Manasquan Bank Review [2024]: New Jersey Community Bank

BANKING - BANK REVIEWS
You can open a Manasquan Bank account if you live in one of 16 states and Washington, D.C., but the only branch locations are in New Jersey.
Updated March 8, 2024
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Manasquan Bank is relatively small, but we think it has various products and services that could compete with larger banks and credit unions. For example, some of its checking accounts provide excellent annual percentage yield (APY) rates that can help you earn interest on your stored funds.

Keep in mind that Manasquan Bank only has branches in New Jersey, but it allows you to open an account in 16 states and Washington, D.C.. If you live in one of these states and don’t mind banking online, Manasquan could be a good fit for you.

Let’s explore our Manasquan Bank review to see if it makes sense for you.

In this Manasquan Bank review

Key takeaways

  • Manasquan Bank is a brick-and-mortar community bank based out of New Jersey. It only has branches in New Jersey, but you can still open an account if you live in one of 16 states it serves or in Washington, D.C.
  • We think Manasquan has some decent bank account options, especially if you’re looking for a high-yield checking account. We don’t think its savings accounts are competitive due to their low APY rates.
  • You can open an account with Manasquan if you live in Connecticut, Delaware, Florida, Georgia, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, or Washington, D.C.

Manasquan Bank overview

Pros
  • Checking accounts with high APY rates
  • Accounts available to residents in 16 states and Washington, D.C.
  • Well-rated mobile app that offers streamlined online banking
Cons
  • In-person branches are only located in New Jersey
  • Savings APY rates are lower compared to some competitors

Manasquan Bank traces its origins back to 1874, as the Squan Village Building & Loan Association. In over 100 years since its inception, Manasquan has grown to become a well-known and respected community bank in New Jersey, which is where it does most of its business.

Manasquan Bank operates in:

  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Massachusetts
  • Maryland
  • Maine
  • North Carolina
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Virginia
  • Vermont
  • Washington, D.C.

Manasquan Bank checking accounts

Checking account Description Minimum to open Monthly maintenance fee
Infinity Pro+ High-interest checking $50 $0
Infinity Cash Interest checking $50 $0
Infinity Cash Back Checking with cashback rewards $50 $0
Regular Checking Simple checking No account minimum stated $0
Anchor Checking Checking with free checks $50 $0
StartUp Checking Checking for kids $50 $0

Manasquan has plenty of checking accounts to choose from, including interest-bearing accounts like the Inifinity Pro+, Infinity Cash, and Anchor Checking. Checking accounts don’t tend to provide much in terms of interest, but you have some decent rates with these options.

However, you have to meet certain criteria to earn the highest available APY. Depending on your account, you may have some requirements that are simple, such as enrolling in eStatements and online banking. Some other requirements need a bit more work, such as having to make 12 purchases per cycle with your debit card.

Overall, we think Manasquan has some decent checking accounts, but these options don’t make sense for someone who doesn’t live in Washington, D.C., or one of the 16 states that Manasquan services.

For our top recommendations, check out the best checking accounts.

Infinity Pro+

Annual percentage yield (APY) 5.00% (as of Feb. 6, 2024)1 on balances up to $25,000 and after meeting certain requirements
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The Infinity Pro+ checking account makes sense if you want to earn a high APY rate on your everyday checking account balance. But keep in mind that qualifying for the highest rate requires:

  • Having a direct deposit of at least $1,000
  • Enrolling in eStatement notices
  • Enrolling and logging in to online banking
  • Posting and settling 12 purchases per cycle with your debit card

If you meet these qualifications, you can receive up to 5.00% (as of Feb. 6, 2024) APY on balances up to $25,000, as well as ATM fee refunds each month the qualifications are met.

Infinity Cash

Annual percentage yield (APY) 2.00% (as of Feb. 6, 2024) on balances up to $25,000 and after meeting certain requirements
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The Infinity Cash is similar to the Inifinity Pro+, but provides a lower APY. However, along with the lower APY, you have less-strict requirements to earn it.

To earn the highest APY, you need to:

  • Enroll in eStatement notices
  • Enroll and log in to online banking
  • Post and settle 12 purchases per cycle with your debit card

Compared to the Infinity Pro+ account, this account doesn’t require a direct deposit of at least $1,000 to earn the highest APY.

You also receive ATM fee refunds each month the qualifications are met.

Infinity Cash Back

Annual percentage yield (APY) Not an interest-bearing account
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The draw of Infinity Cash Back is that you can earn up to $10 cash back for your purchases, as well as nationwide ATM refunds if you meet qualifying criteria. To receive these benefits, you need to:

  • Enroll in eStatement notices
  • Enroll and log in to online banking
  • Post and settle 12 purchases per cycle with your debit card

We think earning cash back with a checking account could be useful, but Manasquan doesn’t provide many exact details about cashback rates for this account on its website. You may find it more lucrative to earn cash back with one of the best cash back credit cards.

Regular Checking

Annual percentage yield (APY) Not an interest-bearing account
Minimum deposit requirement No account minimum stated
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The Regular Checking account is as simple as it gets. There’s no interest, no monthly maintenance fees, and you get your first book of checks for free. Overall, it’s the type of no-frills account that makes sense if you just need a place to store and use funds.

Anchor Checking

Annual percentage yield (APY) 0.10% (as of Feb. 6, 2024)
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

Anchor Checking is an account that makes sense for people who regularly use physical checks to make payments. With this account, you get free checks and receive 0.10% (as of Feb. 6, 2024) APY, which is a low rate and wouldn’t provide much interest compared to accounts like the Infinity Cash and Infinity Pro+.

StartUp Checking

Annual percentage yield (APY) Not an interest-bearing account
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The StartUp Checking account is available to kids aged 8 to 17 with a parent or guardian as a joint owner. It requires a minimum deposit of $50, but there’s no minimum daily balance requirement or any monthly service charges.

We like this account because it could help kids and teenagers learn about money management. You can earn cash back on debit card purchases and receive ATM fee returns if you meet these criteria:

  • Enroll in eStatement notices
  • Enroll and log in to online banking
  • Post and settle 12 purchases per cycle with your debit card

Manasquan Bank savings accounts

Savings account Description Minimum to open Monthly maintenance fee
Club Savings Standard savings with APY $5 $0
Infinity Saver Savings with elevated APY $50 $0
Regular Savings Three standard savings options with APY $50 $0

Manasquan offers three types of savings accounts that we think are a bit lackluster compared to the checking account options. These accounts will do the job of storing your money, including with no monthly maintenance fees, but don’t count on earning high amounts of interest.

For better savings options, check out the best savings accounts.

Club Savings

Annual percentage yield (APY) 0.10% (as of Feb. 6, 2024)
Minimum deposit requirement $5
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

The Club Savings account provides a low APY of 0.10% (as of Feb. 6, 2024) and doesn’t charge monthly maintenance fees. There’s also no minimum balance requirement and only a $5 minimum deposit requirement.

Overall, it’s a decent option if you want a low-fee account for storing your money. However, there are better savings options if you also want to earn high amounts of interest.

Infinity Saver

Annual percentage yield (APY) 0.55% (as of Feb. 6, 2024)
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

Infinity Saver is the high-interest savings account for Manasquan, but we don’t think it should have that label. The APY rate of 0.55% (as of Feb. 6, 2024) doesn’t compete with available rates from plenty of other banks. It’s also not as good as what you can find on Manasquan’s own checking accounts.

Regular Savings

Annual percentage yield (APY) 0.10% (as of Feb. 6, 2024)
Minimum deposit requirement $50
Monthly maintenance fees $0
ATM access Yes, free access at Manasquan Bank ATMs
FDIC insured Up to $250,000

Manasquan Regular Savings come in three variations:

  1. Passbook Savings
  2. Statement Savings
  3. Young Savers Passbook (for ages 5 to 18)

None of these options charge monthly maintenance fees. They do have minimum balance requirements; however, Manasquan doesn’t specify what these requirements are.

We like that there’s an option for kids, but we don’t love the lack of details about what you get with these accounts.

Additional Manasquan Bank products

Checking and savings accounts are some of Manasquan Bank’s primary offerings, but they also provide:

  • Certificates of deposit (CDs): You can choose between multiple options for CDs that vary in length, minimum deposit requirements, and APY rates.
  • Individual retirement accounts (IRAs): You can opt for a traditional IRA or Roth IRA depending on your personal finance goals.
  • Education savings accounts: You can use this Coverdell Education Savings Account to benefit from tax-deferred earnings and tax-free distributions. You can withdraw funds for grades K-12, as well as college, university, or trade school.
  • Money market accounts: If you’re interested in money market accounts with decent APY rates, consider the Money Market Savings and Signature Money Market Savings accounts.
  • Health savings accounts (HSAs): If you qualify (typically need a high deductible health plan), you can start an HSA with Manasquan that has no monthly maintenance fees.
  • Credit cards: You can apply for widely accepted credit cards in partnership with Visa.
  • Lending and loans: You can get access to lending options, including mortgage loans, home equity loans, home equity lines of credit, commercial lending, equipment loans, and more.
  • Business banking services: If you’re a small business owner, take advantage of Manasquan’s business services, such as business checking and savings accounts.

What we like about Manasquan Bank

  • Various financial products and services: Manasquan is a full-service bank where you can benefit from a wide variety of products, including checking and savings accounts, loans, and credit cards.
  • Mobile banking apps: The Manasquan Bank mobile app has a 4.8 out of 5 rating on the Apple App Store and a 4.3 out of 5 rating on the Google Play Store. The app offers a streamlined banking experience that removes much of the need to go to one of Manasquan’s branches.
  • Checking account APY rates: Being able to earn up to 2.00% (as of Feb. 6, 2024) APY is much higher than what you can find on popular checking accounts. If you typically keep money in a checking account, you might as well earn some interest at the same time.
  • Branch locations: Online banks have become increasingly popular, but it can still be nice to have in-person support options for certain questions and transactions. Manasquan Bank locations can be found in New Jersey.
  • Member FDIC: As a member of the Federal Deposit Insurance Corporation (FDIC), eligible Manasquan Bank products, such as savings and checking accounts, receive up to $250,000 FDIC insurance per depositor.

What Manasquan Bank could improve

  • Information accessibility: We value banks and platforms that offer a high level of information accessibility and transparency. Manasquan’s website is generally easy to navigate, but we couldn’t find important details for some of the available bank accounts. For example, we weren’t sure whether certain accounts required a minimum opening deposit.
  • Regional service area: Manasquan Bank allows residents of 16 states and Washington, D.C. to open its bank accounts. That’s a decent service area, but that’s still missing a large part of the country. And you can only find in-person branches in New Jersey.
  • Savings account APY rates: The savings account APY rates aren’t nearly as competitive as the checking account APY rates. You can find better savings accounts with higher interest rates from other banks and credit unions.

Who is Manasquan Bank best for?

Manasquan Bank makes the most sense if you live in New Jersey. It’s headquartered in New Jersey and you can only find in-person branches in The Garden State.

You can still open a Manasquan Bank account if you live elsewhere since it’s available in 16 states and Washington, D.C. But as a New Jersey community bank, Manasquan is built around serving its local neighborhoods.

We think there are better options available if you simply want a way to bank online. Manasquan has competitive APY rates on some of its accounts. However, this high APY comes with various requirements. Other accounts don’t offer similarly competitive APY.

How to open an account with Manasquan Bank

To open a Manasquan Bank account, you can visit an in-person branch location or apply online from the website. Here’s how to get started online:

  1. Navigate to the Manasquan Bank website and find the account you want to open. Once you’re ready, select the “Apply Now” option.


  1. Go through the application process. This includes providing photos of a government-issued photo ID, as well as personal information.


  1. Submit your application and see if you qualify.

The requirements to open a Manasquan Bank account include:

  • Be at least 18 years old
  • Be a resident of Connecticut, Delaware, Florida, Georgia, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, or Washington, D.C.
  • Provide valid identification, such as a driver’s license or other government-issued photo ID
  • Provide your Social Security number
  • Provide your email address and other applicable personal information
  • Provide funding information for your opening deposit (if applicable)

Alternatives to Manasquan Bank

SoFi

SoFi is an online-only bank, which makes it easy to open and manage one of its accounts from just about anywhere. The SoFi Checking and Savings2 accounts are popular options that provide up to 4.60% APY3 with direct deposit4 and have no monthly maintenance fees or minimum opening deposit. You can also receive up to $2 million in FDIC insurance5.

Visit SoFi

…or read our full SoFi review.

Discover

Discover is another online-only bank with an impressive range of banking services. For example, the Discover® Cashback Debit Account has no monthly maintenance fees or minimum balance requirements. This account is also FDIC insured and provides 1.00% cash back on up to $3,000 in debit card purchases each month.

Visit Discover

…or read our full Discover review.

Manasquan Bank FAQ

Is Manasquan Bank a good bank?

Manasquan Bank is a good banking option if you live in New Jersey, where you can find its branches and headquarters, or in one of the 15 other states it serves along with Washington, D.C. Manasquan provides various competitive financial products and services and made the Forbes list of Best-In-State Banks for 2023.

Is Manasquan Bank FDIC insured?

Yes, Manasquan Bank offers FDIC insurance up to $250,000 per depositor for eligible products, including checking and savings accounts, money market accounts, and certificates of deposit.

Where does Manasquan Bank operate?

Manasquan Bank primarily operates in New Jersey, where its headquarters and all its branches are located. However, you can open a Manasquan Bank account if you’re a resident of 16 different states, as well as Washington, D.C.

Manasquan Bank review: bottom line

We don’t recommend Manasquan Bank for most people because it’s a regional bank that only has branches in New Jersey. Still, we like some of its products, including its checking accounts with high APY rates.

If you live in New Jersey, it could make sense to check out Manasquan’s financial offerings. If you don’t typically use in-branch banking, you may also benefit from its products as long as you live in one of the 16 states it serves or in Washington, D.C.

If you don’t live within the Manasquan Bank service area, we suggest looking into online and nationwide banks with more resources and reach. Find our top recommendations on our list of the best banks.

Discover®️ Cashback Debit Benefits

  • Earn 1% cash back on up to $3,000 in debit card purchases each month6
  • No minimum deposit, no minimum balance, and no account fees
  • Access your paycheck up to 2 days early with Early Pay
  • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

Author Details

Ben Walker, CEPF, CFEI® Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.