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Buttwifi
Buttwifi

In Branch only? Is it possible to open accounts online?

TOm
TOm

Trustco Bank Checking only bonus analysis

You can just deposit $5000 and avoid any need for DD.
“or a $5,000 minimum balance for 60 days”. Good bonus that earns an equivalent of 11.95% interest.

$100 Checking bonus
Initial balance: $5,000
Terms: 60-days
Final balance: $5,100
Equivalent Interest rate: 11.94%, rate with additional .01% interest: 11.95%
Equivalent APY rate: 12.62%, APY rate with additional .01% interest: 12.63%

Total earnings $100.08

Trustco Bank Checking account APY is 0.01%, current as of 7/6/2022

After 60-days reduce balance to $500 to keep account fee free until 90-day period is met, or bonus claw back occurs.

Fees:
a daily collected balance of $500 is required or $5 Monthly Service Charge applies.

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

Eric

Why would you do that? It is much less costly to do 15 Amazon reloads. That’s why I’ve always done for the checking part of the bonus.

TOm
TOm

I’m clueless about how the amazon reloads work. Do tell.

Eric

Are you being sarcastic?

TOm
TOm

The savings bonus is easy as it requires only a deposit of $10k to earn an equivilent interest rate of 6.00%. NO Direct Deposit is Required. After 60-days reduce balance to $200 until bonus posts and the 3 month early account termination period has passed to avoid the $26 fee and the possible loss of the bonus. Nobody else is paying 6% interest on a savings account.

Trustco Bank Savings only bonus analysis

$100 Savings bonus
Initial balance: $10,000
Terms: 60-days
Final balance: $10,100
Equivalent Interest rate: 5.99%, with additional .01% interest: 6.00%
Equivalent APY rate: 6.15%, APY with additional .01% interest: 6.16%

Total earnings with bonus and .01% interest is: $100.17

Trustco Bank Savings account Interest & APY is 0.01%, current as of 7/6/2022

After 60-days reduce balance to $200 to keep account fee free until 90-day period is met, or bonus claw back occurs.

Fees:
I can’t find the list but it states “Low minimum balance requirements to avoid service charges”.

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

Michelle
Michelle

Doesn’t seem worth it to me?

TOm
TOm

Doc, the savings portion of the write up above is incorrect. You need $10k deposit to get $100 bonus on the savings.

Savings – Get $100![2]
Open a Home Town Savings Account with $10,000 minimum balance for 60 days and receive $100!

2. To receive the $100, you must open a new Savings Account with a minimum of $10,000 balance (Club Accounts excluded). The minimum daily available balance of $200 to earn an APY. APY is 0.01%, current as of 7/6/2022, and subject to change at any time. The rate may change after the account is opened. Interest accrues daily and credited monthly. Monthly Service Charges or fees may reduce earnings. Bonuses will be paid within 60 calendar days of verification that the balance requirement has been met. See the branch manager for current rates and terms. A checking account with the above-mentioned criteria must also be open, active, and in good standing.

https://www.trustcobank.com/page/news-and-information-88/news/earn-up-to-450-58.html

Kevin R
Kevin R

Wow $100 for $5k on deposit for 60 days. Forget about the savings another $100 for $10k. Maybe when I have nothing else going on. Better deals to be had.

TOm
TOm

Actually its a very good deal. See analysis above. No one else is paying the equivalent of 6.00% interest on a savings account.

Eric

William Charles Chuck

This offer is back through September. I saw an ad for it in-branch while closing my previous accounts. The new link is below.

https://www.trustcobank.com/page/news-and-information-88/news/earn-up-to-450-58.html

Stephen
Stephen

Incidentally, the DOC direct link to the offer above leads me to this in the terms and conditions: “Promotional offer valid from 7/5/2021 until 9/6/2021.”

MisterBill
MisterBill

The terms above have been updated. Specifically, direct deposit requirement is only $500. Also, checking requirement is $10k instead of $5k.

1. To receive the $100, you must open a new Home Town Premier Checking or a Home Town Free Checking, with either a Direct Deposit, or 15 debit card transactions, or a $5,000 minimum balance for 60 days. Direct Deposit must be the entire amount from a recurring Payroll, Social Security, and/or Pension (minimum of $500 monthly Direct Deposit). Direct Deposit or 15 debit card transactions must be completed within 45 calendar days from the date that the account was opened. Debit Card transactions must post and clear the account to qualify. Minimum of $50 to open a Checking Account. Home Town Premier Checking: Minimum daily collected balance of $500 to earn an Annual Percentage Yield (APY). APY is 0.01%, current as of 11/17/2021, and subject to change at any time. The rate may change after the account is opened. Monthly Service Charges or fees may reduce earnings. Home Town Free Checking: Does not earn interest. If Direct Deposit is canceled on the Home Town Premier Checking Account, a daily collected balance of $500 is required or $5 Monthly Service Charge applies.

2. To receive the $100, you must open a new Savings Account with a minimum of $10,000 balance (Club Accounts excluded). The minimum daily available balance of $200 to earn an APY. APY is 0.01%, current as of 11/17/2021, and subject to change at any time. The rate may change after the account is opened. Interest accrues daily and credited monthly. Monthly Service Charges or fees may reduce earnings. Bonuses will be paid within 60 calendar days of verification that the balance requirement has been met. See the branch manager for current rates and terms. A checking account with the above-mentioned criteria must also be open, active, and in good standing.

Abe
Abe

Does anyone know if we can just open the account online and still be eligible for the bonus? As there is an “Open account online” button on the offer page in the corner.

Johnz
Johnz

Abe I don’t know. Customer Service might know.
I avoided the bank’s ambiguities (‘Contact your local branch today to take advantage of these great offers’ and ‘open a new Savings Account with a minimum of $10,000 balance’) by opening the accounts in-branch. It was convenient (and painless due to novocaine): from dentist appt drive 1/2 mile down the block to credit union for a $10,050 check, then 1/4 mile back to Trustco to open accounts: $50 for Chk, $10,000 for Savings.