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Truist savings rates

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Truist is the company formed from the merger of BB&T and SunTrust banks in 2019. Since then, BB&T and SunTrust have gradually transitioned to the Truist name. Truist banking products and services are now available online and at former BB&T branches, while SunTrust locations are expected to fully transition to Truist by March 31, 2022. The merger resulted in more than 2,500 brick-and-mortar locations now under the Truist banner.

Truist offers an Online Savings account that has no monthly fee and no minimum opening deposit. As the name suggests, a Truist Online Savings account can only be opened online. A $3 monthly fee applies on accounts that opt to receive paper statements. Truist offers the latest digital services to make online banking seamless, including:

  • A mobile banking app that allows you to transfer money between accounts, make payments and deposit checks.
  • Paperless statements, accessible online or through the mobile app.
  • Text banking, which customers can enroll in to check balances and see account activity via text messages.

In addition to the Online Savings account, Truist offers a standard Truist Savings account and a money market account that provide customers the flexibility of banking online and at a branch.

The APYs offered on all of Truist’s savings products are the same, regardless of balance. Truist’s rates are lower than the national average, and much higher APYs can be found elsewhere, especially at online banks.

Truist savings account rates

Here’s a closer look at Truist’s savings account options and rates.

Truist Savings

The standard Truist Savings account is an option for short-term goals and everyday saving, such as for an emergency fund. A $25 minimum deposit is required to open the account. The account’s $5 monthly fee is waived for account holders under age 18 or when a minimum $300 daily balance is maintained, among other conditions.

Account name Interest rate APY Minimum deposit
Truist Savings 0.01% 0.01% $25

Online Savings

Truist’s Online Savings account is designed for those who are comfortable with digital banking and have short-term savings goals. It requires no minimum balance and has no monthly fees if you opt for paperless statements.

Account name Interest rate APY Minimum deposit
Truist Online Savings 0.01% 0.01% $0

Money Market Account

The Truist money market account allows customers to write checks and bank at branch locations. A $12 monthly maintenance fee applies unless you maintain at least a $1,000 minimum daily balance.

Account name Interest rate APY Minimum deposit
Truist Money Market Account 0.01% 0.01% $100

Note: Annual percentage yields (APYs) shown are as of Feb. 22, 2022, and may vary by region.

How Truist compares with top-yielding banks

Truist has many brick-and-mortar locations as well as a robust online banking toolkit. Its APYs, however, are significantly lower than what many other banks offer. Bankrate gave Truist 2.8 stars out of 5 for its savings products. There are plenty of online savings accounts with much higher APYs than Truist’s savings accounts. Comenity Bank and Ally Bank, for example, offer much higher yields.

If access to branches and writing checks are priorities, Truist’s money market account may be of value. But the account has a $1,000 minimum balance requirement to avoid a monthly fee, and its yield is not very rewarding.

As you navigate savings account options, be sure to look out for fees and minimum requirements that may apply. With some research, you can greatly minimize these charges and restrictions.

Other savings options at Truist

Besides savings and money market accounts, Truist also offers a selection of CDs in certain markets. The rates for Truist’s CDs are somewhat higher than those for the savings accounts, but still are lower than CD rates that are offered by some other banks. As with most certificates of deposit, Truist charges an early withdrawal penalty, should you withdraw your money from the account before the term ends. Unless you’re sure you can commit to locking your funds away for a specified period, whether it’s months or years, it’s best to stick to a savings or money market account.

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Written by
René Bennett
Banking writer
René Bennett is a writer for Bankrate, reporting on banking products and personal finance.
Edited by
Wealth editor