Thursday, 26 November 2020

Sterling Bank & Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts

Sterling Bank & Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts
27 Oct
12:19

Sterling Bank and Trust, FSB’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.40%

Savings

Sterling Bank and Trust, FSB Statement Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

Sterling Bank and Trust, FSB 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.00%

CD Rates

Sterling Bank and Trust, FSB 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

Sterling Bank and Trust, FSB 60 Month CD

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

Sterling Bank & Trust checking account options

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How Sterling Bank & Trust’s checking accounts compare

As we say in our comparison of the best online checking accounts, the best products come with the ability to earn interest, ATM fee refunds, and a strong online and mobile interface. The Sterling Eagle Checking account does get check marks for all of those areas, and its higher rate tier just barely squeaks in to compete with the accounts on our list. However, the fact that it doesn’t come with any domestic ATM fees and will refund any outside bank’s ATM fees is a huge draw. If you can be sure that the rate in your area stacks up to the competition, we say give that account a fair shot.

Sterling Bank & Trust savings account option

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How Sterling Bank & Trust’s savings account compares

This account does earn interest, but the rate is much lower than all of the accounts on our roundup of the best online savings accounts. Unless you qualify for one of the rewards programs, there aren’t really any perks that come with this account. It pretty much just comes with the basics you would expect of any bank account.

Sterling Bank & Trust CD rates

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How Sterling Bank & Trust’s CD rates compare

While Sterling Bank & Trust boasts about competitive rates on its CDs, they simply don’t beat out or come close the competition on our list of the best CD rates — not even the promotional 30-month CD, which offers the highest rate of the bank’s 10 term lengths. Its minimum deposit requirements are on the low end, though, and fairly standard compared to others. Still, we suggest shopping around and finding a higher rate that’s truly worth your while and allow your savings to grow.

Sterling Bank & Trust money market account options

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How Sterling Bank & Trust’s money market account compares

Although the minimum deposit and balance requirements for this account are minimal and easy to maintain compared to others, the APY on Sterling Bank & Trust’s money market doesn’t even come close to comparing to most of the accounts on our list of the best available money market accounts. There are definitely better rates to be had out there on accounts that likely offer the same low requirements, so do your research to make sure you’re getting the best bang for your buck to increase your savings.

Sterling Bank & Trust IRA options

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How Sterling Bank & Trust’s IRA CD rates compare

Just like with the regular CDs, the rates on Sterling Bank’s IRA CDs for the most part don’t stack up against the offerings on our list of the best IRA CDs. If you’re saving for retirement, you want to make sure you’re giving your funds the best chance to grow, so we urge you to take the time to find a product with a higher rate.

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How to get Sterling Bank & Trust’s deposit accounts

In order to open any of the bank’s aforementioned accounts, you’ll have to visit one of Sterling Bank & Trust’s branch locations if you’re a resident of one of the four regions the bank serves. Visit the website to enter your ZIP code to see if there’s one near you.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton

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Source: https://www.magnifymoney.com/blog/reviews/sterling-bank-and-trust/

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