Logo by Truist Financial; Illustration by Hunter Newton/Bankrate
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. There are currently 1,934 Truist locations, according to the Federal Deposit Insurance Corp. (FDIC).
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 provides customers the flexibility of banking online and at a branch. Truist’s savings account 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 One Savings
The Truist One Savings account is an option for short-term goals and everyday saving, such as for an emergency fund. A $50 minimum deposit is required to open the account. The account’s $5 monthly fee is waived for account holders under age 18, when a minimum $300 daily balance is maintained (among other conditions), schedule a recurring internal transfer of at least $25 into a Truist One Savings account per statement cycle or if you have a Truist personal checking account.
| Account name | Interest rate | APY | Minimum deposit |
| Truist One Savings | 0.01% | 0.01% | $50 |
Truist Confidence Savings
The Truist Confidence Savings account requires $25 to open the account. The account doesn’t have a monthly service fee. While you can earn interest in the account, it’s very low.
| Account name | Interest rate | APY | Minimum deposit |
| Truist Confidence Savings | 0.01% | 0.01% | $25 |
Truist One Money Market Account
The Truist One 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 One Money Market Account | 0.01% | 0.01% | $50 |
Note: Annual percentage yields (APYs) for the accounts shown above are as of July 8, 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 2.9 stars out of 5 for its savings products. There are plenty of online savings accounts with much higher APYs than Truist’s savings accounts, ncluding:
Truist’s money market account may be of value, if access to branches and writing checks are among your preferences. 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 may be higher than those for the savings accounts, but still are much lower than CD rates that are offered by other top-yielding 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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