Truist Savings Account Interest Rates for 2025
Written by
Marc Guberti
Edited by
Elizabeth Constantineau
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A Truist savings account lets you earn extra cash on the money you keep in your account. It’s a less risky option than putting your money into the stock market and real estate.
However, it’s good to compare Truist savings account interest rates with other financial institutions before committing to an account. This guide will highlight the rates you can expect from a Truist savings account and other types of bank accounts.
Truist Savings Account Interest Rates
Truist Bank offers FDIC-insured bank accounts with varying interest rates. These are the current Truist savings account interest rates that you can expect:
| Savings Account | APY | Minimum Opening Requirement |
|---|---|---|
| Truist One Savings | $50 | |
| Truist Confidence Savings | $25 |
Types of Savings Accounts Offered by Truist
Truist offers multiple savings accounts. Here’s a close look at each one.
Truist One Savings
Truist savings account interest rates aren’t the best, at only APY. The account requires a $50 minimum opening deposit and has optional overdraft protection. This savings account also has a $5 monthly maintenance fee.
Truist offers four ways to waive the monthly fee:
- Have a Truist checking account.
- Keep a minimum daily balance of at least $300.
- Schedule a recurring transfer of at least $25 into your account each cycle.
- Be under 18 years old — teens must open their accounts in a local branch.
Truist Confidence Savings
The Truist Confidence Savings account has a APY and a $25 minimum opening deposit. The savings account does not have any overdraft fees or monthly maintenance fees. Transactions that exceed the account’s balance will be declined or returned. You can make up to six fee-free withdrawals per month.
How Do Truist Interest Rates Compare to Other Banks?
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$5, waivable
$0
No monthly service fee
APY
APY
APY
Min Opening
Min Opening
Min Opening
$25 to $50
$0
$0
Truist does not offer the best rates compared to other financial institutions. While Truist CD rates and Truist money market rates are competitive during the promo periods, they immediately fall off after the promo period concludes.
It’s nice to earn some extra cash on the money you store in the bank. However, you can find high-yield savings accounts at other financial institutions with better rates than Truist. Furthermore, Truist rates fall below the national average savings rate, which currently stands at 0.42% APY.
Other Savings Options at Truist
Truist offers more than just standard savings accounts. Here’s a look at the Money Market account and CD options.
Truist One Money Market Account
Truist One Money Market rates start off competitive at APY before dropping to APY after the promo period concludes. The account has a $50 minimum opening deposit and a $12 monthly maintenance fee. You can waive this monthly fee if you have a $15,000 minimum daily balance.
Truist Certificates of Deposit
Truist CD rates are competitive if you get a new CD, with rates as high as APY. However, you will end up with a APY for most of the bank’s CDs. Terms range from 7-60 months, but these are the best CD rates:
- 5-month term at APY.
- 36-month term at APY.
The minimum to open a CD depends on the term — from $1,000 to $2,500. CDs are automatically renewed at the standard CD rate of APY. Truist will notify you before renewing your CD and give you the option to redeem your CD instead.
Final Take
Truist Bank is an established financial institution that dates back to 1872. The bank is the result of a merger between BB&T and SunTrust Banks. While the bank has more than 2,000 branches, Truist savings account interest rates aren’t the best.
Most accounts only have APY, which leaves much to be desired. Some of Truist’s bank accounts start off with competitive rates, but these rates drop quickly when it’s time to renew them.
While the bank offers convenience for people who want physical branches, you will make more money with an online bank that can give out APY or higher.
FAQ
Here are the answers to some of the most frequently asked questions about Truist savings account interest rates.- How do Truist’s savings rates compare to other banks?
- Truist's savings rates are generally lower than those offered by online banks but competitive during promotional periods for certain accounts.
- What is the minimum balance required to avoid fees?
- Minimum balances for Truist vary by account:
- A daily balance of $300 for Truist One Savings accounts to waive the monthly fee.
- A daily balance of $15,000 for Money Market accounts to waive the monthly fee.
- Minimum balances for Truist vary by account:
- Does Truist offer savings accounts for children or students?
- Yes, the Truist One Savings and Confidence Savings accounts can be opened for children under 18 and young adults under 25.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 13, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
