What you need to open a Truist savings account

You can open a Truist savings account online, by phone, or in person at a branch. The process takes about 15 minutes online and requires a valid government ID, your Social Security number, and an initial deposit. Truist offers several savings account types — basic savings, money market accounts, and certificates of deposit (CDs) — each with different interest rates and minimum balance requirements.

Before you start, decide which account type fits your goal. A basic savings account works for everyday saving with no minimum balance at most Truist branches. A money market account typically requires a higher opening deposit but pays more interest. A CD locks your money for a set term (3 months to 5 years) in exchange for a may provide rate. Check Truist's current rates and minimums on their website, as these change regularly.

Key Takeaways

  • You need a valid government ID, Social Security number, and an opening deposit to start a Truist savings account online or in a branch.
  • Truist offers basic savings accounts, money market accounts, and CDs, each with different rates and minimum balance requirements.
  • Online account opening takes about 15 minutes; in-person or phone opening may take longer but lets you ask questions in real time.
  • After opening, you can fund your account by transferring money from another bank, depositing a check, or making a cash deposit at a Truist ATM or branch.

Opening an account online

Go to Truist.com and select "Open an Account" or "Savings Accounts" from the main menu. You will be asked to choose your account type, enter your personal information (name, address, date of birth, Social Security number), and verify your identity. Truist uses an automated ID verification process that scans your driver's license or passport and may ask you security questions based on your credit history.

Once your identity is verified, you will set up online banking login credentials and choose a funding method. You can link an external bank account and transfer money, or Truist may provide a temporary account number to deposit funds immediately. The account is usually active within one business day, though transfers from other banks can take three to five business days to complete.

Opening an account at a Truist branch or by phone

Visit a local Truist branch with your ID and Social Security number, or call Truist's customer service line to open an account over the phone. A representative will walk you through the same information you would enter online — personal details, account type selection, and funding method — but you can ask questions as you go. In-person opening lets you deposit cash or a check immediately and receive a debit card on the spot if you need one.

Phone opening is slower than online because the representative must verify your identity verbally and mail documents for your signature. This route typically takes three to five business days from start to finish. If you are uncomfortable with online verification or prefer speaking to a person, phone or branch opening is worth the extra time.

Funding your new account

After your account opens, you have several ways to add money. The fastest is an ACH transfer from another bank account you own — this usually clears within one business day. You can also deposit a check by mobile deposit (photograph it with the Truist app), mail it, or bring it to a branch. Cash deposits go through immediately at a Truist branch or ATM.

If you opened your account online and have not yet made a deposit, Truist will send you a temporary account number or routing information so you can transfer funds right away. Do not wait for your debit card to arrive; you can start saving immediately through the app or online banking.

Understanding Truist savings account features

Most Truist savings accounts come with online and mobile banking, bill pay, and the ability to set up automatic transfers. You can move money between your Truist accounts at no charge. Truist also offers overdraft protection, which lets you link your savings account to a checking account so a transfer happens automatically if your checking account goes negative — this usually costs $10 per transfer.

Interest rates on savings accounts change with the market. Truist publishes current rates on their website; money market accounts and CDs typically pay more than basic savings. If you keep a high balance or maintain other accounts with Truist, you may may have access to for higher rates or fee waivers. Ask a representative about relationship pricing when you open your account.

What happens after you open your account

Your account is ready to use immediately after verification, even if your debit card has not arrived yet. You can transfer money, set up automatic deposits from your paycheck, and earn interest right away. Your first statement will show your opening deposit, any interest earned, and any fees charged.

If you set up direct deposit from your employer, provide your Truist account and routing number to your payroll department. Direct deposits typically post on your payday. You can also schedule automatic transfers from another bank account to build savings without thinking about it — many people set up a weekly or monthly transfer the day after payday.

Frequently Asked Questions

What is the minimum deposit to open a Truist savings account?

Minimum opening deposits vary by account type and branch. Basic savings accounts often have no minimum, while money market accounts may require $2,500 or more. Check Truist's website or call your local branch for current minimums, as these change based on promotions and account type.

Can I open a Truist savings account if I do not have a checking account?

Yes. You can open a savings account alone without a checking account. However, many people open both at the same time because linking them lets you move money between accounts and set up overdraft protection at no extra cost.

How long does it take to open a Truist savings account online?

Online account opening usually takes 10 to 15 minutes from start to finish. Your account becomes active within one business day. If you need to transfer money from another bank, that transfer takes an additional three to five business days.

What should I do if my identity verification fails online?

If the automated system cannot verify you, you can open your account in person at a branch or by phone. Bring your ID and Social Security number to a branch, or call Truist customer service to complete the process with a representative.

Can I open a Truist savings account for a child?

Yes, Truist offers youth savings accounts for minors, though a parent or guardian must open and manage the account. Visit a branch or call customer service to learn about age requirements and features specific to youth accounts.