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Truist Bank, which is known for strong personal loans and mortgages for first-time buyers, pays low interest rates on savings accounts. The average savings account interest rate is 0.42% APY, but Truist savings accounts pay less than that. Also, keep in mind, the best online banks have high-yield savings accounts that pay well above the national savings average.
Compare Truist Savings Accounts
Truist Savings Rates
Truist Bank has two savings accounts: Truist One Savings and the Truist Confidence Savings Account.
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$50
Fees
$5 monthly service fee
Truist One Savings
You might like Truist if you’re using its other products and want keep things simple — but if you’re only looking for high savings rates, you’ll find more compelling accounts in our best high-yield savings accounts guide.
Details
Fees
$5 monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$50
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
Fees
no monthly service fee
Truist Confidence Savings Account
You might like Truist if you’re using its other products and want keep things simple — but if you’re only looking for high savings rates, you’ll find more compelling accounts in our best high-yield savings accounts guide.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
The accounts don’t have any major differences, and neither pays an impressive interest rate. Your choice between the two will likely come down to which checking account you want to open.
If you want a Truist One Checking Account, which comes with perks like extra rewards on Truist credit cards, you’ll want to link it to Truist One Savings. For a Truist Confidence Account that has a lower monthly fee, you’ll link it to a Truist Confidence Savings Account.
Truist Savings Rates Pros and Cons
Compare Today’s Savings Rates
How Truist Savings Rates Compare
Truist Savings vs. Wells Fargo SavingsÂ
Similar to Truist, Wells Fargo offers two savings accounts: the Wells Fargo Way2Save® Savings Account and the Wells Fargo Platinum Savings Account.
If you’re looking for a higher interest rate, Wells Fargo pays slightly higher interest rates than Truist. The Wells Fargo Way2Save® Savings Account pays 0.15% APY. Also, the Wells Fargo Platinum Savings Account offers 0.25% to 2.51% APY — you’ll earn a higher savings rate with a higher account balance. Bear in mind both national banks pay much less than high-yield savings accounts at online banks.Â
Wells Fargo Savings Rates Review
Truist Savings vs. Chase SavingsÂ
Both Truist and Chase pay low savings rates overall. At Truist, you’ll only earn 0.01% APY on Truist One Savings or the Truist Confidence Savings Account.Â
Meanwhile, Chase Savingsâ„ pays 0.01% (as of 3/24/2023) APY, and the Chase Premier Savingsâ„ Account has 0.01% to 0.02% APY. You’ll earn 0.02% on the Chase Premier Savings Account if you qualify for a relationship rate. To be eligible, you’ll need to link your savings account to a Chase Premier Checking Account or Sapphire Checking Account and make five transactions from your checking account. However, these Chase checking accounts may have higher monthly service fees than other Chase checking accounts.
Chase Savings Review
Why You Should Trust Us: How We Reviewed Truist Savings Accounts
We rate bank accounts on a scale from zero to five stars. For our Truist saving rates review, we used our bank account methodology which looks at interest rates, minimum opening deposits, monthly service fees, customer support availability, mobile app ratings, and the ethics of the company to determine ratings on savings.
Truist Savings Rates FAQs
Truist One Savings has a $5 monthly service fee if you fulfill one of the following requirements: own a Truist personal checking account, keep at least $300 in your savings account daily, or schedule an internal transfer of $25 or more each month. If you’re under the age of 18, the monthly service fee is waived.
Truist Confidence Savings Account doesn’t charge monthly service fees. However, you’ll need to have a Truist Confidence Account to open this savings account.
Truist savings accounts are not good for earning high interest rates. They have other strong qualities, though. For example, it’s relatively easy to waive their monthly service fees, and you don’t need much money to open an account.
UFB Priority Savings
Earn up to 5.06% APY on your savings. No monthly maintenance fees. No minimum deposit required to open an account.