How Much Money Do I Need To Open A Truist Bank Account

People are currently reading this guide.

👤

Published by A contributor at Hows.Tech sharing helpful insights.

📝 Article edited 0 times 🕒 Last modified by Default Author

Have you ever considered opening a new bank account, only to find yourself wondering, "How much money do I actually need to get started?" It's a common question, and thankfully, for a major institution like Truist Bank, the answer is often more accessible than you might think. This comprehensive guide will walk you through everything you need to know about opening a Truist bank account, including the various minimum deposit requirements, account types, and important considerations.

Understanding Truist Bank Account Options and Minimum Deposits

Truist Bank, formed from the merger of BB&T and SunTrust, offers a range of personal banking products designed to meet diverse financial needs. The minimum amount of money you'll need to open an account depends heavily on the type of account you choose.

Step 1: Discovering Your Banking Needs – What Kind of Account Are You Looking For?

Before we dive into specific numbers, let's start with you! What are your financial goals for this new account?

• Are you looking for a place to manage your daily spending and pay bills?
• Do you want to start building an emergency fund or save for a specific goal?
• Are you interested in earning interest on your savings with more liquidity than a CD?
• Or perhaps you're looking for a longer-term, higher-interest savings option?

Your answers to these questions will guide you to the right type of Truist account and, consequently, determine the minimum opening deposit.

Sub-heading: Popular Truist Account Types and Their Minimums

Truist offers several popular account types, each with its own set of features and, importantly, its own minimum opening deposit.

• Truist One Checking Account: This is a very common choice for everyday banking.

  • Minimum Opening Deposit: For the Truist One Checking account, you generally need a $50 minimum opening deposit. This makes it quite accessible for many individuals.
  • Monthly Maintenance Fee: This account typically has a monthly maintenance fee, but it can be waived in several ways, such as maintaining a certain balance, having qualifying direct deposits, or being a student.

• Truist One Savings Account: Designed for general savings, this account helps you set aside money for your goals.

  • Minimum Opening Deposit: The Truist One Savings account requires a $50 minimum opening deposit.
  • Monthly Maintenance Fee: Similar to the checking account, there's often a monthly fee that can be waived through various criteria, including maintaining a minimum daily ledger balance of $300 or more, or linking it to a Truist personal checking account.

• Truist Confidence Savings Account: This account is geared towards specific savings needs and comes with no overdraft-related fees.

  • Minimum Opening Deposit: For the Truist Confidence Savings account, the minimum opening deposit is a low $25.
  • Monthly Maintenance Fee: A significant benefit of this account is that it has no monthly maintenance fee. You typically need a Truist Confidence Account (checking) to open this savings account.

• Truist One Money Market Account: Offering a blend of savings and some checking features, money market accounts can be a good option for those seeking a bit more flexibility and potentially higher interest rates than a standard savings account.

  • Minimum Opening Deposit: The Truist One Money Market Account also has a $50 minimum opening deposit.
  • Monthly Maintenance Fee: This account typically has a monthly maintenance fee of $12, which can be waived if you maintain a minimum daily ledger balance of $15,000 or more.

• Truist Certificates of Deposit (CDs): CDs are time deposits that offer a fixed interest rate for a specified term. They are generally suited for money you don't need immediate access to.

  • Minimum Opening Deposit: The minimum deposit for Truist CDs varies by term:
    • For terms from 7 to 31 days, you'll need a $2,500 minimum opening deposit.
    • For terms from 32 days to 60 months, the minimum is generally $1,000.
  • Monthly Maintenance Fee: CDs typically have no monthly maintenance fee. However, early withdrawal penalties apply if you take out your money before the term ends.

• Truist Wealth Checking Account: This account is designed for clients with higher balances and offers premium benefits.

  • Minimum Opening Deposit: The Truist Wealth Checking Account requires a $100 minimum opening deposit.
  • Annual Maintenance Fee: This account has an annual maintenance fee ($50), which can be waived by maintaining a substantial combined balance across various Truist accounts.

• Truist Student Checking Account: Specifically designed for students, often with waived fees.

  • Minimum Opening Deposit: While the Truist One Checking account generally requires a $50 minimum deposit, for students using the Truist One Checking account (which serves as their student checking option), the monthly maintenance fee can be waived. It's often reported that there's no minimum opening deposit specifically for student checking, as long as they meet the student eligibility criteria (e.g., under 25 years old and provide an anticipated graduation date). It's always best to confirm with a Truist representative for the most current student-specific offers.

Step 2: Gathering Your Essential Documentation

Once you know which type of account you'd like to open, the next step is to ensure you have all the necessary information and documents. This is a crucial part of the account opening process.

Sub-heading: What You'll Need to Open Your Account

Regardless of the minimum deposit, you'll need to provide certain personal information to comply with banking regulations (like the Patriot Act).

• Personal and Contact Information: This includes your full name, date of birth, current address, phone number, and email address.
• Social Security Number (SSN): Your SSN is required for identification and tax purposes.
• Valid Government-Issued Photo ID: This could be a driver's license, state ID, or passport. Make sure it's current and not expired.
• Employment and Income Information: While not always strictly a requirement for opening a basic account, this information may be requested, especially if you're applying for other banking products alongside your account.
• Your Initial Deposit Funds: This is where the minimum deposit comes in. You'll need the specified amount (e.g., $50 for a Truist One Checking account) to fund your new account. You can typically make this deposit using:
  • Cash (if opening in a branch)
  • A check from another bank account
  • An electronic transfer from an existing account (Truist or another bank)
  • A debit card from another financial institution

Step 3: Choosing Your Account Opening Method

Truist offers several convenient ways to open an account, allowing you to choose the method that best suits your preferences.

Sub-heading: Online, In-Branch, or Over the Phone

• Online Application (Recommended for convenience): This is often the quickest and easiest way to open a basic checking or savings account. You can complete the entire process from the comfort of your home.

  • Visit the Truist website: Navigate to their "Open Account" section.
  • Select your desired account: Choose the checking, savings, or money market account you wish to open.
  • Fill out the online application: Provide all the requested personal and financial information.
  • Fund your account: You'll typically have options to fund it electronically from another bank account or via debit card.
  • Review and submit: Double-check all information before submitting your application.

• In-Branch Visit (For personalized assistance): If you prefer face-to-face interaction or have more complex banking needs, visiting a Truist branch is a great option.

  • Locate a Truist branch: Use the Truist website's branch locator to find the nearest branch.
  • Schedule an appointment (optional but recommended): This can save you waiting time.
  • Bring your documents: Remember to bring your valid ID, SSN, and your initial deposit funds.
  • Speak with a banker: They can answer your questions, help you choose the best account, and guide you through the application process.

• Over the Phone (For guided assistance): Some individuals prefer to open an account over the phone with the assistance of a bank representative.

  • Call Truist customer service: Find their main customer service number on their website.
  • Be prepared with your information: Have your personal details and initial deposit method ready.
  • Follow the representative's instructions: They will guide you step-by-step through the application.

Step 4: Funding Your New Account

This is the moment where the "how much money do I need" question truly comes into play. Once your application is approved, you'll need to make your initial deposit.

Sub-heading: Making Your First Deposit to Activate Your Account

• Online/Mobile Transfers: If you're opening online, you'll likely be prompted to link an external bank account for an electronic transfer or use a debit card to make your initial deposit. This is generally the most straightforward method for online applications.
• In-Branch Deposits: If you opened your account at a branch, you can simply hand over your cash or check to the teller.
• Mobile Check Deposit: Once your account is set up and you have access to the Truist mobile app, you may be able to deposit a check using your smartphone's camera.
• Direct Deposit Setup: After your account is active, consider setting up direct deposit for your paycheck or other regular income. This can often help waive monthly maintenance fees for certain checking accounts.

Step 5: Activating and Managing Your Account

Congratulations! Your Truist account is now open. But the journey doesn't end there.

Sub-heading: Post-Opening Steps for a Smooth Banking Experience

• Activate Your Debit Card: Once your debit card arrives in the mail, follow the instructions to activate it. This usually involves making a small transaction or calling an activation number.
• Set Up Online Banking and Mobile App: Download the Truist mobile app and enroll in online banking. This will allow you to manage your account, view transactions, pay bills, and transfer funds conveniently.
• Explore Account Features: Familiarize yourself with the features of your new account, such as online bill pay, mobile check deposit, and any overdraft protection options.
• Link Accounts (If applicable): If you opened both a checking and savings account, consider linking them for easy transfers and potential overdraft protection.
• Monitor Your Account Regularly: Keep an eye on your transactions and balances through online banking or the mobile app to prevent fraud and manage your finances effectively.

---

Frequently Asked Questions (FAQs)

Here are 10 common questions related to opening a Truist bank account, with quick answers:

1. How to open a Truist bank account online? You can open a Truist bank account online by visiting the Truist website, selecting the desired account type, completing the online application form, and making your initial deposit electronically.

2. How to waive the monthly fee on a Truist One Checking account? You can waive the monthly fee on a Truist One Checking account by having qualifying direct deposits totaling $500 or more per statement cycle, maintaining a total combined ledger balance of $500 or more, having a Truist personal credit card, mortgage, or consumer loan, or being a student under 25 years old (with anticipated graduation date).

3. How to find a Truist bank branch near me? You can find a Truist bank branch near you by using the "Locations" or "ATM & Branch Locator" tool on the official Truist website or mobile app.

4. How to set up direct deposit with a Truist account? To set up direct deposit, provide your employer or payer with your Truist account number and routing number. These can typically be found on your checks, within your online banking portal, or by contacting Truist customer service.

5. How to get a debit card for my Truist account? A debit card is typically issued automatically when you open a checking or money market account and will be mailed to your address. You'll need to activate it once it arrives.

6. How to check my Truist account balance? You can check your Truist account balance through the Truist online banking portal, the Truist mobile app, by calling customer service, or by visiting an ATM or branch.

7. How to transfer money to my new Truist account from another bank? You can transfer money to your new Truist account from another bank via an electronic funds transfer (EFT) using your other bank's online banking platform, setting up an external transfer within your Truist online banking, or by initiating a wire transfer.

8. How to upgrade or change my Truist account type? To upgrade or change your Truist account type, it's best to speak with a Truist banker either in person at a branch or by calling customer service, as they can guide you through the options and process.

9. How to find my Truist routing number? Your Truist routing number can be found on your checks (usually the first nine digits at the bottom left), within your online banking account details, or by searching the Truist website for routing numbers based on your location.

10. How to avoid overdraft fees with Truist? You can avoid overdraft fees with Truist by monitoring your balance closely, linking your checking account to a savings account for overdraft protection, or opting into a Truist account specifically designed to avoid overdrafts (like the Truist Confidence Account).

0795240628120758247