally for deposits, bill pay, and debit card use. Your savings account at another bank earns interest independently. You can transfer money between them whenever you need to, though it takes one to three business days.

Does Truist charge a fee to transfer money out?

Truist does not typically charge outgoing transfer fees for ACH transfers. However, check your specific account terms or call Truist directly to confirm, as policies can vary by account type and region.

What if I need my money quickly—does high yield savings lock it away?

High yield savings accounts are liquid, meaning you can withdraw money anytime without penalty. The transfer back to Truist or to another account takes one to three business days, but the money is not locked away like it would be in a CD.

Is it worth opening an account somewhere else just for the interest?

On balances above $10,000, the interest difference usually justifies the five minutes it takes to open an account elsewhere. On smaller balances, the annual gain is modest, so convenience might matter more. Calculate your own balance and decide whether $50 to $500 per year in additional interest is worth managing two accounts.