Truist Savings Account Interest Rates of June 2024 (2024)

Truist is a banking institution formed by the 2019 merger of BB&T and SunTrust, making it the country’s sixth-largest bank by assets. Following this merger, North Carolina-based Truist has continued to offer a wide variety of competitive products and services, including personal banking, credit, lending, insurance and investing options.

Through several different savings products, Truist makes it easy to save for the future and generate low maintenance growth on your funds. Here’s a look at the top Truist savings interest rates, which accounts are offered and how they compare to products available through other financial institutions.

Vault’s Viewpoint on Truist

• Trusit offers two different personal savings account products.
• While Truist interest rates on savings accounts are relatively low, rates on Truist MMAs and CDs are much more competitive.
• You can link a Truist savings account to a Truist checking account to serve as overdraft protection for your daily transactional account.

Overview of Truist Savings Account(s)

Truist offers personal savings accounts, money market accounts (MMAs) and certificates of deposit (CDs). Each of these types of savings accounts provides its own benefits but all allow you to tuck money aside for the proverbial rainy day while earning a return on those funds.

The two Truist savings accounts include the Truist One Savings and the Truist Confidence Savings. Both have a low opening balance requirement, option for no monthly maintenance fees and offer interest on the balance held. Truist savings accounts can also serve as overdraft protection for a linked Truist checking account.

However, the annual percentage yield (APY)—or how much you stand to earn annually on your savings—is very low for both of these accounts at just 0.01%. Currently, the national average return on savings deposit accounts is 0.46% APY, according to the Federal Deposit Insurance Corporation (FDIC).

Pros and Cons of a Truist Savings Account

Pros

Depending on your financial needs, savings goals and account management preferences, a Truist savings account can play a key role in any financial strategy.

• Low minimum deposit requirements
• No overdraft fees
• No monthly maintenance fees on Confidence Savings

Cons

Of course, there are also some downsides to note if you’re considering opening a new Truist savings account.

• Truist interest rates are quite low
• One Savings has a monthly maintenance fee
• Limited to six withdrawals each month

How Much Can You Earn With a Truist Savings Account?

The amount you can earn through a Truist savings account depends on a few factors. The first is your savings account interest rate. The higher your account’s APY, the more interest your savings will generate. These returns are free money that will compound and continue to grow over time. When it comes to Truist savings interest rates, you’ll get higher APYs with MMAs and CDs rather than everyday savings.

Next, you’ll want to consider any fees associated with your savings account and whether or not they can be waived. For example, if you’re paying fees for the Truist One Savings, you’re eating into your earnings, which decreases your overall growth.

Here’s a look at how much you could earn in a year when depositing $10,000 into any one of the available Truist savings accounts.

How to Open a Savings Account With Truist

If you think a Truist savings account might be right for you, here’s a look at the process and what to expect when opening a new account for the first time.

• Visit the Truist website. On Truist.com, you can see and compare all of the savings account options and choose the one that best meets your needs. Then, select “Open Now” to begin the new account process.
• Enter your location information. Not all Truist accounts or offers are available in all areas, so you’ll be asked to provide your ZIP code before proceeding.
• Provide your basic information. This includes your name, citizenship status, birth date, Social Security number, phone number, email address, mailing address, employment status and funding source. If you plan to add a joint applicant to this account, you’ll enter their information as well.
• Get verified. Truist will verify your name, address and Social Security number to validate your application before moving forward. If there are any discrepancies, you’ll need to visit a local branch or submit a new application to proceed.
• Provide your funding information. You’ll need to fund your new account with at least the minimum required deposit. This can be done via ACH transfer or wire from another checking or savings account, by making a cash or check deposit at a local bank branch or by transferring from an existing Truist account.

Alternatives to a Savings Account With Truist

Not sure whether a Truist savings account is the best option for you? Here are some alternatives to consider.

Truist Money Market Account

To maximize your APY, opt for a Truist MMA instead. With a Truist One Money Market Account, you’ll have the same flexibility as a savings account while earning a notably higher 4.25% APY on your balance. There’s a $50 minimum opening deposit, same as the Truist One Savings.

The monthly maintenance fee on a Truist MMA is $12, though you can waive this by maintaining a minimum daily balance of $1,000 or more. You’ll also be limited to no more than six withdrawals per month from the account, though this is the same with other Truist savings accounts.

Truist Certificate of Deposit

Another Truist high-yield savings option is a CD. While these don’t offer the same liquidity as a savings account—your funds will be locked away for a set period—they do allow you to earn as much as 4.50% APY on your savings. Truist CDs are available for as little as seven days or up to 60 months, earning you top returns as long as you don’t need to touch your funds for a little while.

Truist CDs have a minimum deposit requirement of either $1,000 or $2,500, depending on the CD term. However, there are no monthly maintenance fees to worry about, and your deposits are FDIC-insured.

High-Yield Savings Account From Another Bank

With a high-yield savings account, such as those offered by online financial institutions like Ally or Capital One 360, you can earn top interest rates without worrying about monthly fees or minimum deposit requirements. Many of the best high-yield savings accounts offer the same benefits as Truist (branch locations, debit card and/or check access, robust mobile apps, etc.) but with very competitive returns on your savings account balance.