7 Banks in New Jersey with the Best Rates and Services in 2023

Moving to a new state can be an exciting yet daunting experience. If you're relocating to New Jersey, selecting a reliable bank is paramount. To help you navigate the banking landscape, we've compiled a comprehensive guide to the 7 best banks in New Jersey, offering competitive rates, exceptional customer service, and a wide range of financial services.

1. Wells Fargo: A National Powerhouse with Extensive Reach

Wells Fargo boasts the largest network of branches and ATMs in New Jersey, making it highly accessible. It offers a comprehensive suite of services, including checking and savings accounts, mortgages, personal loans, and investment products. Wells Fargo's mobile and online banking platforms are user-friendly and provide 24/7 account management.

Key Features:

• Over 500 branches and 1,000 ATMs in New Jersey
• Competitive interest rates on savings accounts and CDs
• Low fees on checking and money market accounts
• Extensive wealth management services

2. PNC Bank: A Regional Giant with a Customer-Centric Approach

PNC Bank has a strong presence in New Jersey, with over 200 branches and a robust ATM network. It focuses on providing personalized financial services and tailored solutions for individual and business customers. PNC's customer service has consistently received high ratings, ensuring that you'll feel valued and supported.

Key Features:

• Over 200 branches and 500 ATMs in New Jersey
• High-yield savings and money market accounts
• Highly rated customer service
• Virtual wallet and mobile banking for seamless transactions

3. TD Bank: A North American Leader with Innovative Solutions

TD Bank has a significant presence in New Jersey, with a network of over 100 branches and ATMs. It is known for its innovative banking products and services, designed to cater to the evolving needs of its customers. TD Bank's mobile app and online banking platform offer intuitive navigation and advanced features, making managing your finances a breeze.

Key Features:

• Over 100 branches and 300 ATMs in New Jersey
• High-yield savings accounts with no minimum balance
• Digital innovation hub for emerging financial technologies
• Convenient mobile and online banking with real-time transaction tracking

4. Capital One 360: A Digital-First Bank with Competitive Rates

Capital One 360 operates primarily as an online bank, offering competitive interest rates on savings and money market accounts without the traditional brick-and-mortar branches. It compensates for the lack of physical locations with its user-friendly mobile app and 24/7 customer support. Capital One 360 is an ideal choice for tech-savvy customers who value convenience and high returns.

Key Features:

• High-yield savings and money market accounts with no monthly fees
• No minimum balance requirements for savings accounts
• Mobile app with advanced budgeting and money management tools
• 24/7 customer support via phone, chat, and email

5. Santander Bank: A Global Bank with Extensive Accessibility

Santander Bank has over 50 branches and ATMs in New Jersey, providing convenient access to its services. It offers a wide range of banking products, including checking and savings accounts, mortgages, and credit cards. Santander's international presence allows for seamless cross-border banking, making it a suitable choice for individuals with global connections.

Key Features:

• Over 50 branches and 100 ATMs in New Jersey
• Competitive interest rates on savings accounts
• International banking services with a global network
• Mobile and online banking with biometric authentication

6. M&T Bank: A New York-Based Institution with Strong Roots in New Jersey

M&T Bank has expanded its footprint in New Jersey, offering over 100 branches and ATMs. It is committed to providing community-oriented banking services and supporting local businesses. M&T Bank's checking and savings accounts offer competitive rates, while its mobile and online banking platforms provide convenient account management.

Key Features:

• Over 100 branches and 300 ATMs in New Jersey
• Community-oriented banking with a focus on small businesses
• Competitive interest rates on checking and savings accounts
• User-friendly mobile and online banking with personalized alerts

7. Bank of America: A National Banking Giant with a Comprehensive Suite of Services

Bank of America has a strong presence in New Jersey, with over 100 branches and ATMs. It offers a full range of banking services, including checking and savings accounts, mortgages, credit cards, and investment management. Bank of America's mobile and online banking platforms are highly acclaimed, providing advanced financial planning tools and secure account access.

Key Features:

• Over 100 branches and 300 ATMs in New Jersey
• Comprehensive banking services for individuals and businesses
• Competitive rates on savings and checking accounts
• Award-winning mobile and online banking with budgeting and investment tools

Choosing the Right Bank for Your Needs

Selecting the best bank for your needs depends on several factors, including:

• Accessibility: Consider the number of branches and ATMs in your area.
• Interest rates: Compare savings and checking account interest rates to maximize your returns.
• Fees: Review monthly maintenance fees, ATM fees, and other charges to avoid unnecessary expenses.
• Customer service: Check customer satisfaction ratings and online reviews to ensure you'll receive the support you need.
• Digital banking: Evaluate the user-friendliness and features of the bank's mobile and online banking platforms.

Tips and Tricks for Banking in New Jersey

• Take advantage of high-yield savings accounts: New Jersey banks offer competitive interest rates on savings accounts. Consider opening multiple accounts to maximize your returns.
• Use mobile and online banking: Manage your finances conveniently with mobile and online banking apps. Set up alerts for account activity and bill payments.
• Shop around for mortgages: Compare mortgage rates from multiple lenders to secure the best terms and rates for your home loan.
• Build a strong credit history: Maintain a good credit score to qualify for lower interest rates and better loan terms. Track your credit reports regularly and dispute any errors.
• Seek financial advice: Consider consulting with a financial advisor to develop a personalized financial plan and make informed investment decisions.

Common Mistakes to Avoid when Banking in New Jersey

• Paying unnecessary fees: Read the bank's fee schedule carefully and avoid accounts with high monthly maintenance fees or ATM withdrawal charges.
• Overdrafting your account: Avoid overdraft fees by monitoring your account balance and setting up alerts to prevent accidental overdrafts.
• Ignoring your credit report: Neglecting your credit report can lead to lower credit scores and difficulty obtaining loans. Request a free credit report annually to stay informed about your financial health.
• Falling for scams: Be wary of unsolicited emails or phone calls from individuals claiming to represent your bank. Never share your personal or financial information via these channels.
• Not using technology to your advantage: Utilize mobile and online banking platforms to access your accounts, pay bills, and manage your finances efficiently.

Additional Resources

• New Jersey Department of Banking and Insurance
• Federal Deposit Insurance Corporation (FDIC) Bank Locator
• New Jersey Bankers Association

Conclusion

Selecting the right bank in New Jersey is essential for managing your finances effectively and achieving your financial goals. By carefully considering your needs and comparing the offerings of the top banks in the state, you can find the best fit for your banking requirements. Whether you prioritize accessibility, competitive rates, exceptional customer service, or digital banking capabilities, there is a bank in New Jersey that can meet your expectations.