If you’re one of New Jersey’s 9+ million residents, you’ll be pleased to know that it has many great banks available. Whether you prefer a large national or a smaller community bank, The Garden State has it all.
Choosing one provider over another comes down to your needs. Every person’s financial needs are unique and depend on their circumstances.
Some may be looking to open their first credit card to boost their credit score, while others may be interested in home equity loans or other financial products.
In this article, we’ll review the best banks in New Jersey to help make your search for the best bank easier.
7 Best Banks in New Jersey
Here are the best banks in New Jersey you can open an account with today:
1. Bank of America
If you prefer to bank with a large national bank with a presence across the U.S., Bank of America is an excellent option to consider.
Bank of America is the second-largest financial institution in the United States, with a presence across the U.S.
According to the bank’s branch locator, this bank has branches in all 50 states, with financial centers and ATMs in 200 locations in New Jersey.
The bank offers various financial products, from the more basic checking accounts and debit cards to certificates of deposit (CDs).
Bank of America is a member-FDIC, like all reputable banks — meaning your money is insured up to $250,000.
If you prefer mobile banking, the bank also has a mobile app allowing you to complete most banking tasks, from depositing checks to paying bills.
Bank of America also often has offers, promotions, and bonuses targeting new clients — so it’s worth checking them out.
- A national bank with a range of products
- Presence in all 50 states
- Many locations and ATMs in New Jersey
- Highly rated mobile app
- APY rates are not as competitive
2. Provident Bank
Provident Bank is a local bank with 90+ locations in New Jersey, New York, and Pennsylvania. The bank has 77 branches in New Jersey right now.
The bank has been around for over 180 years, providing local communities with financial services and personal customer service. The bank offers personal and business banking services, insurance, wealth management, and loans.
The bank has many deposit accounts, including checking accounts, certificates of deposit, savings, and money market accounts.
Provident Bank’s Basic Checking account is a free, simple account with unlimited ATM transactions, no minimum balance requirements, and a Provident Debit card.
If you’re looking to open an interest-bearing checking account, Provident Smart Checking is an option. This account offers a competitive APY (annual percentage yield) on balances up to $15,000.
Provident Bank customers can also access a Financial Wellness center, providing users with learning materials on personal financial topics (like building an emergency savings fund or getting a mortgage).
Provident Bank also has overdraft protection, called Overdraft Privilege, which provides a discretionary payment of overdrafts on eligible accounts.
- Financial resources available
- Personal customer service
- Wide range of products available
- No monthly maintenance fee
- The bank’s Android app doesn’t have the best rating
3. Santander Bank
If you’re looking for a bank with a community feel, Santander is an option.
The bank has 20+ branches and ATM locations in New Jersey and offers a range of banking services for individuals and small businesses. Santander also has an extensive network of 2,000+ domestic ATMs in the U.S.
Santander’s Ultimate Cash Back Card will get you 3% cash back and an introductory 0% rate for the first 12 months. It doesn’t have any annual, foreign transaction, returned payment, or cash advance fees either.
Santander has three checking accounts, with the Simply Right Checking account offering the basics. The account has a $10 fee, which you can avoid easily — make one transaction per calendar month. The minimum deposit to open this account is $25, and you will pay $3 for domestic withdrawals from non-Santander ATMs.
Santander’s Savings account has no minimum balance and a low $25 minimum opening deposit.
The bank also has digital banking tools like online banking and mobile banking. The mobile app gets a good rating, especially for iOS devices.
- Wide range of services available
- International presence (15 countries)
- Easy to avoid checking account fees
- You can often get welcome bonuses
- APY is a little low on the savings account
4. PNC Bank
PNC Bank is a national bank established in 1845. The bank currently has over 2,600 branches in 21 states across the U.S., including New York, New Jersey, and Pennsylvania. According to the bank’s branch locator, it has 227 branches and ATMs in New Jersey.
PNC Bank offers competitive interest rates and a wide range of personal banking services, including checking and savings bank accounts, borrowing, investing, and wealth management services.
PNC offers several checking and savings accounts, with Spend being the main checking account. This account has three tiers, which all come with Virtual Wallet — an online tool for managing the money in your checking, savings, or another account.
You can choose Virtual Wallet on its own for the most basic checking account, which has a $7 monthly fee that you can avoid if you meet the criteria ($500+ monthly direct deposit or $500+ monthly balance).
Virtual Wallet comes with digital tools to help you see exactly where your money is going, how much you have saved, and plan for the future. Virtual Wallet has some handy features like Low Cash Mode ($0 insufficient funds fee plus extra time to bring your balance up to zero).
You can earn up to $400 right now if you open and use a new Virtual Wallet product.
- Good high-yield savings account
- Generous bonuses available to new clients
- The overdraft fee is pretty high ($36)
- High-yield savings account not available in NJ
5. Wells Fargo
Wells Fargo is a national bank with the most branches in New Jersey. The bank has 250+ bank locations and over 400 ATMs in the state, with 17 bank branches in Newark.
Wells Fargo has a global presence and operates in more than 40 countries, which is great if you’re looking for a bank with an international presence.
Wells Fargo offers an extensive range of products, accounts, and services for individual customers and large and small businesses.
The bank has four checking accounts:
- Everyday Checking
- Clear Access Banking
- Prime Checking
- Premier Checking
They all have a $25 minimum opening deposit, with fees ranging from $5 to $35 that can be avoided if you meet the required criteria.
Wells Fargo’s Platinum Savings account has a low $25 minimum deposit and an avoidable $12 monthly fee (if you don’t mind keeping at least $3.500 in your account at all times). You can earn 0.25% APY on sums between $0 – $99,999.99 and 1.98% APY on much higher amounts (over $1m).
- 24/7 customer support
- Low opening deposit for checking accounts
- Checking account includes bill pay, mobile deposits, and Zelle
- APY could be higher on interest-bearing accounts
- Has monthly service fees
- High minimum balances
6. TD Bank
TD Bank is a national bank with a presence in New Jersey. The bank has over 1,300 bank locations across 16 states in the U.S. and ten branches in New Jersey.
TD Bank has 80+ bank branches in New Jersey, which is great if you want to bank in person.
However, if you prefer to do your banking online or on your phone, you’ll be pleased to know that TD Bank has a highly-rated mobile app.
This bank offers various personal and business banking services, from checking accounts to CDs and personal loans. TD Bank’s TD Signature Savings account offers competitive rates — but to earn the highest tier rate, you’ll need to deposit a hefty sum of $250,000.
TD Bank’s online banking offers most banking transactions, including money transfers with Zelle, bill pay, and more.
- Highly rated mobile app
- Many branches in New Jersey
- Positive customer reviews
- The overdraft fee is high ($35)
7. Capital One
Capital One is another major FDIC-insured bank with hundreds of branches and ATMs across the U.S. The bank has 29 branches in New Jersey.
Capital One offers various personal and business banking products, including checking and savings accounts, business cards and banking solutions, and educational tools.
With Capital One, you can check if you’re pre-approved for a credit card without impacting your credit score.
You’ll find several cashback rewards credit cards available, with Capital One Quicksilver Cash Rewards Credit Card stealing the show. The card offers unlimited 3% cash back on all purchases in the first year, no foreign transaction fees, and perks like 0% intro APR (annual percentage rate).
Capital One is also known for its competitive APY with the Capital One Performance Saving Account, available in all states. The account has no fees and offers overdraft protection, plus no minimum balances are required to earn the full APY rate.
- Competitive APY
- Wide range of products
- No minimum balance for APY
- Large ATM network nationwide
- Might incur out-of-network ATM fees
Frequently Asked Questions
What are the most popular banks in New Jersey?
Wells Fargo is the most popular bank in New Jersey, judging by the number of bank branches in the state. According to its branch finder, the bank has 232 locations and 400+ ATMs in New Jersey.
What major banks are in New Jersey?
Many major banks are in New Jersey, including Bank of America, TD Bank, Wells Fargo, PNC Bank, Capital One, and Santander.
What is the best credit union in New Jersey?
Because every customer has unique banking needs, no credit union will tick all the boxes for everyone. However, Greater Alliance Federal Credit Union in New Jersey is a great option for those interested in banking with a credit union.
The credit union has three branches in New Jersey and offers personal and business banking products, including checking accounts, home buyer savings accounts, and business checking accounts.
The Premier Checking account comes with 0.60% APY, and the certificate of deposit rates go up to 3.78% APY for 24 months.