Truist does not currently offer a dedicated high-yield savings account

Truist's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Truist does not market a separate high-yield savings product. Their regular savings accounts typically earn between 0.01% and 0.05% annual percentage yield (APY), depending on your account type and balance — rates that have not kept pace with inflation or with what online banks and credit unions offer.

If you hold money at Truist and want higher returns on savings, you have two paths: move the money to another institution that does offer high-yield savings, or keep it at Truist and accept the lower rate. Truist's strength is in checking accounts and branch access, not in savings account returns.

Key Takeaways

  • Truist savings accounts earn 0.01% to 0.05% APY, which is significantly lower than high-yield savings accounts at online banks.
  • Truist does not offer a separate high-yield savings product, though this could change — contact your local branch to ask about current offerings.
  • High-yield savings accounts at other institutions typically earn 4% to 5% APY, meaning the difference on $10,000 is roughly $400 to $500 per year.
  • You can open a high-yield savings account at an online bank or credit union while keeping your Truist checking account for everyday use.
  • Truist savings accounts have monthly maintenance fees unless you meet minimum balance requirements, which further reduces your net earnings.

How Truist savings rates compare to the market

The gap between Truist's rates and what other banks offer is substantial. A Truist savings account earning 0.05% APY on $10,000 generates $5 per year in interest. The same $10,000 in a high-yield savings account earning 4.5% APY generates $450 per year — a difference of $445 annually on that single balance.

Online banks like Marcus, Ally, and American Express Personal Savings have consistently offered rates between 4% and 5.5% APY over the past two years. Credit unions often offer competitive rates as well, sometimes higher. Truist's rates have not moved significantly to match this market shift, which means money sitting in a Truist savings account is losing purchasing power to inflation.

Truist does offer money market accounts, which sometimes carry slightly higher rates than savings accounts, but these still typically fall short of dedicated high-yield products. Check with your branch for current rates on money market accounts, as these can vary by location and account type.

Truist savings account fees and minimum balances

Truist savings accounts charge a monthly maintenance fee of $5 to $12, depending on the account tier, unless you maintain a minimum balance. Common minimums range from $300 to $2,500. If you fall below the minimum, the monthly fee is deducted from your balance, which further erodes any interest you earn.

On a $1,000 balance earning 0.05% APY with a $5 monthly fee, you would earn roughly $0.04 in interest per month while paying $5 in fees — a net loss of $4.96 per month. This is why Truist savings accounts work best for people who either maintain high balances (which reduces the fee impact) or use them as temporary holding accounts rather than long-term savings vehicles.

Why Truist might still make sense for some savers

Truist's value is not in savings rates but in convenience and integration. If you use Truist for checking and have a local branch you visit regularly, keeping a savings account there means one login, one statement, and easier transfers between accounts. Some people prioritize this simplicity over maximizing interest earnings.

Truist also offers overdraft protection, which links your savings account to your checking account to prevent overdraft fees. If you use this feature regularly, the integration might justify keeping savings at Truist even at lower rates. However, this does not change the math: you are paying for convenience with lower returns.

How to find a high-yield savings account if you bank with Truist

You do not need to close your Truist accounts to open a high-yield savings account elsewhere. Many people maintain a Truist checking account for daily use and direct deposit, then open a high-yield savings account at an online bank for money they want to grow. Transfers between institutions typically take one to three business days via ACH transfer.

When comparing high-yield savings accounts, look at the APY (annual percentage yield), any monthly fees, and whether the bank is FDIC-insured. Most online banks offer FDIC insurance up to $250,000 per depositor, the same protection Truist provides. Some banks waive monthly fees entirely if you maintain a minimum balance or set up automatic deposits.

You can also check with credit unions in your area. Some credit unions offer savings accounts with rates competitive to online banks, and membership requirements vary — some are open to anyone in a geographic area, while others require employment at a specific company or membership in an organization.

What to do if Truist adds a high-yield product in the future

Bank product offerings change. If Truist launches a high-yield savings account in the future, you would see it listed on their website under savings products or hear about it from your branch. However, even if Truist does introduce a high-yield option, it may not match the rates offered by online-only banks, which have lower overhead costs and can pass savings to customers.

The best approach is to check Truist's current offerings periodically if you are considering moving money, but do not wait for a product that may not arrive. The interest you would earn while waiting typically exceeds any benefit of staying put.

Frequently Asked Questions

Can I transfer money from Truist to a high-yield savings account easily?

Yes. You can set up an external transfer from Truist to another bank using the receiving bank's routing number and your Truist account number. Most transfers take one to three business days. You can also withdraw cash and deposit it, though this is slower and less find for large amounts.

Will opening a high-yield savings account at another bank affect my Truist checking account?

No. Opening accounts at other institutions does not change your Truist checking account or its features. You can keep both active simultaneously. Your direct deposit, debit card, and branch access remain unchanged.

What is the difference between a savings account and a money market account at Truist?

Money market accounts sometimes offer slightly higher rates than savings accounts and may include check-writing privileges, but they typically require higher minimum balances. Truist's money market rates still lag behind high-yield savings accounts at online banks. Ask your branch for current rates on both products.

Is my money safe in a high-yield savings account at an online bank?

Yes, if the bank is FDIC-insured. FDIC insurance protects up to $250,000 per depositor per bank, the same as Truist. Most online banks display their FDIC insurance status prominently on their website. Check before opening an account.

How often do high-yield savings rates change?

Rates change based on Federal Reserve decisions and bank competition. When the Fed raises or lowers its benchmark rate, banks typically adjust savings rates within days or weeks. Online banks tend to adjust faster than traditional banks like Truist. Check your account's current rate periodically if you move your money.