Truist does not currently offer a dedicated high yield savings account
Truist's standard savings accounts earn interest rates well below what you can find elsewhere. As of now, Truist does not market a high yield savings product under its own brand. If you hold a Truist savings account, you are earning a rate that typically falls between 0.01% and 0.05% annual percentage yield (APY), depending on your account type and balance. That means $10,000 in a Truist savings account earns roughly $1 to $5 per year in interest.
High yield savings accounts at other banks and online institutions currently offer rates between 4% and 5% APY. The difference matters: that same $10,000 would earn $400 to $500 per year at a high yield institution. Truist's rates have not kept pace with the broader market shift toward higher yields that began in 2022.
If you use Truist for checking and bill pay but want better returns on savings, you have two practical paths: keep savings at Truist for convenience and accept the lower rate, or move your savings to a separate institution that specializes in high yield products.
Key Takeaways
- Truist savings accounts earn between 0.01% and 0.05% APY, which is significantly lower than high yield savings rates available elsewhere.
- High yield savings accounts at online banks and credit unions typically offer rates between 4% and 5% APY, meaning your money grows much faster.
- You can keep your Truist checking account for everyday banking while moving savings to a separate high yield account at another institution.
- Truist savings accounts are FDIC insured up to $250,000, the same protection you get at any other bank.
What Truist savings accounts actually earn
Truist offers several savings products: a basic Savings Account, a Money Market Account, and certificates of deposit (CDs). The Savings Account is the most common choice for people who want a place to park money without locking it away. Current rates on Truist savings accounts range from 0.01% to 0.05% APY depending on your account tier and balance level. Some Truist checking accounts come with linked savings that earn slightly higher rates, but these are still well below market rates for high yield products.
Truist Money Market Accounts earn rates in a similar range and require a higher minimum balance to open—typically $2,500 to $25,000 depending on the account. CDs at Truist offer higher rates than savings accounts, but you must lock your money away for a set term (3 months to 5 years). If you withdraw early, you pay a penalty that can wipe out your interest earnings.
The core issue is that Truist, as a traditional brick-and-mortar bank with physical branches, has higher operating costs than online-only banks. Those costs get passed to customers through lower interest rates on savings products.
How high yield savings accounts work at other banks
High yield savings accounts are offered primarily by online banks and some credit unions. These institutions have no physical branches, which means lower overhead. They pass those savings to customers through higher interest rates. A high yield savings account functions exactly like a Truist savings account: you deposit money, earn interest monthly, and can withdraw funds without penalty (though banks limit free withdrawals to six per month under federal rules, a limit that is rarely enforced).
High yield accounts are FDIC insured up to $250,000, just like Truist accounts. Your money is equally protected. The main trade-off is convenience: you cannot walk into a branch to deposit cash or speak to a teller in person. Most high yield banks accept mobile check deposit and ACH transfers, which work well for most people.
Interest rates on high yield accounts change frequently and are set by each bank independently. Rates have ranged from 4% to 5.35% APY over the past year, depending on the institution and the date you check. Some banks raise rates monthly; others hold steady for weeks. If you open an account, you lock in the rate at that moment, but rates can change after you open.
Moving money between Truist and a high yield account
If you decide to move your savings to a high yield account while keeping your Truist checking account, the process is straightforward. You open a high yield savings account at another bank (online, by phone, or through their mobile app). You then link your Truist checking account to the new savings account using ACH transfer. This takes one to two business days to set up.
Once linked, you can transfer money from Truist to your high yield account whenever you want. The transfer typically clears within one business day. You can also set up automatic transfers—for example, moving $500 from Truist checking to your high yield savings every payday. This way, money moves out of your checking account before you spend it, and it starts earning interest immediately.
If you want to close your Truist savings account, you can do that anytime. There is no penalty for closing a savings account. Just make sure your balance is zero before you close it, or Truist will mail you a check for any remaining funds.
When to keep money at Truist instead
Truist savings accounts make sense in a few specific situations. If you need to deposit cash regularly and do not have access to a high yield bank's ATM network, keeping savings at Truist (where you can deposit at any branch) may be worth the lower rate. If you hold less than $1,000 in savings and interest earnings are negligible anyway, the convenience of one bank may outweigh the rate difference.
Some people also prefer to keep all their money at one institution for simplicity, even if it costs them in interest. That is a valid choice if the trade-off feels acceptable to you. Just know that you are giving up real money—on $5,000 in savings, the difference between Truist's 0.01% and a 4.5% high yield rate is roughly $225 per year.
If you have a Truist checking account that offers perks (like fee waivers or ATM reimbursement), moving your savings elsewhere does not affect those benefits. Your checking account and savings account are separate products, and closing one does not impact the other.
Comparing Truist to other banks' savings rates
| Bank Type | Typical Savings Rate | Minimum Balance | FDIC Insured |
|---|---|---|---|
| Truist (traditional bank) | 0.01% to 0.05% APY | $0 to $500 | Yes, up to $250,000 |
| Online high yield banks | 4% to 5.35% APY | $0 to $25,000 | Yes, up to $250,000 |
| Credit unions | 0.5% to 2% APY (varies widely) | $500 to $2,500 | Yes, up to $250,000 |
| Money market funds (not bank accounts) | 5% to 5.5% APY | $1,000 to $3,000 | No—not FDIC insured |
The gap between Truist and high yield banks is substantial. On $10,000 in savings, you earn roughly $5 per year at Truist versus $450 per year at a high yield bank. Over five years, that difference compounds to more than $2,000 in lost interest. Even credit unions, which are not online-only, typically offer rates two to ten times higher than Truist.
Money market funds and brokerage sweep accounts can offer rates comparable to high yield savings, but they are not FDIC insured. If safety is your priority, stick with FDIC-insured high yield savings accounts.
Frequently Asked Questions
Can I have both a Truist checking account and a high yield savings account at another bank?
Yes. You can keep your Truist checking account for everyday spending and bill pay while maintaining a high yield savings account elsewhere. The two accounts are completely separate. You link them via ACH transfer to move money between them as needed.
Will opening a high yield savings account affect my Truist checking account or credit score?
No. Opening a savings account at another bank does not affect your Truist checking account or your credit score. Banks do not perform a hard credit pull for savings accounts. Your Truist checking account will continue to work exactly as it does now.
What happens to my interest if I withdraw money from a high yield savings account?
You keep all the interest you have already earned. Interest accrues daily and is deposited monthly. If you withdraw money mid-month, you still receive interest on the balance you held. There is no penalty for withdrawals from high yield savings accounts.
Are high yield savings accounts safe if the bank fails?
Yes. High yield savings accounts at FDIC-insured banks are protected up to $250,000 per depositor per bank. If the bank fails, the FDIC guarantees your money. Before opening an account, confirm the bank displays the FDIC logo and is listed on the FDIC's bank search tool.
Do high yield savings rates stay the same, or do they change?
Rates change frequently and are set by each bank. A bank can raise or lower its rate at any time, though most notify customers before a decrease. Once you open an account, you are not locked into a rate—it moves with the market. If rates drop, your earnings drop too. If rates rise, your earnings rise.