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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
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.
- Open a new Choice or Premium checking account and earn a bonus of $250 when you complete the following requirements:
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.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
View Comments (16)
Agreed, this is not available anymore. The first link goes to a whole different offer now. WebsterBank. Earn $300: requires $50k deposit and $1k DD. There are higher tiers available, but all of them, IMO, are ridiculous, when compared to a much easier HYSA interest rate.
Sterling National Bank has been taken over by Webster Bank and none of these bonuses are available anymore. This should be taken off Best Bank Bonuses list
250 not active anymore, 450 is now $1000 with 3 tiers
Link wont work. Is the promo still active?
@chucksithe @will Looks like this is still going. Should add to best bank bonuses. My DP is posted before.
any DP on what counts as Direct Deposit?
Would chase happen to ?
@chucksithe @will This should be reposted ($450 bonus now): https://www.snb.com/pb-checking-offer
Here's my DP:
1. Chex - Yes, not sensitive in branch. 85+/24.
2. No hard pull
3. I'm using a real DD and it codes as 'My company name' PAYROLL
4. No instant issue debit card. No starter checks. 1st box of regular checks is free
5. Online account will be restricted until you have funded your account with 50K
6. The statement end date/cycle is the 15th of each month. So that's when the bonus posts each month (not end of the month)
7. ETF: $25 90 days
8. No known expiration date for the bonus
9. Free ACH push/pull (3 business day speed)
@will @chucksithe
$450 bonus. Don't see an expiration date
https://www.snb.com/pb-checking-offer
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...
This is definitely the worst bank in NY. Do not go inside... do not go to their website.. go to the next one.
Lol wtf. Thanks for the DP so I don't waste my time giving this a try.
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.
Bonus post on your end?
$750 posted today. Exactly 4 months after I made the deposit. will close it soon.
@guest_785310 planning to visit the branch. any fees while account was open or ETF ?
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.