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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Truist is the company formed from the merger of BB&T and SunTrust banks in 2019. Since then, BB&T and SunTrust have gradually transitioned to the Truist name. Truist banking products and services are now available online and at former BB&T branches, while SunTrust locations are expected to fully transition to Truist by March 31, 2022. The merger resulted in more than 2,500 brick-and-mortar locations now under the Truist banner. Truist offers an Online Savings account that has no monthly fee and no minimum opening deposit. As the name suggests, a Truist Online Savings account can only be opened online. A $3 monthly fee applies on accounts that opt to receive paper statements. Truist offers the latest digital services to make online banking seamless, including: A that allows you to transfer money between accounts, make payments and deposit checks. Paperless statements, accessible online or through the mobile app. Text banking, which customers can enroll in to check balances and see account activity via text messages. In addition to the Online Savings account, Truist offers a standard Truist Savings account and a money market account that provide customers the flexibility of banking online and at a branch. The APYs offered on all of Truist’s savings products are the same, regardless of balance. Truist’s rates are lower than the , and much higher APYs can be found elsewhere, especially at . Truist savings account rates
Here’s a closer look at Truist’s savings account options and rates. Truist Savings
The standard Truist Savings account is an option for short-term goals and everyday saving, such as for an . A $25 minimum deposit is required to open the account. The account’s $5 monthly fee is waived for account holders under age 18 or when a minimum $300 daily balance is maintained, among other conditions. Account name Interest rate APY Minimum deposit Truist Savings 0.01% 0.01% $25 Online Savings
Truist’s Online Savings account is designed for those who are comfortable with digital banking and have short-term savings goals. It requires no minimum balance and has no monthly fees if you opt for paperless statements. Account name Interest rate APY Minimum deposit Truist Online Savings 0.01% 0.01% $0 Money Market Account
The Truist 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. Account name Interest rate APY Minimum deposit Truist Money Market Account 0.01% 0.01% $100 Note: Annual percentage yields (APYs) shown are as of Feb. 22, 2022, and may vary by region. How Truist compares with top-yielding banks
Truist has many brick-and-mortar locations as well as a robust online banking toolkit. Its APYs, however, are significantly lower than what many other banks offer. Bankrate gave Truist 2.8 stars out of 5 for its savings products. There are plenty of online with much higher APYs than Truist’s savings accounts. and , for example, offer much higher yields. If access to branches and writing checks are priorities, Truist’s money market account may be of value. But the account has a $1,000 minimum balance requirement to avoid a monthly fee, and its yield is not very rewarding. 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. Other savings options at Truist
Besides savings and money market accounts, Truist also offers a selection of CDs in certain markets. The rates for Truist’s CDs are somewhat higher than those for the savings accounts, but still are lower than that are offered by some other banks. As with most certificates of deposit, Truist charges an early withdrawal penalty, should you withdraw your money from the account before the term ends. Unless you’re sure you can commit to locking your funds away for a specified period, whether it’s months or years, it’s best to stick to a savings or money market account. Learn more
SHARE: René Bennett is a writer for Bankrate, reporting on banking products and personal finance. David Schepp is a wealth editor for Bankrate, focusing on deposits and consumer banking content. Related Articles