[Expired] [NY, In Branch only] Sterling National Bank $250/$450 Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 11/3/20: $750 bonus is now $450. Hat tip to IS250

Offer at a glance

Maximum bonus amount: $250/$450
Availability: In branch only, all branches seem to be in NY [Branch locations]
Direct deposit required: Yes, no minimum mentioned
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes, not sensitive
Credit card funding: Unknown
Monthly fees: Unknown
Early account termination fee: Unknown
Household limit: None listed
Expiration date: None listed

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offers: $250 offer | $750 offer

Sterling National Bank has two bank bonuses:
- Open a new Choice or Premium checking account and earn a bonus of $250 when you complete the following requirements:
  - Deposit at least $15,000
  - Maintain that balance each month for four consecutive months
  - Set up direct deposit within 60 days and have at least one direct deposit posted to your account each month for two consecutive months
- Open a new private checking account and earn a bonus of $450 when you complete the following requirements:
  - Deposit at least $50,000
  - Maintain the new money minimum each day during the statement cycle; client’s total combined checking account balances are used to determine if this requirement is met.
  - Have Qualifying Direct Deposits totaling $1,000 or more made to this account during the statement cycle.

The Fine Print

$250 bonus:

You will receive $250 as a bonus if you satisfy all three of the following conditions: 1. Deposit at least $15,000 from a source outside of Sterling National Bank (“new money minimum”) into a new or existing Choice or Premium Checking account; 2. Maintain the new money minimum each month for four consecutive months; 3. Set up direct deposit within 60 days and have at least one direct deposit posted to your account each month for two consecutive months.
Cash bonus is paid to your account at the next statement cycle after all three conditions above are satisfied.
Your account must be open at the time the cash bonus is credited.
This cash bonus cannot be combined with any other cash bonus offer.
Cash bonus will be reported as income on IRS Form 1099-INT.
Offer can be revoked by Sterling National Bank at any time.

$450 bonus:

To qualify to earn the bonus, you must satisfy all three of the following conditions: 1. Deposit at least $50,000 from a source outside of Sterling National Bank (“new money minimum”) into a new or existing Private Banking Checking account. 2. Maintain the new money minimum each day during the statement cycle; client’s total combined checking account balances are used to determine if this requirement is met. 3. Have Qualifying Direct Deposits totaling $1,000 or more made to this account during the statement cycle.
Offer is available on one (1) Private Banking Checking account per client and cannot be combined with other offers.
Offer is only available to clients who have not participated in one of Sterling’s previous Cash Back Bonus Campaigns.
Each statement cycle that you satisfy the conditions above, you will receive $150 as a cash bonus, up to a total maximum of $450; the bonus will be paid on the last day of the evaluated statement cycle. Your account must be open at the time the bonus is credited. Prior to account opening or increase in balance to your existing account, this offer can be revoked at any time. Once the account has been opened, or new money minimum has been added to an existing Private Banking Checking account, as confirmed by Sterling National Bank, this offer is valid for up to the first five statement cycles thereafter. Cash bonus will be reported as income on IRS Form 1099-INT.
A “Qualifying Direct Deposit” is an Automated Clearing House (ACH) credit from your employer or the government for your paycheck, pension or governmental benefits (such as Social Security). It does not include transfers from one account to another or person to person.

Avoiding Fees

Monthly Fees

Not sure what the monthly fee is for the choice checking or private checking, but the choice checking’s fee is waived with a minimum balance of $1,500.

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.

Our Verdict

This is really a mixture of a checking/savings bonus due to the balance requirements. Don’t think either account earns a decent APY and funds need to be in the account for four months. Savings interest rates do seem to be dropping, but given a direct deposit is also required and the fact we don’t know if it’s a hard or soft pull this one seems to be a little more trouble than it’s worth.

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