If you’re on the hunt for high interest rates, Truist Bank might not be your top choice. Most of its savings accounts earn just a 0.01% annual percentage yield (APY), which is significantly lower than what many online banks provide. If you value having a physical bank branch in your local area, a Truist savings account might make sense, though you could be better off with a local credit union.
Account details and APYs are accurate as of January 4, 2024.
Are Truist savings account interest rates worth it?
Truist Bank has two savings accounts and one money market account, none of which offer competitive yields.
Truist’s savings accounts earn a 0.01% APY, which is the equivalent of earning 10 cents a year for every $1,000 you save. Meanwhile, some of the best high-yield savings accounts earn around a 4.60% APY, which is $46 a year for every $1,000 saved.
These accounts also have monthly fees, which can also limit your ability to save. When you’re barely earning interest, the last thing you want is for fees to further eat into your balance.
Overview of Truist interest rates
All of Truist Bank’s savings accounts earn a variable 0.01% APY that’s subject to change at any time. Beyond this, here’s a run down of how they differ.
Truist One Savings requires a $50 minimum opening deposit. You’re allowed up to six free withdrawals each month, with a $5 fee for each withdrawal after that. You can avoid the $3 paper statement fee by signing up for paperless statements. You can also avoid the $5 monthly fee a few ways:
- Have a linked Truist personal checking account.
- Keep at least $300 in your savings every day.
- Schedule a minimum $25 monthly transfer into your savings.
- Be under 18 years old.
Truist Confidence Savings has no monthly maintenance fee and requires a $25 minimum deposit to open. It’s best for those who also need a checking account, as you’re required to open a Truist Confidence Checking at the time of application. This account doesn’t have any overdraft fees. There’s a $2 paper statement fee you can avoid by enrolling in paperless statements.
Truist One Money Market Account has a $50 opening deposit. You can avoid the $3 paper statement fee by enrolling in paperless statements. To avoid the $12 monthly maintenance fee, you must maintain a minimum daily balance of $1,000 or more. You’ll pay a $15 fee for each withdrawal over six withdrawals a month, which is higher than the excessive withdrawal fee for the Truist One Savings account.
Learn more: How many savings accounts should you have?
How much can you earn?
All of Truist’s savings accounts earn the same APY no matter which one you choose or how much you save. The interest you earn compounds daily and gets deposited into your Truist account monthly.
Learn more: Should you open a savings account?
How Truist compares
No matter how you look at it, Truist’s savings account interest rates are much lower than the competition. For instance, the national average savings account rate is currently 0.46% APY (as of December 18, 2023), according to the Federal Deposit Insurance Corp. (FDIC). Truist Bank’s interest rates fall well below this average.
If you look at Truist savings rates compared to rates at top banks like Ally Bank and Capital One 360, the gap becomes even more significant.
Other savings options at Truist
Beyond savings accounts and money market accounts, Truist Bank offers certificates of deposit (CDs).
Truist Bank CDs have terms ranging from seven days to five years. The minimum opening deposit is $2,500 for CD terms up to 31 days and $1,000 for terms of 32 days or longer. All CDs must be opened in person at a Truist Bank branch.
Truist CD rates aren’t disclosed online, but based on their savings rates, they’re probably lower than the best CD rates. Early withdrawal penalties apply if you need to access your money before maturity.
About Truist
Truist Bank was created after the merging of two well-established banks: BB&T and SunTrust. This merger officially formed Truist Financial Corporation in December 2019, making it one of the largest banks in the United States.
BB&T, which stands for Branch Banking and Trust Company, was founded in 1893 in Wilson, North Carolina. Over the years, it grew into a respected regional bank with a strong presence in the southeastern United States.
SunTrust Bank, on the other hand, was founded in Atlanta, Georgia, in 1891. Like BB&T, it expanded its footprint across the Southeast. Today, Truist Bank has over 15 million customers and over $543 billion in assets under management.
Frequently asked questions (FAQs)
All of Truist Bank’s savings accounts earn a 0.01% APY. This means if you have $1,000 in your account for a year, you’d earn only 10 cents in interest. To potentially earn more, open a high-yield savings account with another bank.
No, Truist Bank does not offer a high-yield savings account, which is more a descriptor than a technical term. It has a money market account, but it features the same low rate as Truist’s other accounts.
You’ll need at least $50 to open a Truist One Savings Account. But to avoid a monthly maintenance fee, you can keep at least $300 in your account, have a linked Truist checking account, schedule a monthly transfer of $25 or more or be under 18 years old. For the Truist One Money Market Account, you need at least $50 to open an account and a minimum balance of at least $1,000 to avoid the $12 monthly fee.
In some cases, yes, Truist charges a savings account monthly fee. The Truist One Savings account has a waivable $5 monthly fee and the Truist One Money Market Account has a waivable $12 monthly fee. The Truist Confidence Savings account is the only one with no monthly fee.
