Truist does offer high-yield savings accounts, but the rate depends on your account type and balance
Truist offers high-yield savings accounts through its Truist One Savings account and its Money Market account. The annual percentage yield (APY) on these accounts varies based on your balance tier and current market conditions — Truist adjusts rates regularly, so the rate you see today may not be the rate next month. You can check current rates on Truist's website or by calling 1-800-872-2657.
The Truist One Savings account is designed for everyday savers and typically offers higher rates than a standard savings account. The Money Market account combines features of both savings and checking accounts and may offer a different rate structure. Both accounts require a minimum opening deposit, though that minimum varies by account type and may change.
Truist also offers certificates of deposit (CDs) if you want to lock in a fixed rate for a set period. CDs typically pay higher rates than savings accounts, but you cannot withdraw the money without penalty until the term ends.
Key Takeaways
- Truist One Savings and Money Market accounts both pay interest, but rates change frequently and depend on how much you have in the account.
- You can view current APY rates on Truist's website or by phone before opening an account.
- Truist requires a minimum opening deposit for savings accounts, and that minimum varies by account type.
- CDs offer fixed rates for a set term if you do not need access to your money right away.
How Truist's savings account rates compare to other banks
Truist's rates on savings accounts are typically lower than rates offered by online-only banks and credit unions. This is common for large regional banks — they tend to pay less on deposits because they have more branches and services to maintain. If you prioritize having a physical branch location and a relationship with a full-service bank, Truist's rates may be acceptable. If you are focused purely on earning the highest possible rate, online banks and some credit unions often pay more.
The difference can be meaningful over time. A $10,000 balance earning 0.01% APY at a traditional bank earns about $1 per year. The same balance at an online bank paying 4.50% APY earns $450 per year. The gap widens with larger balances. You can compare current rates across banks using rate-tracking websites, though you should verify the rate directly with each bank before opening an account.
What you need to open a Truist savings account
To open a Truist savings account online or in person, you will need a government-issued photo ID, your Social Security number, and a minimum opening deposit. The minimum deposit amount varies — it may be $100 for some accounts and higher for others. Truist will run a background check through ChexSystems, which is a banking history database, to verify you do not have unresolved issues with previous bank accounts.
If you already have a Truist checking account, opening a savings account is faster because Truist already has your information on file. You can open a savings account online through Truist's website, through the mobile app, or by visiting a branch in person. Online applications typically take a few minutes, and the account opens the same day or the next business day.
Fees and account requirements you should know
Truist savings accounts do not charge a monthly maintenance fee, which is standard across most banks. However, Truist does charge fees for certain actions: overdraft fees apply if you transfer money out and your account goes negative, and there may be fees for excessive withdrawals if you exceed a certain number of transfers per month (federal rules previously limited savings withdrawals, though those rules have been relaxed).
Truist also charges fees if you close an account within a certain timeframe after opening it — this is called an early closure fee and is designed to discourage people from opening accounts just to collect promotional bonuses. Check Truist's current fee schedule on their website or ask in a branch for the exact amounts, as fees change periodically.
How to move money into and out of a Truist savings account
You can deposit money into a Truist savings account through several methods: direct deposit from your employer, transfers from another bank account, deposits at a Truist ATM, or cash deposits at a Truist branch. Transfers from another bank typically take one to three business days to appear in your account, depending on the other bank's processing speed.
Withdrawals work the same way in reverse. You can transfer money out to another bank account, withdraw cash at a Truist ATM or branch, or use a debit card if your account comes with one (some savings accounts do not). Keep in mind that if you withdraw money frequently, you may trigger withdrawal limits or fees depending on your account type and Truist's current policies.
Whether a Truist savings account makes sense for you
A Truist savings account makes sense if you value having a physical branch location, want to keep all your banking in one place, and are comfortable with rates that are lower than online alternatives. It also makes sense if you already have a Truist checking account and want to keep your money consolidated.
A Truist savings account may not be the best choice if your primary goal is to earn the highest possible interest rate on your savings. In that case, an online bank or credit union will likely pay more. You can open accounts at multiple banks — there is no rule against it — so you could keep a Truist account for convenience and open a high-rate account elsewhere for money you do not need to access as often.
Frequently Asked Questions
What is the current APY on a Truist savings account?
Truist's current APY varies by account type and balance tier and changes regularly. You can find current rates on Truist's website, by calling 1-800-872-2657, or by visiting a branch. Rates are typically lower than online banks but higher than traditional savings accounts at other regional banks.
Can I open a Truist savings account online?
Yes, you can open a Truist savings account through their website or mobile app. You will need a government-issued ID, Social Security number, and the minimum opening deposit. The account usually opens the same day or next business day.
Does Truist charge monthly fees on savings accounts?
Truist does not charge a monthly maintenance fee on savings accounts. However, fees may apply for overdrafts, excessive withdrawals, or closing the account within a certain timeframe. Check Truist's fee schedule for current amounts.
How does Truist's rate compare to online banks?
Truist's rates are typically lower than online banks because Truist maintains physical branches and full banking services. Online banks often pay 4% to 5% APY, while Truist may pay less. If earning the highest rate is your priority, online banks usually offer better returns.
Can I have both a checking and savings account at Truist?
Yes, you can open both a checking and savings account at Truist. Many people do this to keep checking for daily spending and savings for money they want to set aside. Having both accounts at the same bank makes transfers between them instant.