Trustone Financial is my focus today. I’ll be taking a look at things like their history, a few accounts, and other interesting details. You need to either be a resident of Minnesota or Wisconsin in order to open an account and manage your money there.
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The eligible counties you can be from in Minnesota are Anoka, Carver, Chippewa, Chisago, Dakota, Hennepin, Isanti, Ramsey, Redwood, Renville, Scott, Sherburne, Stearns, Washington, Write, Yellow Medicine, or the Community of Atwater.
The eligible Wisconsin counties that you can live in are Kenosha, Milwaukee, Pierce, St. Croix, and Racine. There are also other ways you can get in, like being part of certain educational communities or working for certain employers.
A Little Trustone Financial History
They started in a similar way as Wings did in Minnesota. Instead of airline pilots, though, this CU was formed by eight Minneapolis teachers who wanted to take control of their own financial security.
You may be surprised to find out the original name was not Trustone Financial. It was originally called the Minneapolis Federation of Teachers Credit Union. Enough about the history, let’s see what they have for you.
You have a lot of options in terms of financial products with them. You can get savings & certificates, HSAs, Financial Planning and Youth/Teen Savings accounts.
What we’ll dig into a bit more here is their spending options. You can set up a checking account, get a Visa debit or credit card, and be eligible for various rewards. There are also teen accounts and Visa gift cards that you can get.
Additionally, they have lending products if you need to buy something big. Mortgages, Home Equity Loans, Auto Loans, and others are in their suite of borrowing offerings for you.
Trustone Financial Business Products
If you have a business that you need financial services for, Trustone Financial could also be your place for that, too. They have checking, savings, and even aircraft loans. In case you’ve never heard of an aircraft loan, here’s some info on those.
A Closer Look
Chances are that you’re looking for a personal account with them. Maybe it’s business, but, I’m going to take a closer look at the personal checking options Trustone Financial has. There are three main types of accounts: TruRate Checking, Premium Checking, and Value Checking. Let’s check….out Value Checking first.
Trustone Financial Value Checking
This type of account seems to be a trend at other credit unions that I’ve looked at. It’s simple and straightforward with no monthly fee or significant balances to maintain. That being said, you do need a minimum opening deposit of $25, according to their footnotes.
That and you’ll also need a Share Savings account. There’s also no dividend for this account, annual percentage yield or IDProtect. You do get 1 point for every $5 spent on purchases in their rewards program. There’s no free checks.
The Premium Checking account at Trustone Financial raises the bar a bit if you’re looking for more perks.
Similar to the basic one, premium requires you to have a Share Savings account. The minimum balance requirement isn’t too demanding – it’s $300 per month if you want to avoid the $5 monthly fee. I think I could have handled that in high school with my part-time movie theater and grass cutting income.
You will get a small dividend with this one, .10%. The APY is also .10% for premium checking. There’s no ID protect service here.
They give you points faster, too. You’ll earn 1 point per $3 spent on purchases. Their rewards program has items like merchandise, travel, gift cards, or cash back.
You also get two free boxes of checks per year, how bout that?
TruStone Financial TruRate Checking
This is their Cadillac-level checking account. Maybe we could be more modest but still classy – how bout Lexus level checking account? Yea that’s good.
This TruRate Checking requires you to have a Share Savings account like the others. It also comes with a monthly requirement of 12 combined transactions on Trustone Financial Visa credit and/or debit cards.
The monthly fee of $20 is waived if you maintain a minimum daily balance of $2,000. Now, here’s the part I like: dividends are 2.00% up to $20,000 and .10% on balances above that. The APY is 2.02% on balances up to $20,000 and .10% on balances above that.
You also get their ID protect, points, surcharge-free ATMS (but just 5 free per month), two boxes of free checks, digital/mobile options, and overdraft options.
Read some important disclosures on all of those here.
Trustone Financial Final Thoughts
Trustone is similar to other leading credit unions out there. They offer value products and higher-end accounts that bring significant benefits. Eligible residents of Minnesota and Wisconsin: if you’re in the market to put your money somewhere, consider looking at Trustone Financial.