Deciphering the ins and outs of bank account fees and minimum balances can feel like navigating a maze, right? But don't worry, we're going to break down exactly how much money you need to keep in your Truist account, or more importantly, how to avoid paying unnecessary fees. Let's get started!
Understanding Truist Account Types and Their Requirements
Truist, like many large banks, offers a variety of checking and savings accounts, each with its own set of rules regarding minimum balances and monthly maintenance fees. The key to keeping more of your hard-earned money is to understand these rules for your specific account.
 |
| How Much Money Do I Have To Keep In My Truist Account |
Step 1: Discover Your Current Account Type (or Choose the Right One!)
- What Truist account do you currently have? This is the first and most crucial step. Dig out a recent bank statement, log into your online banking, or simply give Truist a call. Knowing your account name (e.g., Truist One Checking, Truist Confidence Savings, Truist One Money Market) is essential because the requirements vary significantly.
- If you're considering opening a new account, take some time to research the different options Truist offers. This guide will help you identify the best fit for your financial habits.
Once you know your account type, you can proceed to the next steps to understand the associated balance requirements and how to avoid fees.
QuickTip: Focus more on the ‘how’ than the ‘what’.
Step 2: Unraveling Checking Account Minimums and Fees
Checking accounts are often the primary account for day-to-day transactions, and they frequently come with monthly maintenance fees that can add up if you're not careful.
Sub-heading: Truist One Checking Account
This is a popular option and has a monthly fee of $12. However, Truist offers several straightforward ways to waive this fee:
Tip: Summarize the post in one sentence.
- Option A: Maintain a Combined Balance. Keep a total combined ledger balance of $500 or more across all eligible Truist accounts (personal deposits excluding HSA, and all investments). This is a great option if you consolidate your banking with Truist.
- Option B: Direct Deposits. Have $500 or more in total qualifying direct deposits per statement cycle. This is perfect if your salary or other regular income goes directly into your Truist account. Note: Transfers from other personal accounts or non-ACH deposits typically don't count.
- Option C: Relationship Banking. Have a personal Truist credit card, mortgage, or consumer loan (including LightStream). This rewards you for having multiple products with Truist.
- Option D: Small Business Connection. Have a linked small business checking account with Truist.
- Option E: Student Status. If you are a student under the age of 25, the fee is waived.
- Option F: Age Requirement. If the primary account holder is under the age of 25 or age 62 and older, the fee is waived.
Sub-heading: Truist Confidence Account
Designed for those looking to build financial confidence, this account has a $5 monthly maintenance fee, which can be waived in several ways:
 |
- Option A: Total Deposits. Make $500 or more in total deposits per statement cycle. This includes various forms of deposits, not just direct deposits.
- Option B: Qualifying Transactions. Make 10 or more qualifying transactions per statement cycle. This could include debit card purchases, online bill payments, etc.
- Option C: Student Status. The primary client is a student.
- Option D: Age Requirement. The primary client is under the age of 25 or age 62 and older.
Sub-heading: Truist Business Checking Accounts
If you're a business owner, Truist offers specific business checking accounts with their own fee structures:
Tip: Write down what you learned.
- Truist Simple Business Checking: This account typically has no monthly maintenance fee. It's a good choice for businesses just starting out or with lower transaction volumes.
- Truist Dynamic Business Checking: This account has a $20 monthly maintenance fee, but it can be waived if you maintain an average balance of $5,000 or more across all your combined Truist business bank accounts over the last three months. This account offers more perks as your balances grow.
- Truist Community Checking: Designed for nonprofits and civic organizations, this account also typically has no monthly maintenance fee.
Step 3: Navigating Savings Account Minimums and Fees
Savings accounts are crucial for building your financial future, and while they often have lower fees than checking accounts, it's still important to be aware of the requirements.
Sub-heading: Truist One Savings Account
This account has a $5 monthly maintenance fee, which can be waived through one of four methods:
Tip: Don’t overthink — just keep reading.
- Option A: Related Truist Personal Checking Account. Have any related Truist personal checking account. This is an easy waiver if you also bank with Truist for your checking needs.
- Option B: Minimum Daily Balance. Maintain a minimum daily ledger balance of $300 or more in your Truist One Savings account.
- Option C: Recurring Internal Transfer. Schedule a recurring, pre-authorized internal transfer of $25 or more into your Truist One Savings account per statement cycle. This is a fantastic way to automate your savings and avoid fees.
- Option D: Age Requirement. Be under 18 years of age.
Sub-heading: Truist Confidence Savings Account
This account is designed to be straightforward and typically has no monthly service fee. It requires a minimum deposit of $25 to open. This can be a great option if you want a simple savings account without worrying about balance requirements to avoid fees.
Sub-heading: Truist One Money Market Account
Money market accounts often offer slightly higher interest rates than traditional savings accounts but typically come with higher minimum balance requirements. The Truist One Money Market Account has a $12 monthly maintenance fee, which is waived if you maintain at least a $15,000 minimum daily balance*.
 |