You can convert a BB&T checking account to savings, but the bank treats it as closing one account and opening another

BB&T (now part of Truist Financial Corporation after a 2019 merger) does not straightforward flip a checking account into a savings account. Instead, you will close the checking account and open a new savings account. The bank can do this in one visit or call, but it involves two separate accounts with two separate account numbers. Your old checking account number will not become your savings account number.

The reason for this structure is that checking and savings accounts are different products with different rules. A checking account is built for frequent withdrawals and deposits — you get a debit card and checks. A savings account has limits on how many times per month you can withdraw money (though these limits are less strict than they used to be). The bank's systems track these differently, so they cannot straightforward convert one into the other.

Key Takeaways

  • Converting means closing your checking account and opening a new savings account, not changing the type of an existing account.
  • You will receive a new account number for the savings account, so you will need to update any automatic deposits or payments linked to the old checking account.
  • The process takes a few minutes in a branch or over the phone, but the accounts are separate from that moment forward.
  • Any remaining balance in your checking account will be transferred to the new savings account if you request it, but you must ask the bank to do this.

What happens to money and automatic payments during the switch

Before you close the checking account, decide what to do with any money still in it. You can ask the bank to transfer the balance to your new savings account, or you can withdraw it in cash or by check. Most people choose the transfer because it is faster and keeps the money in the bank.

The harder part is updating automatic payments. If your employer deposits your paycheck into the checking account, you will need to give them the new savings account number. If you have automatic bill payments set up from the checking account — utilities, insurance, loan payments — you will need to update each one with the new account number or cancel them and set them up again. Write down all your automatic transactions before you go to the bank so you do not forget any.

Some people keep both accounts open for a few weeks during the switch, moving money gradually and making sure all the automatic payments have moved over. This takes more work but reduces the risk of a missed payment.

How to start the conversion at Truist (formerly BB&T)

You have two main routes: visit a branch in person or call the customer service number on the back of your debit card.

In a branch, tell the teller you want to close your checking account and open a savings account. Bring your ID and your debit card. The teller will show you the savings account options available — Truist offers several types with different interest rates and minimum balances. Choose the one that fits your situation, sign the paperwork, and the accounts will be set up that day. You will receive a new debit card for the savings account if you want one (though savings accounts typically do not come with debit cards by default).

By phone, call the number on your debit card and ask to speak with someone about closing your checking account and opening a savings account. They will walk you through the same process. The new account will be set up over the phone, and you will receive your new debit card and account materials by mail within 7 to 10 business days.

Savings account types at Truist and what they cost

Truist offers several savings accounts, and the one you choose affects how much interest you earn and whether there is a monthly fee. The most common option is a basic savings account with no minimum balance requirement and no monthly fee. This account earns a small amount of interest, though the rate changes based on what the Federal Reserve does with interest rates.

Truist also offers a high-yield savings account, which pays more interest but may have a higher minimum balance or require you to maintain a certain number of deposits per month. Ask the bank representative which account makes sense for how much money you plan to keep in savings and how often you plan to add to it.

Some savings accounts come with a monthly fee if you do not maintain a minimum balance. The teller or phone representative will tell you the fee and the minimum for whichever account you choose. If you do not want to worry about a minimum, ask for an account with no minimum balance requirement.

Why you might want to keep checking instead

Before you convert, think about whether you actually need a savings account. If you use your checking account for everyday spending and also want a place to set money aside, you might be better off keeping the checking account and opening a separate savings account at Truist. That way you still have a debit card and checks for daily use, and you have a savings account earning interest on money you are not spending right now.

The downside of this approach is that you will have two accounts to manage and two account numbers to remember. But it gives you more flexibility — you can spend from checking without touching your savings, and you can set up automatic transfers to move money from checking to savings each payday.

If you rarely write checks and do not need a debit card for everyday purchases, converting to savings-only makes sense. But if you still pay bills by check or use your debit card regularly, keeping both accounts open might be simpler.

What to do if you change your mind after converting

If you convert to savings and then realize you need a checking account again, you can open a new checking account at Truist at any time. Go back to a branch or call customer service and ask to open a checking account. You will get a new account number and a new debit card. There is no penalty for opening a new account, though you will have to go through the paperwork again.

Some people keep a savings account and a checking account open at the same time for exactly this reason — they want the flexibility to use whichever one fits their needs that month. Truist allows this, and there is no limit on how many accounts you can have as long as you meet the requirements for each one.

Frequently Asked Questions

Will I lose my debit card when I convert to savings?

Your old checking debit card will stop working once the checking account closes. Savings accounts do not typically come with debit cards, though you can ask Truist if they offer one. Most people use a savings account for money they are setting aside, not for everyday spending, so they do not need a debit card.

How long does the conversion take?

In a branch, it takes 10 to 15 minutes. Over the phone, it takes about 20 minutes. Your new account is active the same day, but your new debit card (if you order one) arrives by mail in 7 to 10 business days. Any automatic deposits or payments will not work until you update them with the new account number.

What if I have pending checks or automatic payments when I close the checking account?

Pending checks and automatic payments can bounce if the checking account is closed before they process. Contact Truist before you close the account and ask them to hold it open for 30 days while pending transactions clear. Or update all your automatic payments first and wait for them to process from the checking account before you close it.

Can I convert back to checking if I change my mind?

Yes. You can open a new checking account at Truist at any time. There is no penalty, and you can keep both the savings account and the new checking account open at the same time if you want.

Will converting affect my credit score?

No. Closing a checking account and opening a savings account does not appear on your credit report. Your credit score is based on borrowing and repayment history, not on the types of bank accounts you have.