Truist Bank savings account review

¿Do you want to know all the features of the Truist Bank savings account? Responsible Economy analyzes the fees, requirements, yields and all the conditions that Barclays offers in its savings account. We also show you a comparison with the best savings accounts that you can open in the United States and a explanatory video.

Explicative video

We’ve created a video that presents a simple and concise overview of all the features of the Truist Bank savings account. If you find our content helpful, consider supporting us by subscribing. By subscribing, you’ll receive daily videos from us, ensuring you stay informed and up-to-date with valuable financial information.

Features

In this section, we present all the features of the Truist Bank savings account:

Interest rate

The interest rate offered by the Truist Bank savings account is 0.01% APY. Unfortunately, this rate is quite low compared to other accounts in the market.

Fees

This savings account comes with a monthly commission of $5, unless you maintain a monthly balance of at least $300. This requirement may be considered a disadvantage since many banks offer accounts without such conditions.

Minimum deposit

To open the Truist Savings Account, a minimum deposit of $50 is required. This minimum deposit requirement might be seen as a drawback for those looking for accounts with no or lower initial deposit requirements.

ATMs

You can withdraw money from the Truist Bank savings account at all Truist ATMs without incurring any commission fees, which is a positive aspect of the account.

Deposit funds

Funds can be deposited into the Truist Bank savings account through bank transfers or by mailing a check, providing you with flexibility in managing your account.

Withdrawls

For making withdrawals, you must initiate bank transfers from the Truist Bank account to the desired account, which might be seen as a slight inconvenience for some.

Best savings accounts 2023

We have conducted a comprehensive comparison of the Truist Bank savings account with the top savings accounts available in the United States. In this analysis, we highlight the main characteristics of each savings account to help you make an informed decision:

Savings accounts calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Truist Bank savings account calculator

Calculate

Video with the best savings accounts

We also have made a video with the best savings accounts:

Pros and cons

Once we have seen all the features of the Truist Bank savings account and analyzed the main characteristics of the best savings accounts, we are in a position to see a table with all the advantages and disadvantages:

Pros	Cons
	Low interest rates
	Minimum deposit $0
	Commission up to $50 per month

Requirements

Opening the savings account is a straightforward process with the following requirements:

• Age: You must be over 18 years old to be eligible for the account.
• Residency: You need to be a resident of the United States.
• Contact Information: Having an American phone number is required for communication purposes.

Documentation

In addition to meeting the requirements, the bank may ask for the following documentation:

1. Certified Copy of Identity Document: For each applicant, a certified copy of a current, valid passport is typically required, although other types of acceptable identification may be considered.
2. Certified Copy or Original Proof of Address: Each applicant may need to provide a certified copy or original proof of address, such as a bank or building society statement or a utility bill.
3. Signed Client Agreement: The bank may require you to sign a client agreement, which is a formal contract outlining the terms and conditions of your savings account.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After thoroughly reviewing all the information, our final conclusion is that Truist Bank does not provide a competitive savings account. The reasons for this assessment are as follows:

• Low Interest Rate: The offered interest rate of 0.01% APY is significantly lower compared to other savings accounts in the market.
• Fees and Qualifications: The account comes with a monthly commission unless specific qualifications are met, which may not be favorable for some customers who prefer fee-free accounts.
• Minimum Deposit Requirement: Requiring a minimum deposit of $50 might be seen as a drawback for those seeking accounts with lower initial deposit requirements.

Considering these factors, it’s evident that the Truist Bank savings account may not align with your preferences or financial goals. We recommend exploring alternative savings accounts that offer higher interest rates, fewer fees, and more flexible deposit options to better suit your needs.

More information about Truist Bank

Here you have interest information about Truist Bank:

Information	Description
Website	https://www.truist.com/
Twitter	https://twitter.com/TruistNews
Facebook	https://www.facebook.com/truist
YouTube	https://www.youtube.com/channel/UC10Dmvy2Ih93O8hCg_UYN6w

Related content

Finally you have a related posts about savings account:

Updated the day 1 September, 2023 by Alfredo Barandiarán