Trustco Bankâ€™s checking account lineup is fairly typical, with a basic checking account, a student account, and a premier account that pays interest. Outside of the standard checking account features, such as online and mobile access and free in-network ATM withdrawals, there arenâ€™t any standout features on the accounts. Most accounts can be maintained for no monthly fee, but the only interest-bearing account, the Home Town Premier Checking account, pays a rate that canâ€™t even match the average national checking rate, let alone the best available online checking accounts in the nation.
Trustco Bank has three standard savings accounts and a Health Savings Account, so thereâ€™s an option for nearly anyone. Those who prefer a physical passbook can still get one at the bank, which is becoming more and more unusual, while those who prefer a now-standard electronic account have an option as well. The bankâ€™s top-tier checking account is designed to pay higher yields for higher balances, but currently offers just the same rate as the traditional savings account. For all savings accounts, rates are less than half the national average. The comparison sours even more when the bank competes with the best online savings accounts available across the nation.
Trustco Bankâ€™s CDs are interesting in that different terms have competitive or non-competitive rates. The shortest maturities, from 3 months to 18 months, pay rates far below national averages. Starting with the 24-month maturity and extending out to 5 years, CD rates are well above national averages. The current CD specials, for 6 months and 14 months, also pay about double the national average. The top rates at Trustco Bank arenâ€™t quite in the same league as the best available online CD accounts nationwide, but they are competitive.
Trustco Bankâ€™s single money market account is a decent option for people looking for a traditional option. The tiered rate structure means the account pays a below-average APY for smaller deposits, but an above-average rate for larger deposits, with the top rate paying more than double the national average. The best online money market accounts in the nation, however, pay higher yields on much lower balances.
IRA investors at Trustco bank have a wider range of options than at most banks, with everything from a traditional IRA savings product to a money market and CDs available. Rates are good in the IRA Club account, and high rates can also be achieved with larger deposits in the money market account. CD rates are the same as in the bankâ€™s taxable accounts, with shorter maturities coming in below average while longer maturities, along with the bankâ€™s current CD specials, paying above-average rates. However, you can probably find a better deal on our list of the nationâ€™s best IRA CDs
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