[Expired] [NYC only] Sterling Bank & Trust (SBT) Up To $250 Checking/Savings Bonus

Deal has expired, view more bank account bonuses by clicking here

Update 11/18/19: Deal is back, valid in NYC only this time. Hat tip to reader Joe F

Update 10/5/19: Deal is back but only available in NYC. Hat tip to reader Joe F

Update 9/11/19: Also available in Chino Hills & Bellevue now as well. Hat tip to reader Joe F

Update 9/6/19: Deal has been extended until September 30th, 2019, also available in Los Angeles now as well.Hat tip to readers Anduhsun & Joe F

Offer at a glance

Maximum bonus amount: $250
Availability: NYC Angeles branch
Direct deposit required: Yes, $500 for 3 consecutive months
Additional requirements: Maintain $25,000 for 90 days
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: ~~August 31st, 2019 October 31st, 2019~~ November 30th, 2019

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 offer for NYC ~~| Los Angeles | Chino Hills | Bellevue, Washington~~

Sterling Bank & Trust (SBT) is offering a bonus of up to $250. Bonus is broken down as follows:
- Open a checking, savings or money market account with a minimum opening deposit of $25,000 and maintain a $25,000 balance for 90 days and get a $100 bonus
- Open a checking, savings or money market account and set up a monthly direct deposit and get a bonus of $150
- Do both and get a bonus of $250

The Fine Print

To qualify for the $100 credit to your SBT Advantage Bank account, each customer must: (1) open a new savings, checking, or money market account with a minimum opening deposit of $25,000 at any SBT Advantage Bank branch; and (2) maintain the minimum monthly statement cycle account balance of $25,000 for 90 days.
To qualify for the $150 credit to your SBT Advantage Bank account, each customer must: (1) open a new savings, checking, or money market account; and (2) set up a monthly direct deposit of $500 and receive the deposit into your account for 3 consecutive monthly statement cycles within 120 days of account opening.
A qualifying direct deposit is the customer’s salary, Social Security, pension or other regular monthly income electronically deposited through the Automate Clearing House (ACH) network by an outside agency or your employer.
This offer is intended for new customers only. You are not eligible for this offer if:
- you are a current SBT Advantage Bank customer;
- you are a SBT Advantage Bank employee; or
- you have received a bonus for opening a SBT Advantage Bank account within the last 24 months.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Convenience checking account has no monthly fees to worry about.

Early Account Termination Fee

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

Our Verdict

Looks like the savings accounts earn 0.7% APY. That means for most people it won’t be worth doing the savings bonus because you’d be earning a total rate of slightly over 2.5% APY during the 90 day period and there are basic savings accounts offering that rate. Because of that I only think the checking/direct deposit bonus is worth considering and we need to know if that is a hard or soft pull to open.

Hat tip to reader Joe F

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