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 have made a video summarizing in a very simple way all the features of the Truist Bank savings account. If you like our content, don’t hesitate to support us with a subscription and thus receive videos every day:

YouTube video
Truist Bank savings account

Features

In this section, you can see all the features of the Truist Bank savings account.

Truist Bank savings account features

Interest rate

Undoubtedly, the most important point of any savings account is the yield. The interest rate offered is 0.01% APY. The interest rate offered by the Truist Bank savings account is ridiculous.

Fees

This savings account has a monthly commission of $5 unless you have a monthly balance in the account greater than $300. This is a very bad feature since there are many banks that do not force you to meet any conditions.

Minimum deposit

A minimum deposit of $50 is required to open the Truist Savings Account. Again, a very bad feature.

ATMs

You can withdraw money commission-free at all Truist ATMs.

Deposit funds

You can deposit funds into the Truist Bank savings account by making bank transfers or you can also mail a check.

Withdrawls

To withdraw money you have to make bank transfers from the Truist Bank account to the one you want.

Best savings accounts 2023

We have made a comparison of the Truist Bank savings account with the best savings accounts you can open in the United States in 2023. We show you the main characteristics of each savings account:

CIT Bank Logo
  • 4,05% APY
  • Minimum deposit: $100
  • No welcome bonus
  • Member FDIC
Marcus by Goldman Sachs
  • 3,75% APY
  • Minimum deposit: $0
  • Welcome bonus: $100
  • Member FDIC
synchrony-bank-logo
  • 3,75% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo Sofi
  • 3,75% APY
  • Minimum deposit: $0
  • Welcome bonus: $250
  • Member FDIC
Barclays Logo
  • 3,60% APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC
Logo capital One CDs
  • 3,40% APY
  • Minimum deposit: $0
  • Member FDIC
  • No welcome bonus
Discover logo
  • 3,40 APY
  • Minimum deposit: $0
  • No welcome bonus
  • Member FDIC

Video with the best savings accounts

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

Video with the 7 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:

ProsCons
Low interest rates
Minimum deposit $0
Commission up to $50 per month
Pros and cons Truist Bank savings account

Requirements

Opening this savings account is very simple, you just have to meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone

Documentation

They may also ask you for the following documentation:

  1. Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
  2. Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
  3. Your signed Client Agreement.

Frequent questions

Here we answer all the questions you may have:

Conclusions and opinions

After all the review, our conclusion is that our conclusion is that Truist Bank does not offer a competitive savings account because it only offers 0.01% APY, has fees if you do not qualify, and requires you to deposit $50.

More information about Truist Bank

Here you have interest information about Truist Bank:

InformationDescription
Websitehttps://www.truist.com/
Twitterhttps://twitter.com/TruistNews
Facebookhttps://www.facebook.com/truist
YouTubehttps://www.youtube.com/channel/UC10Dmvy2Ih93O8hCg_UYN6w
information about Truist Bank

Finally you have a related posts about savings account:

Updated the day 17 May, 2023 by Alfredo Barandiarán

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