So, you're ready to take a positive step towards your financial future by opening a savings account with Truist! That's a fantastic decision. Whether you're saving for a big purchase, an emergency fund, or simply want to earn a little interest on your money, a savings account is a fundamental tool. Truist, born from the merger of BB&T and SunTrust, offers a variety of savings options to fit different needs. Let's dive into a comprehensive, step-by-step guide to get you started!
Your Journey to Savings: How to Open a Truist Savings Account
Opening a savings account might seem daunting, but Truist has made the process quite straightforward, whether you prefer to do it online, in person, or even over the phone. We'll walk you through each method and what you need to know.
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| How To Open A Savings Account Truist |
Step 1: Discover Your Savings Style – Which Truist Account is Right for You?
Before you even think about forms and documents, let's explore the types of savings accounts Truist offers. This is where you engage with your financial goals! Are you looking for simplicity, growth, or something specific?
- Truist One Savings: This is a popular choice for many. It has a $50 minimum opening deposit and a $5 monthly maintenance fee, but there are several easy ways to waive that fee (more on this later!). It also offers optional overdraft protection when linked to a Truist personal checking account.
- Truist Confidence Savings: This account is designed to help you build financial confidence with no monthly maintenance fees and no overdraft fees. It requires a $25 minimum opening deposit and needs to be linked to a Truist Confidence Account (checking). Be aware that it has a $5 withdrawal limit fee for each withdrawal after you exceed six per month.
- Truist One Money Market Account: If you're looking for potentially higher interest rates and plan to maintain a larger balance, a Money Market Account might be a better fit. It has a $50 minimum opening deposit and a $12 monthly maintenance fee, which can be waived by maintaining a daily ledger balance of $15,000 or more. Rates are variable.
- Truist Certificates of Deposit (CDs): While not a traditional "savings account" in terms of accessibility, CDs offer fixed interest rates for a set period. They usually require higher minimum deposits ($1,000 or $2,500 depending on the term) but can be great for long-term savings goals where you don't need immediate access to your funds.
Consider your financial habits:
- How much do you plan to deposit initially?
- How often do you anticipate needing to withdraw money?
- Do you already have a Truist checking account?
- Are you comfortable maintaining a certain balance to avoid fees, or do you prefer an account with no monthly fees regardless of balance?
Choosing the right account from the start can save you time and money!
Tip: Take a sip of water, then continue fresh.
Step 2: Gather Your Essential Information and Documents
No matter how you choose to open your account, you'll need a few key pieces of information and documents to verify your identity and comply with federal regulations (like the USA PATRIOT Act). Having these ready will make the process much smoother.
2.1 Personal Identification:
- Government-Issued Photo ID: This is crucial. Acceptable forms include:
- Driver's License
- State ID Card
- Passport
- Permanent Resident Card (Green Card)
- If opening a joint account, all account holders will need to provide their identification.
2.2 Proof of Identity and Address:
- Social Security Number (SSN) or Taxpayer Identification Number (TIN): This is required for all U.S. residents.
- Current U.S. Residential Address: You may need proof, such as:
- A recent utility bill
- A rental agreement
- A paystub with your address
- Date of Birth
- Phone Number
- Email Address
2.3 Initial Deposit Funds:
- Truist savings accounts generally require a minimum opening deposit. This can range from $25 (Truist Confidence Savings) to $50 (Truist One Savings, Truist One Money Market). For CDs, it can be higher.
- You'll need a way to make this initial deposit, such as:
- Transfer from an existing Truist account
- Transfer from an external bank account (you'll need that account's routing and account number)
- Debit card
- Check
- Cash (if opening in person)
Step 3: Choose Your Opening Method – Online, In-Branch, or Phone
Truist offers flexibility in how you open your account. Pick the method that best suits your convenience!
3.1 Opening Online (The Quickest Option for Many!):
- Go to the Truist Website: Navigate to Truist.com and look for the "Open an Account" or "Savings" section.
- Select Your Desired Savings Account: Click on the specific savings account you chose in Step 1 (e.g., "Truist One Savings").
- Click "Open Account" or "Apply Now": This will typically lead you to an online application portal.
- Fill Out the Application: You'll be prompted to enter your personal information, including the details you gathered in Step 2. Be prepared to provide:
- Full legal name
- Date of birth
- Social Security Number
- Current address
- Contact information
- Employment information
- Review and Confirm: Carefully review all the information you've entered for accuracy. Any errors could cause delays.
- Fund Your Account: You'll be asked to make your initial deposit. This can often be done via electronic transfer from another bank account (you'll need the routing and account number), or sometimes by debit card.
- E-Sign Documents: You'll likely sign disclosures and agreements electronically.
- Confirmation: Once submitted, you'll receive a confirmation. Your account will typically be opened quickly, and you'll receive further instructions via email or mail regarding online banking access and any physical documents.
3.2 Visiting a Truist Branch (For Personalized Assistance):
- Locate a Branch: Use the Truist website's branch locator to find the nearest Truist branch.
- Gather Your Documents: Bring all the necessary documents mentioned in Step 2. It's always a good idea to bring more than you think you'll need, just in case.
- Meet with a Representative: A Truist representative will guide you through the application process, answer any questions you have, and help you select the best account for your needs. This is a great option if you prefer face-to-face interaction or have complex questions.
- Complete Paperwork: You'll fill out and sign the necessary forms in person.
- Make Your Initial Deposit: You can deposit cash, a check, or transfer funds from another account.
- Receive Account Information: You'll leave with your new account number and information on how to set up online banking.
3.3 Opening by Phone (Convenient for Some):
- Call Truist Customer Service: You can call Truist directly at 844-4TRUIST (844-487-8478).
- Inform the Representative: Let them know you're interested in opening a new savings account.
- Provide Information: The representative will walk you through the application process, asking for the same personal information and details you'd provide online or in-branch.
- Follow Funding Instructions: They will provide instructions on how to make your initial deposit, which may involve an electronic transfer or mailing a check.
- Receive Documents: Your account opening documents will typically be mailed to you.
Step 4: Activating and Managing Your New Savings Account
Congratulations! Your Truist savings account is now open. But the journey doesn't end there.
4.1 Set Up Online and Mobile Banking:
- This is highly recommended. Truist's digital banking platform allows you to:
- Check your balance
- View transaction history
- Set up alerts
- Transfer money between accounts (internal and external)
- Deposit checks using the mobile app (Mobile Deposit)
- Pay bills
- Send money with Zelle®
- You'll typically receive instructions on how to register for online banking after your account is opened.
4.2 Understand and Waive Monthly Maintenance Fees (If Applicable):
- For accounts like the Truist One Savings, remember the $5 monthly maintenance fee. Here are common ways to waive it:
- Have a related Truist personal checking account.
- Maintain a minimum daily ledger balance of $300 or more in your Truist One Savings account.
- Schedule a recurring, preauthorized internal transfer of $25 or more into Truist One Savings per statement cycle.
- Be under 18 years of
age (must open in branch).
4.3 Set Up Automatic Transfers (Highly Recommended for Savings!):
- One of the best ways to reach your savings goals is to automate your savings. Set up recurring transfers from your Truist checking account (or an external account) to your new savings account. Even small, consistent transfers add up over time.
4.4 Link for Overdraft Protection (Optional, but Smart):
- If you have a Truist checking account, consider linking your new savings account for overdraft protection. This can help prevent overdraft fees on your checking account by automatically transferring funds from your savings if your checking balance falls short.
Step 5: Start Saving and Track Your Progress!
With your account open and managed, the most important step is to start saving consistently.
QuickTip: Re-reading helps retention.
- Set Clear Goals: What are you saving for? A down payment? A vacation? An emergency fund? Having clear goals keeps you motivated.
- Monitor Your Account: Regularly check your balance and transactions through online or mobile banking.
- Adjust as Needed: Life happens! If your income or expenses change, adjust your savings contributions accordingly.
10 Related FAQ Questions:
Here are some common questions about opening and managing a Truist savings account:
How to find the nearest Truist branch? You can easily find the nearest Truist branch by visiting the "Locations" section on the official Truist website and using their branch locator tool.
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How to check the current interest rates for Truist savings accounts? Truist's interest rates are variable and can change. The most up-to-date rates for their savings products are typically available on the "Savings" section of the Truist website or by contacting a Truist representative.
How to link my Truist savings account to my Truist checking account? You can usually link your accounts for overdraft protection or easy transfers through Truist online banking, the Truist mobile app, or by contacting customer service or visiting a branch.
QuickTip: Pause after each section to reflect.
How to set up recurring transfers to my Truist savings account? Log in to your Truist online banking or mobile app, navigate to the "Transfers" section, and follow the prompts to set up a recurring transfer from your desired source account to your new savings account.
How to avoid monthly maintenance fees on a Truist One Savings account? You can waive the $5 monthly fee by having a linked Truist personal checking account, maintaining a $300 minimum daily ledger balance, scheduling a recurring $25 transfer into the account, or if you are under 18 years old.
How to deposit a check into my Truist savings account using the mobile app? Open the Truist mobile app, select the "Deposit Checks" option, follow the instructions to endorse your check, and take clear photos of the front and back.
How to withdraw money from my Truist savings account? You can withdraw funds at a Truist ATM, by visiting a Truist branch, or by transferring funds to a linked checking account via online or mobile banking. Be mindful of withdrawal limits for certain accounts like Truist Confidence Savings.
QuickTip: Skim fast, then return for detail.
How to find my Truist savings account number and routing number? Your account number and Truist's routing number can be found on your checks (if applicable), on your monthly bank statements, or by logging into your Truist online banking account.
How to close a Truist savings account? To close a Truist savings account, it's best to contact Truist customer service directly or visit a branch. They will guide you through the necessary steps and ensure any remaining balance is transferred or disbursed properly.
How to get help if I have trouble opening my Truist savings account online? If you encounter any issues while applying online, you can call Truist customer service at 844-4TRUIST (844-487-8478) or visit your nearest Truist branch for assistance.
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