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Sterling Bank (MO) 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 Savings
0.30% APY

Overview

Our Rating: 4.4/5 How we calculated this rating

Sterling Bank first started operating in 2004 with headquarters located in Poplar Bluff, Missouri. It owns $1 billion in assets and $1 billion in deposits, making it a medium-size bank. Sterling Bank does not have the access to customer service other banks offer. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Overall, Sterling Bank is among the top banks, and should be given strong consideration with a rating of 4.5 out of 5 stars from the SmartAsset experts. 

Sterling Bank has a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Sterling Bank offers a savings account with an average APY, suitable if you need a place to hold your money. If you're looking for a checking account for everyday use, Sterling Bank offers one without a monthly fee. Using the same bank for checking and savings can be perfect when you want to get the most return on your income while maintaining access to your funds without having to wait for money to transfer between accounts.

Service Quality

Sterling Bank is a brick-and-mortar bank, with 11 total branches in Illinois and Missouri. With mobile and web apps, Sterling Bank makes mobile banking straightforward, even on the go.  

Sterling Bank's online and mobile banking services receive moderately positive scores from customers: the Sterling Bank mobile app is rated at 3.1 out of 5 (out of 22 customer reviews on iOS and Android) compared to the national average of 3.8. Sterling Bank's mobile app allows you to control your funds by looking at monthly statements, sending and receiving money as well as accessing support representatives. Sterling Bank gets an outstanding consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.30% APY $100 Compare Offers
Certificates of Deposit
  • 12 Month: 1.45% APY
  • 24 Month: 1.95% APY
  • 36 Month: 2.20% APY
  • 48 Month: 2.40% APY
  • 60 Month: 2.85% APY
$10,000 for all tiers aside from $500 for 60 month tier Compare Offers
Money Market Accounts
  • 10K tier: 0.50% APY
  • 25K tier: 0.75% APY
  • $10,000
  • $25,000
Compare Offers
Checking Accounts 0.30% APY $2,500 Compare Offers

Sterling Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, meaning you have many options to manage your money. Sterling Bank does not have the best savings rate, which means you should consider looking elsewhere for banks that offer 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's CD rates are stellar as compared against the national average.  

Rates

Sterling Bank has a savings rate of 0.30%, which is moderate compared to other U.S. banks. Sterling Bank's one-year CD earns at a rate of 1.45% and the five-year CD earns at a rate of 2.85%, while its highest-yielding money market account earns at a rate of 0.75%. It has a fair savings rate compared to the average savings account. Consider taking a look at other banks for savings accounts.

Compare Sterling Bank to Other Competitive Offers

Fees

Sterling Bank has typically extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. Sterling Bank reimburses any incurred ATM fees (with conditions), making finding an ATM a free and convenient process.

Financial Health

Sterling Bank is currently a medium-size bank and has assets totaling $1 billion and $1 billion in deposits. Sterling Bank's Texas Ratio is 0.58%, indicating an exceptionally minute possibility of failure. Additionally, Sterling Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Sterling Bank Near Me

Sterling Bank has 11 physical branches in the U.S.

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