Update 12/3/24: Bonus now $250 + ring doorbell and requires a Home Town Free Checking and direct deposit.
Update 11/11/24: Checking bonus now $200, savings bonus $100. Checking bonus only requires $500 in direct deposits now. Hat tip to reader snailrock
Update 5/14/24: Extended until June 30, 2024.
Update 3/1/24: Extended until 4/30/2024
Update 2/18/24: Deal is back and valid until 2/29/2024
Update 7/31/22: Deal s back and valid until 9/30/2022.
Update 12/10/21: Deal is back and valid until 1/31/22.
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: Yes, unknown maximum
- Monthly fees: None
- Early account termination fee: $26 if closed within three months + you forfeit bonus
- Household limit: One
- Expiration date: None listed
The Offer
- Trustco Bank is offering a bonus of up to $300 in branch. Bonus broken down as follows:
- Get a $200 bonus when you open a new Hometown Premier or Hometown Free Checking and receive $500 in direct deposits
- Get a $100 bonus when you Open a Hometown Savings account (club accounts excluded) with
$5,000$10,000 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
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times