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Provident Bank Review 2024

Updated January 30, 2024
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.8 stars out of 5

Checking

Rating: 4.3 stars out of 5

Savings

Rating: 2.5 stars out of 5

MMA

Rating: 2.4 stars out of 5

About Bankrate Score

Overview

Provident Bank is a reasonable option for savers looking for a brick-and-mortar bank primarily in New Jersey that offers low fees and a wide range of products and services. Customers looking to avoid ATM fees will find a good match here, but yields could be a bit more competitive overall.

Highlights

  • ATM Fee Refunds
  • Low Min Deposit
Compare offers
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/15/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Provident Bank has a sizable branch presence in New Jersey, a few locations in Pennsylvania and one in New York. It offers numerous checking accounts, savings accounts and certificates of deposit options to appeal to a wide base of customers. That said, most of Provident Bank’s deposit accounts offer paltry APYs; you can easily find better rates elsewhere.

Pros

  • Checkmark

    There are no monthly service fees on most accounts, and the requirements to waive monthly fees are attainable on the accounts that do charge a fee.

  • Checkmark

    If you live in northern or central New Jersey, it should be fairly easy to find a branch close to you where you can bank in person.

  • Checkmark

    Customers can qualify for domestic ATM fee/surcharge refunds, although several factors must be met each month.

  • Checkmark

    The Smart Checking account comes with a robust APY for balances under $15,000.

Cons

  • Yields on many of Provident’s basic accounts are underwhelming.

  • Most accounts closed within six months of opening will be charged a $15 early closure fee.

  • Provident Bank still charges a hefty $35 overdraft fee.

Provident Bank banking products

2.5
Rating: 2.5 stars out of 5
Bankrate Score

Provident Bank savings overview

Provident Bank offers a few different options for savers. The Statement Savings account requires only $50 to open and to start earning interest. The monthly minimum balance to avoid a $3 service fee is $250. The APY is easy to beat if you shop around.

Choosing the Provident Platinum MoneyManager account provides a slightly higher APY than the standard savings account. But in order to open the account, which costs just $50 to open, you must have a Provident Platinum Checking account. You need a combined daily balance of at least $5,000 across the accounts to earn interest. The account comes with a variety of perks, including no ATM fees or withdrawal penalties.

There’s also a Young Saver account for savers under 18 years of age. You need just $1 to open this account and a $0.01 balance to earn interest. The account comes without monthly fees or minimum balance requirements.

Pros

  • Checkmark

    The minimum opening deposits are quite low, so it’s easy to get started.

  • Checkmark

    The Young Saver account requires just $0.01 to earn interest.

  • Checkmark

    The monthly service fee is relatively low and easily waived.

Cons

  • Most accounts offer a paltry APY.

  • You need $5,000 in combined balances to earn interest in the Provident Platinum MoneyManager account, and the yield is only slightly higher.

  • The Statement Savings account has a $3 monthly fee when the monthly balance falls below $250.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Provident Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC.
Savings Account
5.25
%
APY
APY
Info
As of 4/15/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No fees. Easy deposits and quick withdrawals.

Bank fees

Fee Charged?
Overdraft fee $35
Non-sufficient funds fee None
Monthly maintenance fees $0 - $10
Out-of-network ATM fee None
Excessive transaction fee $10 - 15

About Provident Bank

Provident Bank is a Jersey City, New Jersey-based institution that has been around since 1839. It has nearly 100 branches spanning New Jersey, parts of Pennsylvania and a small section of New York.

Customers can access a wide variety of banking products, including checking and savings accounts, CDs, mortgages, credit cards and investments.

Provident Bank’s parent company, Provident Financial Services, is publicly traded. It acquired SB One Bank in 2020 and merged with Lakeland Bancorp in 2022, making it one of the largest banks in New Jersey.

Customer experience

Customer service. Customers can reach customer service representatives by email or over the phone. Telephone hours are somewhat limited: Monday through Friday, 8 a.m. to 7 p.m. ET, and Saturdays, 9 a.m. to 2 p.m ET.

Digital experience. Provident Bank offers many of the most popular digital banking services available these days, including mobile and online banking, Zelle and Apple Pay (only for Provident Debit Mastercard users). The bank’s mobile app has received favorable scores by reviewers in the Apple App Store and Google Play store.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.