Review: Truist Bank Savings Account & Better Options

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Truist Bank & Online Banking Logo

Rating:

APY

0.01%

  • Savings Account
  • 0.01% APY
  • Service Fee of $5 per Month
  • Min. Balance to Avoid Service Fee: $300
  • Fee Waived If You have a Truist Checking Account
  • Withdrawal Limit Fee: $5 is Assessed, Regardless of Balance, for Each Withdrawal Over Six with a Maximum of Six Withdrawal Limit Fees per Statement Cycle.

Not Recommended

 

Truist Bank is one of the nation’s most popular and largest banks. They offer a full suite of banking products, but if you want the highest interest rate for your savings, look elsewhere.

Truist Bank offers one of the lowest savings rates available at 0.01%. This is so low, that our account recommendations below offer more than 100x this rate.

Aside from the basement bottom interest rate they offer, Truist Bank will charge you a $5 service fee on their basic account unless certain conditions are met. As well as a $5 withdrawal fee, each time you withdrawal money from your account over 6 times in one month. Better plan accordingly, or those fees will ruin your savings.

Not only will your savings not make much money with this account, but you could lose money to one of the many fees Truist Bank can charge you.

The savings accounts we recommend on this page do not have monthly fees, do not require large initial deposits, and give you 24/7 access to your money, while offering interest rates that are more than 100x Truist Bank’s.

Earn a Higher Rate with Fewer Fees Than Fifth Third Bank with an Account From Our Partners Below

American Express High Yield Savings Account Logo

Rating:

APY

4.30%

Annual Percentage Yield (APY)

  • High Yield Savings Account
  • Min. to Earn APY: $1
  • Min. Initial Deposit: $0
  • 4.30% APY
  • APY as of April 15, 2024
  • Interest Compounded Daily
  • $0 Monthly Fees
  • 24/7 Customer Service
  • FDIC Insured up to $250,000
  • Backed by the Service & Reliability of American Express
  • Terms Apply
  • See Site for Details

 On American Express National Bank's Secure Site, Member FDIC

Discover Bank Logo

Rating:

APY

4.25%

  • High Yield Savings Account
  • Min. balance for APY: $0
  • Min. Initial Deposit: $0
  • 4.25% APY
  • 5x National Savings Avg*
  • Mobile Check Deposit
  • No Monthly Fees
  • 100% U.S.-based Customer Service Available 24/7
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • See Site For Details

On Discover Bank's Secure Site, Member FDIC

 

To recap our recommendations.

Best Savings Accounts According To CompareAccounts™

American Express® High Yield Savings Account: 4.30% APY as of April 15, 2024

What to Look for in a Savings Account

It’s always wise to compare your options when opening a new savings account. Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in savings.

Here are the top features to look for and compare:

1. Interest Rate

The interest rate of a savings account is one of its most important features. However, a very high interest rate can get completely wiped out by monthly fees.

Although your main goal may be a higher interest rate, be sure to focus on low and better yet, no monthly fee accounts. Other important features of your savings account include the required initial deposit, minimum balance required, and how you access your money.

2. Monthly Fees

Monthly fees can destroy your return. You should avoid them like the plague. That’s why we recommend you focus on no monthly fee savings accounts to maximize your return.

3. Required Initial Deposit

Does the bank require a large initial deposit? Are you comfortable depositing that much right away? These days, most banks will allow you to open an account with as little as $1 or even $0 dollars.

Some banks may offer a higher yield with a higher initial deposit. You’ll just need to decide whether that higher initial deposit will be worth any increase in yield.

4. Minimum Balance Required

Minimum balance required to maintain your account is another feature to keep a close eye on.

Most of the banks we recommend do not have large minimum balance requirements, if any minimum balance requirement at all.

The accounts we do recommend that have a higher minimum required balance are usually CD accounts, which you don’t want to open unless you want to lock up your money for 6 months, 12 months or longer.

5. Accessing Your Money

Accessing your money is important with any account. Some high yield savings accounts allow you to transfer funds out of the account as often as you’d like, while others place limits on the number of outgoing transfers you can perform per month.

Additionally, some banks will issue a debit card for your high yield savings account, although that is more common for checking accounts.

We recommend to not focus on the debit card aspect too much and instead ask yourself “how often will I need to pull money from my savings?” We believe that savings should be left alone, until really needed, in order take advantage of compound interest.

Although a limit of 6 out going transfers sounds low, if you need to pull money out more often than that, we’d recommend putting those funds into a checking account instead.

Truist Bank History:

Truist Bank is the result of a merger between SunTrust Bank and BB&T Corporation in December 2019. The merger created the sixth-largest U.S. bank by assets, with over $450 billion in assets and a network of more than 2,000 branches across the Southeast and Mid-Atlantic regions.

SunTrust Bank had its roots in the Trust Company of Georgia, which was founded in Atlanta in 1891. The bank was initially established to serve as a trust company for Atlanta’s growing business community, with a focus on providing trust and investment services to wealthy individuals and businesses. However, over the years, the bank expanded its services to include a full range of commercial and consumer banking products and services.

Throughout the 20th century, the bank continued to grow through a series of mergers and acquisitions. In 1985, the bank officially changed its name to SunTrust Bank and expanded its operations across the Southeast and into the Mid-Atlantic states, becoming one of the largest banks in the region.

BB&T, on the other hand, was founded in 1872 as Branch Banking and Trust Company in Wilson, North Carolina. The bank was established with a focus on providing a full range of commercial and consumer banking services, as well as trust and investment services to individuals and businesses in the local community.

Over the years, BB&T also grew through mergers and acquisitions and expanded its operations across the Southeast and Mid-Atlantic states. In the early 2000s, BB&T became one of the largest financial holding companies in the United States.

The merger of SunTrust and BB&T was announced in February 2019, with the intention of creating a stronger and more diversified financial institution that can better serve customers and communities. The merger brought together two of the most respected and successful banks in the Southeast, which had a significant history and presence in the region. The deal was completed in December 2019, and the merged company operates under the name Truist Bank and is headquartered in Charlotte, North Carolina. The merger created a bank with a strong network of branches and ATMs, a wide range of financial products and services, and a deep commitment to the communities it serves.

 

Truist Bank Online Banking:

Truist Bank offers a variety of products and services through its online banking platform, including the following:

  1. Checking and savings accounts: Truist Bank offers a variety of checking and savings account options, including personal checking, student checking, interest-bearing checking, and savings accounts.

  2. Credit cards: Truist Bank offers a range of credit card options, including cash back, travel rewards, and low-interest cards.

  3. Mortgages: Truist Bank offers a range of mortgage options, including fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans.

  4. Home equity loans and lines of credit: Truist Bank offers home equity loans and lines of credit, which allow customers to borrow against the equity in their homes.

  5. Personal loans and lines of credit: Truist Bank offers personal loans and lines of credit, which can be used for a variety of purposes, such as consolidating debt, making home improvements, or financing a big purchase.

  6. Auto loans: Truist Bank offers auto loans for purchasing new or used vehicles.

  7. Investment products: Truist Bank offers a range of investment products, including individual retirement accounts (IRAs), mutual funds, and brokerage services.

  8. Online and Mobile banking: Truist Bank offers online and mobile banking services, which allow customers to access their accounts, check balances, pay bills, transfer money, and more.

  9. Bill pay: Truist Bank’s online banking platform allows customers to easily pay bills online.

  10. E-Statements: Truist Bank offers e-Statements, which allow customers to view, download, and print their account statements electronically.

These are some of the products and services that Truist Bank offers through its online banking platform, but it’s always good to check the bank’s website for more information and updates.

Truist Bank Public Company:

Truist Financial Corporation, ticker symbol “TFC” is a publicly traded company listed on the New York Stock Exchange (NYSE). As a publicly traded company, its shares can be bought and sold on the stock market, and its financial performance is disclosed to the public through regular financial reports such as quarterly earnings releases and annual reports.

The company’s stock price is determined by supply and demand in the stock market, and can be affected by a variety of factors such as overall market conditions, the company’s financial performance, and investor sentiment.

As a financial services company, Truist’s revenue primarily comes from interest income on loans and investments, as well as fees for various banking and financial services. The company also has significant operations in areas such as commercial and retail banking, asset management, and insurance.

In terms of financial performance, Truist has had a good performance since its merger in 2019, and it has reported steady growth in its net income and revenue, as well as an increase in its stock price. The company has also been paying dividends to its shareholders.

It’s worth noting that as with any publicly traded company, the value of an investment in Truist can fluctuate, and past performance is not necessarily indicative of future performance. It’s always important to conduct your own research and consult with a financial advisor before making any investment decisions.

Truist Bank Helpful Information:

Here are a few additional things to keep in mind about Truist Bank:

  1. Community involvement: Truist Bank places a strong emphasis on corporate social responsibility and community involvement. The bank supports a wide range of charitable and community organizations through donations, volunteerism, and other forms of support.

  2. Technology: Truist Bank is actively investing in technology to improve its customer experience and streamline its operations. The bank offers a mobile app and online banking platform, which enables customers to access their accounts, check balances, pay bills, and transfer money. The bank also uses advanced analytics, artificial intelligence, and other technologies to improve customer service and prevent fraud.

  3. Branch network: Truist Bank operates a large network of branches across the Southeast and Mid-Atlantic regions of the United States. The bank’s branches are designed to provide customers with a wide range of banking and financial services, including personal and business banking, mortgages, insurance, and investments.

  4. Business services: Truist Bank offers a wide range of services for businesses, including commercial lending, cash management, and employee benefits. The bank also provides specialized services for specific industries, such as healthcare, real estate, and government.

  5. Online security: Truist Bank has implemented a number of security measures to protect customers’ personal and financial information. The bank uses encryption, firewalls, and other technologies to safeguard online transactions, and it also offers two-factor authentication and other security features to protect customers’ online accounts.

  6. Awards: Truist Bank has been recognized for its performance and customer service by industry experts and publications. It has been named one of the best banks in America by Forbes, one of the most reputable banks by American Banker, and one of the top-performing banks in the US by S&P Global Market Intelligence.

Please keep in mind that this is not an exhaustive list, and new developments may happen in the future. It is always advisable to check the bank’s website or consult with a representative for the most up-to-date information.

Truist Bank Contact Information:

  1. Phone number: 1-800-SUNTRUST (1-800-786-8787) for personal banking and 1-800-BBT-7888 (1-800-228-7888) for business banking.

  2. Website: https://www.truist.com/

  3. Email: Truist Bank does not provide an email address for customer inquiries. However, you can use the contact form on the bank’s website to send a message.

  4. Mailing address: Truist Bank’s corporate headquarters is located at: Truist Financial Center, 214 N Tryon St
    Charlotte, NC 28202

  5. Social media: Truist Bank has presence on the main social media platforms such as Facebook, Twitter and LinkedIn.

  6. Branch locator: You can use the branch locator on the bank’s website to find the nearest Truist Bank branch or ATM to you.

  7. Customer service hours: Truist Bank’s customer service hours vary by location, and you can check the hours of the branch you plan to visit.

Truist Bank Savings Account Pros & Cons:

Pros:

  1. Convenient access to funds: Truist Bank has a large network of branches and ATMs across the Southeast and Mid-Atlantic regions, which makes it easy for customers to access their savings account funds.

  2. Competitive interest rates: Truist Bank offers competitive interest rates on its personal loans and credit cards, which can help customers save money on other high interest debt.

  3. Online and mobile banking: Truist Bank offers online and mobile banking services, which allow customers to access their accounts, check balances, and make transactions from anywhere.

  4. Variety of savings account options: Truist Bank offers a range of savings account options, including traditional savings accounts, money market accounts, and youth savings accounts, which can be tailored to meet different customers’ needs.

  5. Safe and secure: Truist Bank has implemented a number of security measures to protect customers’ personal and financial information, which can give customers peace of mind.

Cons:

  1. Limited ATM network: While Truist Bank has a large network of branches and ATMs, it may not be as extensive as some other banks.

  2. Limited nationwide coverage: Truist Bank operates primarily in the Southeast and Mid-Atlantic regions of the United States, so it may not be the best option for customers who frequently travel or move outside of these areas.

  3. Minimum balance requirements: Some of Truist Bank’s savings account options may require a minimum balance, which can be a disadvantage for customers with limited funds.

  4. Limited foreign currency support: Truist Bank may not offer as much support for foreign currency transactions compared to some other banks.

  5. Fees: Truist Bank may charge fees for certain transactions or services, such as monthly maintenance fees or ATM withdrawal fees. It’s important to check the bank’s fee schedule before opening a savings account.

It’s important to note that these are general pros and cons, and the specific terms and conditions of the account will vary depending on the type of account and the customer’s individual circumstances. It’s always a good idea to review the account’s terms and conditions, and consult with a bank representative before opening a savings account.

*National Savings Rate Average as published by FDIC

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