Yes, Truist offers money market accounts, and the best choice depends on your balance, fee waiver rules, and how often you’ll move funds.
If you’re asking this question, you’re probably trying to do one of two things: earn more on cash than a plain savings account, or keep money close for a near-term expense without locking it up in a CD. A money market account can fit both jobs, but only when the math works after fees.
This article breaks down Truist’s money market options, the rules that matter, and a simple way to decide if opening one makes sense for your situation.
What A Money Market Account Is And What It Isn’t
A money market account is a bank deposit account that pays interest and often offers easier access than a CD. It’s different from a money market mutual fund, which is an investment product. The Consumer Financial Protection Bureau explanation of money market accounts notes that these are deposit accounts offered by banks and credit unions, and they can be insured at eligible institutions.
Most bank money market accounts share a familiar pattern:
- Interest that can change. Banks adjust rates, and many accounts use balance tiers.
- Access that’s better than a CD. Transfers to checking are common, and some accounts offer checks or ATM access.
- Rules around activity. Banks may charge fees after a set number of withdrawals or transfers in a statement cycle.
In plain terms, a money market account is built for cash you want to keep safe, earn interest on, and still reach without drama.
Does Truist Have A Money Market Account With More Than One Type?
Yes. Truist offers a consumer money market account and also markets money market accounts for wealth and business clients. The consumer option is the Truist One Money Market Account. Truist publishes product details, rate access, and disclosures online, which is where you should start before opening.
Two items deserve your attention before you compare rates:
- Deposit insurance limits. A money market account at an FDIC-insured bank is generally covered up to applicable limits, based on ownership category and how accounts are titled. The FDIC overview of deposit insurance explains the standard $250,000-per-depositor structure and how coverage works across ownership categories.
- Fee waiver rules. A monthly fee can erase the interest on modest balances. Read the fee schedule and the exact wording of the waiver requirement.
Truist One Money Market Basics To Look Up First
Truist provides a disclosures page that spells out fees and how to avoid them. Read it once, slowly, and match it to your expected balance. The official page is Truist One Money Market disclosures and fees.
When you scan that page, focus on:
- Monthly maintenance fee. The dollar cost if you miss the waiver rule.
- How the fee is waived. Often based on a minimum daily balance across a statement cycle.
- Withdrawal and transfer fees. Know what counts as a withdrawal and what happens after the allowed number.
Wealth And Business Money Market Accounts Can Follow Different Rules
Truist also offers money market accounts through wealth and business banking. These versions can differ on minimum balances, fee schedules, and included services. If you’re a personal-banking customer and you want a clean setup, start with the consumer product. If you manage larger cash reserves or need business features, compare the wealth or business version too, since fee waivers can align better with higher balances.
How To Evaluate A Truist Money Market Account Using Your Own Numbers
Rates matter, but money market accounts are won or lost on net outcome: interest earned minus fees paid. You can run this check in a few minutes.
Start With The Job Your Cash Needs To Do
Pick the job first. A money market account is often a fit for:
- Emergency cash. Money you might need quickly, without selling investments.
- Near-term expenses. Property taxes, tuition, a move, a large insurance bill, or a planned purchase within a year or two.
If you can lock the money away for a set term, a CD may pay more. A money market account earns its keep when you value access.
Do The Fee Math Before You Fall In Love With The Rate
Take your expected balance and ask two blunt questions:
- Will I meet the monthly fee waiver rule every statement cycle?
- How many times will I transfer or withdraw in a month?
If the answer to the first is “no,” treat the fee as a fixed monthly cost and compare the account to a no-fee savings option. If the answer to the second is “a lot,” treat the account as a poor fit. Money market accounts tend to feel best when activity stays light and planned.
Truist Money Market Versus Common Alternatives
Money market accounts are easiest to judge when you compare them to the closest substitutes. The table below compresses the trade-offs into plain language.
| Option | Good Fit When | Watch-outs |
|---|---|---|
| Truist One Money Market | You want interest on cash with Truist banking in one place | Fee waiver and withdrawal rules shape the real value |
| Truist Wealth Money Market | You keep larger balances and use Truist wealth services | Product availability can depend on relationship setup |
| Truist Business Money Market | You hold business reserves and want yield on idle cash | Business deposit item limits and fee schedules may apply |
| Truist Savings Account | You want a simpler account with fewer moving parts | Rates can be lower than money market accounts |
| Online High-Yield Savings | You care most about rate and can use online service | Transfers can take time; cash deposits can be awkward |
| Certificate Of Deposit (CD) | You can lock money away until a known date | Early withdrawal penalties can reduce earnings |
| Interest Checking | You want yield on money you spend regularly | Rates may require debit transactions or direct deposit |
| Treasury Bills | You want short-term government-backed yield outside a bank | Not a deposit account; settlement timing applies |
Real-World Rules That Matter More Than The Headline Rate
People often open a money market account thinking it’s “better savings.” Then the first statement arrives and the fee cancels the interest. These are the friction points to watch.
Minimum Daily Balance Can Be The Hidden Hurdle
Fee waivers are often based on a “minimum daily” balance across the cycle. That wording matters. If you dip below the threshold for a few days, you can lose the waiver for the whole statement cycle. If you tend to move cash around, set a personal floor balance and treat it as untouchable.
Tiered Rates Can Change Your Expectations
Many money market accounts pay different rates at different balance levels. Two questions keep you honest:
- Which tier will my balance sit in most days?
- Does the higher tier apply to the full balance or only the portion above the cutoff?
If your balance swings across tiers, the average yield can land below what you expect from a quick glance at the top rate.
Withdrawal And Transfer Counts Can Turn Annoying Fast
Money market accounts are meant for saving behavior with occasional access. If you plan to pay bills from the account, make lots of small transfers, or treat it like a second checking account, you can run into withdrawal-related fees. The clean workaround is simple: route frequent spending through checking, then do one planned transfer from money market when needed.
How To Open And Run One Cleanly At Truist
This is where most of the value comes from. A money market account should stay boring: predictable balance, minimal fees, and a clear purpose.
Set One Automatic Transfer
One recurring transfer is often enough. If you get paid every two weeks, schedule a transfer right after payday. If income is irregular, schedule a monthly transfer you can sustain even in lean months. A money market account isn’t designed for constant back-and-forth moves.
Keep The Waiver Balance Steady In The First Statement Cycle
The first month is when many people get hit with a fee. They open the account, deposit funds, then pull money out and drift below the waiver threshold. For the first statement cycle, keep the balance steady and let the statement close. Then confirm no fee was charged and that the interest posted as expected.
Common Fee Triggers And The Fast Fix
The table below ties frequent problems to one practical fix, so you can keep your account fee-light and predictable.
| Trigger | What It Does | Fast Fix |
|---|---|---|
| Balance dips below waiver level | Monthly maintenance fee for the cycle | Set a personal floor balance that stays untouched |
| Many transfers in one month | Withdrawal-related fees or restrictions | Use checking for frequent movement, then do one planned transfer |
| Chasing a tier you can’t hold | Lower average yield than expected | Choose a tier you can maintain most days |
| Using the account for bill-pay | Messy tracking and more fee risk | Pay bills from checking, keep money market for saving jobs |
| Holding a large cash pile in one ownership category | Funds may exceed insurance limits | Spread balances or retitle accounts within FDIC rules |
When A Truist Money Market Account Makes Sense
A money market account at Truist often fits when you want one bank for checking and saving, you value branch access, and you can meet the fee waiver rule without juggling your balance. It’s also a solid “parking spot” when you’re holding cash for a known expense and you want it to earn interest while staying accessible.
Does Truist Have A Money Market Account? A Fast Decision Method
Run this quick check:
- Pick the job. Emergency cash, taxes, down payment, reserves.
- Pick the steady balance. The amount you can keep there most days.
- Read the waiver rule. If you can’t meet it, treat the fee as a sure cost.
- Estimate monthly activity. Light and planned is the sweet spot.
- Read the disclosures once. Focus on fees, tiers, and withdrawal rules.
If the waiver fits your balance and you’ll keep activity low, a money market account is worth a look. If not, a simpler savings account may fit better.
References & Sources
- Truist.“Truist One Money Market Account.”Official product page describing the consumer money market account and its core features.
- Truist.“Truist One Money Market Disclosures And Fees.”Official disclosures covering fees and fee waiver conditions for the consumer account.
- Federal Deposit Insurance Corporation (FDIC).“Understanding Deposit Insurance.”Explains how FDIC coverage limits apply based on depositor, bank, and ownership category.
- Consumer Financial Protection Bureau (CFPB).“What Is A Money Market Account?”Defines money market accounts and notes that deposit insurance generally applies at insured institutions.