[FL, MA, NJ, NY, VT] Trustco Bank $200 Checking & Savings Bonus, Direct Deposit Not Required


Update 8/21/21: Deal is back, but the extra $50 bonus isn’t available this time round.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: In branch only. All branches are in FL, MA, NJ, NY, VT [Branch locator]
  • Direct deposit required: Optional
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • Chexsystems: Yes
  • Credit card funding: Can’t be funded with a credit card
  • Monthly fees: None
  • Early account termination fee: $26 if closed within three months + you forfeit bonus
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Trustco Bank is offering a bonus of up to $250 in branch. Bonus broken down as follows:
    • Get a $100 bonus when you open a new Hometown Premier or Hometown Free Checking and receive $5,000 in direct deposits or $5,000 minimum balance for 60 days or 10 debit card transactions within 45 calendar days
    • Get a $100 bonus when you Open a Hometown Savings account (club accounts excluded) with $5,000 minimum balance for 60 days (checking account must be opened at the same time)
    • Get a $50 bonus when you enroll in online banking and E Statements

The Fine Print

  • Direct Deposit must be from a recurring Payroll, Social Security, and/or Pension
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fees to worry about. The savings account has no monthly fees to worry about as long as you have a balance of $200+

Early Account Termination Fee

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

Our Verdict

We’ve seen a $100 checking, $100 savings & $100 CD bonus in the past as well. Requirements were similar but this is a better deal as the CD bonus required $20,000 in deposits making it not worth doing. We will add this new bonus to the best bank bonus page. Although keep in mind it might not be available in all states/branches.

Hat tip to reader newbie

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