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Univest Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Univest’s checking account options

Blue Checking

You don’t have to worry about minimum balance requirements or maintenance fees with this option.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: $35 per item; linked savings or money market: $8

The Blue Checking account is a noninterest-bearing account that does offer some perks. Aside from no monthly maintenance fees, you get a free debit card, email alerts, bill pay and mobile banking. You also get Univest-style checks for free if you’re at least 55.

This account also comes with a courtesy overdraft limit of $750 — money the bank uses to help cover transactions if you have insufficient funds in the checking account. This is only available once you’ve had your account for 30 days (if you’ve maintained a positive balance throughout this period). It doesn’t cover ATM or debit card transactions unless you opted to have those covered.

Another option is to opt for overdraft protection by linking your savings or money market account. Instead of the $35 overdraft fee, you’ll be charged $8 per transfer.

More perks include a discount on a LifeLock — an identity theft protection service — account and a 0.25% discount on select loan products. To qualify for the discount, you’ll need to enroll in automatic payments from a Univest checking or savings account.

How to get the Blue Checking account

Opening a Blue Checking account can take about 10 minutes if you fill out an online form. You’ll need to fill in your personal details such as your name, address and Social Security number. After that, you can fund the account.

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Gold Checking

This interest-bearing account offers more access to surcharge-free ATMs, but you’ll need a hefty balance to avoid the monthly maintenance fee.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

If you intend on accessing an ATM more often or are interested in earning interest, the Gold Checking account might be a good fit. The rates aren’t publicly advertised, so it’s best to call customer service at 877-723-5571 to ask.

You do pay a $5 monthly maintenance fee, but you can get that waived if you maintain a $10,000 minimum daily balance across combined Univest accounts. Other features of the account include your first order of basic checks, a debit card, email alerts, bill pay and mobile banking. If you’re 55 or older, you’ll receive Univest-style checks for free. You also get access to Univest ATMs and over 55,000 surcharge-free ATMs through the Allpoint network.

Like the Blue Checking account, you also get a discount on LifeLock identity theft protection services and a 0.25% rate discount on select Univest loan products. Getting the rate discount requires you to enroll in automatic payments from either your Univest checking or savings account.

You have a few features when it comes to overdrafts. This account comes with courtesy overdraft limits — $1,250 to be exact, and it will kick in after 30 days if you maintain a positive balance in that time. Otherwise, you can link a Univest savings or money market account and you won’t be charged a fee when a transfer is made. If your account is overdrawn by $10 or less, Univest won’t charge any overdraft fees.

How to get the Gold Checking account

You can open an account by completing an online form in about 10 minutes. Once you enter your personal information such as your name, address and Social Security number, you’ll be asked to fund your new account.

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All in One Checking

This noninterest-bearing account is for those between 16 and 24.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $0
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35

The All In One Checking account is meant to help those between 16 and 24 learn how to use a bank account and to begin saving. You can’t open this account if you’re going to turn 25 within 60 days of opening the account. If you’re younger than 18, a parent or legal guardian needs to be a joint owner. The adult can opt for the child to receive an Allpoint debit card — giving them access to Univest ATMs and over 55,000 surcharge-free ATMs through the Allpoint network. If you’re 18, you may be able to qualify for a 0.25% rate discount on some Univest loan products when you enroll in automatic payments from your Univest checking or savings account.

Once you turn 25, the All In One account will be automatically converted to a Blue Checking account.

How to get the All In One Checking account

You’ll need to head to a Univest branch to open an account. If you’re older than 18, you’ll need to provide your Social Security number and government-issued ID. If you’re opening an account with someone younger than 18, you and the minor will both need to provide your Social Security number and government-issued ID.

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How Univest’s checking accounts compare

We like that there is no minimum opening deposit amount and no ATM fees for the Gold and All In One checking accounts. The discounted LifeLock membership for the Gold and Blue checking accounts — and the loan rate discounts for all three — is pretty nice if you intend on taking advantage.

But the stipulations to get the monthly maintenance fee waived for the Gold Checking account seem pretty steep. Competitors have lower account minimums, if at all. Unless you intend to keep a lot of cash, we think you’re better off looking elsewhere, including the ones on our list of the best online checking accounts.

Univest’s savings account options

Statement Savings

This account offers an ATM card and a low monthly maintenance fee that can be waived.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $2.50 (this can be waived)
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

This account is helpful if you’re looking for a savings account that offers you ATM access so that you have better access to your cash. As for how much you could earn in interest, you’ll need to contact Univest as its rates aren’t publicly advertised. There is a $2.50 monthly maintenance fee, but you can get it waived if you maintain a $100 minimum daily balance.

Aside from ATM access, you can also make transactions in person or via online and mobile banking. Regulation D does limit account holders up to six certain withdrawals — Univest doesn’t charge an excessive withdrawal fee but may deny your transaction. If you continually make excessive transactions, Univest will send you a written notification that your account will be converted to a Blue Checking account.

How to get the Statement Savings account

Getting an account can take about 10 minutes if you fill out an online form. Fill in personal details such as your name, address and Social Security number, then fund the account.

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Online Savings

An online-only savings account that offers ATM access.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

There doesn’t seem to be much of a difference in features between this and the Statement Savings account, except you can only access this account online — meaning you can’t make transactions in person. The advantage of the Online Savings account compared to Statement Savings is that you don’t need to pay any monthly maintenance fees. You do earn interest but that isn’t made public. You’ll want to call Univest to find out its rates.

You can access your cash by logging in to your account online or using Univest’s mobile app or your ATM card. Remember that Regulation D limits you up to six certain withdrawals a month. Univest doesn’t impose an excess transaction fee, but your account may be converted to a Blue Checking account if you keep making more than six withdrawals each month.

How to get the Online Savings account

If you’re a U.S. resident, you can apply for an account in about 10 minutes. Head to Univest’s online form and fill in details such as your name, date of birth and Social Security number. Afterward, you’ll need to fund your account.

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Youth Savings

This account is for those younger than 18.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: $1.50 for non-Univest ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

If you want to start teaching your child the value of a dollar, consider opening this savings account to show them how to make bank transactions — and earn interest. As for how much interest your child could earn, you’ll need to contact Univest as its rate aren’t advertised.

Your child can get an ATM card if you approve of one. It might be a good idea to remind your child that Regulation D limits savings accounts up to six certain withdrawals a month. If there are continuous excessive withdrawals, Univest may convert your account to an All In One Checking account.

The account will be converted to a Statement Savings account once your child turns 18.

How to get the Youth Savings account

Take your child to the nearest Univest to open an account. Don’t forget to bring your government-issued ID, your child’s personal information (including their Social Security number) and a way to fund the account.

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How Univest’s savings accounts compare

While it’s great that Univest’s savings account have low to no monthly maintenance fees and ATM access, we don’t see much else that stands out. If you’re just looking for a place to park your money or you want overdraft protection with a Univest checking account, it could be a good option if you can earn a high APY. That being said, we don’t know because Univest doesn’t advertise its savings accounts rates online.

While you’re deciding if these savings accounts are the right choice for you, it can pay to shop around, including looking at the ones on our list of the best online savings accounts.

Univest’s CD rates

Certificates of deposit

You get a pretty competitive APY with the promo CDs, but it needs to be with new money.
Promo rates
TermAPY
7 months1.15%
13 months1.30%
25 months1.40%
59 months2.50%
Standard rates
TermAPY
91 days0.05%
26 weeks0.10%
18 months0.55%
30 months0.85%
36 months1.10%
48 months1.15%
72 months1.30%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on the length of the term:
    • 91 days to five months: Seven days’ interest or all interest accrued (whichever is higher)
    • Six to 12 months: 180 days’ interest
    • 13 months or more: 360 days’ interest

The promo rates for Univest’s CDs are pretty comparable to other online banks, but you do need to open an account with new money — funds not on deposit with Univest. Interest for all CDs is compounded daily. You can choose how you want your interest paid — either monthly or at maturity in a Univest account, via check or rolled back into the CD.

When your account matures, you have a 10-day grace period where you can decide what to do with CD. Otherwise, it’ll renew for the same term for the standard CDs.

For the promo rates, the renewal terms are as follows (the rates for some of these terms are not available online, so check with the bank):

  • The seven-month CD renews to a 26-week CD
  • The 13-month CD renews to a 12-month CD
  • The 25-month CD renews to a 24-month CD
  • The 59-month CD renews to a 60-month CD

How to get Univest’s CDs

Opening any of the promo CDs can be done online by completing an application. You’ll need to select the term, then fill in personal details such as your name, address, Social Security number and a method to fund the account.

For the standard CDs, you’ll need to head to a local branch. Click here to find a location closest to you.

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How Univest’s CD rates compare

The promo rates are comparable to some of the best rates out there. Univest also wins points with us for having a low minimum opening deposit amount — some places require twice that. If you’re looking to maximize your savings, there are slightly better rates out there. Check our list of the best CD rates.

Univest’s money market account option

Gold Money Market

This account offers check-writing capabilities, but you’ll have to contact the bank for rate details.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

According to Univest, the Gold Money Market checking account offers a higher rate than its savings accounts, but these rates aren’t publicly listed. We recommend that you contact Univest to find out before opening an account. You’ll notice there is a $10 monthly maintenance fee. But if you don’t want to pay that, you’ll need to maintain a $1,000 minimum daily balance in the account.

Even if you’re using this account for long- or short-term savings goals, it’s nice to know that you can access your cash online, on Univest’s mobile app, in person or by writing a check. There are rules from Regulation D that limit you up to six certain withdrawals a month. If you make more, your transaction could be denied. If you keep abusing the regulation, Univest will send you a notice in writing that your account will be converted to a checking account.

How to get the Gold Money Market account

If you’re a U.S. resident and older than 18, head to Univest’s website and complete an online form. It’ll ask you for personal information such as your name, address and Social Security number. Afterward, provide a method to fund the account.

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How Univest’s money market account compares

Univest has lower minimum opening deposit requirements than some of its competitors, which is great news if you don’t have a lot of money to spare. If you look at our list of the best money market accounts, you may also notice that Univest has lower minimum balance amounts than most.

Unfortunately, we can’t comment on the rates because they’re not publicly advertised, so check those and compare them with other places before making your decision.

Univest’s IRA account options

IRA CDs

These IRA CD rates are quite low compared to what’s out there.
TermAPY
91 days0.05%
26 weeks0.10%
12 months0.45%
24 months0.75%
36 months1.10%
48 months0.85%
60 months0.95%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Depends on the length of the term:
    • 91 days to five months: Seven days’ interest or all interest accrued (whichever is higher)
    • Six to 12 months: 180 days’ interest
    • 13 months or more: 360 days’ interest

The IRA CDs are classified as retirements — these are either tax-deferred or tax-sheltered depending on whether you choose a traditional or Roth IRA. Any interest you earn is compounded daily. It’s paid out monthly or when it matures.

Once the CD matures, you’ll receive a 10-day grace period where you can make changes, including renewing for another term, making additional deposits or moving it to another account. Remember that the IRS has regulations on when you can make withdrawals for IRAs, so keep in mind that you may need to pay penalties or taxes on money you take out.

If you don’t do anything once the CD matures, it’ll automatically renew after the grace period is over.

How to get Univest’s IRA CDs

The only way to open this account is by going to a Univest branch. Don’t forget to bring your government-issued ID and a way to fund the account.

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How Univest’s IRA CD rates compare

Sadly, these rates fall way short compared to what else is out there. Sure, you don’t need a lot of cash to open one of these IRA CDs, but it’s worth it to find another competitor that offers equally low minimum opening requirements. Many of the ones on our list of the best IRA CD rates offer rates at least twice what you’d get with Univest and you don’t need a lot of money to open one either.

Overall review of Univest’s banking products

We think Univest’s promo CD rates are worth taking a look. The bank has competitive rates and requires a low minimum opening deposit. If you want to set aside money for some long-term goals and don’t need liquid access, these accounts are a good choice.

The checking and savings accounts are nice in that, for the most part, they don’t have minimum balance requirements. With the Blue and Gold checking accounts, you get that loan rate discount and lower fees for LifeLock identity protection. But the rates may be lower than competitors, so we can’t say for sure that it’s worth opening these accounts.

If you’re looking to save money with CDs, you can’t go wrong with Univest. Otherwise, do some comparison shopping with all other accounts before making a decision.

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Reviews

Sterling National Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Founded in 1888 and headquartered in Montebello and Yonkers, New York, Sterling National Bank is part of Sterling Bancorp which serves consumers and business owners through their deposit and investment products. The bank currently has over 105 locations throughout New York state.

Currently, you can only open accounts at their brick-and-mortar locations, and information about their products cannot be found online. In this review, we’ll highlight their products, including fees and ways you may be able to save on them. But for information about the most recent interest rates, call the bank directly.

Sterling National Bank checking account options

Simple Checking

You don’t need to pay a monthly maintenance fee, but you’re also not earning any interest with this account.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The Simple Checking account is a non-interest bearing account that offers you free bill pay, a Mastercard debit card and mobile banking. If you decide to use an out-of-network ATM, there is a fee and you won’t get any other surcharges refunded.

You’re also limited to writing 15 free checks a month for free with this account. If you go over that amount, you will be charged $0.50 per check.

How to get the Simple Checking account

You can apply for the Simple Checking account in person at any one of their local branches. You’ll need to provide your Social Security number and other documents, such as a state-issued ID.

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Choice Checking

Sure, you get up to four ATM refunds a month, but it’s a non-interest bearing account.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2 for out-of-network ATMS
  • ATM fee refund: Up to 4 a month
  • Overdraft fee: $35

The Choice Checking account is another non-interest bearing account that has a monthly account maintenance fee. To waive it, you can either set up direct deposit, make at least 10 debit card purchases, keep a $1,500 minimum daily balance or keep at least $3,000 across your Sterling National Bank deposit accounts.

Aside from ATM refunds, you also get your first free order of checks, bill pay, online and mobile banking.

How to get the Choice Checking account

You can open the Choice Checking account at a Sterling National Bank location. Customer service may ask you to provide documents, such as your state-issued ID or Social Security number.

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Premium Checking

You can get unlimited ATM refunds and the opportunity to earn higher rates.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: Unlimited
  • Overdraft fee: $35

The Premium Checking account is best for those who intend on frequenting ATMs often as you get unlimited ATM refunds. You also earn a tiered interest rate, though to find out what those are, you’ll need to contact Sterling National Bank.

Other features of the account include unlimited free standard checks and check-writing capabilities. If you want to order premium checks, you can order those at a discount. You also get free bill pay, a Mastercard debit card and mobile banking.

There is a monthly maintenance fee, but you can get it waived if you maintain a $2,500 minimum average daily balance or at least $10,000 in combined balances across your Sterling National Bank deposit accounts.

How to get the premium checking account

You guessed it: You’ll need to head to a brick-and-mortar location to open a premium checking account. Bring your Social Security number and state-issued ID because you may need it.

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Smart Checking

Get some great benefits such as unlimited ATM refunds and credit toward other bank fees.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: Unlimited
  • Overdraft fee: $35

The Smart Checking account offers a bunch of perks, plus tiered interest rates, though the features and fees we mention may have changed since we last contacted them on Oct. 22, 2018.

For both rate tiers, you get free standard checks, higher ATM withdrawal limits, higher rates on money market and CD accounts, e-statements, and online and mobile banking. As for tier one, which is any balance amount less than $25,000, you’ll get a $15 credit toward services such as overdrafts, refunds on out-of-network ATM surcharges and incoming wires.

For tier two, when your account balance reaches $25,000 and higher, you’ll get a $30 credit toward the same services, plus get unlimited ATM refunds and the monthly maintenance fee waived.

How to get the Smart Checking account

Opening an account is as simple as showing up at your nearest branch and providing documents, such as your Social Security number and state-issued ID.

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Student Checking

Students under 24 can take advantage of this account that offers no maintenance fees.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $2 for out of-network ATMs
  • ATM fee refund: Up to 4 a month
  • Overdraft fee: $35

If you’re a student at a qualifying educational institution and under 24 years old, you may want to consider this account, though you’ll need to contact Sterling National Bank to make sure you know how to qualify, as their policies (plus the fees you we mention in this section) may have changed since we last contacted them on Oct. 28, 2018.

With this account, there are no minimum balance requirements or monthly maintenance fees. You can get free e-statements, a Mastercard debit card and mobile banking. Once you turn 24 years old, your account will either be converted to a Choice Checking or Simple Checking account.

How to get the Student Checking account

Go to your closest Sterling National Bank branch to apply for a student checking account. Bring your Social Security number, state-issued ID and something to show you’re enrolled in a qualifying school as the bank may ask for these documents.

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How Sterling National Bank’s checking accounts compare

It seems like a bit of a hurdle to find out what Sterling National Bank’s rates are, so if you’re short on time and want to do your research online, you may be better off going to website that advertises their rates, such as the ones on our list of the best online checking accounts.

As for their features, we do like that you get ATM refunds, with the exception of the Simple Checking account. But other competitors also offer unlimited ATM refunds, often with no monthly maintenance fees and no low balance minimums.

Without knowing exactly what the rates are, we can’t tell you if these accounts are worth opening. Keep in mind that you can only open these accounts in person, so it’s pretty limiting to those outside the New York area.

Sterling National Bank savings account options

Choice Savings

You can waive the low monthly maintenance fee, but there is no ATM access.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Choice Savings account is meant as a basic account that helps earn some interest, though you’ll need to contact Sterling National Bank because they currently aren’t advertised on their site. The features and fees aren’t either when we last contacted them on Oct. 22, 2018, so it’s a good idea to contact them to get more current information.

You can waive the monthly maintenance fee if you can keep a minimum daily average of $500 in your account. You’re also allowed up to six certain debits a month due to Regulation D. The bank will charge you $10 per excessive transaction.

How to get the Choice Savings account

Head to the nearest Sterling National Bank location to open an account. Don’t forget to bring your ID and Social Security number, as you may need those.

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on Sterling National Bank (NY)’s secure website

Premium Savings

This account offers a higher rate but you’ll need to have a Premium Checking account to qualify.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

In general, the Premium Checking account offers a higher APY than the Choice Checking account, but to find out what those are, you’ll need to contact Sterling National Bank. To be eligible to open this account, you’ll need to have an active Premium Checking account.

You don’t get ATM access, but if you link it to your checking, you can. Keep in mind that you’re allowed up to six certain debits because of Regulation D. If you go over that amount, you’ll need to pay the bank $10 per excessive transaction.

How to get the Premium Savings account

Bring your ID and Social Security number to your nearest location to open an account in person.

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on Sterling National Bank (NY)’s secure website

Student Savings

You can qualify for this account if you’re younger than 24 years old.
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $100
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Student Savings account is meant for those who are younger than 24 years old and currently enrolled in a qualifying school. Although there is no monthly maintenance fee, you’ll need to maintain the minimum balance in order to earn interest. These aren’t advertised on their site (nor are the requirements to qualify for this account) so it’s best to contact Sterling National Bank directly. As with all savings accounts, Regulation D allows you up to six certain debits a month, or else you’re looking at a $10 excessive transaction fee imposed by the bank..

Once you’re 24 years old, you’ll need to pay a $5 monthly maintenance fee while maintaining the minimum balance amount. You can also convert it to another savings account of your choice.

How to get the Student Savings account

The only way to open an bank account is to apply in person. Don’t forget to bring your state-issued ID, Social Security number and proof you’re enrolled in a qualifying school because Sterling National Bank may ask for these.

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How Sterling National Bank’s savings accounts compare

Apart from rates, which we can’t comment on because they’re not advertised on their website, there really doesn’t seem like there’s much that make these savings accounts stand out. Sure, there are relatively low minimum opening deposits and no monthly maintenance fees with most accounts, but competitors offer similar options. Some banks even offer no minimum opening deposits.

If you can’t get to a Sterling National Bank or find it too inconvenient to see what their rates are, you’re better off going elsewhere, such as one of the banks listed on our list of the best online savings accounts.

Sterling National Bank CD rates

Certificate of deposit

These fixed-rate CDs require a high minimum opening deposit.
  • Minimum opening deposit: $10,000
  • Minimum balance amount to earn APY: $10,000
  • Early withdrawal penalty: Depends on length of term, so you’ll need to contact the bank to find out their current policies.

Unfortunately, there isn’t much advertised on Sterling National Bank’s website — including rates and minimum opening deposits — except for one of their promotional rates. The catch is that you’ll need to have an active Sterling National Bank checking account and deposit new money (money not currently on deposit with the bank).

Interest earned is compounded daily and credited to your account differently depending on your CD term. Upon maturity your CD will be automatically renewed unless you make changes during the seven-day grace period. We encourage you to call customer service at to make sure these terms are still in effect.

How to get Sterling National Bank’s CDs

To open any of Sterling National Bank’s CDs, go to any one of their branches. You can call customer service at 516-327-7199 to confirm, but you’ll probably need to bring your ID, Social Security number and a way to fund the account.

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How Sterling National Bank’s CD rates compare

We like the fact that these are fixed-rate CDs — meaning you’re guaranteed a rate of return — but we can’t say for certain how all of their terms compare the best rates out there. Their 14 month promo CD is on par with some of the ones on our list of the best CD rates, but you need to open the account in person, which is pretty restrictive. Plus, all their CDs require a high minimum opening balance, which isn’t feasible for many people. Overall, you’re better off shopping around for other CD accounts.

Sterling National Bank money market account options

Money Market account

This account doesn’t have any monthly maintenance fees but does require a minimum balance to earn APY.
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Money Market account offers five rate tiers, which means you could earn a higher APY the more you have on deposit. Sadly, these rates aren’t advertised on their website so you’ll have to find those out by calling Sterling National Bank.

There is no ATM access or check-writing capabilities. Whether you’re making transactions in person or online, remember that you’re limited to six debits a month, or else you’ll need to pay a $10 excessive transaction fee.

How to get Sterling National Bank’s money market account

To apply for the Money Market account, head to the nearest Sterling National Bank location. Customer service may ask you for your Social Security number, ID and a way to fund the CD.

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How Sterling National Bank’s money market accounts compare

We like that that are five rate tiers, implying that there is a potential to earn higher rates, but we can’t know for sure if they’re among the best like the ones on our list of the best money market accounts. Other competitors also offer limited check-writing capabilities and a few have ATM access. Although some have higher minimum opening balances than Sterling Bank, it may still be worth it to consider these competitors, given the fact they openly advertise their rates and you can open an account online.

Sterling National Bank IRA account options

IRA CD rates

IRA CD

We can’t say much about these accounts, considering the bank doesn’t list details on their website.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term, though you’ll need to contact the bank to find out their current policies

Sterling National Bank does offer IRA CDs,and you can choose between traditional or Roth IRA. The IRS does pose limits on how much you can contribute each year, so check to see what they are. Also, if you make an early withdrawal, you may need to pay IRS penalties in addition to the ones Sterling National Bank imposes.

There is a wide range of terms for the IRA CD, so call the bank to see which one is the best fit. When we last contacted them on Oct. 22, 2018, the bank stated that interest you earn is compounded daily and credited to your account depending on the IRA CD term. You’ll also get a seven-day grace period, and if you do nothing, your IRA CD will automatically be renewed.

How to get Sterling National Bank’s IRA CDs

Applying for a Sterling National Bank IRA CD is as simple as showing up at the nearest branch. Don’t forget to bring items such as your state-issued ID and Social Security number.

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How Sterling National Bank’s IRA CD rates compare

The minimum opening balance seems to be on par with what is being offer elsewhere, so it’s good that you know how much to set aside when opening an IRA CD account. However, we don’t like the hassle in opening an account, considering Sterling National Bank doesn’t advertise their rates.

In short, you may be better off going with another competitor, like the ones on our list of the best IRA CD rates.

IRA Money Market account

This could be a relatively safe place to house your retirement funds since it’s not as risky as other options.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

If you’re looking for a conservative retirement account option, this could be for you. However, we’re unsure of how much you could earn in interest since their rates aren’t advertised on their website — you’ll need to contact Sterling National Bank to find those out.

Otherwise, there’s not much to say about this account, except that you’re allowed up to six certain debits a month because of Regulation D. A Sterling National Bank representative stated that you’re looking at a $10 excessive transaction fee if you go over the limit.

How to get Sterling National Bank’s IRA money market account

Just like the IRA CD, you’ll need to head to a Sterling National Bank branch to open an IRA money market account. Items you’ll need to bring include your Social Security number, ID and a method to fund the account.

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Overall review of Sterling National Bank’s banking products

We’re not impressed with the fact that rates aren’t openly advertised on Sterling National Bank’s website, making it difficult for those who want to do some comparison shopping before opening an account. When we called, it took an average of 20 minutes before we were able to reach a customer service representative.

Aside from that, we do like the low minimum opening balance amounts for their checking and savings accounts. The Money Market account may be out of reach for most people since their minimum opening deposit seems a bit high.

Because we don’t have more insight into their rates, we can’t say for certain whether we’d recommend their banking products. Other online banks and credit unions offer more transparency and more convenient ways to open an account, so we suggest you consider those options.

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Reviews

Renasant Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Renasant Bank checking account options

Renasant Checking

This account could get expensive if you don’t waive the monthly maintenance fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $36

The Renasant checking account is best for those looking for a simple option. While it’s unfortunate you don’t earn any interest, you do get free online banking and bill pay. You’ll also get a Renasant Debit MasterCard with extra features such as zero liability protection and extended warranty. You can also link the card to Apple Pay.

To waive the monthly maintenance fee, you should either sign up for e-statements or maintain a minimum daily balance of $500.

How to get the Renasant Checking account

There is an online application form you can fill out to open a Renasant Bank Checking account. First, you’ll need to provide the bank your mobile phone number. Once you receive an access code via text and enter it in the appropriate box, you’ll be asked to fill in your personal details such as your name, address and Social Security number, as well as a method to fund the account.

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Rewards Checking

You can get a pretty competitive rate for your first $25,000 but only if you qualify.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.30%
$25,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 each month
  • Overdraft fee: $36

If you’re looking for a great rate and a way to save on ATM fees, this could be the account for you. The Rewards Checking account offers you the opportunity to earn a high APY, up to your first $25,000. To qualify for this bonus rate, you’ll need to elect to receive e-statements, have at least one direct or ACH deposit and a minimum of 10 debit card transactions each month. Otherwise, your rate will go down to the lowest APY — which is super tiny.

With this account, you also get online and mobile banking, bill pay and a debit Mastercard. If you can maintain a $500 minimum daily account balance or receive e-statements, your monthly maintenance fee will be waived.

You’re also in the right place if you’re looking for extra features in an deposit account. For an additional $6 each month, you can get the rewards extra checking add-on, where account holders can get bonuses like identity theft protection, 24/7 roadside assistance, accidental death coverage and over 400,000 discounts at qualifying retailers.

How to get the Rewards Checking account

You’ll need to have your Social Security number and personal information such as your address ready. Aside from showing up at your local branch, you can open an account by filling out an online application form. Before filling in your personal details, you’ll need to enter in your mobile number and enter a verification code. Once you do so and fill out the rest of the application, you can then fund the account.

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Member FDIC

Student Checking

This account has the same features as the Renasant Checking account, but you do get ATM refunds.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: Up to $25 a month (you’ll need to meet the bank’s qualifications)
  • Overdraft fee: $36

It’s another non-interest bearing account, but you may be able to qualify for ATM refunds if you elect to receive e-statements and make at least 10 debit card transactions each month. Renasant Bank’s website claims you may be to earn some interest, though you’ll need to call the bank directly to find out their current rates.

Just to be clear — only students 16 to 25 years old can open this account. Once you turn 26, this account will switch to the Renasant Checking account and you can no longer get any rate bonuses or ATM refunds. Anyone who wants to open this account and is under 18 years old will need a parent or guardian acting as a joint account owner.

How to get the Student Checking account

If you’re at least 18 years old, you can open an account by filling out an an online application form. First, you’ll need to enter in your mobile number and type in a verification code before proceeding. Then, you can fill in your personal details such as your name, address and Social Security number, and a way to fund the account.

If you’re under 18 years old, you’ll need to head to a local branch with your parent or guardian to open an account. You’ll probably need your Social Security number as well as the joint owner’s.

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How Renasant Bank’s checking accounts compare

We like the rate for the Rewards Checking account as it’s one of the highest we’ve seen — even compared with the ones on our list of the best online checking accounts. You can also get ATM refunds, which is pretty nice if you intend on using out-of-network ATMs. Add the fact that there is a low minimum opening deposit requirement, and this account can be a great choice.

What we don’t love are the Renasant Checking and Student Checking accounts as you currently don’t earn any interest. If you’re after the best rates, you’re better off going with the Rewards Checking or one of the many online competitors.

Renasant Bank savings account options

Regular Savings

A savings account with a high maintenance fee.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Quarterly account maintenance fee: $15 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This savings account earns interest but it isn’t advertised on their site, so you’ll need to call to find out what it is. Plus, you could be paying a fairly high quarterly maintenance fee if you can’t maintain a $50 quarterly account balance. There is no ATM access, but you can link your Renasant checking account to do so. You do get online banking access, but that’s pretty much all there is to this account.

One more thing — the fees can add up if you’re not careful. You’re allowed up to six certain debits a month because of Regulation D. Renasant Bank will charge you $2 per withdrawal if you make more than six each month. You could also face a $0.07 fee per deposit if you make more than 150 during the quarterly statement cycle.

How to get the Regular Savings account

You’re going to have to head to a brick-and-mortar location to open this account. You’ll most likely need to bring your government-issued ID and Social Security number. To find out more, call customer service at 1-800-680-1601.

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Rewards Savings

You can earn a higher rate but you’ll also need to pay a higher maintenance fee (although it can be waived).
APYMinimum Balance to Earn APY
0.96%
$0.01
0.30%
$100,000
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Rewards Savings account is meant to complement the Rewards Checking account, as in it offers you a higher rate compared with the Regular Savings account. You’re also able to waive the monthly maintenance fee if you choose to receive e-statements or maintain a $2,500 minimum daily account balance.

The eligibility requirements to receive the higher rates are simple — link to your Rewards Checking account that receives e-statements, makes at least 10 debit card transactions and make one direct or ACH deposit per month. Remember, because of Regulation D, you’re allowed up to six certain debits each month. If you go over that amount, your transaction may be denied and could be converted to a checking account if you keep trying to make excessive debits.

How to get the Rewards Savings account

You’ll be able to open an account once you verify your mobile phone number by entering in a verification code on Renanant Banks’s online application form. Then, you can fill in your personal details such as your name, address and Social Security number. Afterward, fund your account.

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Children’s savings

Just a simple savings account for minors.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The children’s savings account is a free account for customers under 13 years old that doesn’t have any minimum balance requirements nor does it charge any monthly fees — a parent or guardian will need to be a joint owner. One of the few times you’ll be charged is if you go over six debits each month — it’s a $2 fee per excessive withdrawal-related transaction. You’ll also need to pay $0.07 for each deposit you make over 150 each quarter.

Once the child turns 18, this account will be converted to the regular savings one. One more thing — the children’s savings account rates aren’t advertised on their website so it’s best to call and find out the current rates.

How to get the children’s savings account

Both the parent or guardian and the child will need to go in person to open an account. You’ll both probably need to bring your government-issued ID and Social Security numbers.

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How Renasant Bank’s savings accounts compare

We’re a little disappointed in these rates considering the Rewards Checking account has a higher APY based on eligibility requirements than any of the above mentioned savings accounts. The Rewards Savings account offer rates way lower than what other places are offering, such as the competitors on our list of the best online savings accounts. If you’re into maximizing your savings as much as we are, you may be better off looking elsewhere.

Renasant Bank CD rates

Certificate of deposit

We like that it’s a fixed rate CD.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Renasant Bank’s CD rates aren’t advertised on their website so we encourage you to call them to double-check. Renasant Bank also offers other terms — anywhere from 32 days to 84 months — so if you’re interested, Renasant Bank’s customer representatives should be able to help.

For these fixed-rate CDs, interest is compounded and credited to your account each quarter. Interest you earn can either be rolled over into your existing CD, transferred to another Renasant Bank account or mailed to you via check. Once your account matures, you’ll get a grace period of 10 business days where you can make any changes like making withdrawals, deposits or renewing your CD for another term. If you don’t do anything, the CD will automatically be renewed for the same term as the original one.

You can also use this CD as collateral, if you decide to take out a personal loan with Renasant Bank. Contacting customer service is your best bet to find out more details.

How to get Renasant Bank’s CDs

Right now, you’re only able to open a CD account in person. The bank will most likely ask you to bring proof of identity such as a government-issued ID and Social Security number.

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How Renasant Bank’s CD rates compare

We can’t tell for certain how good their rates are compared to our list of the best CD rates considering they’re not advertised anywhere on Renasant Bank’s website. If for some reason you do need to make an early withdrawal, the penalties don’t seem as high as some of the other accounts out there.

However, the minimum opening deposit may be a bit high for some people. In that case, it could pay to do some comparison shopping as there are many banks that offer a low or no minimum opening deposit.

Renasant Bank money market account options

Personal Money Market Account

You get ATM access bu the minimum opening deposit may not be feasible for everyone.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

We like that you get a debit card with this money market account, but the minimum opening deposit may be difficult for some to meet. By the way, the rates aren’t advertised on their site so it’s not a bad idea to call and check what the most current ones are. The monthly maintenance fee looks pretty steep but you can get that waived if you can maintain a daily balance fee of at least $1,000.

You’ll need to watch out for how many transactions you make in any given month because you could be charged for them. First, you could be paying $5 for each debit you make over six each month. You could also be paying $0.10 for each deposit if you make more than 150 in any given month.

How to get the Personal Money Market Account

You’re going to have to head to your nearest branch to open a Personal Money Market Account. You may need to bring items such your Social Security number and government-issued ID.

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High-Yield Money Market Account

The bank doesn’t advertise rates for this account online so you’ll need to call to find out.
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $10,000
  • Monthly account maintenance fee: $15 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Given the fact that the High-Yield Money Market account requires you to deposit at least $10,000 to earn interest, it may potentially offer higher rates than the bank’s other offerings. But there’s no way to tell unless you call the bank for rate info, as it is not currently advertised on the website.

For those who don’t have that kind of money laying around, you may want consider opening Renasant Bank’s Rewards Checking or Rewards Savings accounts.

There is a monthly maintenance fee, but you’ll be able to waive that if you can maintain a $10,000 minimum daily balance. You also get a debit card but you’re allowed up to six certain debits a month due to Regulation D. If you go over that amount, you’ll face a $25 excess transaction fee. You’ll also need to pay $0.10 for each deposit you make that’s over 50 each month.

How to get the High-Yield Money Market Account

Head to the nearest branch to open an account. You can call customer service at 1-800-680-1601 to find out what you’ll need to bring but it’ll most likely be your government-issued ID and Social Security number.

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How Renasant Bank’s money market accounts compare

You need a significant amount of money deposited to qualify for any of Renasant Bank’s money market accounts, which can make it out of reach for many. Other online competitors on our list of the best money market rates and accounts have lower minimum requirements, sometimes none at all.

What we’re trying to say is that if you can’t come up with that much cash to open a Renasant Bank money market account, looking at other money market accounts might be a better choice.

Renasant Bank IRA account options

IRA CD rates

IRA CD

These IRA CDs have a fairly average minimum opening deposit amount.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: $25 or interest earned (on depends length term), whichever is higher:
    • Less than one year — 3 months’ interest
    • More than one year — 6 months’ interest

Anyone who’s interested in a conservative investment account might want to consider these IRA CDs. The minimum opening deposit isn’t the lowest we’ve seen but it’s not extremely high either. Just like the regular CDs offered at Renasant Bank, interest you earn is compounded and credited quarterly. However, if you do make an early withdrawal, you’ll face potential IRS penalties on top of what Renasant Bank will charge you. Renasant Bank’s IRA CD rates aren’t advertised on their website so we encourage you to call them to double-check.

Your CD will renew automatically unless you make changes during the grace period, which is 10 business days. You can make changes such as renewing the CD for another term, making withdrawals or additional deposits.

How to get Renasant Bank’s IRA CDs

Head to your nearest branch to open a Renasant Bank IRA CD. You may be asked to provide details and items such as your address and Social Security number.

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How Renasant Bank’s IRA CD rates compare

The minimum opening deposit for these IRA CDs are also around the same as what others require. However, you must open an account in person so it may be a bit of a hassle for you, especially if you don’t live near a branch. In that case, you may want to check out our list of the best IRA CD rates for some ones you can open online.

IRA savings account

This account doesn’t have any monthly maintenance fees and requires a low opening deposit amount.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The IRA savings account may be a good choice if you need a place to stash your IRA funds until you figure out what to do with it, like opening an IRA CD. You can make unlimited deposits up to the IRS limits each year. As for withdrawals, you can make up to six per month or else your transaction will be denied. If you’re under 59 1/2 years old, you may also face IRS penalties for making withdrawals from an IRA account, so it’s best to check the current rules.

Keep in mind that the rates for the IRA savings account isn’t currently advertised on their website, so before opening one, check by calling customer service to find out what they are.

How to get Renasant Bank’s IRA savings account

To open an IRA savings account, head to the nearest branch. It’s best to check by calling customer service at 1-800-680-1601 to find out what to bring, but you’ll likely be asked to bring items like your government-issued ID and Social Security number.

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Overall review of Renasant Bank’s banking products

We really like Renasant Bank for their Rewards Checking account as it’s one of the best rates we’ve seen. You also get a wide range of benefits, with or without the add-on option. The CDs are also pretty decent even though they do require a fair bit of cash to open an account.

Other than that, the rest of their accounts aren’t really worth it. Combined with high minimum amounts, monthly fees and the fact that you can’t open all of them online, we’re not terribly impressed. Renasant Bank faces some stiff competition from other online banks, so it may be a better idea to keep your eyes peeled for bank accounts that offer better features.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.