Banking and financial services in New Jersey: Major banks available statewide. Online banking widely accessible. Credit unions offer competitive rates. State-specific financial regulations. Diverse investment firms present. No state inheritance tax. Mortgage options for homebuyers. ATM availability across regions. Highly developed fintech sector. Strong local credit card offerings.
Major banks available statewide.
The largest banks in New Jersey, ranked by the number of branches, include TD Bank with 226 offices, Wells Fargo Bank with 214 offices, Bank of America with 191 offices, Chase Bank and PNC Bank each with 183 offices, Provident Bank with 133 offices, and Valley National Bank with 128 offices. These banks provide a wide range of banking and financial services across the state. For more detailed information, you can visit the Top Banks in New Jersey website.
Online banking widely accessible.
Online banking has become an essential service in New Jersey, with institutions like NJFCU providing robust digital banking solutions. NJFCU offers secure online and mobile banking, empowering users to transfer funds, schedule bill payments, and receive eStatements with ease. Spencer Savings Bank extends similar services, allowing customers 24/7 access to their accounts, complete with bill management, fund transfers, and defense against identity theft. Flagstar's online banking further enhances users' control over their finances by facilitating bill payments and money transfers via Zelle, alongside advanced security features like account alerts and debit card limits. These banking solutions collectively ensure that users can manage their finances efficiently and securely from any location with internet access.
Credit unions offer competitive rates.
Credit Union of New Jersey offers competitive rates, including a 4.75% APY on a 7-month Share Certificate and a 5.00% APY on the first $500 in a High-Rate Savings Account, making it an attractive option for those looking to grow their savings quickly and confidently.
State-specific financial regulations.
In New Jersey, financial institutions such as banks, savings banks, and credit unions are regulated by the Department of Banking and Insurance, which enforces state-specific regulations including those on chartering, licensing, and consumer protection. The department also oversees compliance with laws related to banking practices, consumer financial protection, and the operation of Automated Teller Machines (ATMs).
Diverse investment firms present.
New Jersey is home to a diverse array of prominent investment and asset management firms, including global leaders like BlackRock, Prudential Financial, Vanguard, Goldman Sachs Asset Management, J.P. Morgan Asset Management, Fidelity Investments, Northern Trust, and BNY Mellon Investment Management, each offering a wide range of investment solutions and services to various client bases. Additionally, firms like PGIM, Lord, Abbett & Co., PGIM Real Estate, and several others specialize in different asset classes and investment strategies, catering to institutional clients, financial advisors, and individual investors. For a comprehensive overview of these firms, you can visit the Top Investment and Asset Management Firms in New Jersey webpage.
No state inheritance tax.
New Jersey eliminated the state estate tax for decedents who died after January 1, 2018, which means that there is no longer a state-level tax imposed on the transfer of estates exceeding certain values. However, inheritance taxes are still applicable, and these are levied depending on the beneficiary's relationship to the decedent and the value of the inherited assets. For more detailed information, you can refer to the official website of the New Jersey Estate Tax where comprehensive guidelines and updates on tax policies are available.
Mortgage options for homebuyers.
New Jersey provides a range of mortgage options aimed at helping homebuyers, especially first-time purchasers. One prominent program is the NJHMFA First-Time Homebuyer Mortgage Program, which offers competitive 30-year fixed-rate loans from FHA, VA, or USDA. Additionally, programs like the HFA Advantage Mortgage and Homeward Bound Program are available to assist with down payment needs. Moreover, initiatives such as the NJHMFA Down Payment Assistance Program and the First Generation Down Payment Assistance Program grant forgivable second mortgages, easing the burden of down payments and closing costs. For more detailed information, you can visit The Mortgage Reports.
ATM availability across regions.
Chase Bank has an extensive network of ATMs and branches across New Jersey, with locations in numerous cities and towns, including Avenel, Basking Ridge, Bayonne, and many more, providing easy access to banking services. Similarly, TD Bank also boasts a significant presence in the state, with numerous stores and ATMs ensuring widespread availability of ATM services across a vast number of locations. Meanwhile, WSFS Bank operates multiple banking offices and ATMs in various New Jersey locales, including Atlantic City, Cherry Hill, and Mount Laurel, among others, to serve the financial needs of the region.
Highly developed fintech sector.
New Jersey is bolstering its highly developed fintech sector with the launch of the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST), a partnership between the NJEDA, Stevens, Prudential, and Plug and Play. This initiative is aimed at supporting fintech and insuretech startups and cementing New Jersey's leadership in the national finance and fintech industries.
Strong local credit card offerings.
Central Jersey Federal Credit Union delivers robust local credit card solutions, featuring the Visa Platinum Credit Card which offers low rates, no annual fees, and higher credit limits. In addition, this card provides a low introductory APR of 5.99% for the first six months on balance transfers, coupled with a complimentary Visa Debit Card for members who maintain active checking accounts. On the other hand, North Jersey Federal Credit Union caters with credit cards that boast no annual fees, competitive rates, and no over limit fees. Their offerings include the MasterCard Classic Credit Card with APRs as low as 13.99%, among other financial services uniquely designed to meet local demands.