TrustCo Bank

Overview / Commentary
1 Sarnowski Drive
Glenville, NY 12302

TrustCo Bank is a New York-based institution that offers personal and commercial banking products and services, as well as financial planning advisors that provide guidance on insurance, trusts, retirement plans, etc.

As far as its personal banking side is concerned, TrustCo offers checking, savings, Money Market, and IRA accounts, as well as certificates of deposit (CDs). Its checking account offering has a minimum initial deposit, no monthly service charge and free direct deposit. Savings accounts offer customers the ability to earn interest on the money they deposit and there are savings accounts specifically designed for youth-aged and senior-aged citizens. Money market accounts are available that have minimum balance requirements and offer higher rates of interest based on account balances. CDs and IRAs are offered with term lengths ranging from 30 days to 5 years and have an initial minimum deposit requirement.

TrustCo Bank online banking provides customers with access to account management tools, up to 18 months of transaction history, Bill Pay, and e-statements. TrustCo Bank also features a rewards program in which customers can earn cash back by using a TrustCo Bank card. The bank is part of the Allpoint and Publix Super Market ATM networks that give free withdrawal access to its customers.

TrustCo Bank was established in 1925 as the Canajoharie Building, Savings and Loan Association. The bank changed its name once in 1997 before finally changing it to TrustCo Bank in 2002. It is chartered as a savings association and is headquartered in Glenville, New York, serving its customers through multiple branch locations.

Excellent local bank

I have had a number of experiences with the bank including a savings account, a mortgage and an equity loan. Through each transaction I applied or functioned directly through a local branch . The local representatives are excellent. The service was fine. Any questions were answered quickly or through the local branch staff. If I needed a more upper level issue the Bank is based in Schenectady NY . I am in Albany NY

A Big Time EXperience With a Small Town Bank

We have been banking with Trustco Bank for almost 30 years now. Overall, the experience has been top notch. The staff, overall, is friendly, dependable, and knowledgeable, and will go out of their way to assist the customer. We have our checking, savings, ATM card, and safe deposit box with them. Their web site is pretty easy to use and the online banking is easy to use and super convenient. While there have been the occasional small glitches in customer service, these are very minor to the great service the bank provides overall. The locations are pretty convenient and are relatively attractive as far as bank design goes. I have no reason to move away from banking with them, unless I move, and look forward to another 30 years!

Always An Issue With This Shady Bank.

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Trustco, a shady bank. First off, their mortgages are very competitive. Rates are low and no PMI is a huge plus. But this bank is stuck in the late 90s and early 2000s as far as money accounts go. Their online banking system is archaic, slow and difficult to use. But the biggest issue is the shady fees and penalties with no warnings. Ive been with the bank for a decade with my mortgages. They've made a ton of interest off me in that time and thats fine. Recently however, without a warning, letter or email, and out of no where, they changed their checking account rules in so that you must have an average running balance of $500 a month or u get a 5 dollar fee tacked on per month. I rarely check my checking account because this account is strictly to deposit money for my auto pay mortgage each month. So I was angry when I realized how many fees accumulated over the months. They also refused to refund any of it.

Thats not the worst part though. Recently I forgot to transfer the money from my tax savers to my checking to pay for my school taxes. I sent the check out to Colonie and Trustco let the check bounce 3 TIMES!!! Without a single letter, email or phone call. This racked up over a $100 worth of fees. It was a honest mistake from a long time customer and they refused to refund any of it. Super shady! Not to mention without warning, letter, or email, they opened up an overdraft account which created a HARD HIT on my credit without my consent prior to the bounced check. Even worse, the overdraft account didn’t even safe guard me from the bounced check. Unbelievable! Will almost certainly refinance my mortgage with some other bank soon.

Trustco is the new Fee Bank and they show absolutely no loyalty, and refuse to help out their long time customers. Bait and switch shadiness!


By far the WORST EXPERIENCE EVER in my entire Life.. Do not, AGAIN, DO NOT! EVER use this bank. They ruined mine and my family’s life. We are totally living in regret after putting all of our Trust into Trustco Bank. We were in contract after 2 whole years of searching in this UNFORGIVING, Unprecedented and in the History of the U.S. the Worst time For a Buyer to be on the Market for a Home Purchase. Time after time over the course of 2 years a Trustco Bank Loan Officer “Pre-Approved” (Not Pre-Qualifiied) us for a Purchase/Loan amount according to and adhering to their terms and we were left with the impression that all was good and we felt comfortable so we shopped. After a very very StressFul and Depressing Experience submitting offer after offer and being told that our offer wasn’t taken or that we were 2nd in consideration (Roughly 30 offers) we finally had an offer accepted on an amazing home. We thought the process would be smooth and comfortable. At some point I’d say, it was during the process. Some things strained the process but nothing we didn’t expect. I played my part, submitted all documents upon requests. (I’ve got NO Student Loans, an Auto-Lease payment that’ll expire within a year, I’ve been employed by the same employer for 19 years with 17 years left to retire, I’ve got less than $500 Credit Card debt, an 805 Credit Score and I make up to $190k a year) I thought we were good. 10 days to closing, it is unbelievable what had transpired. 10 days to Closing and I was told that I needed to bring another 11% Down Payment to the table (70k to be exact) after all we’d been through for roughly 2 months and already arranging to place 16% as my initial Down Payment (110k to be exact) (Trustco terms only require 10.5% Down Payment to gain from all the perks they claim/bait you, to get you the consumer to go with them) we began to wonder if this was a joke!. Well, the hard truth hit us and we were told it was either we place another 70k down on top of the 110k or they WONT approve the Loan. The Sellers had accepted our offer of 655k leaving a loan amount of 545k but Trustco decided to tackle on a demand for another 70k to the Down Payment (In the form of a ‘COUNTER OFFER’, something I’ve never heard of before from a Lender, you’d think your either good or not good) on top of the 16% for a total of 27% Down Payment rather than the 10.5% they require or they WERE NOT Approving the loan. I did not have an extra 70k saved for this (It’d wiped me out completely) and even if I did, WHY??.. Our DTI was still below their MAX required so this all was an insane SHOCK to me and my family.. Needless to say, we refused their “COUNTER OFFER” and We were devastated. This was late April of last year 2022 and after a month and a half in Contract, Rates had shot up and climbed about a Percent and a Half and our monthly payments would have become significantly Higher with another lender. We ultimately lost our deal and are now still searching and unfortunately still stuck in our very small 2 Br Apt we’ve sacrificed staying in for the purchase of a home for our family. TrustCo is full of it man. They wasted our TIME and ENERGY and DEVASTATED us in ways I can’t even begin to explain let alone fathom. STAY AWAY! from these Liars, they are conniving, misleading and not reputable .. Still They had the nerve and the audacity to think that I’d keep my Accounts for which I’d deposited roughly 50k to open with them after all this (Can’t make this up). I immediately went to close out my accounts out and you would not believe the nerve of these people at the branch attempting to hold he back from such. They made phone calls and sent mail letters to my home asking for an explanation, I can’t make this stuff up., If I’d known better or at all, we’d have our home today.. Do Not Trust Trustco.!. You’ll live in Regret!.



Health Grade Components

FDIC Certificate #31945
Year Established1925
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.8%
Return on Equity - YTD7.88%
Annual Interest Income$59.8MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$6.18B$6.05B
LoansQ1 2024vs Q1 2023$4.96B$4.75B
DepositsQ1 2024vs Q1 2023$5.36B$5.21B
Equity CapitalQ1 2024vs Q1 2023$626.1MM$596.9MM
Loan Loss AllowanceQ1 2024vs Q1 2023$49.2MM$46.7MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$18.3MM$19.2MM
Real Estate OwnedQ1 2024vs Q1 2023$2.3MM$1.9MM
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Always verify rates and promotions with the bank or credit union. We are not TrustCo Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

TrustCo Bank Savings Account Rates

3.70%$20k-3 Month Savings Account Promotion Rate - New Money
0.35%*$250k*-Home Town Savings
OTHER TIERS: 0.06% $200 - $15k | 0.07% $15k - $50k | 0.15% $50k - $100k | 0.30% $100k - $250k

TrustCo Bank Money Market Rates

3.70%$2.5k-3 Month Money Market Promo - New Money
1.05%*$2m*-Money Market
OTHER TIERS: 0.05% $2.5k - $15k | 0.08% $15k - $50k | 0.12% $50k - $100k | 0.40% $100k - $500k | 0.45% $500k - $2m

TrustCo Bank Checking Account Rates

3.70%$20k-3 Month Home Town Investment Checking Promo
1.00%$20k-Home Town Investment Checking
0.01%$500-Home Town Premier Checking

TrustCo Bank CD Rates

4.40%$500-3 Month CD Special
4.35%$500-5-7 Month CD Special
4.30%$500-13 Month CD Special
1.50%$500-5 Year CD
1.50%$500-12-17 Month CD
1.50%$500-18-23 Month CD
1.50%$500-24-35 Month CD
1.50%$500-36-47 Month CD
1.50%$500-48-59 Month CD
0.50%$500-180 Day CD - 364 Day CD
0.20%$500-30 Day - 179 Day CD


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