Sterling Bank and Trust Rates & Review

Sterling Bank and Trust Review

Sterling Bank and Trust, which has been in business since 1984, has branches throughout San Francisco.

Sterling Bank and Trust, FSB, was founded in 1984 as Sterling Savings and Loan Association and was focused on residential lending. The name change occurred in 1993, and although the bank is headquartered in Southfield, Michigan, its bank ownership is based in San Francisco. The bank now operates a main office in Southfield, and 13 neighborhood branches in San Francisco plus one in Burlingame, California.

Deposit accounts

Among the products the bank offers are personal and business checking accounts. Sterling Eagle Checking is a personal high-yield checking account. Sterling Freedom Checking has no monthly fee or minimum balance requirement.

The bank offers several savings account choices and CD accounts with terms of 1 month to 5 years. Customers also can open an IRA to build a retirement savings. The bank offers investment help through Cambridge Investment Research, Inc. Business customers can open a savings, money market account, or CD.

Loan products and services

Personal banking customers can obtain a mortgage to purchase a home, or tap existing equity with a home equity loan. Business customers can apply for a line of credit, term loans, or medical practice line of credit or term loan.

Businesses can apply for merchant services that allow processing of credit and debit cards through Sterling Bank and Trust.

Deposit insurance

Sterling Bank and Trust, FSB, has been insured by the Federal Deposit Insurance Corporation since its founding in 1984. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

Compare high yield savings accounts from Sterling Bank and Trust and hundreds more banks and credit unions at SavingsAccounts.com.