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Kearny Bank Review

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Kearny Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1884, Kearny Bank has assets totaling $5 billion along with $3 billion in deposits, which makes it a large bank. Kearny Bank, whose headquarters are in Kearny, New Jersey, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Overall, Kearny Bank is a great choice and should warrant serious consideration, with a score of 4.3 out of 5 stars from our experts. Kearny Bank offers a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, the bank's standard checking account does not have a monthly maintenance fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same bank is the best bet for getting the most income from your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.6
SmartAsset Average: 3.5

With a savings rate of 0.10%, Kearny Bank ranks poorly compared to the national average. Its CD rates are 1.28% and 2.31% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account has an APY of 0.10%. Given its poor savings rate, you should consider looking elsewhere to open savings accounts.

How Kearny Bank's Savings Rates Compare

Kearny Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Kearny Bank has generally extremely low fees as compared against the national average. Kearny Bank's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. Kearny Bank unfortunately does not reimburse out-of-network ATM charges, meaning you will have to locate a Kearny Bank ATM or eat the 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

3.5
SmartAsset Average: 3.7

Kearny Bank is a brick-and-mortar bank, with 56 total branches in New Jersey and New York. With mobile and web apps, Kearny Bank makes account access straightforward, even on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 4:00 p.m. ET; Saturday, 10:00 a.m. to 3:00 p.m. ET; Sunday, and 10:00 a.m. to 2:00 p.m. ET. Kearny Bank gets inferior reviews from users for its mobile app. Out of 46 customer reviews on both Apple and Android platforms, the Kearny Bank mobile app is scored at 3.2 out of 5 (compared to the national average of 3.8). You can access Kearny Bank's mobile app to manage your accounts by reviewing monthly statements, sending and receiving funds as well as accessing customer service. Kearny Bank gets an outstanding consumer satisfaction rating due to relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Kearny Bank ranks as a large bank and owns assets totaling $5 billion as well as deposits totaling $3 billion. Its Texas Ratio is 2.04%, signifying that the bank is in terrific financial health and improbable to fail. Additionally, Kearny 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.

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Compare Kearny Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $100
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 1.28% APY
  • 24 Month: 1.53% APY
  • 36 Month: 1.79% APY
  • 48 Month: 2.05% APY
  • 60 Month: 2.31% APY
$500 for all terms
Money Market Accounts 0.1% APY 0.1% APY $10000 $15000

Kearny Bank offers several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Kearny Bank does not have the best savings rate, which means you should consider 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. Kearny Bank's CD rates are fair in comparison to the national average.

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Find a Kearny Bank Near Me

Kearny Bank has 56 branches in the U.S.

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