Best Banks in New Jersey NJ in 2022 | Rates, Account Types, Minimum Deposit

If you are considering banking with a New Jersey bank and desire a touch of excellence and value in banking, then you need to read through this writing to explore the best Banks in New Jersey.

Every bank in New Jersey provides exceptional banking services to its members, including checking accounts, savings accounts, investment opportunities, and more.

Your bank can do more for you than accept deposits and pay bills. Whether you are working towards a savings goal, need a good lender, or want to earn rewards on your spending, fierce competition between banks guarantees innovative offers that will benefit you.

Good accounts provide convenient access to your money, be it in person, online, or at an ATM. The best banks also don’t charge any monthly fees or ask for a small minimum balance to waive the fees.

If you reside in New Jersey, this writing will equip you with the necessary information on the best banks in New Jersey that are available to you.

Banking in New Jersey

New Jersey is the eleventh largest state in the USA and is very close to New York, the financial capital of the USA. This gives Garden State residents a variety of banks to choose from when looking to open a bank account.

The essential bank account for most consumers is the checking account. Since banks serve as the hub of your financial life, they compete heavily for new checking account customers.

What to Expect from a Bank in the New Jersey?

National banks usually offer the same accounts all over the country. This means you get the same account terms and conditions as someone on the other side of the country.

Local banks can customize their accounts to suit local consumers’ needs. That means you can often get a better deal at a local bank.

Local banks in New Jersey can often provide more value to consumers in the area. While national banks offer standardized products, local banks can offer functions that appeal to people in specific areas.

Local banks also tend to be smaller and have fewer customers. That means you can have a more personalized experience at a local bank.

Do Banks in New Jersey have online accounts?

While local banks can be quite alluring in their offers, online banking should also be considered for your account needs. With them, you can do all your banking on the go, which makes it very convenient to use.

Another advantage of online banks is that they have very low fees and often pay much more interest than physical banks and are able to do this because they cost much less than banks that have to operate physical locations.

Physical locations are expensive because they have to be occupied, the utility bills have to be paid, and the building has to be bought or rented. Online banks can centralize their business and thus reduce costs significantly.

A common misconception about online bank accounts is that they are not as secure as local New Jersey banks. With online fraud so prevalent today, it’s no surprise that people are concerned about the safety of online banks.

In reality, online banks are just as secure as physical banks.

Best Banks in New Jersey

Below are the best banks in New Jersey that you can take advantage of. Each of these banks in New Jersey possesses unique qualities and is quite similar in some ways.

These New Jersey banks are known for their excellent customer service, commitment to innovation, and uniquely localized approach to serving the diverse financial needs and requirements of their New Jersey clients.

So, let’s take a look at each of them.

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#1. BBVA

BBVA offers comprehensive financial products in the private, small business, retail, corporate and asset management sectors. Consumer goods such as current accounts are offered regionally and nationally

Each of these accounts includes free online and mobile banking, a relatively low opening deposit of $25, a debit card, and free transactions at more than 64,000 BBVA and co-op ATMs. Premium checking earns interest and online checking comes with a cashback debit card.

While BBVA doesn’t have any physical branches in New Jersey, online and mobile banking basically offers anything you would in a branch without accepting cash deposits. However, you can make cash deposits at a qualified ATM.

BBVA offers its customers a 6-time award-winning mobile banking app. The app scores important points for its usability and quick navigation. You will be regularly informed of the real-time status of your current financial situation.

Account Type: Premium Checking Accounts
Rate: 0.05% APY
Minimum deposit: $19

#2. CIT Bank

CIT Bank is only online and offers several personal bank accounts that you can use to build your savings. Its money market account really shines. A money market account is a type of savings account that earns interest but gives you access to your money when you need it.

This is helpful when you want to save but are on a tight budget and need to dive into your nest egg from time to time. You can conduct up to 6 transactions per month with no penalties.

A money market account often earns more interest than other types of savings accounts. Hence, it is a good choice if you are also trying to top up your bankroll.

CIT Bank’s money market account has a relatively high APY, and you only need $ 100 for your first deposit. The registration takes place in three steps.

You will need your standard identification information and an external account to transfer your first deposit. Once you receive your confirmation email, your balance will earn interest and you will be on your way to achieving your savings goals.

Account Type: Saving and Checking Fees Account
Rate: 25% – 1.06% APY
Minimum deposit: None

#3. Axos Bank

Axos is a pure online bank whose aim is to offer its customers the latest and most innovative banking products. It has a solid list of personal banking products, but their checking account offering is really outstanding.

Rewards Checking is the most popular account. This is a tiered, interest-bearing account. You will earn interest by taking the following qualifying actions:

  • You must deposit at least USD 1,000 per month directly
  • Use your Axos Visa Debit Card for at least 10 transactions per month
  • Use your Axos Visa Debit Card for at least 5 additional transactions for a total of 15

Each of these qualifying actions earns 1/3 of the total potential APY. The premium check is virtually free of charge – you pay no maintenance fees, overdrafts, or insufficient fund fees. Axos will also reimburse you for all domestic ATM fees.

Account Type: Saving and Checking account
Rate: 1.25% APY
Minimum deposit: $50

#4. PNC Bank

With nearly 270 locations across New Jersey, PNC Bank is a great choice if you prefer to run your finances in a branch.

PNC lists a wide variety of financial products, including products for individuals, small businesses, and corporations and institutions. Personal banking products include checking and savings accounts, credit cards, loans (personal, auto, student, and personal loans, and credit and refinancing lines), and asset management services.

PNC’s virtual wallet is a hybrid of checking accounts. There are 3 sub-accounts in your virtual wallet. Your spending account is a basic deposit account that you can use to conduct transactions.

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It comes with financial instruments like Free Balance that will show you your surplus after your monthly budget has been reached to make sure you don’t overspend.

Account Type: Checking-Savings Account Hybrid, Virtual Wallet
Rate: Virtual Wallet Reserve 0.01% Virtual Wallet Growth 0.03% APY
Minimum deposit: $500 to $5,000

#5. Wells Fargo

The bank is another large stationary financial institution with a large presence in New Jersey. Wells Fargo has 259 banks and 451 ATMs across the state, making it convenient and easy to transfer both in-person and online.

Wells Fargo’s personal banking services include checking and savings accounts, credit cards, CDs, and loans. You can also apply for home loans, student loans, auto loans, home equity loans, and personal loans.

Borrow between $3,000 and $100,000 on a personal loan with no collateral required. Their personal loans offer fixed, low-interest rates and flexible terms ranging from 12 to 84 months.

You can use this loan for anything you want such as, to group debts into one monthly payment at a lower interest rate.

Account Type: saving account
Rate: Up to 0.03% APY
Minimum deposit: $25

#6. TD Bank

TD Bank offers flexible options with a relatively high-interest rate for a major bank through its three savings accounts. On some accounts with a balance greater than $ 1,000,000, the APY can increase as much as 1.50%.

These interest rates depend on the type of savings account you choose, the balance, and whether you have other accounts with TD Bank. The simplest savings account still has a good APY and an easy to meet fee waiver.

While TD Bank’s APY range is not as high as it is with online banks, the APYs are the highest you will find at a major national bank, and the bank is as convenient as any other major national bank.

With over 250 branches in New Jersey and over 1,200 branches on the east coast, TD Bank is one of the best stationary banks in New Jersey for savings accounts.

Account Type: Saving Account
Rate: Up to 0.05% APY
Minimum deposit: $0

#7. Valley National Bank

Valley National Bank’s My Choice Checking is a great choice for New Jersey students thanks to the bank’s many branches around New Jersey colleges and the many perks it offers beyond traditional student accounts.

As with most student checking accounts, there are no fees for this account, but it does include additional features like a waiver of ATM fees of up to $20 per month at ATMs outside of the valley, text banking in addition to mobile and online banking, and the potential to earn cash up to $150 in rewards.

However, Valley National has few physical locations outside of the three-state area, Florida and Alabama. If your school is outside of these states, consider opening a checking account with a national bank such as Chase or Bank of America.

Otherwise, Valley National Bank is a good choice for New Jersey students.

Account Type: Saving Student Account
Rate: Up to 0.00% APY
Minimum deposit: $25

#8. Capital One

This is an excellent choice for small business owners in New Jersey because of its numerous benefits and services, as well as the relatively high number of physical locations.

They offer two types of business checking accounts: Spark Business Basic Checking and Spark Business Unlimited Checking. These accounts are characterized by the fact that they allow unlimited transactions with no additional fees.

The basic account has a relatively low cash deposit limit of $5,000.00 per month with a fee of $1 for each additional $1,000 deposited, but the unlimited account is truly unlimited with no fees for any cash deposit amount.

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The bank’s business products include various types of loans and lines of credit, business credit cards, and merchant services provided by WorldPay. While Capital One has great business services, most of the offices are in northern and central New Jersey.

Account Type: Business Basic Checking Account
Rate: Up to 0.00% APY
Minimum deposit: $0

What Do You Need to Open a Bank Account with Banks in NJ?

When opening a new bank account or opening your first bank account with one of the best banks in New Jersey, you may be wondering what paperwork and information you will need.

It is best to be prepared before visiting a new New Jersey bank so that you can save the time and effort and make the process as seamless as possible.

Here are some of the most common things you need to know before heading to any of the best banks in New Jersey:


Most New Jersey banks require that you have government-issued identification. This can include a driver’s license or a passport. If you don’t have one of these IDs, you can visit the Automobile Department for an official ID.

Personal Data

You’ll need to fill out an application and probably some other forms too, so you’ll need things like your social security number, address, date of birth, and a few other details.


When you open a new account, most New Jersey banks require you to deposit funds as the first opening amount. Many banks have guidelines on how much money you must initially deposit in order to open a particular account.

So, give the bank a call or check their website before you get started.

Usually, most branches allow you to use cash or checks to open an account, or you can transfer money from an account you already have with that bank. You can also use a money order if necessary.

If you are trying to open a joint account with an NJ bank, the other account holder must also be present. However, if you apply for an online account, or if your bank has an online application, you may be able to do so, by just providing the other person’s personal information.

Credit Check

It’s important to know that even basic banking products like checking accounts may require a credit check.

If you have had any problems with your balance or any other checking account in the past, please let the bank know. There may be a second chance account option that suits you well.


Getting a good bank account will depend on your specific needs and banking preferences. This list of the best banks in New Jersey provides a basis for comparing other competitive accounts you may find in your search for effective banking.

It is worthy of note that some of these banks on the list and most of the major banks – do not serve much of southern New Jersey. If you live in this area, consider opening an account with a community bank near you.

If access to physical locations is of concern to you, you can explore online banks.

BBVAPremium Checking Accounts0.05%$19
CIT BankSaving and Checking Fees Account25% – 1.06%None
Axos BankSaving and Checking account1.25%$50
PNC BankChecking-Savings Account Hybrid, Virtual WalletVWR 0.01% VWG 0.03%$500 to $5,000
Wells FargoSaving Account0.03%$25
TD BankSaving Account0.05%$0
Valley National BankSaving Student Account0.00%$25
Capital OneBusiness Basic Checking Account0.00%$0


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