If you live in Washington and want to find the best bank, you have many choices to pick from. There are local banks, big national banks, and online banks.
We looked at important things like how many branches they have, the different products they offer, the interest rates they give for deposits, how good their online banking is, and how helpful their customer service is.
Best Washington Regional Banks
Here are our top picks for regional and community banks in New Jersey:
Valley National Bank
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Valley National Bank is headquartered in Wayne, New Jersey, and operates more than 110 branches across 100 cities in New Jersey. They provide various banking products, including savings and checking accounts, CDs, money market accounts, and mortgages. The bank's mobile app is highly rated by both iOS and Android users, and they offer telephone banking and person-to-person payments with Zelle.
Pros of Valley National Bank include a wide range of checking account options to suit different needs, high CD rates, no monthly fees for checking accounts, and interest-bearing checking accounts.
On the downside, the bank has low money market account rates, a limited ATM network, and charges overdraft fees.
Santander Bank
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Santander Bank has a lot of different money services for people who like banking online or going to a bank in person. They have more than 90 branches in 70 cities across New Jersey.
They offer three types of checking accounts with free overdraft protection, two savings accounts, and different CDs. One nice thing is that customers can avoid monthly fees easily. Their website also lets customers make appointments for banking stuff, like opening an account.
But, there are some not-so-great things too. Santander Bank doesn't give very high interest rates on their savings accounts, so if you want to earn more from your savings, it might not be the best option. Also, they don't have a lot of ATMs, so it could be hard to get cash or do transactions if you're far from their branches.
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Best New Jersey National Banks
We carefully examined several national banks operating in New Jersey to identify the ones that excel. Here are our picks:
Wells Fargo Bank
Checking Fees
Promotion
Savings APY
CDs APY
Wells Fargo stands as one of the leading banks in the United States, boasting an extensive presence with over 200 branches scattered across 170 cities in New Jersey. This broad network ensures convenient access to their diverse array of financial products, supported by a substantial number of ATMs.
One of the bank's notable strengths lies in their highly regarded checking account, renowned for its lack of insufficient fund fees and the availability of 24/7 customer service via phone. Furthermore, they offer the convenience of a widespread network of free ATMs nationwide and facilitate early direct deposit services. Wells Fargo presents selected CDs with competitive rates for those interested in CD accounts.
However, it's crucial to be aware of some concerns surrounding the bank. Wells Fargo has faced regulatory scrutiny in recent times, largely due to issues such as the unauthorized opening of fake accounts.
Additionally, their savings account interest rates may not be as competitive as those offered by other institutions. It's also essential to exercise caution with their relatively high overdraft fees.
TD Bank
Checking Fees
Money Market APY
TD Bank offers a welcome bonus for new account – you can get Up to $300 bonus if you open a new checking account $200/$300. There is a minimum deposit required of $500 or $2,500, depending on account, within 60 days.
. Expired on N/ASavings APY
CDs APY
With a vast network of more than 200 branches spanning across 170 cities, TD Bank boasts a strong presence in New Jersey. The bank offers a comprehensive range of services and accounts, including savings, checking, certificates of deposits, and credit cards. Additionally, customers benefit from easy access to nearly 2,700 ATMs.
Banking with TD Bank comes with several advantages. Debit cardholders enjoy the perk of no foreign transaction fees, while customer support is available 24/7 via phone. The bank's mobile apps receive high ratings, and many locations operate extended hours, even seven days a week. For digital-savvy customers, TD Bank provides features like Zelle, remote check deposit, and online bill pay.
However, it's essential to consider some downsides as well. Monthly fees are imposed on certain accounts, and the APY for savings accounts is relatively low. When using a non-TD Bank ATM, customers will be charged a $3 fee.
One significant concern is the steep overdraft fee, which amounts to $35 per transaction and can be charged up to three times a day.
PNC Bank
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Money Market APY
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CDs APY
PNC Bank operates in about 150 cities in New Jersey, with approximately 170 branches, offering accessible banking services through their Virtual Wallet Spend checking account. This account provides convenient mobile and online banking with no bill payment fees and partial reimbursement for non-PNC ATM fees, though the ATM owners may charge separate fees.
The PNC CD rates are competitive for specific terms, and its savings account comes with a decent interest rate, but its availability may be limited to certain states. Customers can access around 60,000 ATMs without any additional charges.
Despite these advantages, there are some drawbacks to consider. PNC Bank has a relatively high overdraft fee of $36, which is among the highest in the country.
Additionally, opening a CD requires an in-person visit to a branch. Some accounts may also incur monthly fees, but these can be avoided by meeting specific requirements.
Best New Jersey Online Banks
In our search for online banks in New Jersey, we focused on comparing their interest rates for savings accounts and CDs.
We were also interested in finding out about the other services they offer, like checking accounts, loans, credit cards, and mortgages.
CIT Bank
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Money Market APY
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CIT Bank is an online bank that offers lots of financial products and services. They have different types of accounts like savings, checking, money market, and CDs. The best part is that they give really good interest rates on its platinum savings account and CDs, which means you can earn more money on your deposits.
Another great thing about CIT Bank is that they don't charge any monthly fees, so you won't have to pay extra just to keep your account. This makes it perfect for people who want to save money and do their banking without any hassles.
Keep in mind, though, that CIT Bank doesn't have physical branches, so you'll do all your banking online or at ATMs. If you like the idea of easy banking, earning more with high interest rates, and no fees, then CIT Bank is a great choice for you.
Capital One Bank
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Money Market APY
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Capital One stands out as an exceptional choice for consumers seeking competitive rates and a comprehensive, fee-free banking experience. With an extensive network of no-fee ATMs, customers can easily manage their finances online from anywhere, even without a local branch. However, Capital One operates 15 branches in New Jersey despite being primarily an online bank.
You can open a Capital One savings and CD account online and enjoy competitive rates, accompanied by a free checking account that earns interest.
The bank's appeal is further heightened by its user-friendly approach, as it does not impose balance minimums, monthly fees, or overdraft charges. Users highly commend the acclaimed mobile app, catering to both iPhone and Android users.
While there are some limitations, such as the inability to deposit cash at partner ATMs and the absence of money market accounts, these drawbacks are overshadowed by the overall benefits and convenience offered by Capital One.
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FAQs
What are the biggest banks in New Jersey?
In 2024, the banking sector in New Jersey is primarily controlled by Wells Fargo, TD Bank, and Bank Of America, with all three institutions boasting more than 120 branches.
What's the top bank in New Jersey?
Finding the ideal bank in New Jersey depends on what you value most – online banking, high deposit rates, or no-fee checking accounts. Review our recommended banks above, each catering to specific needs
Which New Jersey bank has the best CD interest rates?
The top CD rates in New Jersey can vary with different terms. One bank might have the best rates for 1 year, while another offers the best rates for 3 months. Check out our recommended New Jersey CD accounts and compare them with credit unions.
What's the bank with the most competitive savings rates in New Jersey?
It's not easy to find the best savings rates, but New Jersey has some excellent options. Check out our list of the top performers for high savings rates in New Jersey in May 2024.
How We Picked The Best Bank In New Jersey: Methodology
The Smart Investor team conducted an extensive review to identify the best banks in New Jersey. We assessed them based on four main categories, each with specific features:
- Financial Products and Services (40%): We evaluated the range and quality of financial products and services offered by each bank, including checking accounts, savings accounts, CDs, loans, credit cards, and investment options. Banks offering a diverse array of financial products with competitive rates and terms received higher ratings in this category.
- Banking Features and Tools (30%): This category assessed the availability and functionality of banking features and tools, such as transfer options, the ability to set savings goals, account linking capabilities, mobile app usability, check deposit options, and other features important for banks. Banks offering a comprehensive suite of features and user-friendly tools earned higher scores.
- Customer Experience (20%): We closely examined the overall customer experience, including the ease of account opening, communication with customer service representatives, the usability of online banking platforms and mobile apps, and the responsiveness of customer support. Banks with user-friendly interfaces, efficient digital banking tools, and responsive customer service received higher ratings.
- Bank Reputation (10%): Our team analyzed each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and any notable awards or recognitions received. Banks with positive reputations and a history of providing excellent service to customers in New Jersey received higher ratings.
Within each category, we assigned weights to various features and qualities to ensure a comprehensive evaluation of each bank.
