Truist's High-Yield Savings Account Options

Truist offers a high-yield savings account called the Truist One Savings Account, which pays interest above what you would earn in a standard savings account. The rate changes based on market conditions and your account balance, so the exact percentage you earn varies over time. You can open this account online, by phone, or in a branch if you are a new or existing Truist customer.

The account has no monthly maintenance fee and no minimum balance requirement to open it, which makes it accessible whether you have $100 or $10,000 to start with. You can make up to six withdrawals per month before Truist may charge a fee, though this limit is less restrictive than it used to be at many banks.

Key Takeaways

  • Truist One Savings Account earns interest above standard savings rates, though the exact rate depends on your balance and changes with market conditions.
  • There is no monthly fee and no minimum balance to open the account, making it available to people starting with any amount.
  • You can withdraw money up to six times per month without a fee, after which Truist may charge per withdrawal.
  • The account works best if you already bank with Truist, since transfers between your own accounts are when ready and free.

How the Interest Rate Works

Truist does not advertise a single fixed rate for all customers. Instead, the rate you earn depends on your account balance tier — customers with higher balances typically earn higher rates. The bank updates these rates periodically to reflect changes in the broader economy and Federal Reserve decisions.

To see the current rate for your balance level, you can log into your Truist online banking, call Truist customer service, or visit a branch. Rates are public information, and Truist publishes them on their website under the savings account product page. If you move money in or out and your balance crosses into a different tier, your rate adjusts automatically.

Comparing Truist One Savings to Other Banks

High-yield savings accounts at online-only banks (like Marcus, Ally, or American Express) often pay higher rates than Truist One Savings because they have lower overhead costs. If earning the absolute highest rate is your main goal, comparing rates across several banks before you open an account makes sense. However, if you already have a checking account with Truist, the convenience of keeping everything in one place may outweigh a slightly lower rate.

The trade-off is real: you might earn 0.5% more per year at an online bank, but you also get when ready transfers to your Truist checking account, the ability to visit a physical branch if you need help, and one login for all your accounts. The choice depends on whether convenience or maximum earnings matters more to you.

How to Open a Truist One Savings Account

If you are already a Truist customer, you can open a savings account online through your banking portal in minutes. Log in, look for the option to open a new account, and select Truist One Savings. You will confirm your identity and choose how much to deposit initially (if anything — you can start with zero).

If you are not yet a Truist customer, you will need to open a checking account first, or you can open both a checking and savings account together. You can do this online, by phone at the Truist customer service number, or in person at a local branch. You will need a government-issued ID, your Social Security number, and an initial deposit (though some promotions waive this).

Moving Money In and Out

Once your account is open, you can transfer money from your Truist checking account to your savings account when ready and at no cost. You can also set up automatic transfers on a schedule — for example, moving $50 from checking to savings every payday. These transfers do not count toward your six monthly withdrawal limit.

Withdrawals from outside Truist (like transfers to another bank) do count toward the limit. After six withdrawals in a month, Truist may charge a fee for each additional one. If you need to move money out frequently, ask Truist about their specific fee structure, as policies can vary.

Who This Account Works Best For

Truist One Savings makes the most sense if you are already banking with Truist and want a place to set aside money that earns more than a checking account. It works well for an emergency fund, a down payment you are saving toward, or money you want to keep separate from your everyday spending account.

It is less ideal if you are shopping for the single highest interest rate available, or if you rarely visit a physical bank branch and do not value that option. It is also not the right choice if you need to move money out of the account more than six times per month regularly — in that case, an account with no withdrawal limits would cost you less.

Frequently Asked Questions

Can I open a Truist One Savings account without a checking account?

No, Truist requires you to have a checking account to open a savings account. If you do not have a Truist checking account yet, you can open both at the same time online or in a branch.

What happens if I withdraw more than six times in a month?

Truist may charge a fee for each withdrawal beyond six in a calendar month. The exact fee amount varies, so contact Truist directly or check your account agreement to see the current charge. Transfers between your own Truist accounts do not count toward this limit.

Is my money safe in a Truist savings account?

Yes. Truist is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected if the bank fails. Your savings account is insured separately from your checking account, so you have $250,000 coverage in each.

Can I earn interest on money I keep in my checking account instead?

Some Truist checking accounts earn a small amount of interest, but the rate is much lower than savings accounts. If you want to earn meaningful interest, moving money to a savings account is the better choice.

What if the interest rate drops after I open my account?

Banks can change rates at any time, and Truist will notify you of changes. Your money stays in the account and continues to earn whatever the new rate is. You are not locked into a rate, so you can move your money elsewhere if you find a better option.