Sterling National Bank Review 2021

Published January 2021 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

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    3.4

    Bankrate Score

    Sterling National Bank is a regional bank in Montebello, New York.

    What we like

    • Sterling National Bank belongs to the MoneyPass ATM network, which gives customers access to 32,000 fee-free ATMs across the county.

    • The bank operates financial centers.

    • The minimum deposit required to open accounts is on the lower end.

    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
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

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

    The APY on its CD is low. However, you only need to deposit $500 to open a traditional CD.

    What we like

    • Sterling National Bank offers a variety of CD terms.

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

    What we don't

    • You can find higher rates elsewhere.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % 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

    • You only need $25 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
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Sterling National Bank has four 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.

    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

    The Sterling National Bank 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 avoid paying a monthly fee.

    What we like

    • You can earn more when you deposit more.

    What we don't

    • The yield is low.

    • You will have to keep at least $2,500 in the account to avoid paying a monthly fee.

    Bank experience

    Sterling National Bank operates several dozen financial centers. It is a part of the MoneyPass network, which gives its customers access to more than 32,000 fee-free ATMs.

    About Sterling National Bank

    Sterling National Bank has a history dating back to 1888. The bank offers: savings accounts, checking accounts, money market accounts and certificates of deposit.

    The bank's headquarters is located in Montebello, New York, and it operates a few dozen financial centers.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she 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. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.