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.

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.

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.

Note: Annual percentage yields (APYs) for the accounts shown above are as of Dec. 16, and may vary by region.

Truist has many brick-and-mortar locations as well as a robust online banking toolkit. Most of its APYs, however, are significantly lower than what many other banks offer. Bankrate gave Truist 3.0 stars out of 5 for its savings products. There are plenty of online savings accounts with much higher APYs than Truist’s savings accounts, including:

• Bask Bank
• Ally Bank
• Bread Savings

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 competitive, except for new accounts.

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.