Truist Bank, which is known for strong personal loans and mortgages for first-time buyers, pays low interest rates on savings accounts.
The average savings account interest rate is 0.41% APY, but Truist savings accounts pay less than that. Also, keep in mind, the best online banks have high-yield savings accounts that pay well above the national savings average.
Introduction to Truist Savings Accounts
Truist Bank has two standard savings accounts: Truist One Savings and the Truist Confidence Savings Account. The bank also offers a money market account and CDs, and notably Truist Bank CD rates may be worthwhile for a few select terms.
Choosing between these accounts will likely depend on minute preferences in your banking experience.
Truist One Savings
Truist One Savings pays a low interest rate, but it may be a decent choice if you want to bank with a national financial institution. This account has a $5 monthly service fee so you'll need to meet one of the requirements in order to waive the fee.
Truist Confidence Savings Account
The Truist Confidence Savings Account will likely be a more appealing option than Truist One Savings. It has a lower minimum opening deposit and no monthly service fee.
You won't be able to get this account if you don't open the Truist Confidence Account, though. The Truist Confidence Account is a checking account that doesn't charge overdraft fees (however, it also doesn't have paper checks).
Key Features and Benefits of Truist Savings Accounts
Truist National Branch Accessibility
Truist has over 2,000 branches throughout the U.S. You can find locations in Alabama, Arkansas, Georgia, Florida, Indiana, Kentucky, New Jersey, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, DC.
Current Truist Savings Rates and How They Compare
Neither Truist savings account pays an impressive interest rate. Truist One Savings and the Truist Confidence Savings Account both pay 0.01% APY. In comparison, the average savings account interest rate is 0.41% APY.
For a savings account with a competitive interest, consider a high-yield savings account instead of a traditional savings account. They're similar, but the one notable difference is that the former pays a significantly higher rate. In fact, there are 5% interest savings accounts that are available nationwide.
Truist Savings Account Monthly Service Fees
Truist One Savings has a $5 monthly service fee. To waive the fee, own a Truist personal checking account, keep at least $300 in your savings account daily, or schedule an internal transfer of $25 or more each month. If you're under the age of 18, the monthly service fee is waived.
The Truist Confidence Savings Account has no monthly service fee. However, you'll need to have a Truist Confidence Account to open this savings account. The Truist Confidence Account is a checking account with no paper checks.
Truist FDIC Insurance
Truist savings accounts are FDIC-insured for up to $250,000 per depositor, per account ownership category. The FDIC makes sure your money is safe if a bank failure occurs. Your money will either be moved to a new bank that acquires the failed bank's assets, or a check will be sent to your home if no bank acquires the failed bank's assets.
Truist Online and Mobile Banking
The Truist mobile app has 4.8 out of 5 stars in the Apple store based on over 750,000 ratings and 4.8 out of 5 stars in the Google Play store based on nearly 240,000 reviews.
Truist Customer Support
Truist customer support can be reached by phone from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays. You can also schedule an appointment with an advisor at a branch.
How to Open a Truist Savings Account
Truist Savings Account Eligibility Requirements
There aren't any requirements to get Truist One Savings. The has one requirement Truist Confidence Savings Account — you must open the Truist Confidence Account, or you won't be eligible. This checking account doesn't charge overdraft fees, but it doesn't have paper checks.
Step-by-Step Guide to Opening a Truist Savings Account
You can open individual and joint Truist savings accounts online as long as all the applicants are at least 18 years old. If you're opening a bank account for a minor, you'll have to do that at a Truist branch.
The online savings account application requires a Social Security number, employment income information, and two years of address history.
If you apply for a Truist savings account at a branch, it'll be similar to opening a bank account at any other bank. You'll need documents that can verify your identity, like a passport or driver's license. Also, remember to bring enough money for an opening deposit or bank account information to make a transfer.
Managing Your Truist Savings Account
In addition to its two traditional savings accounts, Truist also offers a money market account and CDs. To maximize your savings, compare features between the three types of savings accounts to help you choose the best account for your needs.
Also, it could be helpful to manage your savings account so it matches your savings goals. For example, you can set up automatic transfers from a checking account so you can make progress toward your goals.
Truist Savings Rates Pros and Cons
Truist Savings Rates Pros
- Over 2,000 branches in 17 Southeast U.S. states, and Washington, DC
- No monthly service fee on the Truist Confidence Savings Account
- Standard minimum opening deposit requirements
Truist Savings Rates Cons
- Lower interest rates than the average savings account
- Monthly service fee on Truist One Savings
- Must open a Truist Confidence Account to get the Truist Confidence Savings Account
Is a Truist Savings Account Right For You?
You might like Truist if you're using its other products and want to keep things simple — but if you're only looking for high savings rates, you'll find the best high-yield savings accounts more compelling.
Truist Savings Account Alternatives
Truist Savings vs. Wells Fargo Savings
Similar to Truist, Wells Fargo offers two savings accounts: the Wells Fargo Way2Save® Savings Account and the Wells Fargo Platinum Savings Account.
If you're looking for a higher interest rate, Wells Fargo savings rates are slightly higher than Truist. The Wells Fargo Way2Save® Savings Account pays 0.01% APY. Also, the Wells Fargo Platinum Savings Account offers 0.05% to 2.51% APY — you'll earn a higher savings rate with a higher account balance. Bear in mind both national banks pay much less than high-yield savings accounts at online banks.
Truist Savings vs. Chase Savings
Both Truist and Chase savings rates are low overall At Truist, you'll only earn 0.01% APY on Truist One Savings or the Truist Confidence Savings Account.
Meanwhile, Chase Savings℠ pays 0.01% APY, and the Chase Premier Savings℠ Account has 0.01% to 0.02% APY. You'll earn 0.02% on the Chase Premier Savings Account if you qualify for a relationship rate. To be eligible, you'll need to link your savings account to a Chase Premier Checking Account or Sapphire Checking Account and make five transactions from your checking account. However, these Chase checking accounts may have higher monthly service fees than other Chase checking accounts.
Why You Should Trust Us: How We Reviewed Truist Savings Accounts
We rate bank accounts on a scale from one to five stars. For our Truist saving rates review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, miscellaneous features, customer support availability, mobile app ratings, security, and the ethics of the company to determine ratings on savings.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Truist Savings Rates FAQs
The primary benefit of Truist savings accounts is that you'll have access to a robust national bank with many branches and ATMs. The Truist Confidence Savings Account also distinctly offers no monthly service fee.
You can open a Truist savings account online, as long as you're not opening a savings account for a child. Kid's savings accounts can only be opened at branches. Documentation will be needed to verify your identity.
Truist One Savings pays 0.01% APY, and the Truist Confidence Savings Account pays 0.01% APY.
Fees vary between Truist savings accounts. However, potential fees include monthly bank maintenance fees, excess transaction fees, out-of-network ATM fees, and stop payment fees.
You can maximize your earnings with a Truist savings account by comparing features between Truist's savings accounts, money market account, and CDs and choosing the one that best aligns with your savings goals.
