Posted by William Charles on July 13, 2019
Bank Account Bonuses

Published on July 13th, 2019 | by William Charles

6

[NY, In Branch only] Sterling National Bank $250/$750 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $250/$750
  • 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: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: Unknown
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

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 $750 when you complete the following requirements:
      • Deposit at least $50,000
      • 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 or have a Private Banking Savings, MMA or CD with the applicable minimum deposit

 

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.

$750 bonus:

  • You will receive $750 as a bonus if you satisfy all four 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 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; and
  • 4. Open or have a Private Banking Savings, MMA or CD with the applicable minimum deposit.

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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Calvin
Calvin

Please try to avoid this bank. I have visited three Brooklyn branches but still could not open an account… The bankers were reluctant to help and kept saying there were no “banker” in the branch, and please visiting another branch. On the third branch, there was a banker finally willing to help me but he said each application would need to be submitted as a service request for back office manual review, and there is no way to get an instant approval even in branch… If the application was successfully processed, I would need to visit the third branch again to make a check deposit. And I would assume the bonus would also be awarded after a manual review. I really don’t understand how has the bank survived to 21st century…

IS250
IS250

Lol wtf. Thanks for the DP so I don’t waste my time giving this a try.

Crystal
Crystal

I was able to open and fund the account in the Manhattan branch yesterday. It took a bit long though as there is only one person who could work on this.

James
James

Bonus post on your end?

crystal
crystal

$750 posted today. Exactly 4 months after I made the deposit. will close it soon.

EdwardD
EdwardD

crystal, were you able to trigger direct deposit using ACH transfer from an external bank account? If so, would you mind share which external bank you used?
Thanks.

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