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TrustCo Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
TrustCo Bank Home Town Premier Checking
0.05% APY

With nearly 150 branches spread throughout five East Coast states, TrustCo Bank is a traditional financial institutions with both standard account options and its own unique offerings like the Home Town Premier Checking Account. 

Unless you’re looking to open a two- to five-year certificate of deposit (CD) or a massive money market account (MMA), the interest rates at TrustCo will likely disappoint. Its IRAs receive the same rates as CDs, though, making this bank a solid choice for anyone planning for retirement who’s looking to earn safe and reliable growth on deposited money.

Products Offered

Product Key Details
Savings Accounts
  • Competitive interest rates
  • Waivable monthly fees
  • ATM card for certain accounts
  • HSA option available
Checking Accounts
  • $50 minimum to open
  • Free debit card
  • Waivable monthly service charge
  • Interest-earning account available
Money Market Accounts (MMAs)
  • Tiered interest rates based on account balance
  • $2,500 minimum opening requirement
  • $10 monthly fee is waived by a $2,500 balance
Certificates of Deposit (CDs)
  • Tiered interest rates based on term length
  • $500 minimum deposit
  • Interest compounds daily
  • Terms from 30 days to five years
Individual Retirement Accounts (IRAs)
  • Three types of IRAs: IRA CDs, IRA MMAs and IRA Club account

TrustCo Bank Interest Rate Comparison

TrustCo Bank Overview

TrustCo Bank explicitly states in their mission statement that it strives to be a “the low cost provider of high quality services.” This theme is evident throughout its bank account offers, as even if an account carries a monthly service fee or minimum opening deposit, you can usually meet it pretty easily.

The bank has been in business since 1902, but it has grown by nearly 80 branches over the last 16 years. It currently holds about $4.3 billion for its customers, which also represents a major expansion in recent years.

TrustCo Bank Statement Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $5 monthly service fee; waivable by maintaining a $200 minimum balance
Current Terms and Rates 0.25% APY

The Statement Savings account is a solid way to start saving for the future, especially if you don’t have a lot of money to invest initially. In fact, the minimum deposit you need to open this accountis only $50, and as soon as you pass the $200 threshold, the bank will cancel the $5 monthly service fee. The account also comes paired with a TrustCo debit card that makes it easy to get cash whenever you need it, though you’re legally limited to just six withdrawals a month. There’s also junior and senior variations of this account.

For an even simpler approach to savings, the Passbook Savings account has no monthly service fee but still comes with the same 0.25% APY of the Statement Savings account. Therefore most of its weaknesses show in the form of how you bank as an account holder, as you will not receive a debit card.

The Home Town Savings account also offers a 0.25% APY, though you’ll need no less than $15,000 to open one of these accounts. This stipulation is a bit more flexible than some of the other options at TrustCo, as even if your balance falls beneath $15,000 but is still higher than $200, you will remain eligible for the APY.

Compare TrustCo Bank to Other Competitive Offers

TrustCo Bank Home Town Premier Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $5 monthly service fee; waivable by maintaining a $500 minimu balance or receiving a direct deposit each statement cycle
Current Terms and Rates 0.05% APY

The Home Town Premier Checking account offers the best perks and most upside of any checking option at TrustCo Bank. As a matter of fact, it’s the only account that earns interest of the three offerings available at the bank, though it’s only at a 0.05% APY. If you can manage to have either one direct deposit a month or keep an average monthly collected balance of $500 or more, the bank will waive the $5 monthly fee.

The Home Town Basic Checking account has a $3 monthly service charge, and there is no way to waive it. While this might seem like an insignificant fee, it will make a significant dent in a $50 minimum opening deposit.

Students can go with the Home Town Student Checking account for a fee-free option that calls for just $50 to open. Once the account holder turns 25, though, it will automatically convert into a Home Town Basic Checking account.

Each of the above accounts come with a free debit card, free eStatements and free access to mobile/online banking services. The Premier Checking account is the sole choice that features free checks, though. Feel free to use your debit card at any of TrustCo’s proprietary ATMs, but if you’re not near a branch, the Allpoint and Publix Super Market ATM networks combine to be around 55,000 ATMs strong.

TrustCo Bank Money Market Account

Key Features Details
Minimum Deposit $2,500
Access to Your Account Branches, online, mobile & ATMs
Security FDIC insurance up to the maximum amount allowed by law
Fees $10 monthly service fee; waivable by maintaining a $2,500 minimum daily balance
Current Terms and Rates
  • Rates tiered based on balance:
    • $0 - $14,999: 0.10% APY
    • $15,000 - $49,999: 0.35% APY
    • $50,000 - $99,999: 0.45% APY
    • $100,000 - $499,999: 0.50% APY
    • $500,000 - $1,999,999: 0.60% APY
    • $2,000,000 - $4,999,999: 0.75% APY
    • $5,000,000 and up: 0.85% APY

Similar to many money market accounts, you must have at least $2,500 as a prerequisite to opening your account. You unfortunately won’t find yourself eligible for the best interest rates offered by TrustCo unless you get your account’s balance over at least $50,000. This significantly weakens the long-term ability of this account to grow assets, so buyer beware if you’re considering adding it to your portfolio. The $10 monthly service fee is also a fairly large handicap, so be sure to keep your balance above the original $2,500 or you will be charged.

TrustCo Bank CDs

Key Features Details
Minimum Deposit $500
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Rates tiered based on term length:
    • 30-day: 0.05% APY
    • 6-month CD special: 1.90% APY
    • 180-day: 0.05% APY
    • 10-month CD special: 2.25% APY
    • 12-month: 0.25% APY
    • 18-month: 0.25% APY
    • 19-month CD special: 2.20% APY
    • 2-year: 0.25% APY
    • 3-year: 0.25% APY
    • 4-year: 0.25% APY
    • 5-year: 0.25% APY

Certificates of deposit (CDs) at TrustCo range anywhere from 30 days to five years in length, affording customers ample choice in the style of account they want to open. Regardless of what you end up going with, a minimum investment of $500 is needed.

TrustCo Bank IRAs

Key Features Details
Minimum Deposit
  • IRA CD: $250
  • IRA Money Market: $50
  • IRA Club Account: $0
Access to Your Account Branches, online & mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • IRA CD Rates tiered based on term length:
    • 30-day: 0.05% APY
    • 6-month CD special: 1.90% APY
    • 180-day: 0.05% APY
    • 10-month CD special: 2.25% APY
    • 12-month: 0.25% APY
    • 18-month: 0.25% APY
    • 19-month CD special: 2.20% APY
    • 2-year: 0.25% APY
    • 3-year: 0.25% APY
    • 4-year: 0.25% APY
    • 5-year: 0.25% APY

At TrustCo Bank, individual retirement accounts (IRAs) are available in two variations: CD and money market. CDs are the more reliable option, as they allow you to invest $250 or more and get a fixed amount of interest back. But because CDs remain closed once their term begins and money market accounts are always open for additions, some might find an MMA to be the superior choice.

Once you’ve made a decision on the type of account you want, you must then choose between a Roth or traditional account. The main difference between these styles is how they’re affected by taxes. Traditional IRAs allow you to defer federal taxes until you begin taking distributions from the account, while Roth IRAs force you to prepay taxes so your payments are tax-free.

Where Can I Find TrustCo Bank?

TrustCo Bank is a financial institution primarily located in the eastern U.S., as it has about 145 branch locations across Florida, Massachusetts, New Jersey, New York and Vermont. As far as free ATM access goes, customers can use any proprietary TrustCo machines along with one of the more than 55,000 ATMs within the Allpoint and Publix Super Market ATM networks to which the bank belongs.

What Can You Do Online With TrustCo Bank?

Like essentially every modern-day bank, TrustCo customers have the ability to manage their accounts through the bank’s website and Apple and Android mobile apps. Much of what you can do at a TrustCo branch you can do virtually as well, such as viewing transaction histories, checking current account balances and money transfers between your own internal accounts. The bank also offers an online “Personal Finance Manager” to help keep all of your money in order.

If you’re in need of some cash, but you don’t know where to find a fee-free ATM, feel free to use the ATM locator within the TrustCo mobile app. But between the two app stores, though, this app is rated a combined two stars, with users consistently reporting technical issues with logging in and making mobile check deposits.

Although online and mobile banking comes paired with all accounts at TrustCo, you must enroll in the program in order to gain access. This can be done right on the bank’s website, though there is a phone line you can call if you have trouble with it.

How Do I Access My Money?

Trustco Bank is part of the Allpoint and Publix Supermarket ATM networks, affording customers ATM access all over the country. In fact, Allpoint owns around 55,000 ATMs, so you should be able to get fee-free cash wherever you are in the U.S. While you can swipe your debit card at an out-of-network ATM, a $2.50 or $5 fee will be assessed by TrustCo, on top of whatever the ATM charges you. Debit cards at TrustCo recently became eligible for Apple, Samsung and Android Pay as well.

With nearly 150 branches to its name, chances are you live near a TrustCo location if you’re interested in its services. If this is the case, you can always visit a branch whenever you want to make a deposit, withdrawal, open a new account or speak with a human representative. The ATM locator tool within the bank’s mobile app also highlights where branches are as well.

Only want to check your account balances and transaction histories? The TrustCo online banking website and Apple and Android mobile apps are the easiest way to do this. All you have to do is log in with the account information you enroll with.

How Can I Save More Money With a TrustCo Bank Account?

The interest rates and APYs associated with TrustCo’s interest checking account and base savings accounts are a bit weak, but if you know where to look, you can get your hands on much better rates. For example, the two-, three-, four- and five-year CDs here offer at least a 2.00% APY, which is a solid proposition, especially for a non-online only bank.

Aside from this, the interest rates at TrustCo are pretty lackluster, even for typically great offers like money market accounts. Beyond long-term CDs, the vast majority of the bank’s APYs are lower than 1.00%, whereas banks like Ally and Synchrony are a sure bet to blow away those rates.

What’s the Process For Opening an Account With TrustCo Bank?

In order to start a relationship with TrustCo Bank, you must either visit one its branches or call a bank representative at 800-670-3110. This represents a major difference between TrustCo and some of the larger banks in the U.S., as most financial institutions will have some sort of online account application ready for prospective customers.

Whenever you decide to open an account with TrustCo, you must bring a few pieces of identification with you. This will include your driver’s license, Social Security number, date of birth and any funds that you’ll need to meet minimum opening deposit requirements.

What’s the Catch?

With a little bit of research, it becomes apparent that there are an abundance of customer complaints about TrustCo Bank all over bank review websites like WalletHub and DepositAccounts.com. Common issues that current and former customers report include outdated technology systems, weak fraud protection and other service problems.

Beyond this, the rates at TrustCo are nothing to write home about, as most non-CD APYs fall below 0.50%. This virtually leaves no chance that your money will grow, even if you place it in an MMA or savings account. However, to get any MMA APY higher than 0.45%, you’ll need to deposit $500,000 or more.

Bottom Line

TrustCo Bank is a decent financial institution that goes far beyond the bounds of just the banking industry, as it also offers credit cards and mortgages, auto, student and other types of loans. You’ll also never have a shortage of fee-free ATMs to use, so long as you’re traveling within U.S. borders.

Beyond these benefits, though, the bank doesn’t have much else going for it. The bank’s APY offerings fall short compared to the competition, its online and mobile banking services have low rating and past customers paint the picture of a business that lacks adequate customer service.

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