April 27, 2024

Truist Savings Account Interest Rate

Read more about Truist Bank
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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.

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.

How satisfied are you with the interest rate provided by your savings account?

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.

How important to you is the interest rate in a savings account?

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 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.

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.

Savings Calculator

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


  • No overdraft fees
  • No monthly fee for Truist Confidence Savings
  • Option to link Truist checking account
  • FDIC-insured


  • 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

How much interest does Truist pay on checking accounts?
Truist Bank currently does not offer any interest-earning checking accounts. However, you can check out their various saving options that pays interest.

What's your main reason for choosing a savings account?

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:

  1. Click Open Account and select Savings Accounts.
  2. Choose a Truist account and answer the application form.
  3. Fund your account with the minimum opening deposit.

To open a Truist savings account, you need to provide the following:
  • Personal and contact information (name, social security number, etc.)
  • 2 years of address history
  • Employment and income information

How Truist Savings Compares

Other Truist Bank Accounts

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.


Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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.
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

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

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, 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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