Sterling Bank and Trust Review

Overview

Founded in 1984, Sterling Bank and Trust has assets totaling $2.53 billion as well as $2.15 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.

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

With a savings rate of 0.10%, 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 1.90% and the five-year CD has a rate of 1.40%, while its highest-yielding money market account earns at an APY of 5.00%. 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

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

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.

Sterling Bank and Trust is currently a large bank with assets totaling $2.53 billion as well as deposits totaling $2.15 billion. Sterling Bank and Trust's Texas Ratio is 0.62%, 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.

Products Offered

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.

Find a Sterling Bank and Trust Near Me

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