Posted by William Charles on September 11, 2019
Bank Account Bonuses

Published on September 11th, 2019 | by William Charles

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[NYC, Los Angeles, Bellevue Washington only] Sterling Bank & Trust (SBT) Up To $250 Checking/Savings Bonus

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, Flushing or Brooklyn branches or Korea Town Los 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

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

Useful posts regarding bank bonuses:



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JASON
JASON

The main problem for me is $25K as min. opening deposit. Because of that I wouldn’t bother opening the account with them.

emergdoc67
emergdoc67

Read carefully. There is no significant minimum opening deposit for the $150 bonus

emergdoc67
emergdoc67

I have a Florida DL, will be in NYC on vacation this week. May attempt to be the DP for remote people attempting to open in branch

bax
bax

remote people wanna know now!

T
T

Why would you cut off the eyes of your ad model…?

Firefly
Firefly

Only her left eyebrow is cut off on the ad page.

Legalloli69
Legalloli69

You have nothing else to complain about??

t
t

well, why is only one bill $50? If you add it up (assuming the last one is also a $20), it’s actually only $230. And if the last one is $50, then it’s $260. Doesn’t make sense. The bonus is $250.
I’m sure I can find other things to complain about. Who should I contact?

Dubya
Dubya

Agreed. Lol.
It’s janky af. It also looks like it was taken in an elevator. It’s that kind of attention to detail that tells me I’m 100% sure I will get my bonus.

Chex Party Mix
Chex Party Mix

Blast from the past here; I banked with them in the mid 2000s when they had a 6% APY for checking accounts (with no qualifying requirements). It lasted a few years, but that rate is long gone.

Henry
Henry

Then how much the interests now? Just notice that this bank is only 2 blocks away from me, a huge attraction now!

Anduhsun
Anduhsun

Opened the checking account at the flushing branch. Deal has been extended until 9/30/19. $10 ETF if under 6 months. FYI They also do atm rebates like Schwab for those who need this info.

Joe F.

Offer’s now available in LA too in addition to NYC:

https://mailchi.mp/sterlingbank.com/new-account-bonus-koreatown-2019-08

IS250
IS250

How’s your Chex like?

SeanK
SeanK

Anduhsun did you need to write a check for opening an account? The branch manager said it’s a no-cash bank with no debit and credit cards so I’m surprised to hear about the atm cash withdrawal too

Joe F.

The deal has been extended to 9/30/2019 as Anduhsun mentioned Anduhsun and now it’s also available in LA too in addition to NYC.

https://mailchi.mp/sterlingbank.com/new-account-bonus-koreatown-2019-08

Joe F.
neb
neb

depositing $25k in a 2% MMA for 3 mon will yield $125, no?

SeanK
SeanK

Happened to be not too far away from the branch today so I went in to open an account. Only the branch manager was there. He said the bank is a no-cash bank in that one cannot deposit or withdraw cash from the bank. Said the minimum opening deposit for the checking account is $100 but cannot be cash and has to be check. No debit or CC funding either. I didn’t have a check with me so I was not able to open the account.

He said it’s a soft pull. He said they do look at chex but he didn’t seem to be clear whether high chex inquires could lead to denial and whether he’ll be able to override it in branch. Felt like he didn’t have too many experience opening up accounts with more than a couple of chex inquires. And the promotion that he had on the email expired on Aug 31, so he said he’ll email to find out about the extended promo. I’m not sure if I’ll drive down again to try to open up the account at this point but just wanted to share my experience. Make sure to bring a check to open up the account!

Scott
Scott

None of the links are working anymore.

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