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Bank of New Jersey Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Bank of New Jersey Savings
0.25% APY

Overview

Our Rating: 4.2/5 How we calculated this rating

Bank of New Jersey was founded in 2006 with its headquarters in Fort Lee, New Jersey. Bank of New Jersey handles $887 million in assets and $788 million in deposits, which makes it a medium-size bank. Bank of New Jersey lacks premium access to customer service, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Coming in at a commendable 4.2 stars out of 5, Bank of New Jersey proves it is a great choice and should warrant serious consideration. 

Bank of New Jersey has a full array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs and IRAs. It offers an average savings account interest rate, making it a decent option if you need a place to hold your money. Using the same bank for checking and savings is best for getting the most return on your deposits while keeping access to your money without getting penalized for taking out your money.

Service Quality

Bank of New Jersey is a brick-and-mortar bank, with nine total branches in New Jersey. It also offers access to mobile and web apps for simple access and banking on the go.  

Bank of New Jersey receives great ratings from users for its mobile platform: the Bank of New Jersey mobile app has been given a 4.7 out of 5 (out of 3 customer reviews on Apple and Android) compared to the national average of 3.8. Bank of New Jersey's mobile app lets you manage your funds by monitoring monthly statements, sending and receiving funds as well as reaching customer service. Bank of New Jersey gets a superb consumer satisfaction score based on comparatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.25% APY $500 Compare Offers
Certificates of Deposit
  • 12 Month: 2.15% APY
  • 24 Month: 2.15% APY
  • 36 Month: 2.25% APY
  • 48 Month: 2.25% APY
  • 60 Month: 2.75% APY
$500 for all tiers Compare Offers
Money Market Accounts 25K tier: 0.75% APY $25,000 Compare Offers

Bank of New Jersey has several deposit products including savings accounts, checking accounts, money market accounts and CDs, providing you with many options to manage your money. It does not have the best savings rate, which means you should consider taking a look elsewhere for banks that offer more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Bank of New Jersey's CD rates are stellar compared to the average U.S. bank.

Rates

Bank of New Jersey has a savings rate of 0.25%, which is fair in comparison to the national average. Its one-year CD has a rate of 2.15% and the five-year CD has a rate of 2.75%, while its highest-yielding money market account earns at an APY of 0.75%. Considering that Bank of New Jersey boasts a fair savings rate, Bank of New Jersey's savings account can be used to plan for a significant landmark such as paying off loans.

Compare Bank of New Jersey to Other Competitive Offers

Fees

There is insufficient data on Bank of New Jersey's fees to provide a full SmartAsset rating.

Financial Health

Bank of New Jersey ranks as a medium-size bank owning assets totaling $887 million and $788 million in deposits. Its Texas Ratio is 20.57%, denoting that Bank of New Jersey is in fine financial condition. Additionally, Bank of New Jersey is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Bank of New Jersey Near Me

Bank of New Jersey has nine physical branches across the U.S.

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