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Oritani Bank Review

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

Overview

Oritani Bank started in 1911 and its headquarters are located in Township Of Wash, New Jersey. Oritani Bank manages assets of $4 billion along with deposits totaling $3 billion, making it a large bank. Oritani Bank lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave Oritani Bank a 4 stars out of 5, suggesting it is a good bank that warrants your consideration. Oritani Bank provides customers with a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Oritani Bank's standard checking does not carry a monthly maintenance fee. Locating a bank with free checking and a high savings APY is the best option for getting the most income from your deposits alongside convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.0/5
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

Oritani Bank has a savings rate of 0.25%, which is poor in comparison to other U.S. banks. Its one-year CD earns at a rate of 0.90% and the five-year CD earns at a rate of 1.75%, while its highest-yielding money market account has an APY of 0.45%. Given its below average savings rate, you should consider opting for higher earning savings accounts with other banks.

How Oritani Bank's Savings Rates Compare

Oritani Bank Savings 0.25 National Average 0.26 Compare Offers
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Fees

4.3
SmartAsset Average: 4.4

Oritani Bank has generally low fees compared to other U.S. banks. With no monthly fee, Oritani Bank's checking account is perfect for those who need a hassle-free banking experience. For those who visit the ATM often, it is fair because it has an out-of-network ATM fee of $2.00, which is reasonable in comparison to the national average. Also, Oritani Bank has an overdraft fee of $34.00, which is less than the average overdraft fee charged by U.S. banks. Oritani Bank unfortunately doesn't refund out-of-network ATM charges, meaning you'll have to find an Oritani Bank ATM or pay the withdrawal fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee $2.00 National Average: $1.20
Overdraft Fee $34.00 National Average: $35.00
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Service Quality

3.0
SmartAsset Average: 3.7

Oritani Bank is a brick-and-mortar bank, with 27 total branches in New Jersey. It also offers access to mobile and web apps for a straightforward mobile-banking experience. It does not offer all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30a.m. to 5:00 p.m. ET. Oritani Bank's online and mobile banking platforms receive mediocre marks from customers. The Oritani Bank mobile app is rated at 2.3 out of 5 (with 3 customer reviews on Apple and Android) compared to the national average of 3.8. Oritani Bank's mobile app allows you to control your funds by checking monthly statements, sending and receiving funds as well as accessing support representatives. Oritani Bank receives a superb consumer satisfaction rating based on comparatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 2.3/5
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

Oritani Bank ranks as a large bank and manages assets totaling $4 billion as well as deposits totaling $3 billion. Oritani Bank has an excellent Texas Ratio of 2.77%, indicating a negligible possibility of failure. Additionally, Oritani 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 Oritani Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $100
Checking Account 0.2% APY $1000
Certificates of Deposit
  • 12 Month: 0.90% APY
  • 24 Month: 1.25% APY
  • 36 Month: 1.25% APY
  • 48 Month: 1.50% APY
  • 60 Month: 1.75% APY
$1 for all terms
Money Market Accounts 0.3% APY 0.45% APY $10000 $15000

Oritani Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Oritani Bank does not have the best savings rate, which means you should consider taking a look 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. Oritani Bank's CD rates are fair compared to the national average.

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Find a Oritani Bank Near Me

Oritani Bank has 27 physical locations across the U.S.

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