For New Jersey residents presently seeking leverage over the rising interest rates and putting money in a savings account, we have gathered some of the most exceptional savings accounts available in New Jersey.
Whether your objectives are setting aside money for an emergency, saving for a vacation, or securing funds for a home improvement, these accounts extend appealing interest rates, little or non-existent fees, and convenient capabilities.
Citizens Access
APY Savings
Minimum Deposit
Promotion
Fees
Clients residing in New Jersey are privileged to enjoy the offerings of Citizens Access, which proposes an above-average 4.50% APY, surpassing the average nationwide rates.
However, it's important to note that Citizens Access doesn't provide ATM access, so withdrawals are limited to transfers and check requests. The account stands out for its low fees, with no monthly maintenance fees or hidden costs. Citizens Access values transparency and doesn't use promotional or teaser rates to attract customers.
Citizens Access is a digital-only financial institution that operates under the Citizens Bank group. Although established in 2018, its parent company has a long history of banking expertise, spanning almost two centuries, and holds assets exceeding $150 billion.
Discover Online Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
For individuals residing in New Jersey who aim to maximize their savings without the necessity of a physical banking branch, the Discover Bank Online Savings account presents a highly advantageous option. The interest is computed daily and credited to your account every month. A notable feature of this account is the absence of any associated maintenance fees.
Furthermore, Discover Bank offers a user-friendly mobile application designed for Android and Apple users. This application enables seamless transactions, such as fund transfers, balance inquiries, reviewing recent account transactions, and depositing checks.
Lastly, there is also a bonus promotion available for significant deposits. However, it is important to note that an ATM card is not provided, and the tools offered are comparatively basic.
Rising Bank High Yield Savings
APY Savings
Minimum Deposit
Promotion
Fees
The high-yield savings account offered by Rising Bank presents a lucrative opportunity for New Jersey residents. With a competitive savings rate of 5.00% APY, it stands as one of the most advantageous options available in the market.
Rising Bank provides three distinct methods for depositing funds into your account: you can establish a connection with your external account, initiate a wire transfer, or send a check. The management of your savings is made convenient and effortless through the user-friendly online and mobile banking platforms offered by Rising Bank.
Rising Bank is an online division of Midwest BankCentre, a well-established community bank headquartered in St. Louis. Rising Bank functions exclusively online, distinguishing itself from conventional banks, and eliminating the necessity for physical branch visits.
Synchrony High Yield Savings
Savings APY
Minimum Deposit
Promotion
Fees
If you're a New Jersey citizen, you can take advantage of the benefits provided by The Synchrony High Yield Savings account. It offers an attractive yield of 4.75% APY.
You don't need to worry about a minimum opening deposit or maintaining a minimum balance. Synchrony also gives you the option of an ATM card for easy access to your funds at no charge when using ATMs with an Accel or Plus logo.
The Synchrony mobile application is highly rated on both Apple's App Store and the Google Play Store. It lets you deposit checks through your mobile device and perform other banking tasks. The app offers live chat support, so you can ask questions and get quick responses.
Citi Accelerate Savings
Savings APY
Minimum Deposit
Promotion
Fees
The Citi Accelerate Savings account is an excellent option for New Jersey residents who prefer traditional banking services. As part of Citi's comprehensive banking packages, this account provides a wide range of services, including banking, lending, and investment options. If you're looking for a complete solution to meet your financial needs, the Citi Accelerate account is recommended.
Although it has a slightly lower APY compared to leading online savings accounts, the 4.45% account remains highly competitive. It also offers the convenience of automated transfers from a linked checking account, making it easier to save money.
Furthermore, connecting this account to a Citi checking account allows you to enjoy additional benefits like overdraft protection. Moreover, depending on your deposit amount, you may qualify for a bonus.
Bread Financial Savings
APY Savings
Minimum Deposit
Promotion
Fees
If you're a resident of New Jersey and looking for an online savings account, Bread Financial has got you covered. They offer a high-yield savings option that boasts a competitive Annual Percentage Yield (APY) of 5.15%, along with some impressive features.
To get started, you'll need to make a minimum initial deposit of $100. The good news is that there are no monthly maintenance fees, so you won't have to worry about meeting any waiver criteria. Interest is compounded daily and credited to your account every month. Bread Financial also provides a handy savings calculator to help you track your progress toward your financial goals.
Bread Financial, formerly known as Comenity Direct, is a forward-thinking financial services company established in 1996. With its headquarters in Columbus, Ohio, they offer a wide range of innovative payment, lending, and saving solutions.
Capital One 360 Performance Savings
Savings APY
Minimum Deposit
Promotion
Fees
New Jersey customers can avail themselves of the Capital One 360 Performance Savings account, which presents several advantages. Primarily, it boasts a substantial APY, enabling you to accrue greater earnings on your savings compared to alternative options available in the market. As of May 2024, the account provides an APY of 4.35%, surpassing the average rate significantly.
Capital One has optimized the banking experience, emphasizing user-friendliness. Notably, they offer an automated savings plan feature, allowing you to schedule automatic transfers. As a result, your online savings account can grow steadily without requiring additional effort.
The mobile check deposit feature proves to be exceedingly convenient for individuals who frequently visit physical bank branches. You can effortlessly deposit it into your account by simply capturing an image of your check using your mobile phone.
Can I Find Better Savings Accounts In New Jersey?
Without a doubt, likely, the previously mentioned savings account is merely one among a wide range of available account types in both New Jersey and nationwide. Banks and credit unions showcase numerous options for your careful consideration.
When contemplating opening a savings account, it is recommended to thoroughly analyze interest rates and consider the factors most pertinent to your situation. These factors may include the bank's reputation, the availability of mobile banking, or savings tools that can potentially enhance your savings. If you already have a banking relationship, it would be wise to inquire about special promotions designed specifically for you.
Considering these considerations, the following savings accounts are undeniably excellent choices. They offer competitive APY and generally do not impose monthly fees. Additionally, each account provides unique features to accommodate a variety of savers.
These options may be particularly well-suited for diverse individuals, such as novice investors, those searching for a comprehensive banking institution, or individuals who prefer the convenience of online banking over the traditional visit to a physical branch.
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Alternative Savings Accounts To Consider
A diverse range of financial institutions, including banks and credit unions, provide a variety of options for individuals seeking to secure their earnings.
As previously mentioned, a wide array of alternatives exists at both the state level in New Jersey and nationwide. The following table presents a selection of the primary choices currently accessible to individuals interested in opening a savings account.
Bank/Institution | Savings APY | Minimum Deposit |
|---|---|---|
Upgrade | 5.21% | $0 |
Ally High-Yield Savings Account | 4.25% | $0 |
Wealthfront | 4.55% | $0 |
CIT Platinum Savings | 5.00% | $5,000 |
Marcus by Goldman Sachs | 4.40% | $0 |
Ivy Bank High Yield Savings | 5.30% | $2,500 |
LendingClub High-Yield Savings | 5.00% | $100 |
Bank5 Connect | 5.10% | $100,000 |
Live Oak Personal Savings | 4.40% | $0 |
UFB Premier Savings Account | Up to 5.25% | $0 |
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Best Savings Accounts In New Jersey: Methodology
The Smart Investor team thoroughly researched various banks and credit unions to uncover the best savings accounts in New Jersey . We focused on essential factors such as interest rates, minimum deposit requirements, and fees. Here's how we rated them:
- Rates And Terms (40%): We examined the savings rates offered by New Jersey -based banks and credit unions, considering any unique terms and conditions. Institutions offering competitive rates, reasonable minimum deposit requirements, and minimal fees received higher scores in this category.
- Savings Account Features (30%): This category assessed the range of features tailored to New Jersey savers, including methods for saving and transferring money, withdrawal options, and any special promotions specific to the state. Banks providing a diverse array of New Jersey -centric options earned higher scores.
- Customer Experience (20%): We evaluated the ease of opening an account, the responsiveness of customer service, the usability of mobile apps (tested by our team), and the bank's policies for assisting New Jersey Savings accounts offering seamless account opening processes, efficient customer service, and user-friendly digital platforms received better ratings.
- Bank Reputation (10%): We considered the reputation of each New Jersey -based bank or credit union, taking into account ratings from JD Power, TrustPilot, and local Better Business Bureau reviews. Institutions with positive reputations and satisfied New Jersey customers received higher scores.
