Sterling Bank's Refer-a-Friend Deal: Get $50, Help a Friend Get $250

Ever wish you could get a little something for recommending your bank to a friend? Sterling Bank & Trust has a program that does exactly that, and it's a two-way street. If you're already a customer, you can earn cash for referrals. If you're looking for a new checking account, a friend's recommendation could score you a nice sign-up bonus. Let's break down how this 'refer-a-friend' offer works and what you need to know before jumping in.

How the Money Flows in This Deal

This isn't your typical solo sign-up bonus. It's a partnership incentive. Here's the gist: if you're an existing Sterling customer, you give a special referral form to a friend. They take that form to a branch to open a new Eagle Checking account. If they follow through and meet the bank's requirements, you get $50 deposited into your account. Your friend, the new customer, has a chance to earn a much larger $250 bonus for themselves.

It's a clever way for the bank to grow its customer base through personal networks. For you, it's a relatively easy $50. For your friend, it's a solid incentive to switch banks, provided they can meet the direct deposit criteria.

The Fine Print You Can't Afford to Miss

The bonuses sound great, but they don't just happen. There are specific hoops to jump through, especially for the person opening the new account. Missing one detail could mean no bonus for either of you.

First, the referral form is non-negotiable. Your friend must present the completed form when they open the account at the branch. No form, no bonus eligibility. It's the golden ticket.

For your friend to get their $250, the requirements are more involved. They need to be a brand new Sterling customer. They must open the account with at least $500. Most importantly, they need to set up two separate direct deposits of $500 or more each, hitting the new account within the first 120 days. The bank is specific: these must be electronic deposits of payroll, pension, or government benefits. Transfers from another bank, Zelle payments, or mobile check deposits don't count.

Finally, your friend must also enroll in Sterling's online banking. Both accounts—yours and your friend's—need to stay open and in good standing for the bonuses to post, which can take up to 130 days.

Is This Deal Right for You? Practical Considerations

If you're an existing Sterling customer in a qualifying state, this is a no-brainer for referring friends who are already considering a new bank. Just make sure they understand and can meet the direct deposit requirements.

If you're the potential new customer, you need to do a quick self-check. Do you have two income streams (or one large one that can be split) that can deliver $500+ via direct deposit twice within four months? If not, that $250 bonus will remain out of reach. Also, are you comfortable maintaining a $500 balance to avoid the monthly fee? If you're a low-balance account holder, that fee could eat into your bonus.

A major point of caution: The banking landscape is changing. The official bank page we checked suggests Sterling Bank has been acquired by EverBank. While the referral page is still active, it's always wise to confirm the offer's validity directly with a branch or customer service before your friend makes a special trip. Promotional terms can change, especially during transitions.

• For the Referrer: An easy way to earn some cash if you have friends who are good candidates.
• For the New Customer: A strong bonus, but only if your direct deposit situation is a perfect fit.
• Watch Out: The direct deposit rules are strict. Verify the offer is still current given the bank's acquisition.

Bottom Line

• This is a two-tiered bonus: $50 for the referring friend, $250 for the new account opener.
• Success hinges on a physical referral form and in-branch account opening.
• The $250 bonus has significant direct deposit requirements that many may find challenging.
• Always double-check offer validity directly with the bank, as institutional changes may affect promotions.

Common Questions