Truist's Current Savings Account Offerings

Truist Bank does not currently offer a dedicated high-yield savings account. The bank's standard savings products—including its basic savings account and money market accounts—carry interest rates well below what you'll find at online banks or credit unions focused on high-yield products. As of now, Truist's savings rates are competitive with traditional brick-and-mortar banks, not with institutions built around high-yield savings.

If you bank with Truist for checking or other services, you may be tempted to keep savings there for convenience. That convenience costs you real money in foregone interest. The difference between Truist's rate and a high-yield account elsewhere can add up to hundreds of dollars per year on a $10,000 balance, depending on the rate environment.

Truist does offer a Money Market Account, which sometimes carries a slightly higher rate than their basic savings account, but it still falls short of what dedicated high-yield providers offer. Money market accounts also typically require a higher minimum balance to avoid monthly fees.

Key Takeaways

  • Truist does not have a high-yield savings account and relies on traditional savings products with lower interest rates.
  • Truist's standard savings account and money market account rates are comparable to other traditional banks, not online high-yield providers.
  • If you want high-yield savings, you will need to open an account at a different bank—either an online bank or a credit union—while keeping your Truist checking account if you prefer.
  • Moving money between Truist and a high-yield account at another institution takes one to three business days, so you can still access your savings quickly when needed.

Why Truist Doesn't Compete on Savings Rates

Truist is a full-service regional bank with physical branches in multiple states. That branch network costs money to maintain—rent, staff, technology infrastructure. To cover those costs, Truist keeps deposit rates lower than online-only banks, which have minimal overhead. You're paying for the convenience of walking into a branch, even if you never use it.

Online banks like Marcus, Ally, and American Express Personal Savings have no branches and no tellers. They pass those savings directly to depositors in the form of higher interest rates. Truist's business model doesn't allow them to compete on rate alone.

This is not a criticism of Truist—it's how banking economics work. If branch access matters to you, you pay for it in lower rates. If rates matter more, you choose an online bank.

Where to Find High-Yield Savings If You Use Truist

You don't have to close your Truist account to get a high-yield savings account elsewhere. Many people maintain a checking account at their local or regional bank and keep savings at a separate institution with better rates. This is a standard practice and takes no extra effort once the accounts are set up.

Online banks that offer high-yield savings accounts include Marcus by Goldman Sachs, Ally Bank, American Express Personal Savings, and Discover Bank. Credit unions also often have competitive rates on savings accounts, especially if you're a member. Rates vary and change frequently, so compare current rates at the time you're ready to open an account.

Transferring money between Truist and another bank is straightforward. You can set up an external transfer through Truist's online banking portal, which typically takes one to three business days. Some high-yield banks also allow you to initiate the transfer from their side, which can be faster.

The Math: What Truist's Lower Rate Costs You

Interest rates change constantly, so the exact difference between Truist and a high-yield account varies. But the principle is simple: a lower rate on savings means less money in your account over time.

If Truist's savings rate is 0.01% and a high-yield account offers 4.50%, the difference on a $10,000 balance is roughly $450 per year in lost interest. On $25,000, it's over $1,100 per year. That's real money that stays in the bank's pocket instead of yours.

The gap narrows when interest rates fall across the economy, but high-yield accounts almost always outpace traditional banks. Even a difference of 1% or 2% compounds over time, especially if you're building an emergency fund or saving for a goal that's years away.

Should You Keep Savings at Truist Anyway?

There are a few reasons someone might choose to keep savings at Truist despite the lower rate. If you use Truist for checking and want everything in one place for simplicity, that's a valid choice—though the cost is measurable. If you have a large balance and may have access to for a premium account tier with fee waivers or other perks, those benefits might offset some of the rate disadvantage.

For most people, though, the math favors splitting accounts: checking at Truist (or wherever you prefer), savings at a high-yield provider. The setup takes 15 minutes, and you gain hundreds of dollars per year in interest.

If you're not sure whether the effort is worth it, calculate the annual difference using your actual balance. If it's more than $50 or $100 per year, the move pays for itself immediately.

How to Move Your Savings Without Disrupting Your Checking

Opening a high-yield savings account at another bank does not affect your Truist checking account. You can keep your Truist debit card, your direct deposit, and your monthly statements exactly as they are.

To move money, log into your Truist account online and look for "Transfer Funds" or "External Transfers." You'll enter the routing number and account number of your new high-yield savings account. Truist will send the money, and it will arrive in one to three business days. You can transfer as much or as little as you want, and you can set up recurring transfers if you want to move money regularly.

Some people keep a small buffer in their Truist savings account (say, $500) for emergencies and move the rest to high-yield savings. Others move everything and use Truist only for checking. Either approach works.

Frequently Asked Questions

Can I keep my Truist checking account and open a high-yield savings account somewhere else?

Yes. Checking and savings accounts are separate products. You can use Truist for checking and another bank for savings without any problem. Many people do this to get the best rate on savings while keeping their preferred checking account.

How long does it take to transfer money from Truist to another bank?

Standard external transfers from Truist take one to three business days. Weekends and holidays can add time. Some high-yield banks offer faster transfers if you initiate from their side, so ask when you open the account.

Will opening a high-yield savings account affect my credit score?

No. Opening a savings account is not a credit inquiry and does not appear on your credit report. Only credit products like loans and credit cards trigger a hard inquiry. You can open a high-yield savings account with no impact on your credit.

What if Truist's rates go up—should I wait to see if they match high-yield banks?

Truist's rates may rise, but they are unlikely to match dedicated high-yield providers. Traditional banks' overhead costs prevent them from offering the same rates as online-only banks. If rates do improve at Truist, you can always move money back, but waiting costs you interest in the meantime.

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

Yes, as long as the bank is FDIC-insured. Most online banks and credit unions carry FDIC or NCUA insurance, which protects deposits up to $250,000 per account holder per institution. Check the bank's website to confirm insurance coverage before you open an account.