Provident Bank Review
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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 and around 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 DepositHighlights:
CDs
Checking
Savings
MMA
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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 = 5/5
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.

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 = 4.7/5
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.
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.
Provident Bank banking products
Provident Bank savings overview
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.
Provident Bank CD overview
Pros
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The minimum deposit to open a CD is quite low.
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There’s a large swath of CD terms to pick from.
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Some CD terms offer a robust APY.
Cons
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Some rates are close to the national average, but higher rates can be found elsewhere.
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CDs can only be opened at a branch.
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None of the CD rates are posted online
Provident Bank money market overview
Pros
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The account comes with some check-writing privileges.
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No limits on the number of transactions or withdrawals made in person or at an ATM.
Cons
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The APYs are very low, even though the account is tiered.
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There’s a $10 monthly fee, though it can be waived.
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You can only write three checks per month before being charged a $10 fee for each additional check.
Provident Bank checking overview
Pros
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A wide variety of checking options are offered.
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Many of the accounts offer ATM fee refunds if certain conditions are met.
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Qualifying for the high APY on the Smart Checking account can help maximize your savings.
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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.
Cons
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Outside of New Jersey and eastern Pennsylvania, finding access to in-network ATMs is difficult.
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The overdraft fee is expensive at $35 per overdrawn transaction.
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You must meet a list of requirements to get cash back.
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After the fifth check on the Basic Checking account, you’ll be charged $0.50 per check
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 |
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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