Truist, a major U.S. bank formed from the merger of BB&T and SunTrust, offers a range of savings and money market accounts. While providing digital banking services and a physical presence, the bank’s interest rates on most savings products are notably lower than the national average and many online competitors.
Truist Savings Account Options
Truist offers several savings vehicles, including the Truist One Savings account, Truist Confidence Savings account, and the Truist One Money Market Account. Each account has specific features, minimum deposit requirements, and potential fees.
- Truist One Savings: Requires a $50 minimum deposit. A $5 monthly fee can be waived under certain conditions, such as maintaining a minimum daily balance or having a linked Truist checking account. This account offers a 0.01% APY and limits withdrawals to six per month, with a fee for exceeding this limit.
- Truist Confidence Savings: This account has a lower opening deposit of $25 and no monthly service fee. However, it also offers a 0.01% APY, which is considered subpar compared to the national average. Like the One Savings account, it has a limit of six free monthly withdrawals.
- Truist One Money Market Account: Allows check-writing and branch banking. A $12 monthly maintenance fee applies unless a $15,000 minimum daily balance is maintained. While the standard APY is 0.01%, new money market accounts can earn an attractive 3.70% APY. This account also has a limit of six fee-free withdrawals per month.
Interest Rate Comparison
Truist’s savings account APYs are generally well below the national average. For instance, both the Truist One Savings and Truist Confidence Savings accounts offer a mere 0.01% APY. While the Truist One Money Market Account offers a higher rate of 3.70% on new funds, this is an exception, and many online banks provide significantly higher yields across their savings products. Banks like Bask Bank, Ally Bank, and Bread Savings are often cited as offering more competitive rates.
Digital Services and Fees
Truist provides a suite of digital banking tools, including a mobile app for transfers and deposits, paperless statements, and text banking. However, customers should be mindful of potential fees, such as monthly maintenance fees on certain accounts and withdrawal limits. The bank’s money market account, for example, requires a substantial balance to avoid monthly fees.
Other Savings Products
In addition to savings and money market accounts, Truist may offer certificates of deposit (CDs) in some markets. While CD rates might be higher than savings account rates, they are still generally lower than those offered by other institutions. CDs typically involve early withdrawal penalties, making them less flexible for short-term savings goals.
Key Takeaways
- Truist savings accounts offer low APYs, generally below the national average.
- The Truist One Money Market Account has a promotional rate of 3.70% for new funds, but a high minimum balance is required to avoid fees.
- Online banks often provide significantly higher interest rates on savings products.
- Customers should be aware of monthly fees and withdrawal limitations on Truist savings accounts.
- Truist offers robust digital banking tools alongside its physical branch network.
Sources
- Truist Savings Account Interest Rates, Bankrate.
