TrustCo Bank opened its first branch in Schenectady, New York, in 1902. Now it has 143 branches in five states, $4.7 billion in assets, is traded on NASDAQ. As of September 2015, TrustCo has 778 employees and 146 branches in five states. Bauer Financial gives TrustCo Bank a four-star rating and it has an A+ BBB rating.

What Are TrustCo Bank’s Checking and Savings Accounts Like?

TrustCo Bank’s Home Town Checking offers clients free checks, a complimentary Home Town Savings account, competitive interest rates (0.05% APY) and free Access to 55,000 ATMs worldwide. There is no monthly service charge and no mínimum balance requirement. Users can make electronic direct deposits or transfer money to their savings account or IRA account at no cost.

TrustCo Bank’s has three savings accounts: Passbook Savings, Statement, Savings, and Hometown Savings.

Passbook and Statement Savings accounts allow users to make a direct deposit and bank by mail. They require a $50 minimum deposit to open and a $200 minimum balance to avoid the monthly service charge. The interest rate is 0.10% APY.

The Home Town Savings account is available to all customers with a checking account. It has a 0.15% APY, but users must maintain a $15,000 to earn the higher interest rate. If the balance is higher than $200 but lower than $15,000, users receive the standard 0.10% APY.

What Are The Advantages and Disadvantages of TrustCo Bank?

What we love about TrustCo Bank:

  • Competitive interest rates
  • No monthly fee or mínimum balance on the checking account
  • Free checks and electronic direct deposits
  • Complimentary savings account

What we don’t like about TrustCo Bank:

  • Extensive ATM network
  • High mínimum balance to earn the higher interest rate
  • Low interest rates
  • Minimum deposit for the savings account
  • Bauer Financial A+/A Rating
  • Savings Interest Rate
    Starting at 0.15%
  • Checking Interest Rate
    Starting at 0.05%
  • CDs
  • Checking
  • IRAs
  • Savings
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