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Truist, created through the merger of BB&T and Suntrust, is one of the largest banks in the U.S. As a full-service bank, Truist offers checking and savings accounts to help you manage your money. You might consider saving with Truist if you’re looking for a secure place to keep your money while earning a little interest.
But how do Truist savings account rates compare? Here’s what you can expect when you save with Truist. Annual percentage yields (APYs) and interest rates are accurate as of July 11, 2024.
Truist Savings Account Interest Rates
Truist offers two savings accounts to choose from: Truist One Savings and Truist Confidence Savings. In terms of the rates you can earn with either account, they’re the same.
Here’s a quick glance at Truist savings account rates.
| Account Name | APY | Interest Rate | Minimum Deposit |
|---|---|---|---|
| Truist One Savings | 0.01% | 0.01% | $50 |
| Truist Confidence Savings | 0.01% | 0.01% | $25 |
Those rates are comparable to SunTrust savings account interest rates that were offered prior to the merger with BB&T, but they’re as low as it gets. The best savings accounts come with rates that are over 300 times higher.
Overview of Truist Savings Accounts
Truist savings accounts are similar to what you’ll find at other traditional banks or credit unions.
The Truist One Savings Account is a basic savings account you can link to a Truist checking account to fund your goals. You’ll need $50 to open the account, and there’s a $5 monthly maintenance fee. You can avoid the fee by meeting any of the following conditions:
- Maintain a minimum daily balance of $300
- Schedule a recurring transfer of $25 or more from another Truist account per statement cycle
- Own a related Truist checking product
The fee is also waived for minors under 18, though they will need a parent to help them open an account.
Interest is compounded and calculated daily, then credited to your savings account monthly. You can make up to six withdrawals from a Truist One Savings Account per month. A $5 excess withdrawal fee applies to each transaction over the limit.
The Truist Confidence Savings Account has a lower minimum opening deposit requirement of just $25. There’s no monthly maintenance fee for this account and paperless statements are free.
You will, however, need a Truist Confidence Account—which comes with a waivable $5 monthly maintenance fee—to open this savings account. You can link Truist Confidence Savings to a Confidence Checking Account for overdraft protection and there are no overdraft-related fees.
As mentioned, Truist savings account rates are 0.01% for both accounts. Rates apply to all balances; there are no tiers. You can open either account online in just a few minutes or visit a Truist branch if you prefer.
How Much Can You Earn With Truist Savings Accounts?
When opening a savings account, it’s helpful to know how much interest you could earn over time. Use the calculator below to see how much money you stand to earn with a Truist savings account.
Plug in your initial deposit, monthly contribution and the 0.01% APY to see how much you could earn over a specific number of months or years.
As the APY is so low, you won’t earn a noticeable amount of interest with either savings account unless you have a sizable deposit. However, that’s not unusual for brick-and-mortar banks and similar to what SunTrust savings accounts offered.
How the Truist Savings Accounts Stack Up
Truist savings account rates are on par with what you’ll find at many big, traditional banks. That is to say, they’re not the highest savings rates available. Average savings rates sit at 0.45% as of July 15, 2024, according to the FDIC.
If you’re interested in getting a savings account interest rate that’s significantly higher than the national average, you might consider online banks instead. Online banks can offer high-yield savings accounts with rates that outstrip those offered by traditional banks.
Of course, it’s important to consider the convenience factor. Opening a savings account at a brick-and-mortar bank like Truist means you’ll have access to branch banking if you need it. Online banks are typically branchless.
When choosing where to open a savings account, it’s important to consider what you value more: getting the best savings account rate or having access to branch banking.
Other Truist Savings Options
In addition to savings accounts, Truist also offers money market accounts and certificate of deposit (CD) accounts.
The Truist One Money Market Account has a $50 minimum deposit to open and a $12 monthly maintenance fee. You can get the fee waived by maintaining a minimum daily balance of $1,000 or more. The APY for the money market account is 0.01% (4.50% for eligible new accounts, fees apply) for all balance tiers.
Truist Certificates of Deposit have terms ranging from seven days to 60 months and offer a guaranteed rate of return.
The minimum deposit ranges from $1,000. You’ll need $2,500 to open a CD with a term ranging from seven to 31 days. The lower minimum deposit for CDs with terms ranging from 32 days to 60 months and the higher minimum deposit is for CD terms ranging from seven to 31 days.
You can open multiple Truist CDs to build a CD ladder and there are no monthly maintenance fees, but Truist CD rates are not advertised online. You must visit a branch to open an account.
Find The Best High-Yield Savings Accounts Of 2024
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About Truist
Truist was created through the merger of SunTrust Bank and BB&T in 2019. The bank offers personal banking, business banking, commercial banking and wealth management products and services. Truist has branches along the East Coast and in the Southeast and is one of the top 10 largest banks in the U.S. by assets held.
Frequently Asked Questions (FAQs)
What is the interest rate on a Truist savings account?
Truist savings account interest rates can fluctuate, but a typical rate is 0.01%. That rate applies to all balance tiers and is comparable to what you might find at other big banks but lower than what you might find at an online bank.
What is the minimum balance for Truist savings?
The minimum deposit requirement for Truist savings accounts ranges from $25 to $50, depending on the account. The minimum balance requirement to avoid a monthly fee is $300 for the Truist One Savings Account and $1,000 for a Truist money market account.
How many times can you withdraw from savings with Truist?
Truist limits you to six fee-free withdrawals from your savings account per month. Once you exceed the allowed number of withdrawals, Truist may apply an excess withdrawal fee. The fee varies by savings account type.
Is Truist a good bank?
Truist is a good banking option for people who prefer to keep their savings at a traditional bank. Savings accounts are safe and secure, and Truist is an FDIC-insured financial institution. You won’t earn the highest rates with a Truist savings account, but you will enjoy convenient access to your money through branches, online banking and the bank’s mobile app.
