Trustco Bank's $300 Bonus: A Solid Deal with a Few Strings Attached

Looking for a decent bank bonus without a hard credit check? Trustco Bank has a $300 offer on the table that might catch your eye, especially if you live in the Northeast or Florida. It's a straightforward promotion, but like most free money, it comes with specific rules you'll want to understand before heading to a branch. Let's break down what it takes to pocket that $300 and whether the hoops are worth jumping through.

The Nuts and Bolts of Earning Your $300

This isn't a simple 'open an account and get cash' deal. To qualify, you need to open two new accounts as a package: the Home Town Free Checking account and a Rainy Day Fund savings account. The clock starts ticking as soon as you open them.

First, you have 60 days to get a qualifying direct deposit flowing into your checking account. Trustco is specific: it must be your full recurring payment from an employer (payroll), Social Security, or a pension, and it needs to be at least $500 per month. A partial deposit or transfers from another bank won't count.

Simultaneously, you must set up an automatic weekly transfer of a minimum of $10 from your new checking account to the Rainy Day Fund. This transfer will happen every Monday. Once both the direct deposit and the weekly transfers are humming along, you enter a waiting period. Both accounts must stay open, with the weekly transfers continuing, for at least 90 days. If you keep everything in good standing, the $300 bonus will be deposited into your Rainy Day Fund account sometime after that 90-day mark.

Important Fine Print and Considerations

The Rainy Day Fund account currently earns 1.00% APY, which is a nice little perk on top of the bonus. However, that rate can change after you open the account. Also, note that after the initial 90-day promotional requirement period, the minimum weekly transfer requirement drops to $5, but it continues indefinitely. If you stop the transfers, you might incur fees or account changes.

There's a $26 early closure fee if you close either account within the first three months. More importantly, if you close early, you'll forfeit the bonus. The offer is limited to one per household every 12 months, and Trustco employees aren't eligible. Remember, the bank will report the $300 as interest income on a 1099-INT form, so you'll need to account for it on your taxes.

• In-Person Requirement: You must visit a local branch to open these accounts. There's no online application option for this promotion.
• Account Longevity: Plan to keep these accounts active for at least 6 months—3 months to earn the bonus and another 3+ months to avoid any early closure issues and to manage the ongoing $5 weekly transfer.
• Funds Source: The money you use to open the account must be 'new money,' meaning it can't already be sitting in another Trustco Bank account.

Is This Offer Right For You?

This promotion makes the most sense if you already use direct deposit and don't mind managing a small, automated weekly savings transfer. The soft credit pull is a major plus for anyone wary of dinging their credit score for a bank account.

The biggest hurdle is the branch requirement. If there isn't a Trustco location conveniently near you, it's probably a non-starter. Also, if your direct deposit is less than $500 or isn't a single, recurring payment from the approved sources, you won't qualify.

For a $300 bonus, the requirements are moderately involved but not the most strenuous out there. It's a good fit for someone who values a regional bank presence and can reliably meet the direct deposit and transfer rules without needing to change their financial workflow too much.

Bottom Line

• A $300 bonus is solid, but requires opening two accounts and setting up two automatic money flows (direct deposit & weekly transfer).
• You must visit a branch in an eligible state to apply—no online option.
• The bonus pays slowly (90+ days after meeting requirements), so this is a patient person's game.
• The soft credit inquiry protects your credit score, a nice detail for bonus chasers.

Common Questions