Posted by William Charles on January 29, 2020
Bank Account Bonuses

Published on January 29th, 2020 | by William Charles

15

[FL, MA, NJ, NY, VT] Trustco Bank $100 Checking, $100 Savings & $100 CD Bonus (Personal & Business)

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: FL, MA, NJ, NY, VT, must open in branch [Branch locator]
  • Direct deposit required: Optional for all but the CD bonus
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • Chexsystems: Yes
  • Credit card funding: Can’t be funded with a credit card
  • Monthly fees: None
  • Early account termination fee: $26 if closed within three months + you forfeit bonus
  • Household limit: None listed
  • Expiration date: March 6th, 2020

The Offer

Direct link to offer

  • Trustco Bank is offering up to $300 in bonuses:
    • $100 checking bonus when you open a new Home Town Personal or Business Checking Account and complete either a direct deposit OR make 5 debit card transactions within 45 days of account opening
    • $100 savings bonus when you open a new Home Town Personal or Business Checking Account with a minimum balance of $5,000 for 45 days after account opening
    • $100 CD bonus when you open a new Certificate of Deposit with $20,000 of new money and a checking account with direct deposit and make 5 debit card transactions

The Fine Print

  • Promotional offer valid from 1/6/2020 until 3/6/2020.
  • All bonuses will be paid within 60 calendar days of verification that the requirements have been satisfied for each offer.
  • To receive the $100, you must open a Home Town Premier Checking, Home Town Free Checking, Student Checking or Business Checking Account with either Direct Deposit or 5 debit card transactions within 45 days of account opening.
  • Direct Deposits must be the entire amount from a recurring Payroll, Social Security, and/or Pension (minimum of $100 monthly Direct Deposit). Direct Deposit or 5 debit card transactions must be completed within 45 calendar days from the date that the account was opened.
  • To receive the $100, you must open a new Savings Account with a minimum of $5,000 (Club Accounts excluded).
  • To receive the $100, you must open a Certificate of Deposit with $20,000 of new money, that is money currently not on deposit at Trustco Bank.
  • See branch manager for current rates and terms. Fees may reduce earnings.
  • A checking account with the above mentioned criteria must also be opened and maintained.
  • Please note: We reserve the right to alter or withdraw these products or certain features without prior notification. A Certificate of Deposit may also be referred to as an Investment Certificate.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fees to worry about. The savings account and CD has no monthly fees to worry about

Early Account Termination Fee

If the account is closed within three months you have to pay a $26 fee, you also forfeit the bonus.

Our Verdict

Previously they offered a $125 checking & $75 savings bonus. I think this new bonus is better as no direct deposit is required (unless you want to do the CD bonus). They have a 30 day CD which should qualify you for that bonus, but it only earns 0.05% and means you need to do a direct deposit as well. That being said I think all three bonuses are worth doing, in particular the checking & savings bonus. The CD bonus is a bit more line ball as you need to tie up $20,000 for 30 days and then do the direct deposit as well. I’ll be adding all three of these to our list of the best checking account bonuses.

Hat tip to reader Dean

Useful posts regarding bank bonuses:



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Ron
Ron

First comment: 🙂

As per the fine print: Direct Deposits must be the entire amount from a recurring Payroll, Social Security, and/or Pension (minimum of $100 monthly Direct Deposit). How will they know whether its entire amount or partial?
Also which bank ACH works for DD if one cannot change employer DD ?

Peek
Peek

Ron If the amount is an even $100 that would probably clue them in. Provided you do an uneven amount over $100 I’m not sure how they’d know. I can think of no time in my work history where I ever had a DD go in that was an even dollar amount.

Ron
Ron

Yes I was thinking along the same lines.
Are you doing this bonus with employer DD or fake DD?
Any idea if Bank ACH will work and if so which bank?

Peek
Peek

Ron I will likely get denied due to Chex (I’m always LOL/24 on my Chex) but I can easily change my DD so I will do a real deposit if I get an account. If I was going to try without real DD I’d use a recurring from Discover and maybe a push from Wells too. There seem to be no data points for this bank.

Eric
Eric

They may ask for proof. Why not just make the debit purchases instead?

Ron
Ron

For the CD bonus DD is required

Eric
Eric

Do you really think it’s worth doing it if you don’t even know if your DD will count?

Joseph
Joseph

Am I missing something, or is there no online application page for either the checking or the savings account?

EDIT: Never mind, somehow I missed “must open in branch” under Availability near the top of this page.

Harold
Harold

The savings account has a $200 minimum balance to avoid the service fee. I couldn’t find the amount of the service fee on the website.

Royal Green

How do you create the account online? Or I’ll have to visit a branch to do this?

BudFlorida
BudFlorida

“To receive the $100, you must open a Certificate of Deposit with $20,000 of new money.. . . A checking account with the above mentioned criteria must also be opened and maintained”.
The fine print seems to say that 5 debit cards transactions would trigger CD bonus

Eric
Eric

No, William Charles is right. It clearly says “with Direct Deposit and make 5 debit card transactions.” for the CD bonus while the checking bonus says “with Direct Deposit or make 5 debit card transactions.”

BudFlorida
BudFlorida

I stand corrected

LaHossBoss
LaHossBoss

Anyone from out of town been able to open by going into a branch? Or is it residency restricted?

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