Established in 1958, Sterling State Bank has assets totaling $367 million as well as $263 million in deposits, classifying the institution as a small bank. Sterling State Bank, whose headquarters are in Austin, Minnesota, lacks premium access to support representatives, 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 apps. Coming in at a commendable 4 out of 5 stars, Sterling State Bank is a respectable bank that should be given a look. Sterling State Bank has a diversity of banking products, including savings accounts, checking accounts, money market accounts, IRAs, mortgage products and credit cards. Sterling State Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Sterling State Bank's standard checking does not have a monthly maintenance charge. Institutions that offer free checking and a high savings APY are the best option for gaining the most income from your deposits while maintaining convenient access to your funds.
The overall rating is a weighted average of rates, fees, service quality and financial health.Read more
With a savings rate of 0.00%, Sterling State Bank ranks poorly as compared against the national average. Sterling State Bank's one-year and five-year term lengths CDs earn at a rate of 0.70% and 1.55%, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given its noncompetitive savings rate, you should consider other options to earn more on your deposits.
How Sterling State Bank's Savings Rates Compare
On average, Sterling State Bank charges customers average fees compared to the average U.S. bank. With no monthly fee, Sterling State Bank's checking account is ideal for people who want a hassle-free checking account. Additionally, it has an overdraft fee of $35.50, which is slightly higher than the national average. Sterling State Bank doesn't refund out-of-network ATM fees, which means you will have to search for a Sterling State Bank ATM or eat the cost of withdrawal.
Sterling State Bank is a brick-and-mortar bank, with nine total branches in Minnesota. It also offers access to mobile and web apps for an easy mobile-banking experience. Sterling State Bank gets moderately satisfactory ratings from users for its online presence. Out of 5 customer reviews on iOS and Android platforms, the Sterling State Bank mobile app has an overall rating of 4.0 out of 5 (compared to the national average of 3.8). You can use Sterling State Bank's mobile app to manage your finances by reviewing account balances, transferring money as well as reaching support representatives. Sterling State Bank receives an excellent consumer satisfaction rating based on relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.
Sterling State Bank ranks as a small bank and handles assets totaling $367 million and $263 million in deposits. Its Texas Ratio is 2.81%, suggesting that Sterling State Bank is in superb financial health and improbable to fail. 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.Back to Overview
Compare Sterling State Bank to Other Competitive Offers
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.001% APY||$1000|
|Checking Account||0.005% APY||$1|
|Certificates of Deposit|| ||$1000 for all terms|
|Money Market Accounts||0.05% APY 0.1% APY||$10000 $15000|
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 consider 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 compared to the national average.Back to Overview
Find a Sterling State Bank Near Me
Sterling State Bank has nine locations across the U.S.Back to Overview