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Sterling National Bank Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
3.4

Bankrate Score

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Low Minimum Deposit

Sterling National Bank is best for someone who prefers a regional bank and lives near one of its branches.

  • CDs
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    2.8
  • Savings
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    2.4
  • Checking
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    4.7
  • MMAs
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    2.2
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

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    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.4

    Bankrate Score

    Sterling National Bank is a regional bank in New York in the midst of a merger with Webster Bank.

    What we like

    • The opening deposit for deposit accounts is reasonable.

    • The bank offers a combination of branch banking and digital tools.

    What we don't

    • The bank’s website does not provide many details about bank products.

    • The yields on its deposit products are low.

    CD rates

    2.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Sterling National Bank offers 10 terms of CDs ranging from 30 days to five years. The bank also offers jumbo CDs that require at least $100,000 to open.

    Yields are low, but only a $500 deposit is needed to open a traditional CD.

    What we like

    • The bank offers a variety of CD terms.

    • The minimum deposit required to open a CD is low.

    What we don't

    • Higher rates can be found elsewhere.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    While the APY offered on the savings account is low, you only need $25 to open it. You will, however, want to keep at least $500 in the account in order to avoid a $5 monthly service fee.

    What we like

    • Only $25 is needed to open a savings account.

    What we don't

    • The yield is low.

    • You need to keep $500 in your account to avoid paying a monthly service fee.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Sterling National Bank offers three checking accounts: the Choice Checking account, Premium Checking account and Simple Checking account.

    The Simple Checking account doesn’t charge a monthly fee if you enroll in electronic statements. You’ll need $25 to open the Simple Checking account.

    You will pay $2.50 to use out-of-network ATMs, and the bank charges $35 for overdraft fees, which is higher than the national average.

    What we like

    • The Simple Checking account is free if you enroll in electronic statements.

    • You only need $25 to open the account.

    What we don't

    • The bank charges $2.50 if you use out-of-network ATMs.

    • The bank charges $35 for overdraft fees. Some other banks charge less.

    Money market accounts

    2.2

    Bankrate Score

    Sterling National Bank's Personal Money Market Account offers multiple rate tiers; however, the yield isn’t high. You will also need to keep at least $2,500 in the account to earn interest and avoid paying a monthly fee.

    What we like

    • You can earn more when you deposit more.

    What we don't

    • The yield is low.

    • A $2,500 minimum balance is required to avoid paying a monthly fee and to earn interest.

    Bank experience

    In addition to its branch network, Sterling National Bank offers online and mobile banking and person-to-person payments through Zelle. It is a part of the MoneyPass network, which gives its customers access to more than 32,000 fee-free ATMs. You can schedule an appointment with a bank representative by using its website.

    About Sterling National Bank

    Sterling National Bank offers savings, checking and money market accounts, and certificates of deposit. The New York-based bank’s parent, Sterling Bancorp, entered into a merger agreement with Waterbury, Connecticut-based Webster Financial Corp. in April 2021. The deal is expected to close on or about Feb. 1, 2022.

    The combined bank will operate under the Webster Bank name and have a presence in several Northeast metropolitan areas, including New York, Boston and New Haven and Hartford, Connecticut.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.