Business Insider's personal finance team compared Truist Bank savings accounts to the best high-yield savings accounts and found them to be in need of improvement. Truist Bank savings rates are too low to make the accounts a strong choice for your savings.
Truist Bank, which is known for strong personal loans and mortgages for first-time buyers, pays low interest rates on savings accounts. The average savings account interest rate is 0.41% APY, but Truist Bank savings accounts pay less than that.
The best online banks have high-yield savings accounts that pay well above the national savings average.
Compare Truist's Savings Rates
- Truist One Savings: 0.01% APY
- Truist Confidence Savings Account: 0.01% APY
| Account Name | APYs (Annual Percentage Yields) are accurate as of 04/10/2025 | Minimum Account Opening Balance |
| LendingClub LevelUp Savings Account | up to 4.40%* | $0 |
| Forbright Growth Savings | 4.25% | $0 |
| CIT Bank Platinum Savings | 4.10% (with $5,000 minimum balance) and a one-time bonus of up to $300 with use of the code PS2025** | $100 |
| Synchrony High Yield Savings Account | 4.00%*** | $0 |
Current Truist Savings Rates
Truist One Savings
Truist One Savings pays a low interest rate of 0.01% APY.
For a savings account with a competitive interest rate, consider a high-yield savings account instead of a traditional savings account. They're similar, but the one notable difference is that the former pays a significantly higher rate.
Truist Confidence Savings Account
The Truist Confidence Savings Account also has a low interest rate of 0.01% APY. It has a lower minimum opening deposit and no monthly service fee.
You won't be able to get this account if you don't open the Truist Confidence Account, though. The Truist Confidence Account is a checking account that doesn't charge overdraft fees. However, it also doesn't have paper checks.
Overview of Truist Savings Accounts
How Truist Savings Accounts Work
Truist Bank has over 2,000 branches throughout the U.S. You can find locations in Alabama, Arkansas, Georgia, Florida, Indiana, Kentucky, New Jersey, Maryland, Mississippi, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
Neither Truist Bank savings account pays an impressive interest rate. Truist One Savings and the Truist Confidence Savings Account both pay 0.01% APY. In comparison, the average savings account interest rate is 0.41% APY.
Truist One Savings has a $5 monthly service fee. To waive the fee, own a Truist Bank personal checking account, keep at least $300 in your savings account daily, or schedule an internal transfer of $25 or more each month. If you're under the age of 18, the monthly service fee is waived.
The Truist Confidence Savings Account has no monthly service fee. However, you'll need to have a Truist Confidence Account to open this savings account. The Truist Confidence Account is a checking account with no paper checks.
Both accounts have withdrawal limits. If you withdraw more than six times a month with either account, whether through ACH transfers, branch withdrawals, or any other method, you'll need to pay an excess withdrawal fee of $5 per additional withdrawal.
In addition to its two traditional savings accounts, Truist Bank also offers a money market account and CDs. To maximize your savings, compare features between the three types of savings accounts to help you choose the best account for your needs.
Also, it could be helpful to manage your savings account so it matches your savings goals. For example, you can set up automatic transfers from a checking account so you can make progress toward your goals.
Truist Savings User Experience and Accessibility
The Truist Bank mobile banking app has 4.8 out of 5 stars in the Apple store and 4.8 out of 5 stars in the Google Play store.
The Truist Bank app offers services such as mobile check deposit, Zelle, and other online banking tools.
Truist Bank doesn't have 24/7 customer support, but it does have some customer support on weekends. can be reached by phone from 8 a.m. to 8 p.m. ET on weekdays and 8 a.m. to 5 p.m. ET on Saturdays. You can also schedule an appointment with an advisor at a branch.
Truist Savings Security
Truist Bank is a long-running bank that's backed by the federal government. It has generally good credit ratings from Moody's, Fitch, and Bauer Financial.
Truist Bank savings accounts are FDIC-insured for up to $250,000 per depositor, per account ownership category. The FDIC makes sure your money is safe if a bank failure occurs. Your money will either be moved to a new bank that acquires the failed bank's assets, or a check will be sent to your home if no bank acquires the failed bank's assets.
Truist Savings Rates Pros and Cons
Truist Savings Rates Pros
- Over 2,000 branches in 17 Southeast U.S. states, and Washington, DC
- No monthly service fee on the Truist Confidence Savings Account
- Standard minimum opening deposit requirements
Truist Savings Rates Cons
- Lower interest rates than the average savings account
- Monthly service fee on Truist One Savings
- Must open a Truist Confidence Account to get the Truist Confidence Savings Account
Truist Savings Account Alternatives
Truist Savings vs. Wells Fargo Savings
Similar to Truist Bank, Wells Fargo offers two savings accounts: the Wells Fargo Way2Save® Savings Account and the Wells Fargo Platinum Savings Account.
If you're looking for a higher interest rate, Wells Fargo savings rates are slightly higher than Truist Bank. The Wells Fargo Way2Save® Savings Account pays 0.01% APY, while the Wells Fargo Platinum Savings Account offers 0.01% to 2.51% APY — you'll earn a higher savings rate with a higher account balance. Bear in mind both national banks pay much less than high-yield savings accounts at online banks.
Truist Savings vs. Chase Savings
Both Truist Bank and Chase savings rates are low overall. At Truist Bank, you'll only earn 0.01% APY on Truist One Savings or the Truist Confidence Savings Account.
Meanwhile, Chase Savings℠ pays 0.01% APY, and the Chase Premier Savings℠ Account has 0.01% to 0.02% APY. You'll earn 0.02% on the Chase Premier Savings℠ Account if you qualify for a relationship rate. To be eligible, you'll need to link your savings account to a Chase Premier Checking Account or Sapphire Checking Account and make five transactions from your checking account. However, these Chase checking accounts may have higher monthly service fees than other Chase checking accounts.
Opening a Truist Savings Account
Truist Savings Account Eligibility Requirements
There aren't any requirements to get Truist One Savings. The Truist Confidence Savings Account has one requirement — you must open the Truist Confidence Account, or you won't be eligible. This checking account doesn't charge overdraft fees, but it doesn't have paper checks.
Step-by-Step Guide to Opening a Truist Savings Account
You can open individual and joint Truist Bank savings accounts online as long as all the applicants are at least 18 years old. If you're opening a bank account for a minor, you'll have to do that at a Truist Bank branch.
The online savings account application requires a Social Security number, employment income information, and two years of address history.
If you apply for a Truist Bank savings account at a branch, it'll be similar to opening a bank account at any other bank. You'll need documents that can verify your identity, like a passport or driver's license. Also, remember to bring enough money for an opening deposit or bank account information to make a transfer.
Truist Savings vs. Truist Money Market Accounts
Money market accounts work similarly to savings accounts. The biggest difference between the two is that money market accounts frequently come with additional ways to withdraw money, such as checks and debit cards. Money market accounts tend to offer slightly higher interest rates, too, although those rates can be harder to earn.
The Truist Bank One Money Market Account, with an interest rate of 0.01% to 3.66% APY, offers a strong interest rate for a traditional bank to customers without an existing Truist Bank money market account or who haven't closed one within the past 30 days. When you open a new Truist Bank One Money Market Account, you'll earn its highest rate. You can also get debit cards and checks for this account, and you can unlock perks for your Truist One Checking account through this account, including overdraft protection.
However, its standard interest rate is just as low as what Truist Bank savings accounts offer, and the bank could change your account to the lowest rate at any time. You'll also need to deal with a higher $12 monthly service fee that's harder to waive. Still, if you prefer to bank with Truist Bank and want an account that gives you easy access to your money, this could be an interesting alternative.
Truist Savings vs. Truist CDs
CDs are like savings accounts in that they're both interest-bearing bank accounts that generally come with some form of federal insurance, such as FDIC or NCUA insurance.
The biggest difference between the two is that savings accounts offer variable interest rates that can change at any time, while CDs offer a fixed interest rate, meaning you'll get the same interest rate until the end of the CD's term length. In exchange, you can't withdraw your money until the end of the term length. The best CD rates are generally higher than traditional savings rates, too.
Truist CD rates are much higher than Truist Bank savings rates. You can get a Truist Bank CD with interest from 0.05% to 4.00% APY. If you don't mind losing access to your cash for a while, a Truist Bank CD could be a high-yield alternative to Truist Bank savings accounts.
Is a Truist Savings Account Right For You?
You might like Truist Bank if you're using its other products and want to keep things simple — but if you're only looking for high savings rates, you'll find the best high-yield savings accounts from online banks and credit unions more compelling.
Why You Should Trust Us: How We Reviewed Truist Savings Accounts
We rate bank accounts on a scale from one to five stars. For our Truist Bank saving rates review, we used our bank account methodology that looks at interest rates, minimum opening deposits, monthly service fees, miscellaneous features, customer support availability, mobile app ratings, security, and the ethics of the company to determine ratings on savings.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
FAQs
What are the benefits of the Truist savings accounts?
The primary benefit of Truist Bank savings accounts is that you'll have access to a robust national bank with many branches and ATMs. The Truist Confidence Savings Account also offers no monthly service fee.
How do I open a Truist savings account?
You can open a Truist Bank savings account online as long as you're not opening a savings account for a child. Kid's savings accounts can only be opened at branches. Documentation will be needed to verify your identity.
What is the current interest rate for a Truist savings account?
Truist One Savings pays 0.01% APY, and the Truist Confidence Savings Account pays 0.01% APY.
Are there any fees associated with the Truist Savings Account?
Fees vary between Truist Bank savings accounts. However, potential fees include monthly bank maintenance fees, excess transaction fees, out-of-network ATM fees, and stop payment fees.
How can I maximize my earnings with the Truist Savings Account?
You can maximize your earnings with a Truist Bank savings account by comparing features between Truist Bank savings accounts, money market accounts, and CDs and choosing the one that best aligns with your savings goals.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
**CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
***Synchrony High Yield Savings Account: Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
