The Bank of Princeton Review

Overview

The Bank of Princeton first started operating in 2007 and is headquartered in Princeton, New Jersey. It has $1.84 billion in assets along with deposits totaling $1.57 billion, ranking it as a medium-size bank. The Bank of Princeton lacks premium access to customer service, with no options for live chat or all-day service. 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. On the whole, The Bank of Princeton is a respectable bank that deserves your consideration, with a score of 4.0 stars out of 5 from the SmartAsset experts. The Bank of Princeton has a varied choice of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Bank of Princeton has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, the bank's most basic checking does not carry a monthly charge. Finding a bank with no-fee checking, in addition to a high savings APY is your best bet for returning the highest income on your deposits while having easy access to your money.

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

The Bank of Princeton features a savings rate of 0.30%, which is poor in comparison to other U.S. banks. The Bank of Princeton's CD rates are 0.25% and 0.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 4.60%. Given its below average savings rate, you should think about other options to earn more on your deposits.

How The Bank of Princeton's Savings Rates Compare

The Bank of Princeton has typically extremely low fees compared to other U.S. banks. The Bank of Princeton's checking account has no monthly fee, making it excellent for anyone looking for a hassle-free account. For those who visit the ATM often, it is perfect because it has no out-of-network ATM fees. The Bank of Princeton unfortunately doesn't refund out-of-network ATM fees, meaning you will be required to find a The Bank of Princeton ATM or accept the withdrawal fee.

The Bank of Princeton is a brick-and-mortar bank, with 30 total branches in New Jersey and Pennsylvania. It also offers access to mobile and web apps for a simple mobile-banking experience. The Bank of Princeton's mobile app allows you to manage your funds by looking at monthly statements, transferring funds and accessing customer service. The Bank of Princeton gets a superb consumer satisfaction score due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

The Bank of Princeton is currently a medium-size bank owning assets totaling $1.84 billion and deposits totaling $1.57 billion. It has a strong Texas Ratio of 6.20%, suggesting a tiny possibility of failure. Additionally, The Bank of Princeton 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.

Products Offered

The Bank of Princeton offers several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Bank of Princeton 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. The Bank of Princeton's CD rates are fair compared to other U.S. banks.

Find a The Bank of Princeton Near Me

The Bank of Princeton has 30 branches across the U.S.