July 2023 Truist Savings Account Interest Rates
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Truist, a prominent bank in the United States, was formed through the merger of BB&T and Suntrust. As a comprehensive banking institution, Truist provides checking and savings accounts to assist individuals in managing their finances. If you are seeking a secure place to safeguard your money while earning a modest amount of interest, considering saving with Truist may be worthwhile.
However, how do the savings account rates at Truist compare? Are they as favorable as the previous SunTrust savings account rates? Below, we will delve into what you can expect when you decide to save with Truist. Please note that the annual percentage yields (APYs) and interest rates mentioned are accurate as of June 14, 2023.
Truist Savings Account Interest Rates:
Truist offers two types of savings accounts: Truist One Savings and Truist Confidence Savings. In terms of the rates associated with these accounts, they are identical.
Let's take a moment to examine the savings account rates offered by Truist.
Although these rates are comparable to the interest rates provided by SunTrust's savings accounts prior to the merger with BB&T, they are relatively low. The best savings accounts, on the other hand, offer rates that are over 300 times higher.
Overview of Truist Savings Accounts:
Truist savings accounts bear resemblances to those offered by traditional banks and credit unions.
The Truist One Savings Account acts as a basic savings account that can be linked to a Truist checking account to fulfill your financial goals. To open this account, a minimum deposit of $50 is required, and there is a $5 monthly maintenance fee. However, the fee can be avoided by meeting any of the following conditions:
- Maintaining a minimum daily balance of $300
- Scheduling a recurring transfer of $25 or more from another Truist account per statement cycle
- Owning a related Truist checking product
Minors under the age of 18 are exempt from the fee, although they will need parental assistance to open an account.
Interest is compounded and calculated daily, with monthly crediting to your savings account. Truist One Savings Account allows up to six withdrawals per month. However, any transactions exceeding this limit will incur a $5 excess withdrawal fee.
Conversely, the Truist Confidence Savings Account has a lower minimum opening deposit requirement of only $25. This account does not have a monthly maintenance fee, and paperless statements are provided free of charge.
Nonetheless, to open this savings account, a Truist Confidence Account is necessary, which comes with a waivable $5 monthly maintenance fee. The Truist Confidence Savings Account can be linked to a Confidence Checking Account to benefit from overdraft protection without incurring any related fees.
As previously mentioned, the interest rates for both Truist savings accounts stand at 0.01%. These rates apply to all balances, without any tiers. The option to open either account online within a few minutes is available, or if preferred, individuals can visit a Truist branch.
How Much Can You Earn With Truist Savings Accounts?
When opening a savings account, it is advantageous to understand the potential interest you may accrue over time. The calculator below allows you to determine the approximate amount you could potentially earn with a Truist savings account.
By inputting your initial deposit, monthly contribution, and the 0.01% APY, you can visualize the amount you stand to earn over a specific number of months or years.
Given the low APY, it is important to note that unless you have a substantial deposit, the amount of interest earned with either savings account will be minimal. However, this is a common occurrence with brick-and-mortar banks and is consistent with what SunTrust savings accounts provided.
How the Truist Savings Accounts Compare:
The savings account rates offered by Truist are on par with those of many prominent traditional banks. In other words, they do not represent the highest available savings rates.
If you’re looking for a savings account with an interest rate that surpasses the national average, you may want to consider exploring online banks instead. Online banks have the ability to provide high-yield savings accounts that outperform the rates offered by traditional banks.
It is essential to take convenience into account when deciding where to open a savings account. Choosing a brick-and-mortar bank like Truist allows you access to branch banking if the need arises. On the other hand, online banks do not have physical branches.
When making the choice of where to open a savings account, it is crucial to determine what you value more: obtaining the best savings account rate or having branch banking accessibility.
Other savings options provided by Truist include money market accounts and certificate of deposit (CD) accounts.
Truist's One Money Market Account requires a minimum deposit of $50 to open and charges a monthly maintenance fee of $12. You can have the fee waived by maintaining a minimum daily balance of $1,000 or more.
The annual percentage yield (APY) for the money market account is the same as the rates listed above for other Truist savings accounts—0.01% for all balance tiers.
Truist offers Certificates of Deposit with terms ranging from seven days to 60 months, ensuring a guaranteed rate of return.
The minimum deposit for CDs ranges from $1,000 to $2,500. To open a CD with a term of seven to 31 days, you will need a minimum deposit of $2,500. Conversely, CDs with terms of 32 days to 60 months have a lower minimum deposit requirement.
It is possible to open multiple Truist CDs to construct a CD ladder, and there are no monthly maintenance fees. In comparison to Truist savings account rates, Truist CD rates are considerably higher. These rates vary depending on the term and location but typically compete with the best CD rates available.
Opening a Trust CD cannot be done online. To do so, you must visit a Truist branch.
Truist is the result of the merger between SunTrust Bank and BB&T in 2019. The bank offers a wide range of personal banking, business banking, commercial banking, and wealth management products and services. With branches located along the East Coast and in the Southeast, Truist ranks among the top 10 largest banks in the U.S. based on assets held.
Discover the best high-yield savings accounts in 2023.
Frequently Asked Questions (FAQs):
"What is the interest rate on a Truist savings account?" Truist savings account interest rates may vary, but a typical rate is 0.01%. This rate applies to all balance tiers and is comparable to rates offered by other major banks, although it is lower than what you might find at an online bank.
"What is the minimum balance for Truist savings?" The minimum deposit requirement for Truist savings accounts ranges from $25 to $50, depending on the specific account. To avoid a monthly fee, the minimum balance requirement is $300 for the Truist One Savings Account and $1,000 for a Truist money market account.
"How many times can you withdraw from savings with Truist?" Truist allows up to six fee-free withdrawals from your savings account per month. If you exceed the permitted number of withdrawals, Truist may impose an excess withdrawal fee. The fee varies depending on the type of savings account.
Truist proves to be an excellent choice for individuals who favor maintaining their savings within a conventional banking establishment. In this regard, it is pertinent to highlight that savings accounts provided by Truist embody a reliable and secure environment for your funds, as the company is an esteemed financial institution that guarantees FDIC insurance. While it is true that Truist may not offer the most competitive interest rates for savings accounts, it is important to note that you will benefit from a plethora of accessible options to manage your finances, including physical branches, online banking facilities, and a mobile application provided by the bank.
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