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Newfield National Bank Review

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

Overview

Newfield National Bank first started operating in 1934 with headquarters in Newfield, New Jersey. Newfield National Bank manages $672 million in assets along with $611 million in deposits, classifying it as a medium-size bank. Newfield National Bank lacks premium access to customer service, with no live chat or all-day service options available. 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. We ranked the bank at a 3.8 stars out of 5, suggesting Newfield National Bank is an average bank that leaves room for improvement. Newfield National Bank has a variety of product offerings, including savings accounts, checking accounts, money market accounts, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. The bank's standard checking account maintains a monthly fee of $7.50, which places it at the higher end of monthly fees. Obtaining a checking account with no monthly fee, in addition to a savings account with a high APY at the same bank is your best option for accruing the most income from your deposits while maintaining convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

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

Rates

3.4
SmartAsset Average: 3.5

Newfield National Bank features a savings rate of 0.25%, which is poor compared to the average U.S. bank. Its one-year CD earns at a rate of 0.55% and the five-year CD has a rate of 0.75%, while its highest-yielding money market account earns at an APY of 0.15%. Given Newfield National Bank's below average savings rate, you should consider taking a look at other banks for savings accounts.

How Newfield National Bank's Savings Rates Compare

Newfield National Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.3
SmartAsset Average: 4.4

Newfield National Bank generally has high fees compared to the average U.S. bank. Its checking account has a monthly fee of $7.50, rating it fair for anyone looking for a simple account. For those who visit the ATM often, it is less than great because it charges an out-of-network ATM fee of $3.00, which is less than great compared to other U.S. banks. Additionally, Newfield National Bank has an overdraft fee of $35.00, which is on par with the national average. Newfield National Bank doesn't refund out-of-network ATM charges, which means you'll need to find a Newfield National Bank ATM or accept the ATM charge.

Monthly Fee $7.50 National Average: $3.21
Non-network ATM Fee $3.00 National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

4.0
SmartAsset Average: 3.7

Newfield National Bank is a brick-and-mortar bank, with 11 total bank locations in New Jersey. It also offers access to mobile and web apps for straightforward access and banking on the go. Newfield National Bank's online and mobile banking services get moderately satisfactory feedback from users. The Newfield National Bank mobile app scored a 4.1 out of 5 (out of 15 customer reviews on Apple and Android) compared to the national average of 3.8. You can use Newfield National Bank's app to control your funds by reviewing monthly statements, transferring funds as well as reaching support representatives. Newfield National Bank receives an outstanding consumer satisfaction rating based on comparatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.1/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.5
SmartAsset Average: 4.8

Newfield National Bank is currently a medium-size bank with $672 million in assets as well as deposits totaling $611 million. Its Texas Ratio is 10.88%, suggesting a small likelihood of failure. Additionally, Newfield National Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.88%
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 Newfield National Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.1% APY $300
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 0.75% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.75% APY
$500 for all terms
Money Market Accounts 0.15% APY 0.15% APY $10000 $15000

Newfield National Bank has several deposit products like savings accounts, checking accounts and money market accounts to give you many options to manage your money. Newfield National 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. Newfield National Bank's CD rates are fair in comparison to the national average.

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Find a Newfield National Bank Near Me

Newfield National Bank has 11 branches in the U.S.

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