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Sterling Bank and Trust Review

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Sterling Bank and Trust Savings
0.40% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1984, Sterling Bank and Trust has $3 billion in assets and $2 billion in deposits, making the institution a large bank. Sterling Bank and Trust, whose headquarters are in Southfield, Michigan, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. Overall, Sterling Bank and Trust is a solid contender in your bank search, with a score of 4.3 stars out of 5 from the SmartAsset experts. Sterling Bank and Trust provides customers with a diverse array of banking products, including savings accounts, checking accounts, money market accounts, CDs and IRAs. It has a fair savings rate compared to the average savings account. Using a bank with no-fee checking and a high interest rate savings account is the best bet for accruing the most income from your deposits while having easy 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. Its CD rates are 2.00% and 3.00% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.90%. Given its below average savings rate, you should consider 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 bank locations 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 receives inferior reviews from users for its online presence. The Sterling Bank and Trust mobile app scored a 3.0 out of 5 (out of 9 ratings on Apple and Android) compared to the national average of 3.8. Sterling Bank and Trust's mobile app allows you to control your bank accounts by checking current statements, transferring funds as well as accessing support representatives. Sterling Bank and Trust gets a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed 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 owning $3 billion in assets and $2 billion in deposits. Its Texas Ratio is 0.27%, denoting that Sterling Bank and Trust is in superb financial well-being 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: 2.00% 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 Account 0.9% APY $500

Sterling Bank and Trust has several deposit products like 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 other options 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 average U.S. bank.

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Find a Sterling Bank and Trust Near Me

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

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