High-Yield Reward Checking Account at a New Jersey Bank (The Provident Bank)
Update 11/02/2010: The top rate has fallen to 2.51% APY.
The Provident Bank has just started a reward checking account called Free Smart Checking. It pays 2.51% APY on balances up to $25,000 (0.65% for above) if the following monthly requirements are met:
- 10 signature-based debit card transactions
- one direct deposit or auto debit
- Online banking and receiving electronic statements
If these are not met, the rate falls to 0.25%. The minimum opening deposit is $50. There are no monthly service charges.
I called the bank for additional details. According to the CSR, you have to come into a branch to open the account. They require 2 to 3 forms of ID (driver's licences, major credit card and utility bill would be sufficient). The application uses ChexSystem. The CSR didn't think a hard pull would be done. I didn't see any mention of ATM refunds in the ad, and I'm afraid I forgot to ask the CSR about this.
The Provident Bank is one of the largest banks in the nation to offer a reward checking. It has $6.3 billion in assets, $4.2 billion in deposits and 86 branches through out Central and Northern New Jersey. The bank has been FDIC insured since 1934 (FDIC Certificate # 12010).
For other high yield reward checking accounts and to learn more about these accounts, please refer to my High Yield Checking website.
Rate History:
- 10/30/10: 2.51% APY for up to $25K; 0.65% for above
- 06/30/10: 3.01% APY for up to $25K; 0.65% for above
- 11/02/09: 3.26% APY for up to $25K; 0.75% for above
- 05/01/09: 4.01% APY for up to $25K;
- 01/30/09: 5.01% APY for up to $25K; 1.00% for above.
- 01/09/09: 5.01% APY for up to $25K; 1.25% APY for above
- 05/02/08: 5.01% APY for up to $25K; 2.00% APY for above; 0.25% base rate
Banks Mentioned in this Post:
| The Provident Bank Locations: 84 Health Rating:  |   |
| Latest Review: "Unfortunately, my mother and father had trust accounts for me at this bank.&nb..." | |
Anonymous - #1, Friday, May 2, 2008 - 6:57 PM
https://www.providentsmartchecking.com/index.html
Unlimited ATM Fees refunded
Online application
Anonymous - #2, Saturday, May 3, 2008 - 11:21 PM
no check images are on electronic statement; you have to manually print each check one by one only online.
Anonymous - #3, Thursday, May 8, 2008 - 11:36 AM
It's now shown on the bank's web site http://www.providentnj.com/ but the rate sheet is weird: for balances of $25,000.01 - $999,999,999.99 it pays 1.98% APR = 5.01% to 2.00% APY
Anonymous - #4, Thursday, January 8, 2009 - 8:31 PM
Amounts over $25K earn 1.25% APY.
Anonymous - #5, Thursday, January 29, 2009 - 9:31 PM
Amounts over $25K earn 1.00% APY.
Anonymous - #6, Wednesday, April 8, 2009 - 2:26 PM
Good luck with an "easy" account opening. If you live in NJ but are too far from their branches, they mail you a packet w/o explanatory info. I had to call them up and go thru each page to determine eaxctly what they wanted signed and what ID docs they wanted. I suggested they add a cover page with a list of required items that need to be mailed back to them. Not one of my easier accounts to open!
Anonymous - #7, Thursday, April 16, 2009 - 6:54 PM
I stopped by a branch office today. The assistant manager said the rate is dropping to 4% on May 1st.
Anonymous - #8, Thursday, April 30, 2009 - 9:38 PM
Rate is now officially 4.01% up to $25,000 and 1.00% over $25k
Anonymous - #9, Friday, May 1, 2009 - 2:29 AM
rate is not 4.01% APY but on the website in the FAQ section it still says 5.01%. It appears that the lower APY started in April since the interest I got for this past month is lower. Still beats many other banks though.
Anonymous - #10, Wednesday, June 3, 2009 - 2:37 PM
Just wanted to say thank you for an amazing website.
Truly a ton of help!
uslee (anonymous) - #11, Wednesday, October 21, 2009 - 6:55 AM
Now it has a $2000 daily limit for out-bound transfer. Also for account with high balance, it asks for advance notice for account closing.
Anonymous - #12, Friday, October 30, 2009 - 8:05 PM
Rate has dropped to 3.26%
Anonymous - #13, Friday, November 6, 2009 - 2:10 PM
Anything below 4.00% is not acceptable; considering the effort spent.
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