Posted by William Charles on October 20, 2019
Bank Account Bonuses

Published on October 20th, 2019 | by William Charles

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[FL, MA, NJ, NY, VT] Trustco Bank $125 Personal Checking Bonus + $75 Savings Bonus

Offer at a glance

The Offer

Direct link to offer

  • Trustco Bank is offering bonuses of up to $200 when you open new accounts. Bonuses are as follows:
    • Get $125 when you open a new Town Premier Checking or Home Town Free Checking Account and complete the following requirements:
      • Make 5 debit card transactions
      • Receive a direct deposit
    • Get $200 when you open a new Town Premier Checking or Home Town Free Checking Account and complete the following requirements:
      • Receive a direct deposit
      • Open a statement savings account with a minimum of $5,000

The Fine Print

  • Promotional offer valid from 10/3/19 until 12/31/19.
  • To receive the $125, you must open a Home Town Premier Checking or Home Town Free Checking Account with Direct Deposit.
  • Minimum of $50 to open a Home Town Premier or Home Town Free Checking Account.
  • To receive the $200, you must open a Home Town Premier Checking or Home Town Free Checking Account with Direct Deposit and a new Savings Account with a minimum of $5,000 (Club Accounts excluded)
  • 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.

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 the best bonus was $125 + $50 savings, so this is slightly better but I think last time there was no deposit requirement. Not a huge bonus, but likely still worth doing for people that have already done bigger bonuses in the area. I’ll be adding this to our list of the best checking account bonuses.

Useful posts regarding bank bonuses:



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dean
dean

Looks like in-branch only, and I’d be surprised if this bank has the technology to do it online anyway.
I have a business account with this bank, and everything is very low-tech and slow. You’ll probably spend at least an hour opening the account in-branch.

Jan B
Jan B

T’is true. Be super nice and tell them you don’t have much time, be ready with ID, etc, in hand and one may whittle it down to 30 min. They just seem to be low energy.

FYI: my experience led to a follow up inquiry for the bonus. Patience (90 days minimum).

Duke I.
Duke I.

No branch close to Miami. Opening online would’ve been perfect.

Joey Doughnuts
Joey Doughnuts

In order to get the $200 bonus, do you have to deposit the $5,000 into a savings account the same day that you open the checking account? It looks like the answer is yes but if anyone has data points stating otherwise please let me know. Thanks

Mej
Mej

Was in and out in 10 mins. Not chex sensitive. For the $200 bonus, you need $100 to open accounts ($50 for checking and $50 for savings). The $5000 can be transferred to the savings account within a week of account opening, it is not needed when opening the account. Besides ETF, checking has no fees but savings does if the balance drops below $200.

C
C

This still says “full paycheck/benefits” is required. The Direct Deposit requirement is incorrect.

“Direct Deposits must be the entire amount from a recurring Payroll, Social Security, and/or Pension (minimum of $100 monthly Direct Deposit).”

Joey Doughnuts
Joey Doughnuts

I just read the terms and conditions for the $125 bonus and it’s contradicting. One part of the terms says direct deposit OR 5 debit card transactions. Another part of the terms says you need to do both for the $125 bonus. Does anyone know which is right? Maybe I should just do both to be safe.

Joey Doughnuts
Joey Doughnuts

I have never seen anything like this before. Per the terms and conditions:
“If Direct Deposit is canceled on the Home Town Premier Checking Account a Monthly Average Collected Balance of $500 is required or $5 Monthly Service Charge applies”

Jan B
Jan B

It just means that without a direct deposit, a monthly fee will start to occur. It’s $5. Avoid it by keeping DD going, or put in $500 and don’t touch it.

DirtyLilRat
DirtyLilRat

Do you have to keep the $5000 in the account or can you transfer it out after depositing it?

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