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It may be nicknamed “the garden state,” but New Jersey isn’t just known for its agriculture. Multiple industries thrive in the state, drawing people looking for career opportunities. The best banks in New Jersey offer plenty of checking and savings account options to help you find the right fit.
9 Best Banks in New Jersey
If you’re in the market for a bank account, the options can feel overwhelming. But whether you’re looking for a local bank, a regional or national bank, or a credit union, there’s a financial institution to fit. Here are the nine best banks in New Jersey to help kick off your search.
1. Valley National Bank
Regional banks like Valley National Bank bring the benefits of a local bank while still offering expanded ATM and branch reach. Valley National Bank has locations throughout New Jersey, as well as in Alabama, Florida, and New York. If you travel outside those areas, though, you’ll pay a $2 fee for using an ATM outside the Valley National Bank network, and that’s in addition to fees charged by the ATM owner.
Currently, Valley National Bank is offering a $250 reward to new checking customers with its My Loyalty Checking. You’ll just need to set up bill pay or have at least one qualifying direct deposit. With My Loyalty Checking, you’ll also have up to $10 in out-of-network ATM fees refunded each month.
Fees:
- No monthly maintenance fees
- $36 overdraft fee
Balance requirements:
- $100 minimum deposit to open
- No minimum balance requirements
ATMs:
- Fee-free at Valley National Bank ATMs
- $2 for each non-Valley National Bank ATM transaction
Interest on balance:
- 0.85% APY on savings accounts
- Up to 5.35% APY on CDs
- Up to 1.75% APY on money market savings accounts
Additional perks:
- Valley National Bank My Loyalty Checking account offers $250 reward
- Teen, college, and business checking accounts
2. Chime
Online banking lets you manage your money from wherever you are. Chime is an online bank that offers banking solutions like mobile check deposit, bill pay, and easy transfers from checking to savings. Chime does work best if you have direct deposit activity each month, though, since its biggest perks require it.
If you’re working to build your credit, one of Chime’s best features is its secured credit card. No credit check is required to set up the card, and you may be able to increase your FICO score by 30 points, on average.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- No minimum deposit required to open
- No minimum balance required
ATMs:
- Fee-free at 60,000+ ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- 2.00% APY on savings account
Additional perks:
- Access to paycheck up to two days early
- SpotMe covers up to $200 in overdrafts
3. Capital One
If you’re looking for banking services that follow you wherever you go, national banks can be a great option. Capital One is one of the biggest banks in New Jersey, with 19 branches throughout the state. You’ll get fee-free access to cash at more than 70,000 locations, including MoneyPass and Allpoint ATMs.
One of the biggest benefits of banking with Capital One is that all overdraft fees are waived. You can set up your overdraft protection preferences to either automatically decline transactions or transfer funds from your savings or money market account.
Fees:
- No monthly maintenance fees
- No overdraft fees
Balance requirements:
- No minimum opening deposit
- No minimum balance required
ATMs:
- Fee-free at Capital One ATMs
- Fee-free at any Allpoint or MoneyPass ATM
- $2 out-of-network ATM fee
Interest on balance:
- Up to 4.10% APY on savings accounts
- Up to 4.75% APY on CDs
Additional perks:
- Cash deposit access at any CVS location
- Some branches include cafés with Wi-Fi
4. Chase Bank
Small business owners in New Jersey should take a look at Chase, a national bank with 190 branches throughout the state. Business checking accounts can earn up to $500 in bonuses, and business credit cards currently get a $750 bonus cash back with qualifying activities. Chase also offers a variety of business loans, including lines of credit and commercial financing.
But bonuses aren’t limited to large and small business owners. Currently, new Chase Total Checking account customers can earn a $200 bonus with direct deposit. You’ll get access to personal service at branches across the country, including cafés, which offer free Wi-Fi and gourmet coffee.
Fees:
- $12 monthly fee (waived with requirements)
- $34 overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum balance
ATMs:
- Fee-free at 15,000+ Chase ATMs
- $3-$5 out-of-network ATM fee
Interest on balance:
- 0.01% APY on savings accounts
- Up to 3.75% APY on CDs
Additional perks:
- $200 cash bonus for new checking account customers
- Autosave feature helps you set money aside
5. PNC Bank
Another option if you prefer national banks is PNC Bank, which has 193 branches in New Jersey. You’ll have fee-free access not only to PNC ATMs, but you can also withdraw cash at more than 60,000 partner ATMs nationwide.
PNC’s basic checking account is Virtual Wallet, which comes with no monthly fees as long as you receive at least $500 in direct deposits or keep a balance of at least $500 across all your PNC checking or savings accounts. Currently, PNC is paying a $50 bonus for its lower-tier account, but if you go with Virtual Wallet with Performance Spend or Performance Select, your bonus increases to $200 or $400, respectively.
Fees:
- $7 monthly fee (waived with requirements)
- $36 overdraft fee
Balance requirements:
- $25 minimum opening deposit
- No minimum balance
ATMs:
- Fee-free at PNC ATMs
- Fee-free at 60,000 partner ATMs nationwide
- $3 out-of-network ATM fee
Interest on balance:
- Up to 0.03% APY on savings accounts
- Up to 4.00% APY on CDs
Additional perks:
- Up to $400 bonus for new Virtual Wallet checking accounts
- Wealth management services built into app
6. Wells Fargo
Wells Fargo is another of many national banks in New Jersey. You’ll get fee-free cash access at more than 12,000 Wells Fargo ATMs nationwide. Currently, Wells Fargo is offering a $300 bonus for opening a new checking account and receiving $1,000 or more in qualifying direct deposits.
If you’re in the market for a new savings account, Wells Fargo has a deal there, too. You can earn a $525 bonus on a new savings account as long as you add $25,000 to the account in the first 30 days. You’ll need to maintain that minimum balance for at least 90 days to receive the bonus.
Fees:
- $10 monthly fee (waived with requirements)
- $35 overdraft fee
Balance requirements:
- No minimum opening deposit
- No minimum balance
ATMs:
- Fee-free at Wells Fargo ATMs nationwide
- $2.50 out-of-network ATM fee
Interest on balance:
- Up to 2.51% APY on savings accounts
- Up to 4.75% APY on CDs
Additional perks:
- $300 bonus on new checking accounts
- Robust mobile banking features
7. TD Bank
With nearly 200 locations in New Jersey, plus branches and ATMs nationwide, TD Bank is one of the best banks in New Jersey for its mobile and online banking experience. TD offers a variety of deposit accounts, as well as personal loans and credit cards.
TD has multiple checking account options, including the Essential Bank Account, which comes with a $4.95 service fee and no minimum requirements. The fee is waived for those between the ages of 13 and 17, so this could be a great starter account for your high schooler. TD offers higher-than-average interest rates on savings accounts and CDs, so it’s worth checking out for that reason alone.
Fees:
- $4.95 monthly service fee
- No overdraft fees
Balance requirements:
- No minimum deposit to open
- No minimum balance
ATMs:
- Fee-free at 2,600 TD Bank ATMs nationwide
- $3 out-of-network ATM fee
Interest on balance:
- Up to 3.51% APY on savings accounts
- Up to 5.00% APY on CDs
Additional perks:
- Live online customer service available 24 hours a day
- $200 bonus for new checking accounts
8. GO2bank
Another online banking option is GO2bank, which offers all the features you need to manage your account online. The checking account is fee-free as long as you have an electronic deposit coming in each statement period. This qualifying deposit also gives you access to your paycheck a couple of days early.
GO2bank is one of many online bank accounts, but one differentiating feature is its high-yield savings account. You’ll earn 4.50% APY on your savings account balance, but that interest is limited to the first $5,000 in combined balances. Any funds above that amount won’t earn interest at all.
Fees:
- $5 monthly service fee (waived with requirements)
- $15 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum balance
ATMs:
- No ATM fees at Allpoint ATMs nationwide
- $3 out-of-network ATM fee
Interest on balance:
- 4.50% APY on savings accounts
Additional perks:
- Cash deposit access at 90,000+ retailers nationwide
- Secured credit card helps you build credit with no credit check required
9. American Heritage Credit Union
American Heritage Credit Union is a Pennsylvania credit union with a branch in Cherry Hill, New Jersey. Like many credit unions, American Heritage has membership requirements. In this case, you’ll need to live, work, worship, or go to school in one of the approved Philadelphia-area communities, work for one of the workplace partners, or be related to a qualifying member. However, anyone can join by simply becoming a member of the Kids-N-Hope Foundation.
There are some reasons to sign up for American Heritage even if you don’t have a branch nearby. American Heritage offers great deals on accounts for consumers and small business owners, and you’ll also get ATM access at more than 30,000 locations nationwide.
Fees:
- No monthly fees
- $10-$15 overdraft fee
Balance requirements:
- No minimum deposit to open
- No minimum balance
ATMs:
- Fee-free access at American Heritage ATMs
- Fee-free access to 30,000+ ATMs nationwide
- Up to 10 out-of-network ATM fees reimbursed monthly
Interest on balance:
- Up to 3.55% APY on savings accounts
- Up to 5.00% APY on CDs
Additional perks:
- Competitive interest rates on auto and home loans
- Wide range of business banking services
Frequently Asked Questions
Banking solutions come in a variety of formats, so it’s only natural you’ll have some questions. Here are some frequently asked questions about the best banks in New Jersey.
What should I expect from a bank in New Jersey?
From local New Jersey banks to national banks with branches in the state, there’s no shortage of options. But all these choices mean you can easily sort through the best banks to find the right one for you.
Customer service is an important feature of any New Jersey bank. Whether this means the in-person experience you get with local banks or around-the-clock service via online chat, it’s important that a bank offer a method to suit your preferences. If you’re comparing the same account terms across multiple banks and credit unions, this is one factor that can become a final decider.
What do you need to open a bank account with banks in NJ?
If you’re opening a new checking or savings account in New Jersey, there are a few things you’ll need. You’ll save time and trouble by gathering all your documentation before applying.
For online and mobile banking options, you may need to either scan and upload, snap a photo, or mail a photo ID. Some of the best checking accounts will also require you to deposit money to open them. This can be anywhere from $10 to $100. Make sure you have the funds to make this deposit at account opening.
Do banks in New Jersey have online accounts?
Some of the best financial institutions in New Jersey aren’t located in the state at all. You can find online checking accounts that pay more interest and require fewer fees than the same accounts from a national, regional, or local bank.
If saving money is your priority, don’t rule out online banking for those, either. Savings accounts, CDs, and money market accounts will often accrue interest at an interest rate that’s higher than what you’d earn with accounts at local Jersey banks or banks with branches in the state.
Where can you open a savings account in New Jersey?
Although you can find a high-yield checking account that pays interest on your balance, you’ll usually get a better deal on savings. There are plenty of local, national, and regional banks that pay a competitive interest rate, but some of the best deals come from mobile banking apps that have no local presence.
If you’d prefer a brick-and-mortar option, though, pay attention to interest rates. You can find savings rates in the 4% to 5% range online, so when you’re looking at a particular account, keep that in mind. It’s not unusual for consumers to have checking accounts locally but move their savings to an online-only bank for a better deal.
How much tax do you pay in New Jersey for interest you earned?
When you earn interest on your bank account balances, you’ll have to pay taxes. All your banking interest earned has to be reported on your federal taxes each year. This will be summarized on Form 1099-INT, which your bank will send at tax time.
New Jersey residents also pay state income tax. Your income interest is lumped in with your other income and taxed at the current rates. New Jersey uses a graduated tax rate. The higher your income, the more you’ll pay, with a maximum of 10.75%.
Whether you go with mobile banking or a bank with local branches, it’s important to find the bank that best fits your needs. Some banks make cash deposits easy while others give you everything you need to manage your money. Interest rates and fees can be the final decider when you’re choosing a partner for your New Jersey banking needs.
Source: crediful.com