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Truist was formed by the merger of BB&T and Suntrust and is one of the largest banks in the United States. As a full-service bank, Truist offers checking and savings accounts to help you manage your money. If you want to keep your money safe and earn a little interest at the same time, you should consider saving with Truist.
But how do Truist savings account interest rates compare? Here's what you can expect when you save with Truist: Annual Percentage Yield (APY) and interest rates 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. Both accounts earn the same interest rate.
Let’s take a quick look at Truist savings account interest rates.
These rates are comparable to, but on the low end of, the rates on SunTrust's savings accounts offered before the merger with BB&T: The best savings accounts offer rates that are more than 300 times higher.
Truist Savings Account Overview
Truist savings accounts are similar to those found at other traditional banks and credit unions.
The Truist One Savings Account is a basic savings account that you can link to your Truist checking account to put money towards your goals. It costs $50 to open an account and has a $5 monthly maintenance fee. The fee will be waived if you meet any of the following criteria:
Maintain a minimum daily balance of $300 Schedule a recurring transfer of $25 or more from another Truist account each statement cycle Own a relevant Truist checking product
Minors under the age of 18 are also exempt from fees, but they will need parental cooperation to open an account.
Interest is compounded daily and deposited into your savings account monthly. You may make up to six withdrawals per month from your Truist One savings account. There is an over-withdrawal fee of $5 for each transaction over your limit.
The Truist Confidence Savings Account has a low minimum opening deposit of just $25. The account has no monthly maintenance fees and offers free paperless statements.
However, to open this savings account, you'll need a Truist Confidence Account (which waives the $5 monthly maintenance fee). You can link your Truist Confidence Savings to a Confidence Checking Account to get overdraft protection, and there are no fees associated with overdrafts.
As mentioned above, Truist savings accounts offer a 0.01% interest rate on both accounts. The interest rate applies to all balances and 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 a Truist savings account?
When opening a savings account, it's useful to know how much interest you'll earn over time. Use our calculator below to see how much interest you'll earn with your Truist savings account.
You input your initial deposit amount, monthly contributions, and 0.01% APY, and it tells you how much you'll earn in a given number of months or years.
Because the APYs are so low, you won't earn any notable interest with either savings account unless you deposit a significant amount, though this isn't uncommon with brick-and-mortar banks and is similar to what SunTrust's savings accounts offer.
Advantages of Truist Savings Accounts
Truist's savings account interest rates are comparable to those of many large traditional banks, which means they're not the highest rates: According to the FDIC, as of June 17, 2024, the average savings account interest rate is 0.45%.
If you're interested in a savings account with an interest rate that's significantly higher than the national average, consider an online bank. Online banks can offer high-yield savings accounts with higher interest rates than traditional banks.
Of course, convenience is also an important consideration: Opening a savings account with a brick-and-mortar bank like Truist gives you branch banking when you need it. Online banks don't usually have branches.
When choosing where to open a savings account, it's important to consider whether it's more important to you to get the best savings account interest rate or to have access to branch banking.
Other Savings Options from Truist
In addition to savings accounts, Truist also offers money market accounts and certificate of deposit (CD) accounts.
A Truist One Money Market account requires a minimum deposit of $50 to open and has a monthly maintenance fee of $12. The fee is waived if you maintain a minimum daily balance of $1,000 or more. Money Market accounts have an APY of 0.01% at all balance levels (4.50% for eligible new accounts, fees apply).
Truist fixed deposits have terms ranging from seven days to 60 months and offer guaranteed yields.
The minimum deposit is $1,000. To open a CD with a term between 7 and 31 days, you need $2,500. CDs with terms between 32 and 60 months have lower minimum deposits, and CDs with terms between 7 and 31 days have higher minimum deposits.
You can open multiple Truist CDs to build a CD ladder, and there are no monthly maintenance fees, but Truist CD interest rates aren't advertised online and you must visit a branch to open an account.
Find the best high-yield savings accounts for 2024
About Truist
Truist was formed in 2019 through the merger of SunTrust Bank and BB&T. The bank offers personal banking, corporate banking, commercial banking and wealth management products and services. Truist has branches across the East Coast and Southeast and is one of the top 10 banks in the United States by assets held.
Frequently Asked Questions (FAQ)
What is the interest rate on a Truist savings account?
Interest rates on Truist savings accounts vary, but a typical rate is 0.01%. This rate applies to all balance tiers and is in line with rates at other major banks, but lower than rates at online banks.
What is the minimum balance for a Truist Savings Account?
The minimum deposit for Truist savings accounts ranges from $25 to $50, depending on the account. The minimum balance requirement to avoid monthly fees is $300 for Truist One savings accounts and $1,000 for Truist money market accounts.
How many withdrawals can I make from my Truist savings account?
Truist allows you to make up to six withdrawals per month from your savings account without incurring any fees. If you exceed the number of withdrawals allowed, Truist may charge you an over-withdrawal fee. Fees vary by savings account type.
Truist is a good banking option for people who want to keep their savings at a traditional bank. Savings accounts are safe, and Truist is an FDIC-insured financial institution. While Truist savings accounts don't offer the highest interest rates, you can easily access your money in branches, through online banking, and through the bank's mobile app.