Truist's High-Yield Savings Options

Truist does offer a high-yield savings account called the Truist One Savings Account, which is their primary savings product with a competitive interest rate. The rate changes based on market conditions and your account balance, so the exact percentage you earn will depend on when you open the account and how much you deposit. You can open this account online, by phone, or in a branch.

Truist also offers a Money Market Account, which functions similarly to a savings account but typically comes with check-writing privileges and tiered interest rates that increase as your balance grows. Both products are FDIC-insured up to $250,000, which means your money is protected if the bank fails.

Key Takeaways

  • Truist One Savings Account is their main high-yield savings product, with rates that vary based on market conditions and your balance tier.
  • You can open a Truist savings account online, by phone, or in person at a branch without a minimum deposit requirement in most cases.
  • Both savings and money market accounts are FDIC-insured up to $250,000 per depositor.
  • Interest rates on Truist savings products are typically lower than rates offered by online-only banks, so comparing options matters if maximizing interest is your goal.
  • Truist charges monthly maintenance fees on some savings accounts, though these can often be waived by maintaining a minimum balance or setting up direct deposit.

How Truist's Rates Compare to Other Banks

Truist's savings rates are generally lower than those offered by online banks like Marcus, Ally, or American Express Personal Savings. This is common for traditional brick-and-mortar banks, which have higher operating costs than digital-only competitors. If your primary goal is earning the highest possible interest on your savings, you may find better rates elsewhere.

However, if you already bank with Truist or value having a physical branch location nearby, the convenience of managing your savings account alongside checking and other services may outweigh the rate difference. Some customers also prefer the relationship banking model that comes with a local branch.

Fees and Minimum Balance Requirements

Truist One Savings Account typically charges a monthly maintenance fee, though this fee is often waived if you maintain a minimum balance (commonly $500 to $1,000, depending on your account type) or set up direct deposit. You should confirm the current fee structure and waiver options when you open your account, as these terms can change.

The Money Market Account may have different fee structures and balance requirements. Truist also charges fees for certain transactions, such as excessive withdrawals beyond the federal limit (though this limit was suspended during the pandemic and has not been formally reinstated). Ask your branch or customer service about the specific fees tied to your account before opening.

Opening a Truist Savings Account

You can open a Truist One Savings Account through their website, by calling their customer service line, or by visiting a branch in person. Online applications typically take 10 to 15 minutes and require basic personal information, a Social Security number, and a valid ID. You will need to fund the account with an initial deposit, though Truist generally does not require a minimum opening deposit for savings accounts.

If you already have a Truist checking account, opening a linked savings account is faster because your identity and banking history are already on file. New customers should expect the account to be fully active within one to two business days after funding.

Withdrawal Limits and Account Access

Federal regulations previously limited savings account withdrawals to six per month, but this rule was suspended in 2020 and has not been reinstated. Truist does not currently enforce withdrawal limits on their savings accounts, so you can withdraw money as often as you need without penalty.

You can access your Truist savings account through their mobile app, online banking portal, or by visiting a branch. You cannot write checks directly from a savings account, but you can transfer funds to your checking account and write checks from there. The Money Market Account does allow check writing, which is one key difference between the two products.

Alternatives to Consider

If Truist's rates are lower than what you need, online banks like Marcus, Ally, American Express Personal Savings, and Discover Bank typically offer higher rates with no monthly fees. These banks have no physical branches, so all transactions happen online or by phone, which works well for people who do not need in-person banking.

Credit unions in your area may also offer competitive savings rates and lower fees than traditional banks. If you are a member of a credit union, comparing their rates to Truist's is worth doing before deciding. Some employers also offer credit union membership through workplace benefits.

Frequently Asked Questions

What is the current interest rate on Truist One Savings Account?

Truist's rates change based on market conditions and are not fixed. You can find the current rate on Truist's website or by calling their customer service line. Rates vary by account type and balance tier, so ask specifically about the rate for your situation.

Can I transfer money between my Truist checking and savings accounts?

Yes. You can transfer money between linked Truist accounts through online banking or the mobile app at any time. Transfers typically post within one business day. You can also visit a branch or call customer service to request a transfer.

Is my money safe in a Truist savings account?

Yes. Truist savings accounts are FDIC-insured up to $250,000 per depositor, per bank. This means if Truist fails, the federal government guarantees your deposits up to that limit. If you have more than $250,000 to save, you can open accounts at different FDIC-insured banks to protect all your money.

What happens if I do not maintain the minimum balance?

If your balance falls below the minimum required to waive the monthly maintenance fee, Truist will charge the fee to your account each month. The fee typically ranges from $5 to $15, depending on your account type. You can avoid the fee by maintaining the minimum balance or setting up direct deposit if that option is available.

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

Yes. You can open a Truist savings account as a standalone product without having a checking account. However, the process may take slightly longer because Truist will need to verify your identity and banking history from scratch. Opening both accounts at the same time is often faster.