Truist Bank Review 2024

Our review of Truist Bank analyzes the savings and money market accounts, including interest rates, fees, features, access, and minimum balances.
Editor's Rating
Editor's Rating
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Written by Shannon Lee
Financial Expert
Managing Editor
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Truist has been around since 2019, but the institution has more experience than it might appear.

The bank results from a merger between SunTrust and BB&T banks. It brought the banking products from both institutions together, including the savings account and money market options. With more than 2,000 locations, there are many opportunities for in-person banking.

Truist At-a-Glance

Overall Impression

Truist offers a solid way to protect your money with the One Savings or the One Money Market options.

Access to your money is easy, the minimum deposits are doable, and there are ways to waive the fees.

However, the APY could be better, so if you want to grow your money, this might not be your bank.

Compare Savings and Money Market Accounts

We’ve compiled a database of the top accounts to help you shop for the best savings and money market account rates and lowest fees.

Truist Bank Pros and Cons

What makes Truist a great bank with solid savings products – or not? Let’s examine the pros and cons to help you make an informed choice.


  • Minimum deposit of $50 for either account
  • Easy to waive the service fee for One Savings
  • Over 2,000 branches for in-person banking and customer support
  • A robust mobile app that’s intuitive to use
  • Low or no fees for most services


  • Must keep $1,000 in One Money Market to avoid fees
  • Low rates as compared to other banks
  • No phone-based customer service on Sundays
  • A monthly fee for choosing paper statements

Truist Bank Savings Account

The One Savings account requires only a $50 minimum deposit, but you must keep $300 or more in the account to avoid the monthly fee. There are also other ways to waive that fee.

Unfortunately, the account doesn’t offer competitive APY compared to other banks with similar products. With over 2,000 branches across 18 states, you can bank in person or use the highly-reviewed mobile app.

Truist Bank Money Market Account

The One Money Market account allows you to begin your financial journey with a minimum $50 deposit, but you must maintain a $1,000 minimum balance to avoid the monthly fee.

Like the savings account, this one doesn’t offer a competitive APY, so it’s tough to see your money grow. There are no ATM fees to use the debit card, but you are charged a $15 fee if you go over six withdrawals a month.

Compare to Other Savings and Money Market Accounts

Comparing banks is essential to find the products you need to serve your financial future best. Here’s how Truist stacks up against the competition.

UFB Savings & MMA

With no minimum deposit for the Direct Savings account and the High-Yield Money Market account, UFB Direct offers an excellent way to save. The minimum balances to avoid a fee are pretty steep, at $10,000 and $5,000, respectively.

It’s a fully online bank unless you live near a branch in San Francisco, but the mobile app is excellent. The money market account offers check writing and debit cards with no ATM fees. Expect an APY that is quite competitive.


  • Excellent APY potential
  • Fully online banking
  • No ATM fees for money market debit card


  • High minimum balances required
  • Tiered interest rates

U.S. Bank Savings & MMA

With thousands of branches over 25 states, access to your money is easy; the mobile app and easy-to-use website work well for those who prefer online handling of their finances.

The Money Market account offers a competitive APY on balances of $25,000 or more; the starting deposit is $100, and the $10 monthly fee can be waived with a $10,000 daily balance. Though there is a savings account here, it doesn’t earn interest to help your money grow.


  • Competitive interest rates
  • Branches available in 25 states
  • $100 minimium deposit


  • Tiered interest rates
  • A high minimum balance is required
  • No interest-bearing savings account

Who Is Truist For?

Truist is a good choice for consumers who want a robust and stable bank to hold their money. The One Savings and the One Money Market accounts require a small minimum deposit to start and many ways to eliminate the maintenance fee. This bank works well for those who live in the Southern states, where Truist has the most robust presence.

Rating the Features

Understanding the features of a Truiest savings or money market account can help you choose where to keep your money. Before diving into an account, know what you’re getting into. Here’s what to expect from Truist.

 Mobile Banking

Truist has a neat, clean website and a robust mobile app with many favorable Android and iOS reviews. You can customize the home page however you like to allow you a better overview of your financial life. You can easily move money around between accounts anytime, anywhere. 

 Customer Service and Experience

If you’re looking for a physical presence, you can find it at over 2,000 branches across 18 states and the District of Columbia. Unfortunately, customer service over the phone isn’t the best. Get help from a live person Monday through Friday, 8 a.m. to 8 p.m. Eastern time and between 8 a.m. and 5 p.m. on Saturdays. No representatives are available on Sundays, but an automated assistance line exists. 


The monthly maintenance fee for One Savings is $5, and the fee for the Money Market is $12, but both of those can be waived.

The $12 fee for the money market account can be waived if you continually keep a $1,000 minimum balance on your ledger. Waiving the fee for the savings account is easier and can be accomplished by:

  • Maintaining a daily balance of $300 or
  • Schedule a recurring transfer of $25 or more into the account each month or
  • Be under the age of 18, or
  • Have any Truist checking product

If you withdraw from the accounts more than six times monthly, you will be charged a $15 fee. You can link the One Savings account to your checking account for overdraft protection for no charge.


 Unfortunately, the rates offered for the One Savings and the One Money Market haven’t been historically competitive with other banks that offer similar options. However, rates are always changing, so look at the bank’s website to determine the current rates before deciding where to invest your money.

 Tools, Extras

Cash flow summaries, spending broken down by category, and the performance of your account are all quite clear on the mobile app. If you have a checking account, expect to see flags for upcoming payments, a breakdown of what you spend each month and where it goes, and other tools to help you control your finances.


Getting access to your money is easy with Truist. You can visit one of the thousands of branches, deal directly with a banker, or use the easy-to-navigate website or mobile app. The app has great reviews and provides everything you need to handle your money on the go. Phone calls are also an option. 

Safety and Security

Truist might be a new bank, but it’s not a newcomer to the world of finance. It’s the result of a merger of two banks that were on the scene for over a century, so there is a lot of clout behind the new institution. With over $550 billion in assets and FDIC protection of up to $250,000 per account per depositor, Truist is a safe place to keep your cash. 

 Minimum Deposit or Balance Requirement

The minimum deposit to begin your account is $50, which is certainly doable for most. For One Savings, you must have a minimum balance of $300 or meet the requirements to waive the fee, so you will need to deposit up to that amount during the first statement cycle. For the One Money Market, you must deposit at least $1,000 during that first cycle to waive the fee.

Frequently Asked Questions (FAQs)

Isn’t Truist Bank new on the scene?

The name is new, but the bank is not. It was created in 2019 in a merger between BB&T and SunTrust – two banks in the game for over 100 years. Truist brings that expertise to you, only under a new name and look.

What is FDIC protection?

The Federal Deposit Insurance Corporation protects money in U.S. banks. Each account is protected for up to $250,000 per depositor. If a bank fails, you are guaranteed to get back at least $250,000 of your money so you can deposit it elsewhere.

What is a competitive interest rate?

That depends upon the market. Interest rates fluctuate regularly, sometimes even daily, so it’s hard to pinpoint the rate at any given time. However, some banks offer a minimum interest rate. Others offer a rate that changes with the market. Look carefully at the interest rates offered over time to determine which bank is right for you.

About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.