Best Small Business Banks in New Jersey

Written on October 29, 2021

New Jersey is an excellent state to start a business. Whether you’re setting up shop in Atlantic City, Newark, Paterson, or anywhere in between, there are reasons to consider building your small business in the Garden State. Before you begin, you’ll need to assess your financial needs as well as your banking options.

Whether you’re just getting started, expanding into the state, or merely want to know what the best small business banks in New Jersey are these days, there are plenty of considerations to make. This guide will help you understand what New Jersey banks offer for your business depending on your financial needs.

The Best Banks for Small Businesses in New Jersey

New Jersey has a ton of small business banks for you to choose from: some are local within the state while others have a regional or national presence. There are also loads of credit unions that offer small business bank accounts, which can provide their own benefits to you and your company. Here are a few to consider.

1. Best Small Business Bank in New Jersey for Flexibility: TD Bank

TD Bank offers three banking tiers, each with different-sized businesses in mind. Small operations with fewer banking needs can start with TD Business Simple Checking, which has a low $10 monthly fee in exchange for features that many other small business accounts don’t offer on an introductory-level account. There’s no way to waive this fee, however, which is unlike other business checking accounts.

Although you can’t avoid the $10 monthly fee, TD Business Simple Checking account has no minimum balance requirement either. You’ll also get free invoicing and online payment tools, online credit and ACH transfers, and up to $5,000 in cash deposits without a fee. As your business grows, you can opt for more advanced accounts that come with more tools, free transactions, and fee-free ATM transactions even if they’re in the TD Bank network.

2. Best Small Business Bank in New Jersey for ATM Access: PNC Bank

PNC Bank is all over New Jersey with 245 branches across the state. So whether you’re in Asbury Park, West Orange, or anywhere in between, you’re likely to find a branch nearby. There are also PNC ATMs inside many Stop & Shop Grocery stores across the state; so even if you’re not near a branch, you’re still likely to come across an ATM.

PNC Bank offers a variety of business checking accounts. Their basic business-checking account only requires a $100 initial deposit and comes with a $10 monthly maintenance fee, which is waived for the first three statement cycles (and can be waived after that through a variety of qualifying conditions. There are also more advanced options, such as Business Checking Plus and a treasury enterprise plan, for businesses with more sophisticated financial needs.

3. Best Small Business Bank in New Jersey for National Access: Chase

Chase is one of the largest banks in the United States, which means you’re never far from a branch no matter where you are. New Jersey businesses with their eyes set on expansion should consider the advantages of working with a bank as broadly accessible as Chase, as this can make it easier to do business in a variety of locations.

Chase offers several business bank account tiers, each of which is designed to benefit a different kind of business or set of client needs. The Chase Business Complete Banking℠ account is designed for small businesses that are primed for growth. This account comes with lower fees than other Chase accounts in exchange for a smaller amount of features and free transactions. You can waive the monthly $15 service fee if you keep a $2,000 daily balance, or through other qualifying conditions.

Other Chase accounts provide different (and more) fee-free services per month, but come with higher monthly fees and stricter qualifications for having these fees waived.

4. Best Small Business Credit Union in New Jersey: Affinity Credit Union

Credit unions may not get the same attention that conventional banks enjoy, but not for lack of features or benefits. Credit unions are similar to banks, albeit with unique benefits for account holders. For example, when you join a credit union, you’re likely to get stronger customer service and potentially preferential lending and interest rates. This depends on the credit union, of course, so your mileage may vary.

With Affinity Credit Union, you’re entitled to a suite of tools designed to help your business grow. This credit union provides qualifying businesses with checking and savings accounts as well as customizable loans and even retirement plans for both you and your employees. Better still, you can even register your business to become what Affinity calls a Select Employee Group, which makes your employees eligible to open their own personal bank accounts.

5. Best Small Business Bank in New Jersey for Online Banking: Axos

Online banking is an increasingly popular option for businesses that don’t rely on traditional services brick-and-mortar banks provide. These digital-only options can be great for companies with clients that pay via credit card, wire transfer, check, or ACH, as many can’t accept cash deposits easily. In exchange for these limitations, most online banks offer better interest rates than their peers, and Axos is our top pick for this and other reasons.

Axos Bank offers three interest-bearing checking accounts, each with a different number of free activities (such as deposits and transfers) depending on your needs and the amount of money you expect to have in your account at any given time. Each account comes with a network of surcharge-free ATMs, free online and mobile banking, free online bill pay, and 60 free remote check deposits.

What to Look for in a Small Business Bank

The right small business bank for you depends in large part on your specific needs. Businesses that don’t need a slew of free features, such as wire or ACH transfers, may find that a barebones account with an easily waived monthly fee is the best option. Other companies that expect to move a significant amount of cash to and from their account, and can afford or waive monthly fees, may want an account with more flexibility and free transactions.

Ultimately, you’ll want to think about your short-term needs as well as your long-term goals. Banks that let you start small with inexpensive accounts are great; those that offer more feature-rich options for when your business grows are even better. Changing banks can be a pain, so it’s better to do your homework now and decide what bank will grow alongside you.

The Bottom Line on Small Business Banks in New Jersey

The Garden State has loads of banking options for businesses of just about any shape or size. Whether you’re just starting out or looking to expand your business long-term, there’s a bounty of options out there. Each comes with its own unique benefits and drawbacks, so be prepared to do your research before you move forward. This can help you make sure you’re picking the right account for now as well as the right bank for the long haul.