Sterling National Bank Review: A Variety of Products for Businesses

Find out if Sterling National Bank's services are right for you.

Sterling National Bank is a regional financial institution that specializes in providing banking services and solutions to business owners, their families and consumers in the New York metro area and the Hudson Valley region. With more than 100 locations on the East Coast, Sterling National Bank offers a customized style of banking that makes it a popular choice in the communities that it serves.

Whether you’re an entrepreneur, a fully established businessman or someone looking for a new bank home, keep reading to find out if Sterling National Bank has the services you need.

Sterling National Bank Review

A subsidiary of Sterling Bancorp, Sterling National Bank recently acquired Astoria Bank and its clients, making it a bigger financial institution than before. Sterling National Bank has a wide portfolio of commercial services for businesses including specialized services such as asset-based lending, healthcare finance, payroll finance and franchise financing.

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Sterling National Bank Products and Services

Sterling National Bank has products for almost every type of client. Although many of the bank’s services are heavy with business banking products, there are plenty of options for personal banking.

Sterling National Bank Business Checking

Each business checking account is categorized by size. The bank will look at the number of transactions your business makes and your balance amount to determine which account you qualify for. Here are the checking account options available for businesses:

Basic Business Checking

  • Best for small businesses
  • Balance of less than $10,000
  • Fewer than 300 transactions

Enhanced Business Checking

  • Best for mid-size businesses
  • Balance of $10,000 to $100,000
  • Fewer than 500 transactions

Analyzed Business Checking

  • Best for big businesses
  • Balance of more than $100,000
  • More than 500 transactions

Three specialized business checking accounts are also available: The Master Escrow Checking account is primarily for businesses managing client funds, the Rent Security Master Checking account is tailored to landlords, and the Attorney Trust Account is specifically for attorneys.

Sterling National Bank Business Savings

Similar to options for personal banking, Sterling National Bank provides a savings account, money market accounts and CDs for its business clients.

Sterling National Bank Personal Checking

As a personal client, you get to choose from the following personal checking accounts.

Simple Checking

  • Balance of less than $1,500
  • No monthly fee with e-statements

Choice Checking

  • Balance of more than $1,500
  • Monthly fee waived with direct deposit
  • Monthly fee waived with 10 debit card transactions

Premium Checking

  • Balance of more than $2,500
  • Host fee refund and free foreign ATMs
  • Unlimited free checks
  • Interest bearing

Specialized checking accounts are also available: Student Checking, Senior Checking and Health Savings Checking. Each of these accounts comes with unlimited check writing, and your first order of checks is free.

Learn: 9 Types of Checking Accounts

Sterling National Bank Personal Savings

Sterling National Bank also has several options for personal savings accounts.

  • Choice Savings: Avoid the monthly checking fee by meeting the combined minimum balance
  • Premium Savings: Free for Premium Checking clients
  • Student Savings: No monthly fees for all students between 6 and 24 years old

Sterling National Bank CDs

Sterling offers certificates of deposits. Features of Sterling CDs include:

  • Jumbo CD options
  • Terms that vary from three months to five years
  • 2.25% APY on a 14-month CD

Sterling National Bank Advantages and Disadvantages

Here are some of the primary advantages and disadvantages of Sterling National Bank.

Advantages:

  • Insured by the Federal Deposit Insurance Corporation
  • Business debit card available
  • Personal and business mobile banking
  • Personal and business bill pay

Disadvantages:

  • No physical branches outside the New York metropolitan area and Hudson Valley region

Is Sterling National Bank Right for You?

Because of Sterling National Bank’s extensive log of services for businesses, this bank is most ideal for someone in the business world. However, Sterling offers a number of options for those simply looking to open a personal checking account. The bank’s services would be most valuable to New York state residents who can access one of the 100-plus Sterling National Bank branches in the New York metro area and Hudson Valley region.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Sterling National Bank.