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Provident Bank Review 2023

Updated January 1, 2023
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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.4 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

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 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
Compare offers
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.50
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.25
%
APY
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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 account options and enough savings products to appeal to a wide base of customers. The bank does a good job of minimizing those pesky fees that consumers generally loathe.

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.

Cons

  • Yields on basic accounts are a little underwhelming, but higher rates can be found with Provident’s Platinum offerings, which have tiered interest rates.

  • The bank’s app is rated below average on both Apple’s App Store and the Google Play Store.

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

Provident Bank bank products

2.4
Rating: 2.4 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 Power Savings account provides a higher interest rate for the portion of your balance above $10,000. Yields for balances below that mark, however, are much lower. The account has no fees or service charges and comes with a basic debit card.

There’s also a Young Saver account and a Provident Platinum Money Manager account that links to a Provident checking account and boost yields for higher balances.

Pros

  • Checkmark

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

  • Checkmark

    If you have at least five figures to stash in the Power Savings account, you can get a big boost to your APY.

  • Checkmark

    There are no fees on transfers to another Provident deposit account.

Cons

  • The portion of your balance below $10,000 earns a much lower interest rate in the Power Savings account.

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right

Bank experience

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

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., and Saturdays, 9 a.m. to 2 p.m.

About Provident Bank

Provident Bank is a Jersey City, New Jersey-based institution that has been around since 1839. It has more than 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 is now one of the largest banks in New Jersey.

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.