Truist savings accounts pay 0.01% APY — the industry floor, consistent with most major regional banks. The $5/month fee is easily waived with a $300 balance or linked checking. Truist savings is appropriate as a small buffer or overdraft protection account. For building meaningful savings, an online HYSA at Ally or Discover earns 4.20%–4.25% APY — 420 times more than Truist’s standard rate.
The strategy: Use Truist One Checking for branch access. Keep $300–$500 in Truist savings to waive the fee. Move all other savings to an online HYSA.
Truist Savings Rate vs. Online Banks
| Account | APY | Annual Earnings on $15,000 |
|---|---|---|
| Truist One Savings | 0.01% | $1.50 |
| National savings average | 0.46% | $69 |
| Ally HYSA | 4.20% | $630 |
| Discover HYSA | 4.25% | $637.50 |
| Marcus HYSA | 4.25% | $637.50 |
| SoFi HYSA (with DD) | 4.50% | $675 |
Truist One Savings: Fees and Features
APY: 0.01% Monthly fee: $5 Fee waiver: $300 minimum daily balance OR linked Truist One Checking OR under age 18 Minimum to open: $50 FDIC insured: Yes
Standard features:
- Online and mobile access
- Mobile check deposit
- Transfers between Truist accounts
- Automatic transfers from checking
Overdraft protection use: When linked to One Checking, Truist One Savings can serve as an overdraft buffer. Truist transfers from savings to cover checking shortfalls. Unlike most banks, Truist does not charge for this transfer — it’s part of the no-overdraft-fee policy on One Checking.
Should You Open a Truist Savings Account?
Yes, for small purposes:
- If you need overdraft protection linked to Truist checking
- As a starter account for children (under-18 waiver)
- For a small $300–$500 buffer so you can waive the fee
No, as a primary savings vehicle:
- 0.01% APY earns nothing meaningful
- Better options: Ally, Discover, Marcus, all at 4.20%–4.25% with no fee and no minimum
Setting Up a Two-Bank Strategy with Truist
Many Truist customers successfully use:
- Truist One Checking for everyday banking and branch access
- Truist One Savings with $300–$500 to waive the savings fee and serve as an overdraft buffer
- Online HYSA (Ally, Discover, or Marcus) for all meaningful savings at 4.20%–4.25% APY
Transfer process: Link your online HYSA to Truist checking by entering Truist’s routing and account numbers in the HYSA app. External transfers take 1–3 business days. For immediate spending needs, keep a buffer in Truist checking.
On a $20,000 savings balance, this strategy earns approximately $840–$850/year in HYSA interest vs. $2/year if left in Truist savings — a $838–$848 annual improvement with no additional risk (both FDIC insured).
Youth and Student Savings
Truist waives the $5/month savings fee for customers under 18. Parents can open a joint savings account with a minor. Truist’s Student Checking account pairs naturally with a savings account for students managing their first bank relationship.
See also: Truist Bank review | Truist checking account | Best high-yield savings accounts | Truist fees
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