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Sterling Federal Bank Review

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Sterling Federal Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1885, Sterling Federal Bank has $467 million in assets and deposits totaling $365 million, which makes the institution a medium-size bank. Sterling Federal Bank, whose headquarters are in Sterling, Illinois, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.3 out of 5 stars, Sterling Federal Bank should be solidly in contention for your choice of bank. Sterling Federal Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Sterling Federal Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Sterling Federal Bank offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same institution is the best bet for accruing the most income on your deposits while maintaining convenient access to your money.

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

3.1
SmartAsset Average: 3.5

With a savings rate of 0.07%, Sterling Federal Bank ranks poorly in comparison to other U.S. banks. Sterling Federal Bank's one-year and five-year term lengths CDs earn at a rate of 1.00% and 2.07%, respectively, while its highest-yielding money market account has an APY of 0.15%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

How Sterling Federal Bank's Savings Rates Compare

Sterling Federal Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

On average, Sterling Federal Bank charges customers extremely low fees compared to other U.S. banks. With no monthly fee, Sterling Federal Bank's checking account is ideal for people who need an easy checking account. Sterling Federal Bank doesn't reimburse out-of-network ATM fees, meaning you will have to locate a Sterling Federal Bank ATM or pay the withdrawal fee.

Monthly Fee $0 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

4.1
SmartAsset Average: 3.7

Sterling Federal Bank is a brick-and-mortar bank, with 10 total bank locations in Illinois and Iowa. It also offers access to mobile and web apps for straightforward access and banking on the go. Sterling Federal Bank's online and mobile banking services get reasonably high scores from users. The Sterling Federal Bank mobile app has an overall rating of 4.2 out of 5 (out of 31 reviews on Apple and Android) compared to the national average of 3.8. Sterling Federal Bank's mobile app lets you control your funds by reviewing monthly statements, sending and receiving funds as well as accessing support representatives. Sterling Federal Bank receives an exceptional consumer satisfaction rating based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating 4.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.8
SmartAsset Average: 4.8

Sterling Federal Bank is currently a medium-size bank owning $467 million in assets as well as $365 million in deposits. Its Texas Ratio is 4.91%, indicating a negligible likelihood of failure. Additionally, Sterling Federal Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

4.91%
High Risk 75% 50% 20% 10% Low Risk

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 Federal Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $200
Checking Account 0.17% APY $15000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.26% APY
  • 36 Month: 1.51% APY
  • 48 Month: 1.61% APY
  • 60 Month: 2.07% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Sterling Federal Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Sterling Federal Bank does not have the best savings rate, which means you should think about 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 Federal Bank's CD rates are fair compared to the average U.S. bank.

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Find a Sterling Federal Bank Near Me

Sterling Federal Bank has 10 physical branches across the U.S.

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