Launching a small business in New Jersey presents unique challenges, including choosing the right banking partner. The abundance of banking options can make this decision daunting. To assist you, we’ve curated a list of the top 9 banks for small businesses in New Jersey for 2024. Continue reading to discover which bank best fits your business needs.
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We explored multiple aspects in our quest to uncover New Jersey’s top banks for small businesses. We scrutinized the costs of keeping an account open and the minimum deposit needed to dodge these fees. We peeked at extra fees for various banking services and how user-friendly their mobile banking options are.
Bluevine is an online financial platform catering to small businesses. It’s a prime choice for business owners who value convenience and efficiency in their banking services.
This platform offers business checking accounts free from monthly maintenance fees and provides business loans and lines of credit. Bluevine is noted for its rapid application and funding processes, ideal for businesses urgently needing capital.
Why we chose it: Bluevine offers high-interest rates, low fees, and no maintenance demands, making it the top banking choice for LLCs and other business entities.
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Regarding fees, Bluevine allows you to manage your business finances without monthly charges, ensuring cost-effective banking. However, using ATMs outside its network incurs fees, though the mobile app can help locate no-fee withdrawal options. Each cash deposit incurs a $4.95 fee, so it’s best to limit cash transactions when feasible.
Bluevine shines with a 2.0% APY, which is 50 times higher than the national average, applicable to balances up to $100,000. However, amounts exceeding this limit don’t earn interest. You can earn up to 4.25% APY with a business checking account.
There are no minimum balance requirements with Bluevine, enabling businesses to start banking immediately and benefit from the attractive interest rates, regardless of their initial deposit size.
The Bluevine mobile app enhances banking flexibility, allowing you to manage funds, pay vendors through wire or check, and schedule future payments effortlessly from any location.
Capital One is a leading financial institution that provides extensive services, including specialized merchant services for small businesses. These services are geared towards helping businesses smoothly process payments, whether in-store or online, with options for credit card, debit card, and mobile payments.
Why we chose it: Capital One eliminates limits on digital transfers, allowing you to move funds as needed.
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Capital One charges a $15 monthly fee for business accounts, which might be steep for some small businesses. However, you can avoid this fee by maintaining an average balance of $2,000 over 30 or 90-day period. There’s no fee for using any of Capital One’s 70,000 ATMs nationwide.
Opening a business savings account with Capital One could yield interest rates of up to 0.20% in your first year for balances up to $5 million, offering substantial growth potential for small businesses. It’s important to note. However, Capital One’s checking accounts don’t accrue interest, making their free digital transfers even more appealing.
There’s no minimum balance required to keep your Capital One account active. Maintaining at least $2,000 in your checking account can help you dodge the monthly service fee. Plus, keeping surplus funds in your savings can earn you some interest.
Given the scarcity of physical Capital One branches, their highly-rated mobile app is incredibly handy. It allows you to perform all necessary banking tasks, transfers, digital payments, and check deposits using your device’s camera. The app provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers helpful financial tips.
U.S. Bank, a national entity, provides a spectrum of banking solutions tailored for small businesses, including specialized checking accounts. These accounts offer essential features such as online and mobile banking, debit cards, and unlimited transactions. Additional services like overdraft protection and cash management tools are also available to aid small businesses in financial management.
Why we chose it: U.S. Bank is a go-to for small businesses seeking diverse lending options.
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With U.S. Bank’s silver checking package for small businesses, monthly fees are non-existent. As your business expands, higher-tier accounts might incur monthly fees, though they can be waived. Monitoring your transactions is vital to avoid extra charges for exceeding set limits.
U.S. Bank’s checking accounts don’t offer interest. While their savings accounts come with varying perks, the highest interest rate currently stands at a mere 0.01%. However, there’s no cap on the balance you can earn interest on.
The silver account package, crafted for small businesses at U.S. Bank, doesn’t require a minimum balance. For other checking accounts, waivable fees apply if you maintain the required balances. Savings accounts start with a minimum balance of $500 to avoid service fees.
If you’re far from a U.S. Bank branch, their mobile app lets you handle all banking operations remotely. You can easily transfer funds, monitor financial updates, and receive tailored alerts to stay informed about your financial health.
Bank of America is renowned for its comprehensive merchant services, catering to businesses of all sizes. The bank offers a variety of solutions like credit card processing, payment processing, and point-of-sale systems.
These services ensure secure and reliable payment handling tailored to each business’s needs. Bank of America provides robust fraud protection and chargeback management to help merchants minimize risk and safeguard profits.
Why we chose it: Bank of America’s rewarding perks provide numerous advantages, making banking beneficial for all involved.
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The basic checking account at Bank of America carries a $16 monthly fee, which you can avoid by maintaining a $5,000 monthly balance, spending a minimum of $250 on your debit card, or by joining the Preferred Rewards program. Be aware of fees incurred from using ATMs outside the network and for excessive deposits within a month.
Small businesses starting a savings account typically earn a 0.01% interest rate, which can increase to 0.04% through active participation in the rewards system. Bank of America checking accounts don’t offer interest.
Maintaining a $5,000 average monthly balance in your checking account eliminates the $16 service fee. To avoid a $10 monthly fee on savings accounts, a minimum balance of $2,500 is required.
Bank of America’s mobile app is highly acclaimed for its functionality. It allows you to manage your accounts, pay bills, and transfer funds from anywhere. The app also includes a budgeting tool to help track expenses and manage spending effectively.
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Axos Bank is ideal for businesses aiming to enhance their cash management processes. It offers a comprehensive suite of cash management tools, including wire transfers, ACH transfers, remote deposits, and account reconciliation services.
These services are designed to improve cash flow management, minimize risk, and boost operational efficiency. With competitive fees and committed customer support, Axos Bank is a top pick for businesses that optimize their financial operations.
Why we chose it: Axos Basic Business Checking’s absence of cash deposit fees and low overall fee structure makes it one of the best business bank accounts available.
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Axos Bank’s Basic Business Checking doesn’t come with a monthly maintenance fee or specific account opening requirements. It offers reimbursement for any ATM fees incurred, making it free. Note that there’s a $35 fee for each wire transfer, which is something to consider if you frequently use this service.
While this account doesn’t offer an annual percentage yield, it focuses on providing valuable business perks. For earning interest, Axos has interest-bearing business savings accounts available.
There are no minimum balance requirements for either checking or savings accounts at Axos Bank, making it an appealing choice for small business owners with significant funds to maintain in their account.
Axos Bank’s robust mobile app enables customers to handle their banking needs conveniently. You can manage accounts, deposit checks, transfer funds, pay bills, and conduct wire transfers all via your mobile device. The app also includes features like account alerts and budgeting tools to help you keep track of your finances effectively.
Lili Bank is a digital banking platform tailored for freelancers and small business owners, offering a comprehensive range of banking solutions. Its wire transfer services are notable for their speed, security, and reliability, which are provided at competitive rates.
The user-friendly interface and intuitive controls make Lili Bank’s wire transfer services straightforward to use. Coupled with a transparent and simple fee structure, Lili Bank is an outstanding choice for businesses that frequently handle wire transfers.
Why we chose it: Lili’s minimal fee approach and tax optimization tools help businesses retain more of their earnings. Also, if you’re in the market for a top online business checking account without credit checks, Lili is an excellent option.
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Lili is notable for its absence of account and overdraft fees, and it doesn’t charge for foreign transactions or usage of over 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM could cost between $2.50 and $5.
Lili’s Business Checking account doesn’t accrue interest. For those who opt-in, a savings account is available with a 1.5% APY, but maintaining at least $34,000 in the account is necessary to balance the monthly fees.
There are no minimum balance requirements for Lili’s checking account, making it a viable option for businesses starting out or those with varying income levels.
Lili Bank’s mobile app is designed for freelancers and small business owners. It enables comprehensive financial management, from tracking expenses and preparing for taxes to handling payments, all accessible via mobile devices. The app includes instant payment notifications, budgeting tools, and mobile check deposit capabilities.
Oxygen Bank is a digital bank tailored for freelancers, entrepreneurs, and small businesses. It offers a remote deposit service enabling businesses to deposit checks using their smartphones or tablets from anywhere, anytime. This service is known for its speed, security, and reliability, with funds typically available within two business days.
With its competitive pricing, transparent fee structure, and easy-to-navigate interface, Oxygen Bank is a top choice for businesses seeking a convenient and dependable remote deposit solution.
Why we chose it: Oxygen resonates with the modern business owner, providing innovative banking features that make managing finances a breeze. It’s also highly recommended for sole proprietors.
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Oxygen boasts a fee-free structure for most services, though charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or account maintenance.
Oxygen’s business checking accounts don’t earn interest; however, they offer a business savings account option where funds up to $20,000 earn 1.0% interest. Higher balances still accrue interest but at a reduced rate.
There are no minimum balance requirements for either checking or savings accounts at Oxygen Bank. This means no monthly fees, regardless of your account balance, so you won’t face penalties for low funds.
Oxygen Bank’s mobile app is crafted to assist small business owners with financial management. The app allows you to deposit checks, pay bills, and access spending insights to keep track of your finances effectively. It also allows you to generate account statements whenever needed.
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Chase Business has launched various business services that include payment collection and fraud protection, and they even offer a $300 bonus just for opening an account. With the Chase Business app, you can directly process credit card payments into your account. Although there’s a monthly service fee, there are several ways to bypass it.
Why we chose it: Chase Business fulfills your banking needs and adds many additional business services.
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While the prospect of a monthly service fee might deter some, Chase Business offers multiple ways to have this fee waived. Simply maintain a minimum daily balance of $2,000, make $2,000 net purchases with a business card, or process $2,000 in deposits via the Chase Business QuickAccept app.
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Chase Bank is a premier institution that offers comprehensive banking services suitable for businesses of various sizes. It’s notably recognized for its exceptional fraud protection services, equipped with a robust tool suite to minimize risk and safeguard profits.
Chase’s fraud protection features include real-time monitoring of transactions, advanced analytics, and sophisticated algorithms for detecting fraud. Supported by 24/7 customer service and a specialized fraud prevention team, Chase Bank stands out as a top choice for businesses needing strong fraud protection measures.
Why we chose it: Chase combines its traditional banking offerings with an extensive array of merchant services to support your business’s growth.
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Chase Business Complete Banking starts with a $15 monthly fee, which can be waived by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. Be mindful that there are transaction fees beyond the initial 20 and high costs associated with wire transfers.
Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, which offers up to 0.02% APY.
To avoid the monthly service fee, maintain at least $2,000 in your checking account. Falling below this amount even once a month can trigger the fee. Savings accounts are free of maintenance fees, provided you have an active checking account with Chase.
Chase’s mobile app extends beyond typical banking activities. If misplaced, you can lock or unlock your credit card, use budget planning tools to allocate funds for significant purchases, and access credit monitoring tools to maintain your financial health.
To determine the best banks for small businesses in New Jersey, we analyzed various facets of setting up and managing a business bank account. Here’s a breakdown of the critical criteria that guided our selections:
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Do you have additional questions about setting up a bank account for your business in New Jersey? Here are the answers to frequently asked questions:
To open a business bank account in New Jersey, you’ll need your business’s legal formation documents, such as articles of incorporation or partnership agreement, an Employer Identification Number (EIN), and a government-issued ID for each authorized signer. Some banks might also ask for proof of address or business licenses, so confirming specific requirements with your chosen bank is wise.
Absolutely, using an EIN to open a bank account is recommended. For any business with employees, it’s required for tax purposes, and banks will use it to register your account. If you’re a solo entrepreneur, you might use your Social Security Number (SSN), but be cautious as this can mix personal and business finances.
Yes, opening a bank account without an SSN in New Jersey is possible, depending on the bank’s policies. Non-citizens or foreign nationals might use an Individual Taxpayer Identification Number (ITIN) or a passport. Always check with the bank to understand their requirements. Certain financial services like credit or loans might still require an SSN or ITIN to assess creditworthiness.
Ideally, a small business should save at least six months of operating expenses to cover unforeseen difficulties. Contributing at least 10% of your monthly profits to this reserve can help grow your safety net.
Opening a business bank account in New Jersey can offer significant advantages for managing your finances and keeping accurate records of your transactions.
Top banks for small businesses in the state provide competitive fees, easy transfer services, and reliable customer support, helping you achieve your financial objectives and maintain strong relationships with vendors. Consider these banks as your go-to choice for meeting your business’s banking needs in New Jersey.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
