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Sterling National Bank Review 2022

Updated December 2, 2022
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 2.4 stars out of 5

MMA

Rating: 2.2 stars out of 5

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Overview

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

Highlights

  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
FDIC Insured through Cross River Bank
Savings Account
3.50
%
APY
Rating: 3.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    The opening deposit for deposit accounts is reasonable.

  • Checkmark

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

Cons

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

  • The yields on its deposit products are low.

Sterling National Bank bank products

2.4
Rating: 2.4 stars out of 5
Bankrate Score

Sterling National Bank savings overview

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.

Pros

  • Checkmark

    Only $25 is needed to open a savings account.

Cons

  • The yield is low.

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.4 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.