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Sterling Bank and Trust Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Sterling Bank and Trust Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1984, Sterling Bank and Trust has assets totaling $3 billion as well as $2 billion in deposits, which makes it a large bank. Sterling Bank and Trust, whose headquarters are in Southfield, Michigan, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With a score of 4.3 out of 5 stars, Sterling Bank and Trust should be solidly in contention for your choice of bank. Sterling Bank and Trust offers a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for gaining the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

4.6
SmartAsset Average: 3.5

With a savings rate of 0.40%, Sterling Bank and Trust ranks poorly compared to the average U.S. bank. Sterling Bank and Trust's one-year CD has a rate of 2.50% and the five-year CD has a rate of 3.00%, while its highest-yielding money market account earns at an APY of 0.90%. Given Sterling Bank and Trust's poor savings rate, you should think about other options to earn more on your deposits.

How Sterling Bank and Trust's Savings Rates Compare

Sterling Bank and Trust Savings 0.40 National Average 0.26 Compare Offers
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Fees

NR
SmartAsset Average: 4.4

There is insufficient data on Sterling Bank and Trust's fees to provide a full SmartAsset rating.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

Sterling Bank and Trust is a brick-and-mortar bank, with 28 total branches in California, Michigan and New York. With mobile and web apps, Sterling Bank and Trust makes account access straightforward, even on the go. Sterling Bank and Trust's online and mobile banking platforms get mediocre marks from customers. Out of 9 ratings on both iOS and Android platforms, the Sterling Bank and Trust mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). Sterling Bank and Trust's mobile app lets you manage your finances by reviewing account balances, transferring money as well as accessing customer service. Sterling Bank and Trust gets an outstanding consumer satisfaction rating due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Sterling Bank and Trust is currently a large bank with assets totaling $3 billion as well as deposits totaling $2 billion. Sterling Bank and Trust's Texas Ratio is 0.27%, denoting that Sterling Bank and Trust is in superb financial health and far from failure. Additionally, Sterling Bank and Trust is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Sterling Bank and Trust to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.4% APY $1
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 2.50% APY
  • 24 Month: 2.88% APY
  • 36 Month: 3.00% APY
  • 48 Month: 3.00% APY
  • 60 Month: 3.00% APY
$500 for all terms
Money Market Accounts 0.9% APY 0.9% APY $10000 $15000

Sterling Bank and Trust offers several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Sterling Bank and Trust does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Sterling Bank and Trust's CD rates are fair compared to the national average.

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Find a Sterling Bank and Trust Near Me

Sterling Bank and Trust has 28 physical locations across the U.S.

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