Truist Savings Account Interest Rate
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Truist Bank provides two savings accounts with low-interest rates. But, is there more to it? Keep reading to find out.
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Truist Bank offers two savings accounts worth checking out. Both have very low APY but they do have minimal fees and some unique features.
Let's take a look at Truist's current savings account interest rates and other details.
Truist One Savings
- $50 minimum opening deposit
- $5 monthly fee can be waived if you maintain a minimum daily ledger balance of $300, have a recurring preauthorized internal transfer of $25 or more per statement cycle, you are under 18, or have any related Truist checking account.
- No fee for first six withdrawals each month
Truist Confidence Savings
- $25 minimum opening deposit
- No monthly fee
- No overdraft-related fees
Savings Account Interest Rates
Truist has two options for traditional savings: Truist One Savings and Truist Confidence Savings. Both come with a low 0.01% APY yet distinct account features.
- Truist One Savings: Has a $5 monthly fee that can be waived. $50 minimum deposit to open.
- Truist Confidence Savings: No monthly fees and overdraft fees. $25 minimum deposit to open.
Truist One Savings
Truist One Savings has a 0.01% APY with a minimum opening deposit of $50. It also has a monthly maintenance fee of $5 which can be waived if you meet any of the following: [1]
- Are a minor under the age of 18 years old
- Have a related Truist checking account
- Maintaining a minimum daily balance of $300
- Setting up recurring internal transfers of $25+ per statement cycle
It does have a withdrawal limit. If you make more than 6 withdrawals per statement cycle, there is a $5 fee per transaction. But, on the bright side, it has no overdraft charges.
Truist One Savings
Truist Confidence Savings
Truist Confidence Savings offers the same 0.01% APY, but it requires a lower opening deposit of $25. It also has no monthly maintenance fees. [2]
However, opening this savings account requires having a Truist Confidence Account, which comes with a monthly maintenance fee of $5 that can be waived. [3]
Just like Truist One Savings, it also has a $5 withdrawal limit fee and no overdraft charges.
Truist Confidence Savings
How Much Can You Earn With Truist Savings?
Here's a calculator to see how much your money can grow with a Truist savings account.
Can You Lose Money with Truist Savings?
Generally, you can't lose money in your Truist Savings account because they are an FDIC member bank (Certificate #9846). This means that deposits are covered up to $250,000 per depositor, per ownership category.
However, there are some fees that you need to be wary about so that they don't eat into your savings balance.
Pros and Cons of Truist Savings
Pros
- No overdraft fees
- No monthly fee for Truist Confidence Savings
- Option to link Truist checking account
- FDIC-insured
Cons
- Low APY
- $25-$50 minimum opening deposit
- $5 monthly fee for Truist One Savings
- $5 withdrawal limit fee
- Need to have a Truist Confidence Account to open Confidence Savings
Truist Bank currently does not offer any interest-earning checking accounts. However, you can check out their various saving options that pays interest.
Should You Open a Truist Savings Account?
If you are an existing customer, opening a Truist savings account could be a convenient choice for your financial goals. It is ideal for those who want overdraft protection features and minimal fees.
On the other hand, it is not a good option for people who prefer high rates on their savings. Try high-yield savings account instead.
How to Open a Truist Savings Account?
You can open a Truist savings account at your local branch, over the phone, or online. Here's how to do it through the Truist website:
- Click Open Account and select Savings Accounts.
- Choose a Truist account and answer the application form.
- Fund your account with the minimum opening deposit.
- Personal and contact information (name, social security number, etc.)
- 2 years of address history
- Employment and income information
How Truist Savings Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.00% APY
- 5.00% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Other Truist Bank Accounts
Personal Checking Account - $400 Bonus
Open a new Truist One Checking account online. Use promo code TRUIST400DC24 at account opening. Set up and receive at least one qualifying direct deposit of $500 or more within 90 days of account opening. Make at least 15 qualifying debit card purchases within 90 days of account opening.
Bottom Line
Truist One Savings and Truist Confidence Savings are good for individuals who prefer a basic account with barely any fees.
Though the rates may be low, it remains a safe choice for those who want their money and account within reach.
References
- ^ Truist. Truist One Savings Account Disclosure Information, Retrieved 01/07/2024
- ^ Truist. Truist Confidence Savings Disclosure Information, Retrieved 01/07/2024
- ^ Truist. Truist Confidence Account Disclosure Information, Retrieved 01/07/2024
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.00% APY
- 5.00% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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