Trustco Bank Review: Checking, Savings, CD, Money Market, and IRA Accounts

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Updated on Wednesday, July 1, 2020

Trustco Bank’s checking account options

Home Town Free Checking

This is Trustco Bank’s entry-level checking account that doesn’t earn interest.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: None
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

All of Trustco Bank’s checking accounts carry the “Home Town” moniker, and they are closely related. The opening tier of these Home Town checking accounts is the Home Town Free Checking account, which is a straightforward, basic account. The Home Town Free Checking account lives up to its name by not charging a monthly maintenance fee. This account also provides these services:

  • A free debit card, with free access to 55,000+ Allpoint and Publix Super Markets ATMs
  • Free online banking
  • A free mobile app
  • Free e-statements
  • A free first order of checks

Overdraft fees are high on all Trustco Bank accounts, although they can be reduced through overdraft transfers.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Home Town Student Checking

A special checking account for students under age 25.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: None
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

Home Town Student Checking is essentially the same as the Home Town Free Checking account, but it is designed for students under age 25. However, access to the funds in this account is via debit card or electronic transactions only, including bill pay. No check writing is allowed in this account.The day after the account holder turns 25, the account will automatically be converted into a Home Town Free Checking account. Beyond that, the account has the same free benefits as the Home Town Free Checking account, including e-statements, online and mobile access, a free debit card, and free access at more than 55,000 ATMs. The only feature missing between the two is that the student version does not come with a free first order of checks, as it has no check writing capability.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Home Town Premier Checking

This is Trustco Bank’s top-of-the-line checking account, but interest is low.
APYMinimum Balance to Earn APY
0.01%$500
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with direct deposit or a $500 monthly average collected balance
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: None
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

Home Town Premier Checking is the only checking account in the Trustco Bank lineup that pays interest, at a flat rate on all balances of $500 or more. The modest monthly maintenance fee can be avoided with the same $500 balance, or with a monthly direct deposit. Home Town Premier Checking carries all of the features of the bank’s Home Town Free Checking account, including a free first order of checks, free online and mobile banking, free e-statements, a free debit card, and access to more than 55,000 surcharge-free ATMs.

How to get Trustco Bank’s checking accounts

You can’t open any Trustco Bank checking accounts online. You’ll have to visit a branch and bring all relevant information, such as an ID, your Social Security number, and a funding source. You can get more information by contacting the bank’s customer service desk at 800-670-3110.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

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How Trustco Bank’s checking accounts compare

Trustco Bank’s checking account lineup is fairly typical, with a basic checking account, a student account, and a premier account that pays interest. Outside of the standard checking account features, such as online and mobile access and free in-network ATM withdrawals, there aren’t any standout features on the accounts. Most accounts can be maintained for no monthly fee, but the only interest-bearing account, the Home Town Premier Checking account, pays a rate that can’t even match the average national checking rate, let alone the best available online checking accounts in the nation.

Trustco Bank’s savings account options

Passbook Savings

Passbook Savings is an old-fashioned savings account that has no ATM access.
APYMinimum Balance to Earn APY
0.05%$200
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with $200.00 minimum available balance
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Passbook Savings is a basic savings account that has a small opening balance requirement and a modest monthly fee that can be avoided with a $200 available balance. Unlike most savings accounts, Passbook Savings doesn’t offer ATM access. As the name suggests, a physical passbook is provided instead, and customers must go into a branch if they want a record of their account printed in the passbook. Deposits can be made by mail or via direct deposit, or by visiting a branch. As withdrawals must be made in a branch, there is no overdraft provision for this account.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

Statement Savings

This traditional savings account is the modern update to the Passbook Savings account.
APYMinimum Balance to Earn APY
0.05%$200
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $5; $0 with $200.00 minimum available balance
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: None
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

Fundamentally, Statement Savings has the same structure as the Passbook Savings account, but with a more modern, electronic twist. Both accounts have the same opening deposit and monthly fee structure, with a $200 balance required to avoid monthly maintenance charges. However, Statement Savings dispenses with the old-fashioned passbook and instead provides customers with regular statements and ATM access, although direct deposit and mail-in banking is also available.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

Home Town Savings

Home Town Savings requires a high minimum opening deposit and is designed to pay higher yields.
APYMinimum Balance to Earn APY
0.05%$15,000
  • Minimum opening deposit: $15,000
  • Monthly account maintenance fee: $0; balances below $15,000 are converted to Statement Savings
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: none
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

Home Town Savings is billed as offering the bank’s highest savings yields, but it currently pays the same rate as the other savings accounts in the Trustco Bank lineup. Customers with balances that drop below the opening deposit requirement are potentially penalized by earning the regular savings rate instead, but as they are the same at the current time, there seems to be no advantage to opening the Home Town Savings account. ATM access and overdraft fees remain the same as with the bank’s other savings accounts. However, this account has no monthly fee. When balances drop below the required opening balance, the account will be converted to a Statement Savings account.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

Health Savings Account

This traditional HSA comes with a host of free features and low costs.
APYMinimum Balance to Earn APY
0.10%$200
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: none
  • Overdraft fee: $0

As with all health savings accounts, Trustco’s HSA requires enrollment in a high-deductible health plan. For those who qualify, contributions are tax-deductible, interest is tax-deferred, and distributions are tax-free, if used for qualifying medical expenses. Unlike many HSAs, however, Trustco Bank’s is nearly completely fee-free. There are no enrollment fees, monthly fees, overdraft fees, annual fees, closing fees, or other fees. The only fee you’ll pay is if you withdraw from a non-network ATM.This HSA comes with a free debit card, a free first box of checks, free online and mobile banking, and free automatic transfers.

How to get Trustco Bank’s savings accounts

As mentioned above, you can’t open any of Trustco Bank’s savings accounts online; you’ll need to visit a branch if you want to open an account. Be prepared to provide relevant documentation, such as your Social Security number and a valid form of ID.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

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How Trustco Bank’s savings accounts compare

Trustco Bank has three standard savings accounts and a Health Savings Account, so there’s an option for nearly anyone. Those who prefer a physical passbook can still get one at the bank, which is becoming more and more unusual, while those who prefer a now-standard electronic account have an option as well. The bank’s top-tier checking account is designed to pay higher yields for higher balances, but currently offers just the same rate as the traditional savings account. For all savings accounts, rates are less than half the national average. The comparison sours even more when the bank competes with the best online savings accounts available across the nation.

Trustco Bank’s CD account options

Certificates of Deposit (CDs)

Trustco Bank’s CDs are straightforward certificates with traditional terms.
APYMinimum Balance to Earn APYTerm
0.05%$50030 days
0.05%$500180 days
0.25%$50012 months
0.25%$50018 months
0.25%$50024 months
0.25%$5003 years
0.25%$5004 years
0.25%$5005 years
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: Can withdraw up to 25% of balance penalty-free one time per term; otherwise, 1 months’ interest for terms of 179 days or less; 3 months’ interest for terms of 180 days to up to 3 years; 6 months’ interest for terms 3 years up to 5 years; 12 months’ interest for terms of 5 years up to 7 years; 18 months’ interest for terms of 7 years to 10 years

Trustco Bank offers a traditional CD lineup, with maturities from 30 days to 5 years. The minimum opening balance is moderate at $500. Interest is accrued daily and credited monthly. Rates pick up dramatically at the two-year maturity mark. CDs automatically renew upon maturity for the same term at the then-current rate. However, a 10-day grace period after maturity allows customers to pull out their money free of charge, select a new CD, or deposit additional funds. Additionally, customers can put in or take out as much as 25% of their original balance one time during the CD term without paying any penalty.

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on TrustCo Bank’s secure website

Member FDIC

CD Specials

Trustco Bank currently offers two CD specials, although they are subject to change at any time.
APYMinimum Balance to Earn APYTerm
1.00%$5006 months
1.55%$50014 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: Can withdraw up to 25% of balance penalty-free one time per term; otherwise, 1 months’ interest for terms of 179 days or less; 3 months’ interest for terms of 180 days to up to 3 years; 6 months’ interest for terms 3 years up to 5 years; 12 months’ interest for terms of 5 years up to 7 years; 18 months’ interest for terms of 7 years to 10 years

Trustco Bank’s CD specials share the same basic characteristics of the bank’s regular CDs, in that they have the same $500 minimum balance requirement, the same early withdrawal penalties, and the same 10-day grace period. The CD specials also benefit from the bank’s unusual deposit/withdrawal policy, which allows for deposits or withdrawals of up to 25 percent of the original balance one time during the term without triggering any penalty. The CD specials, with maturities of 6 months and 14 months, currently pay much higher rates than the bank’s regular CDs.

How to get Trustco Bank’s CD accounts

As mentioned above, you can’t open any Trustco Bank CDs online. You’ll need to visit a branch with your valid ID and Social Security number to open an account.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

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How Trustco Bank’s CD accounts compare

Trustco Bank’s CDs are interesting in that different terms have competitive or non-competitive rates. The shortest maturities, from 3 months to 18 months, pay rates far below national averages. Starting with the 24-month maturity and extending out to 5 years, CD rates are well above national averages. The current CD specials, for 6 months and 14 months, also pay about double the national average. The top rates at Trustco Bank aren’t quite in the same league as the best available online CD accounts nationwide, but they are competitive.

Trustco Bank’s money market account option

Money Market Account

Trustco Bank offers a single money market account, with traditional features.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$15,000
0.15%$50,000
0.20%$100,000
0.20%$500,000
0.45%$2,000,000
0.55%$5,000,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10; $0 with minimum monthly balance of $2,500
  • ATM fee: $0 at Trustco Bank, Publix Super Markets, or Allpoint network ATMs; $2.50 for other domestic ATMs; $5 for international ATMs
  • ATM fee refund: none
  • Overdraft fee: $36, up to 5 per day; $10 with overdraft protection on transfers up to $500; otherwise overdraft protection is via a line of credit that charges interest

There aren’t a lot of hidden gimmicks with Trustco Bank’s sole money market account. For a $2,500 opening deposit, you can avoid the moderate monthly fee and earn interest on the account. Interest is paid in tiers, although the top tiers of $2,000,000 and $5,000,000 won’t likely be reached by the average customer. Funds can be accessed via check or ATM, with the same ATM fee structure as the bank’s checking and savings accounts. Certain transactions are limited to six per month per Regulation D, otherwise the account may be closed or changed to a checking account.

How to get Trustco Bank’s money market account

As mentioned above, you can’t open a Trustco Bank money market account online, you’ll need to visit a branch. You’ll need your Social Security number and a valid ID, such as a passport or a driver’s license.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

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How Trustco Bank’s money market account compares

Trustco Bank’s single money market account is a decent option for people looking for a traditional option. The tiered rate structure means the account pays a below-average APY for smaller deposits, but an above-average rate for larger deposits, with the top rate paying more than double the national average. The best online money market accounts in the nation, however, pay higher yields on much lower balances.

Trustco Bank’s IRA options

IRA Club Account

The IRA Club account is a savings account for uninvested IRA money.
APYMinimum Balance to Earn APY
0.50%$0.01
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

Investors that don’t want to commit to a money market or CD account in their Trustco Bank IRA can keep the funds in the IRA Club account, which is essentially a basic savings account. However, this account has no minimum deposit requirement and no monthly fees, and all balances earn interest. The rate paid on this account is far above what you can get in the bank’s basic, taxable savings accounts. However, as this account is in an IRA, there is no ATM access.

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on TrustCo Bank’s secure website

Member FDIC

IRA Money Market Account

The IRA Money Market account pays a tiered savings rate that can exceed the flat rate in the IRA Club account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$15,000
0.15%$50,000
0.20%$100,000
0.20%$500,000
0.45%$2,000,000
0.55%$5,000,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA Money Market account pays the same interest rates in the same tiers as the bank’s taxable Money Market account. However, the IRA version has no monthly maintenance fee and a much smaller minimum opening deposit requirement. The IRA version of the money market account does not have ATM access.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

IRA Certificates

IRA Certificates have a smaller opening deposit requirement than the bank’s taxable CDs.
APYMinimum Balance to Earn APYTerm
0.05%$25030 days
0.05%$250180 days
0.25%$25012 months
0.25%$25018 months
0.25%$25024 months
0.25%$2503 years
0.25%$2504 years
0.25%$2505 years
  • Minimum balance to open account: $250
  • Minimum balance to earn APY: $250
  • Early withdrawal penalty: Can withdraw up to 25% of balance penalty-free one time per term; otherwise, 1 months’ interest for terms of 179 days or less; 3 months’ interest for terms of 180 days to up to 3 years; 6 months’ interest for terms 3 years up to 5 years; 12 months’ interest for terms of 5 years up to 7 years; 18 months’ interest for terms of 7 years to 10 years

In most ways, the IRA CDs at Trustco Bank are the same as the bank’s non-IRA CDs. The maturity schedule is the same, as are the rates paid for each term. However, the minimum opening balance in the bank’s IRA CDs is half that of its taxable CDs. Early withdrawal penalties remain the same. However, customers are allowed to either deposit or withdraw up to 25% of their original balance one time during the term without paying any penalty. As the account is an IRA, additional IRS taxes or penalties may apply to withdrawals from the IRA account itself.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

IRA CD Special

As with the bank’s non-IRA CDs, the CD specials pay higher rates but may change or be discontinued at any time.
APYMinimum Balance to Earn APYTerm
1.00%$5006 months
1.55%$50014 months
  • Minimum balance to open account: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: Can withdraw up to 25% of balance penalty-free one time per term; otherwise, 1 months’ interest for terms of 179 days or less; 3 months’ interest for terms of 180 days to up to 3 years; 6 months’ interest for terms 3 years up to 5 years; 12 months’ interest for terms of 5 years up to 7 years; 18 months’ interest for terms of 7 years to 10 years

Trustco Bank’s IRA CD specials are mirror images of the bank’s non-IRA CD specials. Both have the same minimum balance and early withdrawal penalties, both come in 6-month and 14-month maturities that pay the same rates, and both have a 10-day grace period after maturity. As with the bank’s regular CDs, customers can deposit or withdraw up to 25% of their original balance once during the term without paying any penalty. There are no taxes or IRS penalties on withdrawals from the CD product, but you may face either or both if you take money out of the IRA account as a whole.

How to get Trustco Bank’s IRA products

As with all Trustco Bank consumer accounts, you can’t open an IRA online. You’ll need to visit a branch and bring proper documentation, such as your valid ID, Social Security number, and funding source, along with relevant personal and financial information.

SEE DETAILS Secured

on TrustCo Bank’s secure website

Member FDIC

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How Trustco Bank’s IRA products compare

IRA investors at Trustco bank have a wider range of options than at most banks, with everything from a traditional IRA savings product to a money market and CDs available. Rates are good in the IRA Club account, and high rates can also be achieved with larger deposits in the money market account. CD rates are the same as in the bank’s taxable accounts, with shorter maturities coming in below average while longer maturities, along with the bank’s current CD specials, paying above-average rates. However, you can probably find a better deal on our list of the nation’s best IRA CDs

Overall review of Trustco Bank’s products

Customer accounts overall are a mixed bag at Trustco Bank. There are certainly enough accounts to satisfy those that want to choose from a broad range of options. However, overall, the checking and savings accounts don’t offer anything particularly compelling, other than traditional services like ATM cards and online and mobile banking. The rates paid on all of the bank’s checking and savings accounts are uninspiring.

Things pick up a bit with the bank’s money market, CD, and IRA accounts. Trustco Bank’s single money market account can pay a high yield, but only for the largest deposits.
People shopping for high-yield CDs will want to go out at least 24 months out on the bank’s CD maturity schedule, or pick up one of the current CD specials. The same is true for the bank’s IRA CDs, although the parking place for cash, the IRA Club account, does pay a good yield for money that is waiting to be invested elsewhere.

Some of the more frustrating aspects of the bank are the relative lack of information on its website and the inability to open an account online. In a competitive marketplace that is skewing more and more towards convenience, having to call to get basic information and having to visit a branch to open an account seem anachronistic. Particularly for customers that don’t live near a Trustco Bank branch, better, more convenient banking options can be found elsewhere.

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