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Provident Bank Review 2024

Updated January 30, 2024
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At a glance

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
3.4
Rating: 3.4 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 3.3 stars out of 5
3.3 /5

Checking

Rating: 4.3 stars out of 5
4.3 /5

Savings

Rating: 2.5 stars out of 5
2.5 /5

MMA

Rating: 2.4 stars out of 5
2.4 /5
Sponsored offers
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Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 2/18/2025
Rating: 4.4 stars out of 5
$0
Min. balance for APY
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Promoted offer:
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Member FDIC
CD
4.30
%
APY
APY
Info Icon
As of 2/18/2025
Rating: 4.9 stars out of 5
$500
Minimum deposit
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Promoted offer:
Bank logo
Member FDIC
CD
4.25
%
APY
APY
Info Icon
As of 2/18/2025
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right Icon
Promoted offer:

Overall

Pros

  • Checkmark Icon

    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 Icon

    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 Icon

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

  • Checkmark Icon

    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.

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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 Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

  • Provident Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

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

Customer experience

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.