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OceanFirst Bank Review

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OceanFirst Bank Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Established in 1902, OceanFirst Bank has assets totaling $5 billion as well as $4 billion in deposits, making the institution a large bank. OceanFirst Bank, whose headquarters are in Toms River, New Jersey, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, OceanFirst Bank is a solid pick to be your bank, with a rating of 4.2 stars out of 5 from our experts. OceanFirst Bank provides customers with a choice of banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, OceanFirst Bank offers an option without a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is the best option for gaining the most income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

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


SmartAsset Average: 3.5

OceanFirst Bank has a savings rate of 0.25%, which is fair as compared against the national average. OceanFirst Bank's CDs feature a rate of 0.60% and 1.46% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.05%. Given its poor savings rate, you should think about looking at the competition to open savings accounts.

How OceanFirst Bank's Savings Rates Compare

OceanFirst Bank Savings 0.25 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

OceanFirst Bank charges its customers extremely low fees compared to the national average. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. OceanFirst Bank does not refund out-of-network ATM charges, which means you'll have to find an OceanFirst Bank ATM or accept the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

OceanFirst Bank is a brick-and-mortar bank, with 73 total branches in New Jersey. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not have all-day customer service with actual service representatives. You can get help during its customer service 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's online and mobile banking platforms receive high praise from users. The OceanFirst Bank mobile app is rated at 4.6 out of 5 (with 1,300 customer reviews on iOS and Android) compared to the national average of 3.8. OceanFirst Bank's mobile app lets you control your bank accounts by looking at monthly statements, transferring money as well as accessing customer service. OceanFirst Bank gets a superb consumer satisfaction score due to comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 4.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

OceanFirst Bank ranks as a large bank owning $5 billion in assets and $4 billion in deposits. It has an excellent Texas Ratio of 4.85%, denoting a negligible possibility 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

High Risk 75% 50% 20% 10% Low Risk

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.

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Compare OceanFirst Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $25
Checking Account 0.15% APY $50
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.26% APY
  • 48 Month: 1.36% APY
  • 60 Month: 1.46% APY
$500 for all terms
Money Market Account 0.05% APY $25000

OceanFirst Bank has several deposit products including savings accounts, checking 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 consider other options 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 in comparison to the national average.

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Find a OceanFirst Bank Near Me

OceanFirst Bank has 73 physical branches in the U.S.

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