Truist Simple Business Savings Account 2024 Review
As your business grows or evolves, you may want to set aside funds for future expansions or projects. A business savings account could be a good place to store that cash until you’re ready to use it.
Some business savings accounts are much better than others. We’ve reviewed the Truist Simple Business Savings account to help you figure out if it is a good fit for your company.
The Truist Simple Business Savings account may be a good fit if you’re looking for a brick-and-mortar business savings account that offers a decent interest rate.
Truist Simple Business Savings Account Pros & Cons
Compare Best Business Bank Accounts Available Now
Find the best business accounts to manage your business funds better and improve your bottom line:
Live Oak Bank Business Savings Account
The Live Oak Bank Business Savings Account has no monthly fee and it offers a very competitive interest rate on all balances--making it a strong choice for businesses that don't require branch access or cash deposits. However, you cannot make cash deposits--limiting its suitability for businesses that deal with cash transactions regularly.
Read the full review of the Live Oak Bank Business Savings Account.
Chase Business Total Savings
The Chase Business Total Savings account has a $10 monthly fee (which can be waived) and offers a higher level of convenience through its massive branch network. However, its interest rates are not at all impressive. This account is less appealing for businesses without an existing Chase banking relationship.
Read the full review of the Chase Business Total Savings account.
Bank of America Business Advantage Savings Account
The Bank of America Business Advantage Savings Account is another big-bank business savings account that provides better branch access. Not surprisingly, it is also designed for existing Bank of America business clients seeking convenience despite its low interest rates. There is also a $10 monthly fee, which can be waived.
Read the full review of the Bank of America Business Advantage Savings Account.
PNC Premium Business Money Market Account
The PNC Premium Business Money Market account imposes a $12 monthly maintenance fee, offering access for existing PNC customers to a broad branch and ATM network despite its very low interest rates. Fee waivers are available for maintaining a minimum balance, making it a practical choice for those prioritizing banking convenience over yield.
Read the full review of the PNC Premium Business Money Market Account.
Monthly Service Fee
The Truist Simple Business Savings account charges a $5 monthly service fee. This fee is waived if you meet one of these requirements:
- Maintain an average daily balance of $250 or more
- Maintain an average monthly balance of $500 or more
- Have a recurring pre-authorized deposit or transfer of at least $100 per monthly statement cycle
Monthly Deposit Limits
This account offers 20 free deposits each month. Each deposit above that results in a $0.39 fee.
Cash Deposit Limits
This account comes with $5,000 of free monthly cash deposits. If you exceed this limit, you pay $0.003 per extra $1 of cash deposited. This results in a $0.30 per $100 fee for easy comparison to other banks’ fees.
Interest Rates
This account currently pays a slightly higher interest rate than expected for a traditional brick-and-mortar bank. However, you may find better interest rates with online business savings accounts.
Other Account Fees
Physical banks tend to charge several fees on their accounts, including their savings accounts. Here are some fees you should look into for this account.
Other Service Fees - Truist Simple Business Savings Account
| Type | Fee |
|---|---|
| Excess withdrawal fee | $15.00 for each withdrawal above six in a month |
| Out-of-network ATM fee | $3.00 for domestic, $5.00 for international |
| Domestic wire transfers | $20.00 each |
| International wire transfers | $35.00 each |
Account Management and Access
The Truist Simple Business Savings account is exactly as advertised. It’s extremely basic. The bank has several bank branches and ATMs you can use to access your savings. The bank also offers a mobile banking app.
The bank account is FDIC-insured up to FDIC insurance limits. This coverage is separate for business and personal accounts unless your business is a sole proprietorship.
How to Open
Truist allows you to open a Truist Simple Business Savings account online. The exact information needed to complete the account application depends on your business type. Supported business types include:
- C corporation
- S corporation
- General partnership
- Limited liability partnership
- Limited liability company
- Single-member limited liability company
- Sole proprietor
- Non-profit organization
- Unincorporated association
The types of information requested may include:
- Name
- Social Security number
- Date of birth
- Contact information for business owners and the business
- Similar information for beneficial owners, controlling persons, and authorized signers
- Business tax identification number
- NAICS sector, subsector, and national industry
- Business classification
- Estimated annual revenue
- Date and state business was established in
How to Choose the Right Business Savings Account
Each company may have different priorities when choosing a business savings account. Still, most businesses look for similar features.
Start by considering your priorities for the account you wish to open. Then, compare that list of priorities to your available account options to find the best business savings account for your company.
Here are some of the more common features you may want to think about.
Interest rate
A business savings account’s interest rate is often a top priority for most companies. It determines how much interest you earn on the money you set aside.
Many traditional banks pay interest rates extremely close to zero, but some offer reasonable interest rates. Some of the better online business savings accounts may have higher interest rates worth considering.
FDIC or NCUA insurance coverage
The institution which which you open your savings account should be an FDIC or NCUA member. These organizations offer insurance on funds in your account up to the limits of the program.
This protects your money in case the bank fails. The coverage is separate for personal and business accounts unless you operate a sole proprietorship
Larger companies may have funds that exceed insurance limits. These businesses should focus on picking a financially stable bank.
Monthly maintenance fees
An ideal savings account doesn’t charge a monthly maintenance fee, but these accounts are rare. A suitable alternative is finding an account that offers easy ways to waive the maintenance fee.
Minimum balance requirements
One common way to get a maintenance fee waived is by maintaining a minimum balance. Each bank may use a different minimum balance amount and methodology. Look for a balance requirement you can meet without question to avoid this maintenance fee.
Transaction limits and excess transaction fees
Expect withdrawal limitations on every savings account you come across. Most also have deposit transaction limits. If you exceed the free deposit transaction limit, you may have to pay an excess deposit fee.
Cash deposit limits and excess cash deposit fees
Banks often limit free cash deposits each month. Extra cash deposited in a month may incur a small fee for each $100 of cash deposited.
Physical bank locations and hours
If you choose a traditional bank, convenient bank branches may be a priority. You should also consider the hours the locations are open.
Other products
Businesses shopping for an entire banking suite may prioritize the features of other banking products, such as checking accounts or loans.
In these instances, you may decide to open a savings account with whichever bank you choose for your other accounts. This can keep your business banking simpler than having accounts at multiple institutions.
