10 Best Banks in New Jersey for 2024

Finding the right bank for your needs can be a pivotal decision that impacts various aspects of your financial life. Whether you’re seeking a comprehensive suite of services, low fees, or excellent customer service, the Garden State has a myriad of banking options to suit your needs.

With an overwhelming number of choices, from local community banks to national giants, selecting the right one can feel like a daunting task. But, don’t worry, we’ve done the heavy lifting so you don’t have to.

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10 Best Banks in New Jersey

New Jersey residents have a diverse set of banking institutions to choose from, but not all banks offer the same level of value or convenience. To simplify your decision-making process, we’ve compiled a list of the best banks in New Jersey that stand out for their exceptional services, competitive rates, and customer satisfaction.

Whether you are a college student, a working professional, or planning your retirement, this roundup is designed to help you make an informed choice. So without further ado, let’s dive into the list.

1. TD Bank

TD Bank stands out in New Jersey with nearly 200 locations, along with a strong online and mobile banking experience. It offers a range of deposit accounts as well as personal loans and credit cards to suit various needs.

One of its checking account options is the Essential Bank Account, which has a monthly fee of $4.95 but no minimum requirements. This fee is waived for individuals between the ages of 13 and 17, which makes it an excellent starting account for teenagers.

TD Bank also offers 3.51% APY on its savings account and an impressive 5.00% APY on CDs. A $4.95 monthly fee applies to the checking account, but there are no overdraft fees.

Opening an account doesn’t require a minimum deposit, and there’s no minimum balance requirements. You’ll also get 24-hour live online customer service and a $200 bonus for new checking accounts.

2. SoFi

SoFi is an online bank that offers a high-yield Checking & Savings account with an impressive 4.60% APY on savings and 0.50% APY on checking balances. The best part? There are no monthly fees to worry about.

Banking is made easy with features like early direct deposit, which can get your paycheck into your account two days sooner.

Safety is also a priority at SoFi, which provides FDIC insurance coverage up to $2 million. If you ever find yourself short on funds, SoFi offers up to $50 in overdraft coverage without fees, provided you have qualifying direct deposits.

If you’re new to SoFi, there are bonuses ranging from $50 to $250 based on your direct deposit amounts. Additionally, customers have access to a vast network of over 55,000 Allpoint® Network ATMs. Overall, SoFi’s feature-rich and fee-free structure makes it a popular choice.

3. Upgrade

Upgrade is a popular choice for online banking in New Jersey, offering a no-fee banking experience through its partnership with Cross River Bank, which guarantees FDIC insurance up to $250,000 on all accounts.

The Rewards Checking Plus account has no monthly maintenance fees, overdraft fees, or transfer fees. It also requires no minimum deposit. This account also allows customers to receive their paychecks up to two days early with early direct deposit.

The account offers up to 2% cash back on all debit card purchases. In addition, with the Upgrade Premier savings account, you can earn up to 5.21% APY on balances of $1,000 or more.

Upgrade’s mobile app, available on iOS and Android, facilitates easy account management, making it a convenient option for New Jersey residents seeking a streamlined online banking solution.

4. Valley National Bank

As a regional bank, Valley National Bank offers the advantages of a local bank along with the convenience of having a wider reach, thanks to its branches in New Jersey, Alabama, Florida, and New York. One of the key attractions is a $250 reward for new My Loyalty Checking account holders.

To snag this reward, all you need to do is set up bill pay or receive at least one qualifying direct deposit. This account also reimburses you up to $10 a month for fees from out-of-network ATMs.

There are no monthly maintenance fees, and the minimum deposit requirement is $100. The bank offers attractive rates, featuring 5.35% APY for CDs and 1.75% APY for money market accounts.

Valley National Bank also caters to people in varying life stages, including specialized business checking accounts, as well as accounts tailored for teenagers and college students.

5. Capital One

Capital One is a well-known national bank that offers a range of services and has a strong presence in New Jersey with 19 branches. Convenience is a strong suit, as customers have fee-free access to cash at over 70,000 locations, including MoneyPass and Allpoint ATMs.

One standout feature is Capital One’s no-overdraft-fee policy. You have the freedom to customize your overdraft protection to either decline transactions or move funds from a linked savings or money market account when you’re short on cash.

In terms of account fees and requirements, Capital One is highly accommodating. There are no monthly maintenance fees, and you can open an account without any minimum deposit. When it comes to saving money, you can earn 4.30% APY on savings accounts and 4.75% APY on CDs.

Capital One also offers the convenience of allowing cash deposits at its ATMs, as well as at CVS, Walgreens, or Duane Reade locations. Some branches even offer cafés with Wi-Fi, so you can stay connected while you bank.

6. Chase Bank

Chase Bank is a strong contender for both individuals and small business owners in New Jersey, boasting 190 branches throughout the state.

For individual account holders, Chase currently provides a $200 bonus for new Chase Total Checking account customers who set up direct deposit.

In terms of fees, there is a $12 monthly fee for the checking account, but this can be waived if you meet certain qualifications. There is no minimum opening deposit, and no need to maintain a minimum balance.

For business owners, Chase offers a host of benefits, including up to $500 in bonuses for opening a business checking account.

Their business credit cards also come with a $750 bonus cash back, given you meet certain qualifying activities. The bank also offers various types of business loans, from lines of credit to commercial financing options.

7. PNC Bank

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PNC Bank offers another strong option for New Jersey residents, with a considerable 193 branches across the state. Customers enjoy free withdrawals not just at PNC ATMs, but also at over 60,000 partner ATMs nationwide.

The bank’s primary checking account is the Virtual Wallet, which is free of monthly charges if you either receive at least $500 in direct deposits or have a balance of at least $500 across all your PNC accounts.

Bonuses are available too; you can get a $50 bonus with their basic account, but the bonuses rise to $200 or $400 if you opt for the Virtual Wallet with Performance Spend or Performance Select accounts, respectively.

There’s a $7 monthly fee for the checking account, which can be waived under certain conditions. You’ll also need a modest $25 minimum opening deposit, and there are no minimum balance requirements. PNC Bank also offers CD rates of up to 4.00% APY.

Additional features include wealth management services that are integrated right into their mobile banking app. All of these elements combined make PNC Bank a reliable and appealing banking option in New Jersey.

8. Wells Fargo

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Wells Fargo, a national bank with a presence in New Jersey, offers several appealing options and bonuses. Currently, the bank is offering a $300 bonus for new customers who open a checking account and receive $1,000 or more in qualifying direct deposits.

For those interested in opening a new savings account, Wells Fargo has an attractive offer as well. You can earn a $525 bonus if you deposit $25,000 into the account within the first 30 days and leave it there for at least 90 days. Customers can also access their cash for free at over 12,000 Wells Fargo ATMs across the country.

The bank charges a $10 monthly fee for its checking accounts, but this can be easily waived by meeting certain conditions. There’s no minimum deposit needed to open an account and no ongoing minimum balance requirements. With Wells Fargo, you can earn up to 2.51% APY on savings accounts and up to 4.75% APY on CDs.

9. American Heritage Credit Union

American Heritage Credit Union, although primarily based in Pennsylvania, has a branch in Cherry Hill, New Jersey and offers an attractive option for those living in the area.

To become a member, you’ll need to meet certain criteria such as living, working, or studying in approved Philadelphia-area communities, being employed by one of their workplace partners, or being related to an existing member. Alternatively, you can join by becoming a member of the Kids-N-Hope Foundation.

Despite its limited branch presence, American Heritage Credit Union offers compelling reasons to consider membership. Both individual consumers and small business owners can find excellent account options here, with access to over 30,000 ATMs nationwide without any fees.

The credit union doesn’t charge monthly fees for checking accounts, and there is no minimum opening deposit. If you happen to use an out-of-network ATM, the union will reimburse you for up to 10 such fees each month.

American Heritage Credit Union offers 3.55% APY on its savings account and up to 5.00% APY on CDs. Additional benefits include competitive rates for auto and home loans, as well as a wide array of business banking services.

10. Santander Bank

Santander Bank is a regional bank in New Jersey, boasting over 20 branches throughout the state. The bank offers a wide range of services tailored to individuals and small businesses. Additionally, customers gain access to an expansive network of more than 2,000 domestic ATMs across the U.S.

One of Santander’s popular checking accounts is the Simply Right Checking, which provides all the essentials.

The account comes with a $10 monthly fee, but you can easily dodge this fee by making at least one transaction per calendar month. You’ll need a minimum deposit of $25 to open the account.

For those looking to save, Santander offers a savings account with no minimum balance requirement and just a $25 minimum opening deposit.

To complement its physical services, Santander also offers robust digital banking tools, including online and mobile banking capabilities.

How to Choose the Best Bank in New Jersey

Choosing the right bank can significantly impact your financial well-being and daily convenience. When evaluating the best banks in New Jersey, consider the following factors to make an informed decision:

  • Location and proximity: Evaluate how close you are to the bank’s branches and ATMs. If you frequently require in-person services or quick cash withdrawals, the geographical spread of the bank will be an essential consideration.
  • Online and mobile experience: In an increasingly digital world, a user-friendly online and mobile banking interface can be vital. Check out customer reviews or demo the bank’s app to see if it is suitable for activities like remote check deposits, bill payments, and real-time account monitoring.
  • Types of accounts available: Whether you need just a simple checking account, a savings account with good interest rates, or specialized business accounts, the range of account types a bank offers should align with your financial needs.
  • Interest rates and APYs: The Interest rate you get on deposit accounts can make a considerable difference in how quickly your savings grow. Look for a competitive annual percentage yield (APY) on savings accounts, money market accounts, and CDs.
  • Fees and costs: Banks can charge various fees, including monthly maintenance fees, ATM withdrawal fees, and other transactional charges. Make sure to read the fine print and decide if the fee structure suits your banking behavior.
  • Minimum balance requirements: Some banks charge fees if your account balance falls below a certain level. If maintaining a minimum balance is not feasible for you, look for accounts that don’t have this requirement.
  • Quality of customer service: Customer service can make or break your banking experience. Look for a bank with a strong reputation for customer support, whether through online chat, phone support, or in-branch assistance.
  • Additional offerings: Beyond basic banking, consider what other financial services are important to you. This could include mortgage loans, auto loans, and investment advice or products.
  • Promotions and bonuses: Often, the best banks in New Jersey will offer financial incentives for opening a new account. While this shouldn’t be your sole reason for choosing a bank, it can be a nice perk.

Types of Banks in New Jersey

When it comes to banking, New Jersey offers a broad array of choices for consumers. Here’s an overview of the main categories you’ll find in the state.

National Banks

National banks have a vast presence, with branches and ATMs scattered throughout the country. They provide a wide range of financial products that include checking and savings accounts, loans, and often feature robust online platforms and mobile banking apps. Chase Bank, Capital One, and Wells Fargo are examples of such banks operating in New Jersey.

Regional Banks

Regional banks serve specific geographic areas, often covering several states. They blend local expertise with a range of services that can rival those of a larger national financial institution. In New Jersey, you’ll find regional banks like PNC Bank, Santander Bank, and Valley National Bank offering services tailored to the needs of the communities they serve.

Community Banks

Community banks focus primarily on the local area, offering personalized service and often forming close ties with local businesses and initiatives. If you prefer a bank that invests in its community, you might consider local options like Amboy Bank, Bogota Savings Bank, and Provident Bank.

Online Banks

Online banks operate without brick-and-mortar branches. These banks generally offer higher rates and lower fees due to reduced operational costs. SoFi and Upgrade are examples of online-only banks that residents of New Jersey have access to.

Credit Unions

Credit unions differ from banks in that they are member-owned and often have more favorable rates and lower fees. They typically focus on serving the community and have specific membership criteria. Examples of New Jersey credit unions include:

  • Affinity Federal Credit Union
  • American Heritage Credit Union
  • Credit Union Of New Jersey
  • Financial Resources Federal Credit Union
  • La Capitol Federal Credit Union

Bottom Line

Choosing a bank is a significant decision that impacts your financial life. Whether you prioritize customers support, high interest rates, or robust online features, New Jersey has various banking solutions to suit your needs.

From national and regional banks to community-oriented financial institutions and cutting-edge online platforms, the best banks in New Jersey offer something for everyone. Take time to evaluate what matters most to you in a banking relationship, and you’re sure to find an institution that aligns with your financial goals.

Stephanie Faris
Meet the author

Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.