Trustco Bank is offering a free Flip UltraHD video camera as part of a checking account promotion. It requires that you open its Free Interest Checking Account and its Savings Account. Plus, it requires Direct Deposit and E-Statements. The promotion is shown on Trustco's front page as of 10/07/2010. Here's the link to Trustco's promotion page.
On Amazon, the 8GB Flip Ultra HD Video Camera (2nd Generation) is going for $139.00. The 3rd generation model is going for $199.99. I'm not sure which model is part of this promotion. However, Trustco does link to TheFlip.com webpage which shows what appears to be the 3rd generation model with a price of $199.99.
One downside to gift bank bonuses is that banks will often include the value of the gift to the IRS, and the value may be more than it's really worth.
Here's the important small print of the offer:
A Trustco Bank Relationship is defined as opening a new Free Interest Checking Account and a Savings Account with a Direct Deposit of the entire amount from a Payroll, Social Security, and/or Pension and E-Statements. The minimum to open a checking and savings account is $25 each. The minimum balance to earn interest on the Free Interest Checking Account is $500. Once direct deposit is verified, Trustco will ship your Flip UltraHD Video Camera within 6-8 weeks. Direct Deposit and E-statements must be completed within 90 days of account opening. We may report to the IRS the value of any premium. Any applicable taxes are the responsibility of the account holder. Please note: We reserve the right to alter or withdraw these products or certain features thereof without prior notification.
Review of Trustco's Checking and Savings Accounts
Trustco's Free Interest Checking Account has no monthly service charge, and it offers free checks for life. It's called an Interest Checking, but the rate for Florida is currently only 0.15%.
The interest rates are a little better for the savings accounts. In Florida the Hometown Savings account currently pays 0.91%. The Money Market account has a top yield of 1.55% APY, HOWEVER, that requires a balance of $2 million. If you have that much to deposit into a bank, you probably won't care about the video camera. I think this is the highest rate tier that I've seen.
Below the Florida rate table, it states that "A minimum of $25.00 is required to open a Savings Account, and you must keep a $200.00 minimum balance to avoid a monthly service charge and earn interest."
Trustco Branch Locations
It appears that a branch visit is required to open an account. Branches are located in New York, Florida, Massachusetts, New Jersey, and Vermont. Most of its branches are located in Upstate New York and in Central Florida.
Trustco Bank's overall health score at DepositAccounts.com is 4 out of 5 with a Texas Ratio of 19.26% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Trustco Bank for more details. The bank has been a FDIC member since 1978 (FDIC Certificate # 31945).
Other Bank Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.