What you need to open a Truist savings account
You can open a Truist savings account in person at a branch, online through Truist's website, or by phone. The process takes about 15 to 20 minutes online or by phone, and slightly longer in person because you'll also verify your identity with a government-issued ID.
Before you start, gather a valid government ID (driver's license, passport, or state ID), your Social Security number, and your current mailing address. If you're opening the account online or by phone, you'll also need a debit card or bank account number to fund the initial deposit, though some accounts have no minimum opening deposit requirement.
Truist offers several savings account types—basic savings, money market accounts, and certificates of deposit (CDs)—each with different interest rates and features. The basic savings account is the most straightforward option for most people and has no monthly maintenance fee if you maintain a minimum balance or set up direct deposit.
Key Takeaways
- You need a valid government ID, Social Security number, and current address to open any Truist savings account.
- Online and phone applications take 15 to 20 minutes and can be completed from home without visiting a branch.
- Truist's basic savings account has no monthly fee if you keep a minimum balance or receive direct deposits.
- You can fund your new account when ready with a debit card, bank transfer, or check deposit once the account opens.
Opening an account online through Truist's website
Go to Truist.com and select "Open an Account" from the main menu. You'll choose the account type (savings, money market, or CD), then enter your personal information: full name, date of birth, Social Security number, email address, and mailing address. The system will ask whether you're a new customer or an existing Truist customer, because existing customers can open additional accounts faster.
After you submit your information, Truist will verify your identity using the details you provided. This usually takes a few minutes. You'll then be asked to fund the account—you can transfer money from another bank account, use a debit card, or in some cases mail a check. Once your initial deposit clears, your account is active and you can begin using it.
If you run into trouble during the online process, Truist's website has a live chat option in the bottom right corner. You can also call 1-800-872-2657 to speak with someone who can walk you through the steps or complete the process over the phone instead.
Opening an account by phone
Call Truist at 1-800-872-2657 and tell the representative you want to open a savings account. Have your ID, Social Security number, and address ready. The representative will ask the same questions as the online form and will guide you through each step. The call typically takes 20 to 30 minutes because the representative reads everything aloud and confirms each detail before moving forward.
At the end of the call, the representative will ask how you want to fund the account. You can provide a debit card number, bank account information for a transfer, or arrange to mail a check. Some accounts have no minimum opening deposit, so you may be able to open the account and fund it later if you prefer.
Opening an account in person at a Truist branch
Visit any Truist branch during business hours with your government ID, Social Security number, and proof of your current address (a utility bill, lease, or recent bank statement works). A banker will help you choose the right account type and walk you through the process. Bring a debit card or checkbook so you can fund the account on the spot if you want to.
In-person applications take longer than online or phone because the banker verifies your ID in front of you and may ask follow-up questions about how you plan to use the account. However, if you have questions about which account type fits your needs, the in-person route lets you ask them directly. You can find your nearest branch and hours at Truist.com/locations.
What happens after you submit your process
Once Truist receives your process, the bank runs a background check through ChexSystems, a banking history database. This check usually takes a few minutes to a few hours. Truist is looking for patterns of fraud or unpaid overdrafts at other banks, not your credit score. Most people pass this check without issue.
If the check is clear, your account opens when ready (for online and phone applications) or within one business day (for in-person applications). You'll receive a confirmation email with your account number and routing number. Your debit card will arrive by mail within 5 to 7 business days. Until it arrives, you can transfer money in and out of your account using online banking or by visiting a branch.
If Truist cannot verify your identity or has concerns about your process, they will contact you by phone or email to ask for additional information. This is rare, but if it happens, respond quickly—delays in providing documents can slow down the account opening.
Funding your account and setting it up
After your account opens, you can deposit money in several ways. Online transfer from another bank account is the fastest—money usually arrives within one to two business days. Debit card deposits (if you provided a card during signup) post when ready. You can also deposit checks through Truist's mobile app by taking a photo of the front and back, or visit a branch to deposit cash or checks in person.
Once your account is open, log into Truist's online banking or mobile app to set up automatic transfers, view your balance, and manage your account. If your employer offers direct deposit, you can provide your new Truist account number and routing number to have your paycheck deposited automatically. This also helps you avoid monthly maintenance fees on most Truist savings accounts.
Frequently Asked Questions
Do I need to be a Truist customer already to open a savings account?
No. You can open a Truist savings account as a brand-new customer. If you already have a checking account or other product with Truist, the process is slightly faster because the bank already has some of your information on file.
What's the minimum deposit to open a Truist savings account?
Truist's basic savings account has no minimum opening deposit requirement. However, to avoid a monthly maintenance fee, you must either maintain a minimum balance (typically $300 to $500, depending on the account type) or set up direct deposit. Check the current requirements on Truist.com or ask during signup.
How long does it take to open an account online?
The process itself takes 15 to 20 minutes. Your account opens when ready after you submit it and pass the identity verification check, which usually happens within minutes. Your debit card arrives by mail in 5 to 7 business days.
Can I open a savings account if I've had problems with another bank?
It depends on what happened. Truist checks ChexSystems, which tracks fraud and unpaid overdrafts. If you had a dispute or closed an account normally, you should be fine. If you owe money to another bank or have a history of fraud, Truist may deny the process. You can request your own ChexSystems report to see what's on file.
What interest rate will I earn on my savings?
Truist's savings account interest rates change based on the Federal Reserve's rate decisions and market conditions. Rates are typically lower than online-only banks. Check Truist.com or call 1-800-872-2657 to see the current rate before you open the account.