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Truist Savings Account Interest Rates for September 2024

September 25, 2024

6 min Read

Written by Marc Guberti

Edited by Emily Gadd

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A Truist high-yield savings account lets you earn extra cash on the money you keep in your account. It’s a less risky option than putting your money into the stock market and real estate.

However, it’s good to compare Truist interest rates with other financial institutions before committing to a savings account. This guide will highlight the rates you can expect from a Truist high-yield savings account and other types of bank accounts.

Quick Take: Truist Interest Rates

Truist offers several FDIC-insured bank accounts with varying interest rates. These are the current Truist interest rates that you can expect if you do business with the bank.

Savings Account	APY
Truist Savings One
Truist One Money Market Account	–
Truist CDs	–
Truist Confidence Savings

Truist Savings One

Truist savings account interest rates aren’t the best, at only APY. The account requires a $50 minimum opening deposit and has optional overdraft protection. This savings account also has a $5 monthly maintenance fee.

Truist offers four ways to waive the monthly fee:

Have a related Truist personal checking account
Keep a minimum daily ledger balance of $300 or more
Schedule a recurring, preauthorized internal transfer of at least $25 into your Truist One Savings account each cycle
Be under 18 years old (teens must open their accounts in a local branch)

Truist One Money Market Account

Truist money market rates start off competitive at APY before dropping to APY after the promo period concludes. The account has a $50 minimum opening deposit and a $12 monthly maintenance fee. You can waive this monthly fee if you have a $1,000 minimum daily ledger balance.

Truist Certificate of Deposit

Truist CD rates are competitive if you get a new CD, with rates as high as APY. However, you will end up with a APY for most of the bank’s CDs. Terms range from 7-60 months, but these are the best CD rates:

5-month term at APY
12-month term at APY.

Each CD has a $1,000 minimum opening deposit and no monthly maintenance fees. CDs are automatically renewed at the standard CD rate ( APY). Truist will notify you before renewing your CD and give you the option to redeem your CD instead.

Truist Confidence Savings

The Truist Confidence Savings account has a APY and a $25 minimum opening deposit. The savings account does not have any overdraft fees. Transactions that exceed the account’s balance will be declined or returned. You can make up to six fee-free withdrawals per month.

You can waive the $5 monthly maintenance fee if one of the four conditions applies:

You are 62 years or older
You are under 25
You make $500 or more in total deposits per statement cycle
You make 10 or more qualifying transactions per statement cycle

How Do Truist Interest Rates Compare to Other Banks?

Truist does not offer the best rates compared to other financial institutions. While Truist CD rates and Truist money market rates are competitive during the promo periods, they immediately fall off after the promo period concludes.

It’s nice to earn some extra cash on the money you store in the bank. However, you can find high-yield savings accounts at other financial institutions with better rates than Truist. Furthermore, Truist rates fall below the national average savings rate, which currently stands at 0.46% APY.

How to Decide on the Best Savings Account

The best savings accounts have:

Competitive APYs
Good features
Few fees

A high interest rate can help you earn more money in a savings account than investing in the stock market. It’s important to assess your long-term financial goals and what you want from a bank before committing to a savings account.

For instance, you will receive a higher APY if you compare the best banks. Online banks tend to have less overhead and can offer elevated APYs for their customers. However, some people prefer the convenience of visiting a local branch. In that case, financial institutions like Truist edge out online banks that don’t have any physical branches.

It’s a good idea to compare several savings accounts before making a decision. You’ll get to discover which types of accounts are available and establish what’s right for your financial situation.

How to Open a Savings Account at Truist

If you want to open a bank account with Truist after comparing the other options, you can follow these steps:

1. Choose the Right Bank Account for You

Truist offers several savings accounts with varying fees, APYs, and perks. Certificates of deposit let you lock in an interest rate throughout the term. While money market accounts and savings accounts have variable rates, you can more easily access your funds without paying fees. While some Truist savings accounts have monthly maintenance fees, it’s relatively easy to get them waived.

2. Gather the Necessary Documents:

Every financial institution will request documents to verify who you are. You will have to present a:

Government-issued photo ID
Social Security Number
Proof of address

Keeping these documents in one place will make it easier to gather them for future applications.

3. Apply for the Savings Account

Once you provide the necessary documents, you can apply for a Truist savings account online or at a local branch. You’ll save time applying online, but a representative can walk you through the process and answer your questions at a nearby branch.

4. Make the Opening Deposit

Truist has small opening deposit requirements for most of its savings accounts. While CDs require a $1,000 minimum opening deposit, you can open most Truist savings accounts with $25-$50.

Final Take to GO

Truist Bank is an established financial institution that dates back to 1872. The bank is the result of a merger between BB&T and SunTrust Banks. While the bank has more than 2,000 branches, Truist interest rates aren’t the best.

Most accounts only have APY, which leaves much to be desired. Some of Truist’s bank accounts start off with competitive rates, but these rates drop quickly when it’s time to renew them.

While the bank offers convenience for people who want physical branches, you will make more money with an online bank that can give out APY or higher.

FAQ

Although the basic idea behind a checking account can be simple to understand, there are still many common questions surrounding them, in part because there are so many different kinds. Here are the answers to some of the most frequently asked questions regarding checking accounts.