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NVE Bank Review

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NVE Bank Savings
0.07% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

NVE Bank first started operating in 1887 with headquarters located in Englewood, New Jersey. It owns assets of $675 million and deposits totaling $510 million, classifying it as a medium-size bank. NVE Bank lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Coming in at an average 3.8 out of 5 stars, NVE Bank is a bank with better alternatives. NVE Bank offers the complete selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, NVE Bank's most basic checking does not have a monthly maintenance charge. Obtaining a checking account with no monthly fee as well as a savings account with a high interest rate at the same bank is your best bet for accruing the most income from your deposits alongside 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

2.9
SmartAsset Average: 3.5

With a savings rate of 0.07%, NVE Bank ranks poorly in comparison to other U.S. banks. NVE Bank's one-year CD earns at a rate of 0.60% and the five-year CD earns at a rate of 1.25%, while its highest-yielding money market account has a rate of 0.10%. Given NVE Bank's below average savings rate, you should think about other options to earn more on your deposits.

How NVE Bank's Savings Rates Compare

NVE Bank Savings 0.07 National Average 0.26 Compare Offers
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Fees

4.7
SmartAsset Average: 4.4

NVE Bank charges its customers extremely low fees in comparison to the average U.S. bank. Its checking account has no monthly fee, rating it excellent for anyone looking for a hassle-free account. For those who often withdraw cash from the ATM, NVE Bank is ideal because it has no out-of-network ATM fees. Additionally, at $35.00, its overdraft fee is lower than the national average. NVE Bank doesn't reimburse out-of-network ATM charges, which means you'll be required to locate a NVE Bank ATM or accept the withdrawal fee.

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

2.5
SmartAsset Average: 3.7

NVE Bank is a brick-and-mortar bank, with 12 total bank locations in New Jersey. It also offers access to mobile and web apps for an easy mobile-banking experience. You can use NVE Bank's mobile app to control your finances by monitoring current statements, transferring funds and accessing customer service. NVE Bank receives a superb consumer satisfaction rating based on relatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Overall Mobile Rating NR
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

NVE Bank ranks as a medium-size bank owning assets totaling $675 million as well as deposits totaling $510 million. NVE Bank's Texas Ratio is 3.76%, indicating that NVE Bank is in excellent financial condition and far from failure. Additionally, NVE Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

3.76%
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 NVE Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.07% APY $10
Checking Account 0.05% APY $10
Certificates of Deposit
  • 12 Month: 0.60% APY
  • 24 Month: 0.80% APY
  • 36 Month: 0.95% APY
  • 48 Month: 1.40% APY
  • 60 Month: 1.25% APY
$1000 for all terms
Money Market Accounts 0.07% APY 0.1% APY $10000 $15000

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

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Find a NVE Bank Near Me

NVE Bank has 12 locations in the U.S.

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