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
The information for Truist One Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Truist Confidence Savings
- $25 minimum opening deposit
- No monthly fee
- No overdraft-related fees
The information for Truist Confidence Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
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
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
High-Yield Savings Account - 3.95% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Other Truist Bank Accounts
Personal Checking Account - $400 Bonus
Open a new Truist One Checking account online. Use promo code DC400TR1Q226 at account opening. Set up and receive at least two qualifying direct deposits totaling $2,000 or more within 120 days of account opening. Complete at least 20 qualifying debit card purchases within 120 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 - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3.00% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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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