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Sterling National Bank 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
Sterling National Bank Choice Savings
0.05% APY

Overview

Still based in the Empire State, Sterling National Bank can trace its roots back to New York in the 1800s. Today, it offers banking and wealth management services to individuals, businesses and families in the communities it serves throughout New York and New Jersey.

When you walk into any Sterling National Bank center, you can find a wealth of specialized products. Sterling offers various checking, savings and certificate of deposit (CD) accounts.

It also offers individual retirement accounts (IRA) providing distinct tax advantages along with the benefits of CD. 

Read on to learn more about Sterling Bank products as well as current rates and how the firm stacks up against the competition.

Read on below to explore Sterling National Bank's many offerings.

Product Key Features
Savings Account
  • Three savings solutions to choose from
  • One option designed for students
Certificates of Deposit
  • High-yield CDs
  • Promotional rates available on occasion
Money Market Accounts
  • One option with tiered interest rates
IRA
  • Several IRA CD options available
  • Choose from 30-day to five-year terms
Checking Accounts
  • Numerous accounts available
  • Several ways to waive monthly service fees

Choice Savings

Key Features Details
Minimum Deposit $25 
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10 monthly maintenance fee unless you meet certain requirements
  • $10 excessive withdrawal fee (after six withdrawals in a statement cycle)
  • $2 fee for images on paper or digital checks
Current Terms and Rates 0.050% APY

Choice Savings is one of Sterling National Bank's basic savings accounts. All you need is $25 to open yours. Plus, the bank will waive its $5 monthly maintenance fee as long as you maintain a minimum balance of $1,000.

But beyond these advantages, the account doesn’t offer any exclusive benefits you’d find with similar options at other community banks. Plus, its current APY falls well below the national interest rate average for savings accounts. You may find savings solutions with higher rates and more suiting features by checking out our study of the best savings accounts on the market today. 

Still, this option may suit customers opening their first savings account, as it’s very easy to manage and requires little commitment. 

Sterling National Bank Interest Rate Comparison

Premium Savings

Key Features Details
Minimum Deposit  $25 
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • No monthly service fee
  • $10 excessive withdrawal fee (after six withdrawals in a statement cycle)
Current Terms and Rates 0.250% APY

To open this account, you’d also need a Premium Checking account from Sterling National Bank. On its own, it’s a basic savings option. But when you combine it with a Premium Checking account, you get exclusive benefits like fee-free access to non-Sterling ATMs up to certain limits. We’ll explore these features in detail later when we review Sterling Bank’s suite of checking options.

Compare Sterling National Bank to Other Competitive Offers

Student Savings

Key Features Details
Minimum Deposit $25 
Access to Your Savings Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • No monthly service fee if you’re 24-years-old or younger
  • $5 monthly service fee if you’re 25-years-old or older
  • $10 excessive withdrawal fee (after six withdrawals in a statement cycle)
  • $2 fee for images on paper or digital checks 
Current Terms and Rates 0.05% APY 

The student savings account can suit the on-the-go Millennial, especially as a beginner’s savings vehicle. As long as you’re 24-years-old or younger, Sterling National Bank charges no monthly service fee. So you can watch every dollar you put in grow. 

However, its current APY isn’t the strongest. So it may not be the most ideal option to park a large sum of money if you expect it to generate a decent return. To help young people narrow down their choices, we developed an analysis of the best savings accounts for kids available today. 

Certificates of Deposit (CDs)

Key Features Details
Minimum Deposit
  • For jumbo CDs: $100,000
  • For standard CDs: $500 
Access to Your CD Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly fee, but early withdrawal penalties will apply.
Current Terms and Rates
  • Standard CDs
  • 30 Days: 0.350% APY
  • 3 Months: 0.500% APY
  • 6 Months: 0.850% APY
  • 9 Months: 0.950% APY
  • 12 Months: 1.150% APY
  • 18 Months: 1.2% APY
  • For Jumbo CDs
  • 1 Months: 0.450% APY
  • 3 Months: 0.600% APY
  • 6 Months: 0.950% APY
  • 9 Months: 1.050% APY
  • 12 Months: 1.250% APY
  • 18 Months: 1.300% APY
  • 2 Years: 1.450% APY
  • 3 Years: 1.550% APY
  • 4 Years: 1.650% APY
  • 5 Years: 1.750% APY

Sterling National Bank offers certificate of deposit (CD) options for all kinds of savers. If you’re new to CD investing, you may be interested in opening a standard CD which requires a $500 minimum opening deposit. Jumbo CDs with generally higher rates take a minimum deposit of $100,000. So the latter may suit the more affluent client. 

As far as terms go, you can open a CD for lengths ranging from 30 days to five years. Across the board, Sterling National Bank offers descent rates on longer-term CDs. But the bank also offers promotional options on a periodic basis. So if you visit a branch at the right time, you may find a CD with a considerably high interest rate. 

But if you want to dive into the world of high-yield CDs now, you can examine our analysis of the best CD rates currently being offered at banks throughout the country. 

Money Market Account

Key Features Details
Minimum Deposit  $25
Access to Your Money Market Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $2 fee for images on paper or digital checks
  • $8 monthly service fee unless you meet certain requirements
  • $10 excessive withdrawal fee (after six withdrawals in a statement cycle) 
Current Terms and Rates
  • $2,500 - $49,999.99: 0.030% APY
  • $50,000 - $99,999.99: 0.050% APY
  • $100,000 - $249,999.99: 0.050% APY
  • $250,000 - $499,999.99: 0.080% APY
  • $500,000+: 0.080% APY

Unfortunately, Sterling National Bank doesn’t offer the best money market accounts around. Its standard option generates interest on a tiered basis, but you’d need to keep a minimum balance of at least $500,000 to earn its current peak APY of 0.080% APY. 

Individual Retirement Accounts 

Key Features Details
Minimum Deposit  
  • For Standard IRA CDs: $500
  • For Jumbo IRA CDs: $100,000
Access to Your IRA Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees No monthly service fee, but the IRS may impose early withdrawal penalties 
Current Terms and Rates Standard IRA CDs
  • 1 Month: 0.350% APY
  • 3 Months: 0.500% APY
  • 6 Months: 0.850% APY
  • 9 Months: 0.950% APY
  • 1 Year: 1.150% APY
  • 18 Months: 1.200% APY
  • 2 Years: 1.350% APY
  • 3 Years: 1.450% APY
  • 4 Years: 1.550% APY
  • 5 Years: 1.650% APY
Jumbo CDs
  • 1 Months: 0.450% APY
  • 3 Months: 0.600% APY
  • 6 Months: 0.950% APY
  • 9 Months: 1.050% APY
  • 12 Months: 1.250% APY
  • 18 Months: 1.300% APY
  • 2 Year: 1.450% APY
  • 3 Year: 1.550% APY
  • 4 Year: 1.650% APY
  • 5 Year: 1.750% APY

Sterling national Bank provides an array of IRA CDs. These savings vehicles combine the advantages of CDs with the tax benefits of individual retirement accounts (IRA). You can lock in a fixed-interest rate for a specific term. Going forward, your money grows tax free until you make qualified withdrawals when you’re at least 59.5 years old. 

But as with any element of your financial life as personal and vital as retirement planning, you may want to seek professional guidance to make the most out of it. If you’ve never worked with a financial advisor before, you can use our SmartAdvisor matching tool. After answering a few simple questions, we’d link you to up to three financial advisors in your area. You can then review their qualifications and even set up interviews before deciding whether you want to work with one. 

Simple Checking Account

Key Features Details
Minimum Deposit $25 
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10 fee if requesting paper statements 
  • No monthly service fee
  • $2 fee for paper and digital check images 

As its name suggests, this is Sterling National Bank’s easiest checking account to manage. For starters, you don’t need to worry about any monthly service fee. In addition, you get 15 free checks per statement cycle (50 cents for each additional check in the cycle). eStatements are also free, so this account is best for the user who gets most of his or her banking done online. Overall, it’s a simple and transparent checking solution. 

Choice Checking

Key Features Details
Minimum Deposit $25 
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $10 monthly service fee unless you meet certain requirements
  • $2 fee for paper and digital check images
  • $10 fee for excessive withdrawals (After the 6th in a statement cycle)

The Choice Checking account functions similarly to its Simple counterpart with some additional features. However, it charges a $10 monthly service fee. Nonetheless, you can avoid this charge by keeping a minimum average daily balance of $1,500 in your account. Sterling National Bank will also waive the fee if you keep a combined minimum balance of $3,000 across all your deposit accounts with Sterling Bank. This covers checking, savings and CD accounts as well as IRAs. 

Furthermore, the bank would waive the fee if you set up direct deposit or establish some kind of recurring ACH transfer. Account holders also get the following free perks. 

  • 4 fee-free transactions at non-Sterling ATMs (Machine owner may charge a fee)
  • Free first order fo basic checks
  • Free eStatements

Premium Checking Account

Key Features Details
Minimum Deposit $25 
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $2 fee for paper or digital check images
  • $15 monthly service fee unless you meet certain requirements 
Current Terms and Rates 0.050% APY

As far as features go, this is Sterling Bank’s most lucrative checking account. When you open this interest-bearing account, you also get a free Premium Savings account. However, the checking option comes with a hefty $15 monthly service fee. Luckily, the bank will waive it if you keep at least $2,500 in your account or a combined balance of at least $10,000 among all your Sterling Bank deposit accounts. With that said, this account may suit the loyal Sterling Bank customer. You would also benefit if you’ve already established a healthy savings habit before opening this account.  

In addition, you’d get the following advantages. 

  • Unlimited fee-free access to ATMs nationwide (Machine owners may charge their own fees but Sterling won’t levy one against you if you use an out-of-network ATM)
  • Unlimited free orders of basic checks
  • Free eStatements and paper statements

Student Checking Account

Key Features Details
Minimum Deposit $25 
Access to Your Checking Account Online, mobile and physical branches.
Security FDIC insurance up to the maximum amount allowed by law. 
Fees
  • $5 monthly service fee unless you’re 24-years-old or younger
  • $10 excessive withdrawal fee (after six withdrawals in a statement cycle)
  • $2 fee for paper or digital check images

To qualify for this account, you’d need to prove enrollment in high school or college. If you’re 24 years old or younger, the bank will waive its $5 monthly service fee. But any account holder can waive the fee by meeting any one of the following tasks: 

  • Set up direct deposit or recurring ACH transfer
  • Make five debit card transactions post and settle during a statement cycle

In addition. You’d get fee-free access to up to four non-Sterling ATM fees per statement cycle. The bank will also provide you with a free first order of basic checks.

Branch Locations

Sterling National Bank manages more than 50 branches throughout New York and New Jersey. You can seek more information about the bank’s products and services by calling 855-274-2801.

Financial Statistics & Bank Health Rating

Sterling National Bank has $30.34 billion in assets along with $19.94 billion in loans and $20.76 billion in deposits, according to the FDIC. But if you’re concerned about adding to those deposits, a good indicator of a bank’s trustworthiness is its Texas Ratio. This industry-recognized metric is calculated by dividing the amount of non-performing assets (unbacked current loans and real estate owned) by the sum of the bank’s tangible equity capital and its loan loss allowances. 

Sterling National Bank has a Texas Ratio of 4.81%, which makes it known for excellent reliability. Banks with ratios stretching closer to 100% are deemed to be more risky.

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