Provident Bank Review 2024
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At a glance
CDs
Checking
Savings
MMA
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
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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
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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.
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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.
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Customers can qualify for domestic ATM fee/surcharge refunds, although several factors must be met each month.
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The Smart Checking account comes with a robust APY for balances under $15,000.
Cons
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Yields on many of Provident’s basic accounts are underwhelming.
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Most accounts closed within six months of opening will be charged a $15 early closure fee.
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Provident Bank still charges a hefty $35 overdraft fee.
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Provident Bank banking products
Provident Bank savings overview
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
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The minimum opening deposits are quite low, so it’s easy to get started.
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The Young Saver account requires just $0.01 to earn interest.
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The monthly service fee is relatively low and easily waived.
Cons
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Most accounts offer a paltry APY.
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You need $5,000 in combined balances to earn interest in the Provident Platinum MoneyManager account, and the yield is only slightly higher.
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The Statement Savings account has a $3 monthly fee when the monthly balance falls below $250.
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Provident BankAPYAPY last updated between 12/23 and 12/29.APYAPY last updated between 12/23 and 12/29.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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
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.
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