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Sterling State Bank Review

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Sterling State Bank Savings
0.00% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Sterling State Bank first started operating in 1958 and is headquartered in Austin, Minnesota. Sterling State Bank manages $367 million in assets along with deposits totaling $263 million, ranking it as a small bank. Sterling State Bank lacks premium access to support representatives, 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 apps. With a commendable 4 out of 5 stars, Sterling State Bank is a respectable bank that gets the job done. Sterling State Bank provides customers with a diversity of product offerings, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Sterling State Bank has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Sterling State Bank offers an option without a monthly fee. Institutions that offer no-fee checking, in addition to a high savings APY are the best bet for accruing the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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 0.00%, Sterling State Bank ranks poorly compared to other U.S. banks. Sterling State Bank's CD rates are 0.70% and 1.55% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given its below average savings rate, you should think about taking a look at other banks for savings accounts.

How Sterling State Bank's Savings Rates Compare

Sterling State Bank Savings 0.00 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Sterling State Bank has typically average fees in comparison to the national average. Sterling State Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. Additionally, it has an overdraft fee of $35.50, which is somewhat greater than the national average. Sterling State Bank unfortunately does not reimburse out-of-network ATM fees, meaning you will be required to search for a Sterling State Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.50 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Sterling State Bank is a brick-and-mortar bank, with nine total bank locations in Minnesota. With mobile and web apps, Sterling State Bank makes mobile banking easy, even on the go. Sterling State Bank gets reasonably positive reviews from customers for its mobile platform. The Sterling State Bank mobile app rates a 4.0 out of 5 (with 5 ratings on iOS and Android) compared to the national average of 3.8. You can use Sterling State Bank's mobile app to manage your finances by checking current statements, sending and receiving funds and accessing customer service. Sterling State Bank receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Sterling State Bank ranks as a small bank with assets totaling $367 million and $263 million in deposits. Its Texas Ratio is 2.81%, denoting a low probability of failure. Additionally, Sterling State Bank 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.

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Compare Sterling State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.001% APY $1000
Checking Account 0.005% APY $1
Certificates of Deposit
  • 12 Month: 0.70% APY
  • 24 Month: 1.10% APY
  • 36 Month: 1.35% APY
  • 48 Month: 1.55% APY
  • 60 Month: 1.55% APY
$1000 for all terms
Money Market Account 0.05% APY $10000

Sterling State Bank offers several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Sterling State 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 State Bank's CD rates are fair in comparison to the national average.

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Find a Sterling State Bank Near Me

Sterling State Bank has nine locations across the U.S.

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