Truist Bank Savings Accounts: A Comprehensive Review and Comparison
Introduction
Truist Bank, a prominent name in personal loans and mortgages, has been evaluated by Business Insider’s personal finance team for its savings accounts. While Truist excels in certain banking areas, its savings accounts fall short in terms of interest rates, making them less competitive compared to high-yield options available today. This review delves into the features, benefits, and drawbacks of Truist’s savings accounts, offering insights for those considering where to park their savings.
Truist Savings Accounts: Features and Interest Rates
Truist offers two primary savings accounts: Truist One Savings and Truist Confidence Savings. Both currently offer a 0.01% APY, significantly below the national average of 0.41%. The Truist One Savings account comes with a $5 monthly service fee, which can be waived by maintaining a $300 daily balance, having a linked checking account, or setting up a monthly transfer of $25. The Truist Confidence Savings, linked to the fee-free Truist Confidence Checking account, has no monthly service fee but lacks paper checks.
Both accounts restrict withdrawals to six per month; exceeding this limit incurs a $5 fee. While accessible through a vast network of over 2,000 branches and a well-rated mobile app, Truist’s savings rates underperform against high-yield accounts from online banks, such as Marcus by Goldman Sachs or Ally, which may offer rates above 4%.
Features, Accessibility, and User Experience
Truist’s mobile app boasts a 4.8-star rating across both Apple and Google platforms, offering mobile check deposit and Zelle for seamless transactions. However, customer support is limited, available weekdays from 8 a.m. to 8 p.m. ET and Saturdays until 5 p.m. ET, with no 24/7 service. Branch access is extensive across 17 states and Washington, D.C., but online account opening is restricted to those 18 and older, with minors requiring in-person applications.
Security and Stability
As an FDIC-insured institution, Truist assures customers of funds safety up to $250,000, backed by strong credit ratings from agencies like Moody’s. This security blanket is a significant plus for cautious savers, though the limited interest rates may not align with growth-focused savings goals.
Comparison with Alternatives and Competitors
Comparing Truist with competitors reveals lower rates. Wells Fargo’s Platinum Savings offers a tiered rate up to 2.51% APY for higher balances, while Chase’s Premier Savings reaches 0.02% APY with a linked checking account. Online banks like Capital One and Discover consistently outperform with higher yields, such as 4.35% APY, making them more attractive for savers prioritizing growth.
Conclusion
Truist Bank’s savings accounts, while comprehensive in features and security, fail to impress with their interest rates. Ideal for existing Truist customers seeking simplicity, they may not serve those chasing higher yields, who would find better options among online banks. Consider your financial goals: for integration with other Truist products, stay; for maximizing interest, explore alternatives. Weighing these factors will guide you to the best choice for your savings strategy.
