[CA, NY] Sterling Bank & Trust (SBT) $250 + $50 Referral Checking Bonus

 

Update 5/20/24: Deal is back, this time it is a referral bonus. $250 for the person signing up, $50 for the person referring. Share your referrals in the comments below.

Offer at a glance

• Maximum bonus amount: $300
• Availability: CA, NY branches
• Direct deposit required: Yes, two $500+ direct deposits within 120 days
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown, sensitive
• Credit card funding: Unknown
• Monthly fees: Unknown
• Early account termination fee: Unknown
• Household limit: None
• Expiration date: None listed

The Offer

Direct link to offer

• Sterling Bank & Trust (SBT) is offering a bonus of  $300. Requirements are as follows:
  • Open a new Eagle checking account with a minimum opening deposit of $500+ and maintain a minimum balance of $500
  • Have a minimum of 2 reoccurring $500 monthly direct deposits made to this account within 120 calendar days of account opening
  • Must also enroll in Sterling online banking to qualify

The Fine Print

• Offer not available to existing Sterling checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 2 years.
• Offer good for only one time use and only for one new Eagle Checking Account. To receive the bonus: 1) Open a new Sterling Eagle Checking Account with a minimum opening deposit of $500 and must maintain a $500 balance to avoid fees. All account applications are subject to approval; 2) must have a minimum of 2 reoccurring $500 monthly direct deposits made to this account within 120 calendar days of account opening.
• Your direct deposits needs to be an electronic deposit of your paycheck, pension, or government benefits (such as Social Security) from your employer or the government. Person to person payments (such as Zelle), transfers from one account to another, mobile deposits, deposits made at a branch, or ATM does not qualify as a direct deposit.
• Cannot be automatic transfers from your Sterling savings, money market or other deposit account you have at the bank; 3) Must also enroll in Sterling online banking to qualify.
• Bonus Payment: The new Eagle Checking account must remain open throughout the 120-day qualification period and at the time we attempt to deposit any earned bonus payment.
• Please note that an account with a zero balance may be closed.
• After you have completed all requirements, the bonus will be deposited into your new Eagle Checking Account up to 130 days after account opening.
• Bonus is considered interest and will be reported on the IRS Form 1099-INT.
• You are responsible for any federal, state, or local taxes due on the bonus. Please consult your tax advisor for more information.
• Promotion begins on 12/20/2022 and may be ended at any time without notice. Other restrictions may apply.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Unsure if there is any monthly fees or not.

Early Account Termination Fee

Account needs to be kept open for at least 130 days.

Our Verdict

Previous bonus was for $250 and also required a huge $25,000 deposit. This looks to be a better option, but also looks like you need to open it in branch.

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