Finding a new bank can be stressful, but it doesn’t have to be. We’re here to help, with our list of the best banks in New Jersey.

Find the best CD rates in New Jersey here.

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1) Navy Federal Credit Union

Savings APY: 0.25% with a minimum deposit of $5

CD APY: 1-year – 3.00%, 3-year – 3.30%, and 5-year – 3.35% with a minimum deposit of $1,000.

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Among Navy Federal Credit Union’s 350 branches, many are located near military bases in places like Virginia, Maryland, and California. It also has 30,000+ free ATMs.

Pros:

  • No monthly fee
  • Free ATMs
  • Competitive interest rates

Cons

  • Very few branches

First on our list of the best banks in New Jersey, Navy Federal Credit Union was founded on March 13, 1933, as Navy Department Employees’ Credit Union. It has a total of $158.85 billion in assets and around 11 million customers. The CO-OP Network offers free access to more than 30,000 ATMs. Its headquarter is in Vienna, Virginia, United States.

The Navy Federal Credit Union has competitive interest rates that benefit many potential customers. Even though it has a small number of branches around the USA, it helps its customers via mobile applications and provides the best customer support.

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2) Anheuser-Busch Employees’ Credit Union

Savings APY: 0.15%

CD APY: 1.65%

Monthly Fees: $0

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Anheuser- Busch Employees Credit Union has 30+ branches and a well-knit network of ATMs in Missouri.

Pros:

  • Variety of banking products
  • Reliable customer service network
  • Physical presence in Missouri

Cons

  • Low savings rates
  • Limited ATM availability

Anheuser-Busch Employees’ Credit Union (ABECU) was founded in 1939  and has its headquarters in St. Louis, Missouri. The credit union also offers banking solutions in Ohio, as well as in Columbus. The Credit Union holds $1.5 billion in assets and is a large family of more than 120,000 members. ABECU is a complete solution for personal and business banking needs. The credit union offers savings accounts, checking accounts, CDs, IRAS, and business and personal loans.

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3) State Farm Federal Credit Union

Savings APY: 1.01%

CD APY: 1.01% with minimum opening deposit starting at $5.

Monthly Fees: $5.00

Federally Insured by/Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? State Farm Federal Credit Union has 1 branch across Maryland.

Pros:

  • It is available in all 50 states
  • Offers the best dividend yield
  • Easy loan process and affordable rates

Cons

  • Lacks penalty certificate option
  • There is no IRA CD

Another one of the best banks in New Jersey, State Farm Federal Credit Union was founded in 1936 by G.E. Mecherle, the son of State Farm founder, G.J. Mecherle to offer benefits to the employees and associates.

The credit union deals in a wide range of saving options including Primary accounts, secondary accounts, trust accounts, business accounts, minor accounts, IRA accounts, and specialty accounts. They also offer loans for vehicle, personal, and business purposes.

They are attentive to the customer’s requirements and serve the community with all types of financial resources.

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4) Financial Resources Federal Credit Union

Savings APY:  0.01% with a minimum deposit of $10

CD APY: 6 months : 1.92%,12 months – 2.32%, 24 months 2.53%, 60 months- 4.39% with a minimum deposit of $500

Monthly Fees: $10 Membership Savings account ($5 for Youth Savings)

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Financial Resources Federal Credit Union has 8 branches in New Jersy and 55,000 ATMs network in USA.

Pros:

  • Wide ATM Network
  • Access anytime, anywhere with VisaValet
  • On the go with mobile banking
  • Insured deposits.

Cons

  • Membership required.
  • May offer fewer products and services.

Financial Resources Federal Credit Union (FRFCU) headquartered in Bridgewater, New Jersey, has been in business for over 100 years and is certainly one of the best banks in New Jersey. Formerly the Ethicon Employees Federal Credit Union formed by a group of Johnson & Johnson employees FRFCU is now one of the largest Credit Unions in New Jersey.

The Credit Union is a member-owned, not-for-profit cooperative, making it one of the best banks in New Jersey for members. They offer a variety of financial products and services to the members, and business services for member companies, organizations, and the communities of greater New Brunswick/Somerset, NJ area. Public access branches are located in Bridgewater, Flemington, Green Brook, Hillsborough, Jersey City and Somerset New Jersey.

They have more than 20,000 members across the United States and assets in excess of $550 million with approximately 100 employees.

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5) Altra Federal Credit Union

Savings APY: 0.05% with a minimum deposit of $5

CD APY: 6 months: 1.20%, 12 months – 1.80%, 36 months: 2.05%, 60 months: 2.20% with a minimum deposit of $1000

Monthly Fees: $10 – Platinum Checking, if average daily balance falls below minimum

Federally Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? Altra Federal Credit Union has only 1 branch in New jersy and multiple ATM,s are available.

Pros:

  • Potentially lower than average purchase APRs.
  • No annual fee.
  • Multiple credit card perks.
  • Identity Theft Protection.
  • Travel accident and travel assistance insurance.
  • Considers applicants with fair credit.
  • Cardholders can earn rewards on their purchases.
  • Altra Federal Credit Union Visa® Go Credit Card reports to multiple credit bureaus.
  • Large Assets Size

Cons

  • Only 1 location exist in New Jersy
  • Low rates
  • Does not offer a signup bonus.
  • You don’t earn rewards on every purchase

Since 1931, Altra Federal Credit Union has been helping members achieve their dreams. Today Altra has more than 90,000 members and $1 billion in assets, making it clear that this is one of the best banks in New Jersey.

Altra has offices in Arkansas, Colorado, Kentucky, Minnesota, New Jersey, Tennessee, Texas and Wisconsin. Altra Federal Credit Union is a nonprofit financial cooperative with locations in eight states. Their members benefit from competitive products and services with low rates and fees.

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6) NJ Gateway Federal Credit Union

Savings APY: 0.01% with a minimum deposit of $5

CD APY: 6 months : .05%, 12 months – 05%, 24 months – -.10%, 60 months – 0.25% with minimum deposit $1000

Monthly Fees: $0

Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? NJ Gateway Federal Credit Union (NJGFCU) has 3700 cooperating credit union locations all over the United States!

Pros:

  • One of the best Credit Union in  New Jersey
  • A broad range of savings and checking account options
  • Easy-to-use mobile banking app
  • Interest earnings compound daily

Cons

  • Low APY on savings and checking accounts

Another one of the best banks in New Jersey, NJ Gateway Federal Credit Union (NJGFCU) is a not-for-profit financial institution, organized in 1969, and wholly owned by their membership. Their asset size is currently at $30 million. More than 4000 member/owners actively use the services available to them through NJGFCU.

NJGFCU, originally chartered in 1969 as the Dayton NJ IBM Employees Federal Credit Union, now serves a wide variety of Employer Groups as well as individuals and families. Anyone who lives, works, attends school or worships in Middlesex County is eligible to join.

As a full-service financial institution, they offer savings and checking products as well as a vast array of lending options, ranging from personal or signature loans to 40-year mortgages. Their members also enjoy the many advantages available to them through Internet technology.

Since its inception in 1969 the Nj Gateway Federal Credit Union has been serving its members in the Dayton, New Jersey area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by Pierina Pantano, the Nj Gateway FCU has grown its membership to over 2,746 with assets of more than $27,231,926. They have a main office and 1 branch office.

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7) New Millennium Bank

Savings APY: Minimum to obtain APY is .01 (variable rate) $50 Minimum to open and minimum $100 average daily balance requirement to avoid monthly

CD APY: 6 months – 0.30%,  9 months – 0.40%, 12 months – 4.25%, 2 years – 4.00%, 3 years- 2.50%, 5 years – 2.00% with $500.00 Minimum to open and obtain APY) (Fixed Rate)

Monthly Fees: $3.00 ( $10,000.00 Minimum to open and minimum $100 average daily balance requirement to avoid monthly Minimum Balance Fee of $3.00)

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? New Millennium Bank has 4 Locations in New Jersy

Pros:

  • Several bank branches and ATMs in New Jersy
  • Mobile & online banking services are available 24/7
  • An array of banking products and services

Cons

  • Need to maintain a minimum account balance to earn interest rates

New Millennium Bank achieved the New Jersey State Banking Charter on July 12, 1999, and opened its doors for business one week later. Currently located in Fort Lee, New Brunswick and Palisades Park, New Jersey, as well as Bayside and Manhattan, New York, and Atlanta, Georgia, New Millennium Bank is your community bank, as well as one of the best banks in New Jersey.

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8) Franklin Bank

Savings APY: 0 .07%  with $200 minimum balance required to earn APY

CD APY: 6 months – 0.10%,  9 months – 0.12%, 12 months – 0.15%, 2 years – 0.25%, 3 years- 0.35%, 5 years – 0.50% with $500.00 Minimum to open and obtain APY) (Fixed Rate)

Monthly Fees: $6 monthly fee if daily balance falls below $500.

Insured by: NCUA (National Credit Union Administration)

How many branches are in the State? New Millennium Bank has 7 Locations in New Jersy.

Featured products:  Business Loan Products, Commercial Mortgages and Construction Loans, Lines of Credit , Investment Property Loans

Pros:

  • 7 branches in New Jersy
  • Personalized banking experience
  • High APY on savings and checking accounts

Cons

  • Does not offer a signup bonus.
  • You don’t earn rewards on every purchase.

Franklin National Bank, based in Franklin Square on Long Island, New York was once the United States’ 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances, involving Michele Sindona, renowned Mafia-banker and member of the irregular freemasonic lodge, Propaganda Due. It was at the time the largest bank failure in the history of the country.

The bank was founded as Franklin Square National Bank in 1926 (but changed its name to Franklin National Bank in 1947). Its original location was built in 1929 in Franklin Square, a suburban hamlet in Nassau County. It was subsequently expanded in stages through 1955.

It consists of the original 1929 one-story Colonial Revival style building; a 1939 expansion; a 1946/47 expansion which included the addition of a second floor, pediment, partial hipped roof, cupola, rear four-story addition and a two-story banking hall; and a 1955 four-story rear office addition and drive-through teller. The building remained the bank’s headquarters until 1960, when a new headquarters was built about 4 miles away in Mineola, New York, the county seat. The building was listed on the National Register of Historic Places in 2015.

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9) Crest Savings Bank

Savings APY: 0.05% ( $50 Min. Required to Open Account and under $5000 Required to Obtain APY

CD APY: 6 months – 0.15%, 9 months – 0.15%, 12 months – 0.20%, 2 years – 0.25%, 3 years- 0.25%, 5 years – 0.30% with $500.00 Minimum to open and obtain APY.

Monthly Fees: $3 monthly maintenance fee. Interest paid on balances of $250 and above. Interest paid on balances of $500 and above.

Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Crest Savings Bank has 8 locations in New Jersy.

Pros:

  • High APY on savings and checking accounts
  • Monthly Maintenance fee waived for student
  • Low amount Required to Obtain APY

Cons

  • Monthly maintenance fee

Crest Savings Bank is headquartered in Wildwood and is the 36th largest bank in the state of New Jersey. It is also the 1,462nd largest bank in the nation. It was established in 1919 and as of June of 2022, it had grown to 81 employees at 8 locations. Crest Savings Bank offers a wide range of services including: online account opening, checking and savings accounts, direct deposits, mobile banking, ATM, online banking, CDs, coin counting and convenient seven day banking.

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10) 1st Colonial Community Bank

Savings APY: 0.40% with balances $0.01 to $50,000

CD APY: 6 months – 1.87%,  9 months – 0.15%, 12 months – 2.48%, 2 years – 3.10%, 5 years – 1.57% with $500.00 Minimum to open and obtain APY.

Monthly Fees: No monthly maintenance fees.

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Crest Savings Bank has 4 locations in New Jersy.

Pros:

  • High APY on savings and checking accounts
  • The high yielding rate for Certificate of deposits
  • Online banking system

Cons

  • Compromised customer service

1st Colonial Community Bank is headquartered in Collingswood and is the 29th largest bank in the state of New Jersey. It is also the 1,272nd largest bank in the nation. It was established in 2000 and as of June of 2022, it had grown to 103 employees at 4 locations.

1st Colonial Community Bank has long been a staple in South Jersey, with branches in Collingswood and Westville, and for two decades has offered a full suite of financial services for personal and business banking.

They offer financial expertise, innovative products, and competitive rates – and help you find solutions that meet your unique needs. All of this makes 1st Colonial one of the best banks in New Jersey.

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11) Freedom Bank

Savings APY: 0.50 % with minimum deposit of $500.00

CD APY: 6 months – 1.41%,  , 12 months – 2.52%, 2 years – 2.52%, 5 years – 2.73% with $1000

Monthly Fees: $5

Federally Insured by: FDIC (Federal Deposit Insurance Corporation)

How many branches are in the State? Freedom Bank has 5 locations in New Jersy.

Pros:

  • Large free ATM network
  • Hispanic American-owned bank
  • Pays high interest rates, especially on CDs

Cons

  • Monthly service fees (unless you qualify to waive them)
  • Only compounds interest quarterly, not monthly or daily
  • No overdraft protection

Finishing off our list of the best banks in New Jersey, Freedom National Bank was an African-American owned bank in Harlem (New York City) founded in 1964 and shut down in 1990. Freedom National served Harlem’s Black community and was one of the largest Black owned banks in the U.S.

Freedom National Bank was founded in 1964 by investors including Jackie Robinson and Dunbar Simms McLaurin (1920–1973).The New York Times referred to it as “biracial” when it was founded in 1964.A 1966 Harvard Crimson article was critical of the bank. Freedom National competed with another Black owned and focused bank, the older Carver Federal Savings and Loan Association (now Carver Bancorp).

Freedom National failed in 1990 during a recession as it faced loan defaults and internal division. When it was shut down, Freedom National had $101.9 million in assets, two branches in Brooklyn, 22,000 depositors, and 97 employees. The bank had also struggled in the mid-1970s but was able to return to profitability.

In 1990, the Federal Deposit Insurance Corporation (FDIC) bailed out depositors up to the U.S. government’s $100,000 guarantee for deposits.The decision was seen as a serious “blunder”, in contrast to FDIC’s treatment of the vast majority of “800 bank failures in the last four years”. In those cases, FDIC did not just pay off insured accounts, but instead facilitated new owners to take over failed banks so that the customers received all their money back.

Founded in 2008, Freedom Bank has assets totaling $382 million along with deposits totaling $328 million, making it a small bank. Freedom Bank, whose headquarters are in Maywood, New Jersey, lacks premium access to customer service, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps.

Freedom Bank provides customers with the complete package of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; other popular banks have higher rates.

If you’re interested in stress-free personal checking, Freedom Bank offers an option without a maintenance or monthly fee. Locating a bank with no-fee checking, in addition to a high interest rate savings account is the best option for returning the most income on your deposits alongside convenient access to your funds, making this one of the best banks in New Jersey.