Provident Bank Review: Checking, Savings, CD and IRA Accounts

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Updated on Sunday, November 1, 2020

Provident Bank’s checking account options

Smart Checking

A free interest-bearing checking account.
APYMinimum Balance to Earn APY
1.51%
$0.01
0.50%
$15,000
0.15%
$25,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATM transactions when monthly account requirements are met (see below)
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account does have the ability to earn interest, though the rate goes down drastically once you exceed a balance of $15,000. To earn the rates listed above and to have all domestic ATM fees refunded, you must fulfill the following requirements:

  • Make and sign for 10 point-of-sale purchases with your Provident debit Mastercard that post and clear your account
  • Receive one direct deposit or process one automatic Automated Clearing House (ACH) debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

Even if you don’t meet these requirements in a given month, you can still have the free account and will be eligible for the rate and ATM fee refunds in the next statement period.

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on The Provident Bank’s secure website

Member FDIC

Cash Back Checking

Another free checking account offering cashback rewards on qualifying transactions.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: Unlimited on domestic ATMs when qualifying requirements are met
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

While this account does not earn interest, it offers the chance to earn domestic ATM fee refunds and 0.25% cash back, which is credited to your account when the following qualification requirements are met:

  • Make 10 point-of-sale transactions with your Provident debit Mastercard
  • Have one direct deposit or automatic ACH debit
  • Create and maintain a ProvidentConnect online banking relationship
  • Choose to receive your account statements electronically

If you fall short of these requirements in a given month, you are still eligible to earn the cashback rewards and ATM fee refunds during the following statement period. Besides having no monthly balance requirements or service fees, this account also has no limits on the amount of cash back given each month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Platinum Checking

A tiered-interest checking account that has a monthly fee.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $25 if combined account balance of $10,000 is not maintained
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

To avoid its high monthly fee, account holders need to maintain a combined account balance of $10,000, which can include deposit accounts, mortgages and certain consumer loans and credit lines. Additionally, you must keep a minimum of $50 in this account to earn interest.

You’ll have to contact the bank, though, to find out the rates it offers. This account also allows you to earn a 0.25% APY bonus on CDs. Other perks include unlimited ATM refunds, free direct deposit, free basic checks, online banking and bill pay, and unlimited check-writing.

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on The Provident Bank’s secure website

Basic Checking

Provident Bank’s no-frills checking account.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $2 if you choose to receive paper statements
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This free checking account does not earn interest. But it does offer your first six checks free each month (additional checks will incur a 50-cent fee), free direct deposit, a debit Mastercard, online and mobile banking and bill pay, e-statements, unlimited ATM transactions and no minimum balance requirements. It also offers you the chance to link another account to help avoid overdraft fees.

SEE DETAILS Secured

on The Provident Bank’s secure website

NJ Consumer Checking

A first checking account option for New Jersey and Pennsylvania residents.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: None on Provident Bank ATMs; outside banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account is an option for New Jersey and Pennsylvania residents opening their first checking account. While it does not earn interest, it does give you eight free checks each month before charging 50 cents per additional check, as well as free direct deposit, a debit Mastercard and e-statements.

This account does not have any minimum balance requirements, and it does offer you the chance to add funding from a linked account to avoid overdraft fees.

SEE DETAILS Secured

on The Provident Bank’s secure website

Green Checking

Provident Bank’s free online checking account with no fees or balance requirements.
APYMinimum Balance to Earn APY
1.00%
$50
0.15%
$1,000
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs
  • ATM fee refund: Up to $10 per statement period
  • Overdraft fee: None if resulting overdraft balance is $5 or less; otherwise, $35

This account allows you to earn a small APY on your first $1,000, then a smaller APY on anything over $1000. Besides having no monthly fees or service charges, it allows you to earn some ATM refunds each month. It comes with free online and mobile banking and bill pay services, a debit Mastercard and e-statements.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

How to get Provident Bank’s checking accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Green Checking, Cash Back Checking and Smart Checking Accounts online.All other checking accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s checking accounts compare

According to our review of the best available online checking accounts, the best products out there will offer the ability to earn interest, have no monthly or ATM fees, provide the chance to earn ATM fee refunds and have a strong mobile and online user interface.

There’s good news here: The accounts listed here that do earn interest offer competitive rates on certain balance amounts, and the ones that offer less or none at all still win on the no-fees and balance requirements front.

Still, we encourage you to do your research. If you manage to find something with even better rates and all the aforementioned check boxes, it’s likely in your best interest to go with that.

Provident Bank’s savings account options

Power Savings

A free online savings account with no fees.
APYMinimum Balance to Earn APY
0.05%
$50
0.35%
$10,000
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account allows members to earn the listed rates when they meet their corresponding balance requirements, as well as create and establish a ProvidentConnect online banking relationship and choose to receive their statements electronically.

This free account comes with no monthly fees. It offers online and mobile banking and bill pay, a free debit card and no funding fees on transfers to other Provident Bank deposit accounts. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Member FDIC

Statement Savings

A no-frills account with minimal requirements.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 is not maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This no-frills savings account offers the ability to earn interest on a balance of just $50, though you’ll have to contact the bank to find out the rate.

It charges a modest monthly fee if a balance of $250 is not maintained. It comes with a Provident Bank ATM card, free direct deposit and a detailed monthly statement. Since it is a savings account, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transactions to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Passbooks Savings

A simple and reliable savings account option.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $3 if minimum balance of $250 isn’t maintained
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

Advertised as “probably the most popular savings account in the history of New Jersey” for its simplicity and reliability, this account comes with a passbook for withdrawals and deposits and offers free direct deposit.

Its balance requirements to earn interest and avoid its modest monthly fee are also very minimal. While this account earns interest, you’ll have to contact the bank to find out the rate. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain transfers and withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Young Saver

An account meant to teach kids and teens how to save.
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; other banks may charge a fee
  • ATM fee refund: None
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account is a great option for parents wanting to teach their children financial responsibility, as well as for teens younger than 18 looking to stash their funds from a part-time job.

As a bonus, it does earn interest, though you’ll need to contact the bank to learn the rate. It also comes with your choice of a Passbook or Statement savings account, as well as no monthly fees or balance requirements. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Holiday Club

This account allows holders to focus on saving for the holidays or a vacation.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is for the holidays in name only, as it can also be used for vacation or special occasion savings. It offers the same interest rate as the Statement Savings account, though you’ll need to contact the bank to find out the rate.

With this account, you can enable an automatic deduction from a Provident Bank Statement Savings account or the personal checking accounts, with the flexibility of making your transfers (which can be in any amount) on a weekly, biweekly or monthly basis. This account is also subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

Platinum Money Manager

Provident Bank’s high-interest savings account.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $5,000 on combined balances
  • Monthly account maintenance fee: None
  • ATM fee: None on Provident Bank ATMs; outside fees may apply
  • ATM fee refund: All out-of-network ATM fees refunded at end of each statement cycle
  • Overdraft fee: None if resulting balance is less than $5; otherwise, $35

This account requires you to open a Platinum Checking account and maintain a combined minimum balance of $5,000 to earn interest on this account. But you’ll need to contact the bank to find out the rate.

This account also provides a free monthly combined statement, free direct deposit and online banking. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals to six per month.

SEE DETAILS Secured

on The Provident Bank’s secure website

How to get Provident Bank’s savings accounts

If you’re a resident of New Jersey or Pennsylvania, you can open Provident Bank’s Power Savings account online. Otherwise, all other savings accounts must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s savings accounts compare

While most of the fees and deposit and balance requirements are minimal, the rates provided on some of these accounts — the ones in which rates are available online — just don’t stack up to those on our list of the best online savings accounts.

You’re most likely better off choosing one of those accounts instead. If you are still interested in opening one of Provident Bank’s savings accounts, you’ll want to contact the bank to find out the rates so you can comparison shop.

Provident Bank’s CD rates

Certificates of Deposit

Standard CDs with a $500 minimum deposit.
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 90 days’ interest on terms of nine months or less; 180 days’ interest on 12- and 18-month terms; 365 days’ interest on terms of 24 to 60 months

Provident Bank offers CDs in the following terms: 91 days and six, nine, 12, 18, 24, 30, 36 or 60 months. The terms, deposit requirements and early withdrawal penalties are fairly standard. But you’ll need to contact the bank to find out the rates.

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on The Provident Bank’s secure website

How to get Provident Bank’s CDs

All of the bank’s CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license and a previous home address if you’ve been at your current address for less than two years. You’ll also need a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

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How Provident Bank’s CD rates compare

As mentioned above, the basic details of these CDs are comparable to what’s out there. But you’ll want to contact the bank to find out the rates to determine if they stack up against those on our list of the best CD rates — or if you might be better off shopping around.

Provident Bank’s IRA options

IRA CD rates

IRA CDs and savings account offerings may vary by region. For that reason, you will need to contact the bank for details such as term lengths, rates and early withdrawal penalties. Once you have that information, you can compare them to those on our list of the best IRA CD rates.

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on The Provident Bank’s secure website

How to get Provident Bank’s IRA CDs

All of Provident Bank’s IRA CDs must be opened at a branch. To open an account, you’ll need your Social Security number, a form of ID such as your driver’s license, a previous home address if you’ve been at your current address for less than two years and a debit or credit card or U.S. checking or savings account to fund your new Provident Bank account.

Overall review of Provident Bank’s banking products

Of the accounts Provident Bank offers that do have posted rates, it’s several of its checking accounts that can compete with those on our best-of list.

The rest fall short. If you’re interested in one of its other products without posted rates, you’ll want to reach out to the bank to find out what they are. Then you can see if they could be the best accounts for you — or if it’s in your best interest to keep looking.