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

Truist's savings products focus on traditional savings accounts with lower interest rates rather than high-yield options. If you bank with Truist and want a savings account that pays more interest on your balance, you would need to open an account at a different institution — either online banks that specialize in high-yield savings, or credit unions in your area.

The reason matters: banks like Truist operate physical branches and ATM networks across multiple states, which costs money. High-yield savings accounts typically come from online-only banks or credit unions that have lower overhead and can pass those savings to depositors as higher interest rates. Truist's rate structure reflects the cost of maintaining that branch network.

Key Takeaways

  • Truist offers standard savings accounts but not high-yield savings accounts, so the interest rate on deposits will be lower than what online banks typically pay.
  • Truist savings accounts do include FDIC insurance up to $250,000 per account category, which protects your money if the bank fails.
  • If you want higher interest rates, you can keep your checking account at Truist and open a high-yield savings account elsewhere for your emergency fund or savings goals.
  • Online banks and some credit unions offer high-yield savings rates that are often five to ten times higher than Truist's standard savings rates, though rates change frequently.

How Truist's savings accounts work

Truist offers several savings products: the basic Savings Account, Money Market Account, and Certificates of Deposit (CDs). The Savings Account is the most straightforward — you deposit money, earn interest on your balance, and can withdraw whenever you need it. The Money Market Account typically requires a higher opening balance and offers a slightly higher rate in exchange. CDs lock your money away for a set term (three months to five years) and pay a fixed rate that does not change.

None of these products are marketed or structured as high-yield options. The interest rates Truist pays on savings accounts are set by the bank and change based on the Federal Reserve's interest rate decisions, but they remain lower than what you would find at online competitors. You can check Truist's current rates on their website or by calling a branch, since rates vary and change over time.

Why the rate difference exists

A high-yield savings account typically means an annual percentage yield (APY) that is significantly above the national average. That average changes with Federal Reserve policy, but the gap between Truist and high-yield banks is usually substantial — sometimes 4 to 5 percentage points or more.

Truist maintains thousands of branches, ATMs, and employees across the Southeast and Mid-Atlantic. Those physical locations cost money to operate, staff, and maintain. Online banks have no branches — you manage your account through a website or app. That lower cost structure allows them to offer higher rates on savings to attract deposits. You are essentially trading convenience (walking into a branch, talking to a teller) for a lower interest rate when you bank with Truist.

What to do if you want higher interest on savings

You do not have to leave Truist entirely. Many people keep a checking account at their local bank for everyday use and bill payments, then open a high-yield savings account at an online bank for money they want to grow. Your paycheck can go into Truist checking, and you can transfer a portion to your high-yield savings account each month.

Online banks that offer high-yield savings accounts include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and others. Credit unions sometimes offer competitive rates as well, particularly if you are a member. The tradeoff is that you cannot walk into a branch — everything happens online or by phone. For a savings account where you are not making frequent withdrawals, that is usually not a problem.

Before opening an account anywhere, confirm that deposits are insured by the FDIC (for banks) or NCUA (for credit unions). Both protect up to $250,000 per account category if the institution fails. High-yield does not mean risky — it just means the bank is paying you more interest because their costs are lower.

Truist's Money Market Account as an alternative

If you want to stay within Truist, the Money Market Account is the closest thing to a higher-rate savings product. It typically requires a larger opening deposit than a regular savings account and may have tiered rates — meaning the more money you keep in the account, the higher your rate. You can still withdraw money when you need it, though some accounts limit the number of withdrawals per month.

Even so, Truist's Money Market Account rate will likely be lower than what you would find at an online high-yield savings account. The tradeoff is convenience and the ability to visit a branch if something goes wrong. If that matters to you, the Money Market Account is worth comparing to online options before you decide.

CDs if you can lock money away

Truist Certificates of Deposit (CDs) pay a fixed rate for a set period — typically three months, six months, one year, three years, or five years. The longer you commit to leaving the money untouched, the higher the rate. If you have money you will not need for a year or more, a CD might pay more than a savings account at Truist or elsewhere.

The catch is that you cannot withdraw the money early without paying a penalty. That penalty varies by CD term and by Truist's current policy — it might be a few months of interest or more. Before opening a CD, understand what the early withdrawal penalty is and whether you are confident you will not need the money before the term ends. If you might need it, a high-yield savings account (which has no withdrawal penalty) is safer.

Frequently Asked Questions

Can I move money between Truist and a high-yield savings account easily?

Yes. Once you open a high-yield savings account at another bank, you can link it to your Truist checking account and transfer money between them online. Transfers usually take one to three business days. Some online banks offer faster transfers or even same-day options if you set it up correctly.

Will I lose FDIC protection if I move money to another bank?

No. As long as the other bank is FDIC-insured (which all major online banks are), your deposits are protected up to $250,000 per account category. You can have $250,000 at Truist and $250,000 at another bank and both are fully protected.

What happens to my Truist checking account if I open savings elsewhere?

Nothing. You can keep your Truist checking account and use it for everyday spending and bills while your savings sit in a high-yield account at another bank. Many people do this because it gives them the convenience of a local bank for checking while earning more interest on savings.

Are online banks safe if I have never heard of them?

Safety depends on FDIC insurance, not on how well-known the bank is. If an online bank is FDIC-insured, your money is protected the same way it is at Truist. Check the bank's website for the FDIC insurance statement. Established online banks like Ally, Marcus, and American Express are all FDIC-insured and have been operating for years.

Do I have to close my Truist account to open a high-yield savings account elsewhere?

No. You can keep your Truist account open and active while opening accounts at other banks. There is no penalty for having accounts at multiple institutions, and it can actually be useful for organizing different financial goals.