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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


Sterling Federal Bank started in 1885 and its headquarters are located in Sterling, Illinois. It handles assets of $467 million along with deposits totaling $365 million, classifying it as a medium-size bank. Sterling Federal Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.3 out of 5 stars, Sterling Federal Bank is a great bank that you should seriously consider. Sterling Federal Bank provides customers with a full array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Sterling Federal Bank's standard checking does not have a monthly fee. Institutions that offer free checking, in addition to a high savings APY are your best option for accruing the most income on your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

Sterling Federal Bank has a savings rate of 0.07%, which is poor in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 0.70% and 2.07%, respectively, while its highest-yielding money market account has a rate of 0.15%. Given its noncompetitive savings rate, you should think about other options 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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SmartAsset Average: 4.4

Sterling Federal Bank charges customers extremely low fees in comparison to the national average. With no monthly fee, Sterling Federal Bank's checking account is ideal for those who want a hassle-free banking experience. Sterling Federal Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will need to locate a Sterling Federal Bank ATM or accept 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

SmartAsset Average: 3.7

Sterling Federal Bank is a brick-and-mortar bank, with 10 total branches in Illinois and Iowa. It also offers access to mobile and web apps for an easy mobile-banking experience. Sterling Federal Bank gets moderately satisfactory reviews from users for its mobile banking services. The Sterling Federal Bank mobile app has an overall rating of 4.2 out of 5 (out of 31 customer reviews on iOS and Android) compared to the national average of 3.8. You can use Sterling Federal Bank's app to control your accounts by reviewing current statements, transferring funds as well as reaching customer service. Sterling Federal Bank gets a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

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

SmartAsset Average: 4.8

Sterling Federal Bank is currently a medium-size bank and manages $467 million in assets and deposits totaling $365 million. Sterling Federal Bank's Texas Ratio is 4.91%, suggesting a low probability 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

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: 0.70% APY
  • 24 Month: 1.02% APY
  • 36 Month: 1.36% APY
  • 48 Month: 1.56% APY
  • 60 Month: 2.07% APY
$500 for all terms
Money Market Account 0.15% APY $10000

Sterling Federal Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Sterling Federal Bank 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 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 branches across the U.S.

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