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Provident Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.8

Bankrate Score

bank-logo

ATM fee refunds

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.

  • CDs
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    3.4
  • Savings
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    2.4
  • Checking
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    4.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Capital One

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.8

    Bankrate Score

    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.

    What we like

    • 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.

    • 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.

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

    What we don't

    • 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.

    CD rates

    3.4

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    3.25 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Provident Bank offers nine different terms of CDs ranging from 91 days to five years. Just $500 is needed to open one, but watch out for some costly early withdrawal penalties if the principal is withdrawn before the maturity date.

    What we like

    • It doesn’t take much money to open a CD.

    • There’s a good choice of shorter- and longer-term CDs.

    What we don't

    • Rates are close to the national average, but higher rates can be found elsewhere.

    • CDs can only be opened at a branch.

    Savings accounts

    2.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

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

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

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

    What we don't

    • 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.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Upgrade

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Provident Bank offers checking account options that meet different needs. Whether you’re looking for free checking, a high-yield account or even cash back and rewards, you’ll likely find something suitable here.

    The Smart Checking account is a rewards-based account that earns an exceptional APY on balances up to $15,000. It also gives domestic ATM fee/surcharge refunds as long as certain requirements are met, including 10 monthly debit purchases, a routine direct deposit, maintaining a ProvidentConnect Online Banking relationship and opting for electronic statements.

    Many of Provident's checking accounts offer ATM fee refunds if certain conditions are met.

    What we like

    • A wide variety of checking options are offered.

    • Many of the accounts offer ATM fee refunds if certain conditions are met.

    • Qualifying for the high APY on the Smart Checking account can help maximize your savings.

    • The Cash Back Checking account provides a solid reward on qualifying debit purchases and there are no limits on the amount of cash back you can accumulate.

    What we don't

    • Outside of New Jersey and eastern Pennsylvania, finding access to in-network ATMs is difficult.

    • The overdraft fee of $35 isn’t the worst you’ll find, but a lot of other banks will lower this charge or even limit the number of times they charge the fee per day.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.