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Provident Bank 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
Provident Bank Savings
0.05% APY

Overview

Our Rating: 4.1/5 How we calculated this rating

Provident Bank was founded in 1839 with headquarters located in Jersey City, New Jersey. Provident Bank owns assets totaling $10 billion as well as deposits totaling $7 billion, making it a large bank. Provident Bank does not have the same customer service perks that others do. It is a traditional brick-and-mortar bank, which means in-person service, in addition to its online and mobile apps. Overall, Provident Bank is a good bank that gets the job done at a rating of 4.1 stars out of 5 from the SmartAsset experts. 

Provident Bank provides customers with a complete suite of banking products, including savings accounts, checking accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Provident Bank has a fair savings rate compared to the average savings account. A great, everyday account, the bank's most basic checking does not have a monthly maintenance fee. Why keep checking and savings accounts with the same bank? Seamless transferring of funds between both accounts means you can still get better interest rates in your savings account but still use your funds from your checking.

Service Quality

Provident Bank is a brick-and-mortar bank, with 86 total branches in New Jersey and Pennsylvania. With mobile and web apps, Provident Bank makes mobile banking convenient, even on the go. It does not offer all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 7:00 p.m. ET; Saturday, 9:00 a.m. to 2:00 p.m. ET. 

Provident Bank's online and mobile banking services get reasonably good ratings from users: out of 250 customer reviews on Apple and Android platforms, the Provident Bank mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). Provident Bank's mobile app allows you to manage your bank accounts by checking current statements, transferring funds as well as reaching customer service. Provident Bank receives a superb consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector. 

Products Offered

Product Current Terms and Rates Minimum Balance for APY  
Savings Accounts 0.05% APY $50 Compare Offers
Certificates of Deposit
  • 12 Month: 0.80% APY
  • 24 Month: 1.05% APY
  • 36 Month: 1.55% APY
  • 60 Month: 1.90% APY
$500 for all tiers Compare Offers
Money Market Accounts 10K tier: 0.15% APY $1,000 Compare Offers

It offers several deposit products like savings accounts, checking accounts and CDs, meaning you have many options to manage your money. Provident Bank does not have the best savings rate, which means you should consider other options 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. Provident Bank's CD rates are competitive compared to the national average.

Rates

With a savings rate of 0.05%, Provident Bank ranks below the mean as compared against the national average. Provident Bank's one-year CD earns at a rate of 0.80% and the five-year CD earns at a rate of 1.90%, while its highest-yielding money market account has an APY of 0.15%. It has a fair savings rate compared to the average savings account. Think about other options to earn more on your deposits.

Compare Provident Bank to Other Competitive Offers

Fees

Provident Bank has typically extremely low fees compared to the average U.S. bank. Provident Bank's checking account has no monthly fee, which makes it excellent for anyone looking for a simple account. For those who often frequent the ATM, Provident Bank is perfect because it offers no ATM fees. Additionally, at $35, it has a lower overdraft fee compared to the average U.S. overdraft fee. Provident Bank refunds their ATM charges (with conditions), making withdrawals a free and straightforward process.

Financial Health

Provident Bank is currently a large bank and owns $10 billion in assets as well as $7 billion in deposits. Provident Bank's Texas Ratio is 3.13%, suggesting that the bank is in terrific financial shape and exceedingly far from failure. Additionally, Provident Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a Provident Bank Near Me

Provident Bank has 86 physical locations across the U.S.

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