OceanFirst Bank Review

Overview

OceanFirst Bank started in 1902 with its headquarters in Toms River, New Jersey. OceanFirst Bank has $5 billion in assets along with $4 billion in deposits, classifying it as a large bank. OceanFirst Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4.2 stars out of 5, OceanFirst Bank should be solidly in contention for your choice of bank. OceanFirst Bank has a full selection of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. OceanFirst Bank has a fair savings rate compared to the average savings account. The bank's standard checking product features a $12.95 monthly fee, which is not too high compared to the average U.S. bank. Using an institution with no-fee checking and a high interest rate savings account is the best bet for getting the highest income from your deposits alongside easy access to your funds.

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

OceanFirst Bank features a savings rate of 0.03%, which is low as compared against the national average. OceanFirst Bank's one-year and five-year term lengths CDs earn at a rate of 0.10% and 0.30%, respectively, while its highest-yielding money market account earns at a rate of 0.03%. Given OceanFirst Bank's below average savings rate, you should consider looking elsewhere to open savings accounts.

How OceanFirst Bank's Savings Rates Compare

On average, OceanFirst Bank charges customers extremely low fees in comparison to the national average. At $12.95/month, OceanFirst Bank is ideal for those who want a simple banking experience. For those who use cash often, OceanFirst Bank is not ideal because it has an out-of-network ATM fee of $2.50, which is not ideal compared to the average U.S. bank. Also, OceanFirst Bank has an overdraft fee of $38.00, which is the average overdraft fee charged by U.S. banks. OceanFirst Bank doesn't refund out-of-network ATM charges, meaning you'll be required to locate an OceanFirst Bank ATM or eat the fee.

OceanFirst Bank has both an online and physical presence, with 58 total bank locations in New Jersey, New York, Pennsylvania, Massachusetts and Maryland. With mobile and web apps, OceanFirst Bank makes mobile banking easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 7:00 a.m. to 7:00 p.m. ET; Saturday, and 8:00 a.m. to 5:00 p.m. ET. OceanFirst Bank also offers a live chat feature, something to consider if you work during the customer service hours. OceanFirst Bank's online and mobile banking services get great scores from customers. Out of 9,519 ratings on both Apple and Android platforms, the OceanFirst Bank mobile app rates a 4.6 out of 5 (compared to the national average of 3.8). You can use OceanFirst Bank's app to control your finances by checking account balances, sending and receiving funds as well as accessing support representatives. OceanFirst Bank receives a superb consumer satisfaction score based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

OceanFirst Bank ranks as a large bank and owns $5 billion in assets and $4 billion in deposits. Its Texas Ratio is 4.85%, denoting a negligible likelihood of failure. Additionally, OceanFirst Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Products Offered

OceanFirst Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. OceanFirst Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. OceanFirst Bank's CD rates are fair compared to other U.S. banks.

Find a OceanFirst Bank Near Me

OceanFirst Bank has 58 physical locations across the U.S.