Trustco Bank Money Market Account Review
Trustco Bank Money Market Account is offered by Trustco Bank,
founded in 1902 and based in Schenectady, NY.
Trustco Bank Money Market Account is available in
50 states (and Washington, DC).
- Very high APY. This account offers an annual percentage yield of up to 0.55%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $0.01.
- Charges a monthly fee. This account charges a monthly service fee of up to $10, but the fee is waived if you keep a minimum balance of $2,500.
- High minumum deposit. You must deposit a minimum of $2,500, which is high compared to most money market accounts.
Pros & Cons of Trustco Bank Money Market Account
- Available in all 50 states.
- High-interest yield.
- Does not offer mobile check deposits.
- No charge on incoming domestic or international wire transfers.
- No signup bonus.
- Does not provide a debit card or ATM access to your money.
- Monthly service charge.
Trustco Bank Money Market Account FAQ
Are money market accounts from Trustco Bank federally insured?
Yes, your Trustco Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Trustco Bank Money Market Account rates?
Trustco Bank Money Market Account offers an APY starting at 0.05% and ranging up to 0.55% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.
Trustco Bank Money Market Account Rates and Terms
|APY (Annualized Percentage Yield)
||0.05% - 0.55%
What are the fees for Trustco Bank Money Market Account?
This account charges a monthly maintenance fee of up to $10.
You can avoid this fee by maintaining a balance of $2,500.
Trustco Bank Money Market Account Fees
||up to $10
|Paper Statement Fee
What is the minimum balance for Trustco Bank Money Market Account?
Minimum deposit of $2,500. You must make an initial deposit of at least $2,500 to open this account.
Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $2,500.
Interest rate minimum balance of $0.01. You must keep the account balance above $0.01 to earn interest.
What features and perks does Trustco Bank Money Market Account offer?
This account includes the following features:
- Fraud monitoring - Trustco Bank monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Trustco Bank Money Market Account allows you to manage your money through online banking and a dedicated mobile app.
How to open an account with Trustco Bank
- Visit the Trustco Bank website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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