February 25, 2025

Best Banks for Small Business in New Jersey

By Alyssa Supetran
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Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Running a small business in New Jersey? TD Bank, Provident Bank, Axos, and more can help take your business to the next level.

Which bank is best for a small business in New Jersey?
Here are the 10 best banks for small businesses in New Jersey:
  1. TD Bank for customer service
  2. Wells Fargo for SBA loans
  3. Chase Bank for built-in credit card processing
  4. Capital One for unlimited free transactions
  5. Provident Bank for cashback rewards
  6. Valley National Bank for cash processing
  7. Affinity Federal Credit Union for local credit union
  8. Bluevine for high-interest checking accounts
  9. Axos Bank for minimal fees
  10. North One for cash management

Did you know that New Jersey's small business sector makes up 99.6% of all companies in the state?[1]

They receive impressive support, including mentoring programs, financing, tax incentives—you name it! So, if you're a business owner in New Jersey, you're in good hands.

But to fully leverage these resources, you need the right financial partner. Fortunately, you've got plenty of options to choose from.

From TD Bank to North One, this guide discusses the best banks for small businesses in New Jersey.

Top 10 Banks for Small Business in New Jersey

Whether it's a restaurant in Red Bank or a small boutique in Secaucus, these banks can help unlock your business's potential.

Which banking service do you need for your small business in New Jersey?

TD Bank

Best for: Customer service and extended branch hours

TD Bank calls itself "America's Most Convenient Bank" due to its extended branch hours.

Many branches are open on weekends and even some holidays. So, you can still do in-person transactions if you're busy during the week. And with 220+ branches in New Jersey, you won't have trouble finding the closest one.

Aside from extended branch hours, TD Bank has 24/7 live customer service, helping customers even at odd times of the day.

Other than checking and savings accounts, TD Bank also offers merchant solutions for in-person and e-commerce businesses. They can be set up on the same day, so you can start accepting payments quickly. Additionally, TD Bank's instant-issue debit cards can be used immediately.

With TD Bank's Early Pay feature, you can receive eligible deposits up to 2 days earlier than expected at no additional cost.[2]

Pros:

  • 24/7 customer service & extended branch hours
  • Personalized support from small business specialists
  • Same-day setup for merchant solutions
  • Receive deposits early (up to 2 days earlier)

Cons:

  • Many banking fees like overdrafts and wires
  • No free checking option

Planning to expand your business? This next option can give you the extra capital it needs to grow.

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo has a massive national presence with approximately 4,100 retail banking branches coast to coast and over 200 branches in New Jersey alone. This makes it a top contender if you want a national bank for your local business.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, and payroll services under one roof.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

Does your business accept a lot of credit card payments? Then this next bank might be a good fit.

Chase Bank

Best for: Built-in credit card processing

Chase Bank is another national bank with a large footprint in New Jersey. With more than 180 local branches, it's easy to get in-person assistance, especially around Bergen County.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

And with the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

Traditional banks usually limit the number of free transactions you can do monthly. If your business has a high activity volume, consider this next option.

Capital One

Best for: Unlimted fee-free transactions

Capital One's footprint in New Jersey isn't as extensive, with only 10+ local branches overall. So if you don't mind not having as many physical branches, it's still worth looking into.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

If you want massive statewide presence and local expertise, check out the local bank below.

Provident Bank

Best for: Cashback rewards & local banking experience

Provident Bank is a well-established, long-running community bank in New Jersey with over 130 local branches. It has served the community for 180+ years, so it's your best bet if you're looking for a bank with a deep understanding of local businesses' needs.[3]

Provident offers business checking accounts, including a free option perfect for growing small businesses. The Small Business Checking account has no monthly fee, no minimum balance requirements, and a generous monthly limit.

Plus, you get unlimited 0.25% cash back on eligible purchases with the complimentary business debit card. So you keep more money in your account, even when spending on business essentials.[4]

Beyond checking accounts, Provident offers other useful business services, like credit lines, business loans, and treasury management. Business clients also enjoy access to exclusive perks like its Bank at Work Program.

All Provident business checking accounts come with free 24-hour phone banking access. Get immediate support and make crucial transactions over the phone without worrying about the costs or time of day. Just dial 800-448-7768.

Pros:

  • Unlimited 0.25% cashback on qualified debits
  • High monthly transaction limits
  • Access to 24-hour phone banking
  • Special benefits for business clients

Cons:

  • No online application for business accounts

Valley National Bank

Best for: Cash processing & female entrepreneurs

Valley National Bank is a regional bank based in Morristown, New Jersey with more than 120 local branches across the state.

Its business checking accounts stand out for its generous cash processing limits. The Small Business Checking alone allows up to $10,000 in fee-free cash processing per month. It's ideal if your business handles a lot of cash since you don't have to worry about the transactions becoming too costly.

While it doesn't have a free checking option, the requirements to waive the monthly fees are acceptable for a small business.

Another standout feature is Valley Bank's strong support for female entrepreneurs. Its Women in Business Checking account offers high monthly limits and easy waiver requirements for the monthly fee. You'll also be enrolled in its Women in Business Program, giving you access to additional perks like tailored financing, training programs, and invites to exclusive networking events.[9]

Pros:

  • High limits for cash processing
  • Strong support for female entrepreneurs
  • Reasonable waiver requirements for monthly fee

Cons:

  • Small ATM network
  • Many banking fees like overdrafts and wires

Credit unions can be great alternatives to traditional banks because of their unique perks. This next option is worth checking out if you're a small business owner in New Jersey.

Affinity Federal Credit Union

Best for: Local credit union

Affinity Federal Credit Union is the largest credit union based in New Jersey. Its own offices are only around 20 but extends its reach through 5,600+ shared branches with other credit unions. Because of this, you can access its services almost anywhere.

Unlike other credit unions, access to Affinity FCU's shared branches isn't automatic. You need to opt in through its Member Service Center.

When you're an Affinity FCU business member, you get access to exclusive benefits, like low-APR business credit cards, tailored loans with competitive rates, and lower fees.

Plus, you enjoy comprehensive financial planning services, where Affinity's team of investment and insurance specialists work closely with you to create a custom financial plan for your company. You can even sign up as a Select Employee Group, so your employees can also enjoy the credit union's benefits.

For business checking accounts, there's not a lot of variety. There are 2 options available: a basic account for simplifying day-to-day operations and an analyzed account for highly active businesses.

Both accounts have monthly fees. There are no ways to waive with the Business Performance account, but you can offset it with earnings credits. For the Business Basic account, you just need to maintain an average daily balance of $500.[11]

Affinity FCU offers comprehensive financial wellness resources—online guides, video tutorials, calculators, etc.—to help its members achieve financial freedom. Credit counseling services are also available to help improve your credit score and overall financial health.

Pros:

  • Extended coverage through shared branches
  • Exclusive perks for business clients
  • Business financial planning services
  • Comprehensive financial wellness resources

Cons:

  • Need to opt in for shared branch access
  • Low APY for business savings[12]

Don't need a physical branch for transactions? Consider these online-only options instead.

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. And there's no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to 5 free sub-accounts with their own account numbers. This allows you to better organize your funds and set budgets for things like payroll, taxes, and vendor payments.

You can even set custom rules and permissions for better security and account management. All sub-accounts also earn interest up to the combined maximum.[13]

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[14] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to 5 sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Axos Bank

Best for: Minimal fees and free basic checking account

Axos is a full-service online bank, so it has no physical locations. But it's still a solid option for small businesses in New Jersey thanks to its lower fees.

The Basic Business Checking account has no monthly fees and gives you unlimited free transactions for deposits, withdrawals, and incoming wire transfers. You also get up to two outgoing domestic wire reimbursements monthly.

Need to withdraw cash? Use any ATM you want. You get unlimited domestic ATM fee reimbursements nationwide. You can also make cash deposits at participating machines.

Axos customer support is available 24/7 so you can reach out anytime—even after normal business hours. Help is just a call or email away.

Pros:

  • Free business checking option
  • Minimal fees
  • Unlimited domestic ATM fee reimbursements
  • Dedicated customer support

Cons:

  • No physical branches
  • Limited support hours for non-clients

North One

Best for: Cash management & third-party integrations

North One is a great online-only option if you’re looking for a well-rounded business checking account with built-in financial tools.

For example, its unlimited digital envelopes give you complete control over your budget, making saving and planning for your business operations more efficient. You can use different accounts to set aside money for things like taxes, payroll, office supplies, etc.

Plus, you can set custom rules for each one, like scheduling automatic transfers, so you don’t have to worry about it every time. You can do monthly, weekly, or even daily transfers.

North One’s business checking account lets you pay invoices automatically, track revenue, and integrate with popular accounting tools like QuickBooks. And there are no monthly fees or minimum balance requirements to worry about.

Pros:

  • No monthly fee for Standard account
  • Unlimited digital envelopes
  • Integrations with popular business apps (Gusto, QuickBooks, Shopify, etc.)

Cons:

  • Possible withdrawal fees from ATM operators[15]
  • Fees for cash deposits

North One is a financial technology company, not a bank. Banking services and FDIC insurance are provided by The Bancorp Bank, N.A., Member FDIC.[16]

How to Choose the Right Bank for Your Business?

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in New Jersey. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in New Jersey. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Methodology

To come up with the best banks for small businesses in New Jersey, we first pinned down banks with a strong presence in the state. After all, you'll want to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, extended branch hours, and financial planning.

FAQs

Do I need a New Jersey ID to open a business bank account in New Jersey?
Yes, most banks in New Jersey require proof of residency to open a business bank account. This usually means a New Jersey driver's license, business license, and business registration.

Should a New Jersey LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your New Jersey LLC's liability protection since proving you're not commingling funds will be easier.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account with low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account. Consider banks that don't use ChexSystems if you think it'll be a problem.

Can I use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

As a small business owner, TD Bank is your best bet if convenience is your #1 priority. With its extended branch hours, large local presence, and 24/7 customer service, it's easy to get support whenever you need it—even outside normal business hours.

However, for local expertise and additional savings, local banks like Provident Bank might be a better fit. Consider an online-only option like Bluevine for lower fees and higher APYs.

Whether it's a traditional bank or a credit union, make sure to understand your business's unique requirements before deciding.

References

  1. ^ U.S. Small Business Administration Office of Advocacy. 2024 Small Business Profile New Jersey, Retrieved 02/09/2025
  2. ^ TD Bank. TD Early Pay, Retrieved 07/27/2024
  3. ^ Provident Bank. About Us, Retrieved 11/11/2024
  4. ^ Provident Bank. Small Business Checking, Retrieved 11/12/2024
  5. ^ Provident Bank.Provident Bank at Work Program, Retrieved 11/12/2024
  6. ^ Valley Bank. Small Business Checking, Retrieved 11/12/2024
  7. ^ Valley Bank. Business Checking Plus, Retrieved 11/12/2024
  8. ^ Valley Bank. Women in Business Checking, Retrieved 11/12/2024
  9. ^ Valley Bank. Women in Business, Retrieved 11/12/2024
  10. ^ Affinity Federal Credit Union. Business Financial Planning, Retrieved 11/13/2024
  11. ^ Affinity Federal Credit Union. Business Accounts Fee Schedule, Retrieved 11/13/2024
  12. ^ Affinity Federal Credit Union. Rates, Retrieved 11/13/2024
  13. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  14. ^ Bluevine. Line of Credit, Retrieved 02/23/2025
  15. ^ North One. Announcing Free Cash Withdrawals at Millions of ATMs Worldwide, Retrieved 10/03/2024
  16. ^ North One. Pricing, Retrieved 10/03/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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