Stearns Bank N.A.

About Stearns Bank N.A.

Stearns Bank National Association is a $2.3 billion nationwide financial institution based in St. Cloud, MN. Founded in 1912, the bank was acquired by Norm Skalicky in 1964. His daughter Kelly Skalicky became president in 2018, and later was named president and CEO. As a commercial bank primarily focused on cultivating and supporting the success of its business owner clients, Stearns Bank has built a reputation of integrity and financial excellence underscored by its mottos of We get the job done® and We answer on the first ring.

Stearns Bank offers industry-leading resources, interest earning options, and rewards to its business banking customers via its BusinessSmart™ Checking, BusinessSmart™ Market Savings, Certificates of Deposit (CD), and StearnsConnect™ platform. Stearns Bank has accumulated numerous awards during its decades of operation including recognition as one of the top-performing banks in the nation and one of the best banks to work for. Stearns Bank also offers comprehensive business, real estate, and equipment financing through its South End Capital division.

Contact Stearns Bank:

  • Visit Stearns Bank’s Website
  • Call: (833) 285 – 1352

BusinessSmart™ Checking

Stearns Bank’s FDIC-insured BusinessSmart™ checking account is a must for any business owner looking for a transparent business checking account that earns above-market interest, offers cash-back rewards, has no hidden fees, and no minimum balance requirement.

  • 0.25% APY* paid on balances from $0.01 to $24,999.99
  • 0.50% APY* paid on balances of $25,000.00 or more
  • No minimum balance requirement
  • No opening balance requirement
  • No hidden fees or paying for things you don’t need
  • Earn interest on any balance
  • Free monthly eStatements
  • Premier live customer support
  • Remote check deposit and ACH / wire transfers
  • Nationwide ATM network (41,000 free ATM locations)
  • Debit card paying 0.10% Diamond Cash Rewards on EVERY debit card purchase, deposited to your account monthly**
  • Autobooks for managing customer payments (send invoices and offer online payment options)
  • Free Access to StearnsConnect™ for premium account features
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*APY is annual percentage yield. APY is effective as of 06/22/2022 and subject to change at any time, including after account opening. Fees may reduce earnings.

**Earn up to $500 per month. Pending and preauthorized debit card transactions do not earn cash back rewards until the final transaction posts to the account. Cash Rewards rate effective 05/25/2021.

BusinessSmart™ Market Savings

Stearns Bank’s FDIC-insured BusinessSmart™ savings account is a strategic first step in a business’s long-term plan to generating interest on hard-earned cash-reserves, and managing balances for planned and unexpected capital events.

  • 0.50% APY* paid on balances from $0.01 to $99,999.99
  • 1.51% APY* paid on balances of $100,000.00 or more
  • No minimum balance requirement
  • No opening balance requirement
  • No hidden fees or paying for things you don’t need
  • Earn interest on any balance
  • Free monthly eStatements
  • Premier live customer support
  • Remote check deposit and ACH / wire transfers
  • Easily link to your BusinessSmart™ checking account for convenient cash-flow management and protection
  • Nationwide ATM network (41,000 free ATM locations)
  • Free Access to StearnsConnect™ for premium account features
Visit Stearns Bank N.A.

*APY is annual percentage yield. APY is effective as of 06/22/2022 and subject to change at any time, including after account opening. Fees may reduce earnings.

StearnsConnect™ Platform

StearnsConnect™ is an integrated business account cash-flow management and resource tool included for free with both a BusinessSmart™ checking account and a BusinessSmart™ savings account.

  • Free online and mobile banking
  • Mobile deposit options
  • Transfer/wire funds directly from your account
  • Make loan payments and pay bills electronically
  • Identity protection with eStatements (paperless)
  • Comprehensive digital account summary/history access
  • Exportable/importable transaction history
  • Bank alerts personalized for your needs
  • Automated payment management through CardSwap
  • Mobile wallet options (Apple Pay®/Google Pay™)
  • Online/mobile ATM locator

Merchant Services

Stearns Bank has partnered with FiTech to offer comprehensive payment products, including payment acceptance equipment, payment processing services and business intelligence reporting. Enable your business to accept multiple forms of payment in-store, online, or on the go from mobile wallets like Apple Pay®, Google Pay™, and Samsung Pay, to EMV chip cards. Merchant Services offered by Stearns Bank deliver customized resources to meet the evolving payment needs of your business and clients.

  • Point-of-Sales Systems
  • Mobile EMV Payments
  • Virtual Terminals
  • Smart Terminals
  • E-Commerce
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Certificates Of Deposit (CD)

Current market volatility makes investing with an experienced strategic partner a top priority for any business seeking to secure its longevity. An FDIC-insured CD from Stearns Bank enables business owners to earn a favorable return on capital reserves via a conservative, risk-averse investment vehicle. Opening up a Certificate of Deposit (CD) with Stearns Bank is a smart move to protect hard-earned capital reserves, and generate an APY* of up to 2.25%.

*APY is annual percentage yield. APY is effective as of 06/22/2022 and subject to change at any time, including after account opening. Fees may reduce earnings.

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What to Expect

Stearns Bank touts a commitment to customer service, friendliness, and innovative and accessible banking products. LendVer can attest to Stearns Bank’s assertions because we are an actual customer and opened a BusinessSmart™ checking account prior to writing this review. The appeal of the high APY paid on checking account balances was the initial motivation for LendVer to open a BusinessSmart™ checking account with Stearns Bank (the $2 trillion national bank LendVer has an account which only pays 0.01%!). There was the expectation that some level of customer service or technology would be sacrificed when banking with a smaller national bank, but this was not the case.

LendVer contacted a business services specialist to open an account and was connected right away with a very friendly representative (there were no call queues or prompts to wade through, a real person answered on the first ring) who explained all aspects of the available business accounts and answered questions during a “no pressure” conversation. After the call, encrypted follow up communication was promptly sent with a list of standard documents needed to proceed, and an overview of the account options discussed. After returning the requested documentation, an account agreement was sent for secure e-signature and LendVer’s new BusinessSmart™ checking account was accessible within 24 hours. No deposit or fees were required to open the account and signing up for eStatements waived the $5 monthly paper statement charge. After downloading the StearnsConnect™ mobile banking app, which has all the functionality of a larger bank’s mobile banking app (if not simpler to use and more concise), the account opening process was complete.

Pros

  • Stearns Bank offers all the benefits and resources of banking with a larger bank, but with the personal attention forged during its community banking heritage and exhibited by its We get the job done® and We answer on the first ring mottos.
  • Stearns Bank is primarily a commercial bank, which means its main focus is on the success of its business owner customers and developing products and tools to support them.
  • Stearns Bank offers above-market interest on its business checking and savings accounts which which is significantly more than the low rates of 0.005% to 0.01% offered by larger banks.
  • Stearns Bank offers a variety of incentives, resources, and rewards for its business banking customers including free ATM access at over 41,000 locations nationwide, Diamond Cash Rewards paying 0.10% cash-back on EVERY debit card purchase, and the StearnsConnect™ platform that includes a plethora of business and cash management tools.
  • Stearns Bank offers appealing Certificates of Deposit (CD) interest rates with a low minimum opening deposit of only $2,500, enabling small businesses with lower cash reserves to take advantage of conservative, performing investment options.

Cons

  • Although Stearns Bank has 41,000 free ATM locations nationwide, it only has physical branches in Minnesota, Arizona, and Florida. If in-person business banking is important to you, and you are not located near a Stearns Bank branch, then Stearns Bank may not be the best bank for you.
  • If you are seeking higher-risk or more diverse investment products for your businesses cash reserves than Stearns Bank’s account and CD options, then Stearns Bank may not be the best fit for you.
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Why Stearns Bank N.A. is the Best

Stearns Bank brings the experienced customer service and product offerings of a 100+ year old bank, with the innovative and tailored business banking solutions of a $2.3 billion forward-thinking financial institution. While other banking institutions are rejecting business deposit accounts due to market volatility, Stearns Bank is encouraging business banking relationships and offering above-market interest rates for deposits and CDs. If you are seeking a banking partner that has a vested interest in helping your business succeed, reward you for your loyalty, and that provides service with a smile, then Stearns Bank is the right fit for you.

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