MONEY has named Provident Bank one of the best banks in America for 2017-2018. In its November 2017 issue, the magazine selected Provident as the best bank in New Jersey.
In naming Provident as New Jersey’s best, the magazine stated “Provident Bank stands out in a crowded market” and highlighted Provident’s Smart Checking account for offering high interest rates and no out-of-network ATM fees with 10 debit purchases, access your account online, and set up e-statements and one direct deposit per month.
“Even if you don’t hit those marks, it’s still a free checking account – and you can qualify again the following month,” MONEY writes.
MONEY's annual list highlights banks with no (or easily waived) monthly fees, low or no ATM fees, and above-average interest. This year’s focus on the best bank in every state reflects customers' need for both digital banking capabilities and at least occasional access to physical locations and human help.
“To have Provident recognized as the best bank in New Jersey by MONEY is gratifying, especially given the criteria reflects customers’ desire for digital services and the need for customer service. Provident is committed to serving our banking customers however they want to bank,” said Christopher Martin, President and CEO of Provident Bank. “I would like to congratulate and thank our employees for their efforts which contributed to Provident being named one of the best banks in America,” he added.
MONEY evaluated the largest 90 brick-and-mortar banks, 50 credit unions, and 15 online banks, as identified by bank consultancy firm Novantas. Bankrate.com, MONEY’s project partner, collected data on fees, interest rates, and account requirements for checking and savings accounts. Using Bankrate’s data, MONEY compared more than 800 accounts and 18,000 data points.
When selecting state winners, MONEY excluded checking accounts that required a minimum balance greater than $1,500 to either open the account or waive monthly fees. Priority was given to banks whose checking accounts had no (or easily waived) monthly fees and low or no ATM fees. MONEY also sought higher interest rates for checking and savings accounts. Additional factors included J.D. Power customer service ratings, when available, from the 2017 U.S. Retail Banking Satisfaction Study, geographic reach within a state, recent enforcement actions, and mobile app ratings in the iTunes and Google Play stores.
Data was collected in July and August, and MONEY independently fact-checked information for each winner in September and early October.
Provident Bank is a community-oriented bank that provides a comprehensive suite of financial products and services through its network of more than 85 branches throughout northern and central New Jersey and eastern Pennsylvania. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).
About Provident Bank
Provident Bank, (www.provident.bank) a community-oriented bank offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $9.50 billion as of September 30, 2017. With $6.59 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company.