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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 FDIC National Deposit Savings Rates - APY APY, but Truist savings accounts pay less than that. Also, keep in mind, the best online banks have high-yield savings accounts that pay well above the national savings average.
Truist Savings Rates
Truist Bank has two savings accounts: Truist One Savings and the Truist Confidence Savings Account.
The accounts don't have any major differences, and neither pays an impressive interest rate. Your choice between the two will likely come down to which checking account you want to open.
If you want a Truist One Checking Account, which comes with perks like extra rewards on Truist credit cards, you'll want to link it to Truist One Savings. For a Truist Confidence Account that has a lower monthly fee, you'll link it to a Truist Confidence Savings Account.
Truist Savings Rates Pros and Cons
Pros
Cons
Over 2,000 branches in 17 Southeast US states, and Washington, DC
No monthly service fee on the Truist Confidence Savings Account
Standard minimum opening deposit requirements
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
How Truist Savings Rates Compare
Truist Savings vs. Wells Fargo Savings
Similar to Truist, Wells Fargo offers two savings accounts: the Wells Fargo Way2Save® Savings Account - Product Name Only and the Wells Fargo Platinum Savings Account - Product Name Only.
If you're looking for a higher interest rate, Wells Fargo pays slightly higher interest rates than Truist. The Wells Fargo Way2Save® Savings Account - Product Name Only pays Wells Fargo Way2Save® Savings Account - APY APY. Also, the Wells Fargo Platinum Savings Account - Product Name Only offers Wells Fargo Platinum Savings Account - APY 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.
Both Truist and Chase pay low savings rates overall. At Truist, you'll only earn 0.01% APY on Truist One Savings or the Truist Confidence Savings Account.
Meanwhile, Chase Savings℠ - Product Name Only pays Chase Savings℠ - APY APY, and the Chase Premier Savings℠ Account - Product Name Only has Chase Premier Savings℠ Account - APY 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.
Why You Should Trust Us: How We Reviewed Truist Savings Accounts
We rate bank accounts on a scale from zero to five stars. For our Truist saving rates review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine ratings on savings.
Truist Savings Rates FAQs
What is the interest rate on a Truist savings account?
Truist One Savings pays Truist One Savings APY, and the Truist Confidence Savings Account pays Truist Confidence Savings Account APY.
Does Truist charge monthly service fees?
Truist One Savings has a $5 monthly service fee if you fulfill one of the following requirements: own a Truist 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.
Truist Confidence Savings Account doesn't charge monthly service fees. However, you'll need to have a Truist Confidence Account to open this savings account.
Are Truist savings accounts good?
Truist savings accounts are not good for earning high interest rates. They have other strong qualities, though. For example, it's relatively easy to waive their monthly service fees, and you don't need much money to open an account.
