When you’re an entrepreneur, having the right financial partner by your side is critical to your success. For small businesses in New Jersey, choosing the right bank goes beyond simply finding a place to deposit checks and access funds.

The right institution understands the unique financial needs of small businesses and offers a comprehensive suite of products and services to address them. This includes a variety of account options tailored to business banking, competitive loan programs to fuel growth, and robust online banking functionalities for seamless financial management.

The Top Banks for Small Businesses in New Jersey

By choosing a bank that’s focused on the particular needs of small businesses, you gain access to the tools and resources needed to manage your company’s money more confidently—and we’ve rounded up the best choices for you. These small business banks will help your company thrive:

1. North One 

North One stands out for its tech-driven approach to small business banking. Founded in 2015 as a digital-first institution, we’ve built our platform entirely around the needs of startups and growing businesses. This translates to features like a fresh and modern mobile app for managing finances on the go, along with online tools designed specifically for budgeting and cash flow management.

Unlike traditional banks with physical branches, North One keeps things streamlined with online-only operations. But don’t worry about access to your cash— they leverage a network of 90,000 GreenDot locations for deposits and millions of ATMs worldwide for withdrawals. Counterintuitively, it also means they provide better service: the customer care team responds, on average, in under two minutes to chats through the app.

We also cater to the financial needs of young businesses by offering fee-free checking accounts, along with access to business loans and lines of credit to help fuel growth. North One even makes things easier with team banking features, allowing co-owners to have their own logins and debit cards for clear expense management. North One partners with The Bancorp Bank, N.A. to ensure FDIC insurance on all deposits.

We go beyond traditional checking account to offer the ability to send and receive payments efficiently through various channels, including drop-shipped paper checks, standard and same-day ACH transfers and domestic wire transfers. Apple Pay and Google Wallet compatibility and integration of physical and virtual debit cards makes everyday purchases quick and easy for on-the-go business owners.

Finally, many business owners in New Jersey and beyond appreciate features built just for small business owners, such as Envelopes for keeping money earmarked for particular expenses, integrations with several accounting and payment platforms, bill pay that’s as easy as forwarding an emailed invoice, and cash flow monitoring that anticipates your customers’ payments.

2. Valley National Bank 

Valley National Bank, a longstanding institution with deep roots in New Jersey, understands the unique challenges and aspirations of small businesses in the state. Their commitment to the local community goes beyond just offering basic financial products.

Valley National Bank offers business checking accounts with features tailored to meet the specific needs of startups, established businesses and everything in between. Their Small Business Checking Account boasts generous free transactions and cash processing limits, ideal for managing everyday finances. For businesses with higher transaction volume, the Business Checking Plus account offers an even more robust set of features. Valley National Bank also celebrates the contributions of female entrepreneurs with their Women in Business Checking account, which includes additional perks like waived fees and access to exclusive programs.

Valley National Bank also provides a comprehensive suite of financial tools designed to empower small businesses. Their loan programs offer the capital needed to invest in growth initiatives, while cash management solutions and merchant services streamline operations and improve efficiency. Their online and mobile banking platform allows business owners to manage their finances from anywhere, anytime, granting them the flexibility they need in today’s fast-paced environment. Features like fraud protection and accounting software integration provide peace of mind and simplify financial management, allowing business owners to focus on what they do best – running their businesses. 

3. Hudson Valley Credit Union  

As a local financial institution with a deep-rooted commitment to community development, Hudson Valley Credit Union (HVCU) understands the distinct challenges and aspirations of small businesses in the Hudson Valley region. They differentiate themselves by prioritizing personalized service and providing business banking solutions tailored to help you achieve your entrepreneurial goals.

HVCU offers two business checking accounts, Value Business Checking and the Enhanced Business Checking, with features designed to meet the specific needs of startups, established businesses, and everything in between. Value Business Checking boasts a low monthly maintenance fee that can be waived by maintaining a minimum balance, ideal for businesses with lower transaction volume. Enhanced Business Checking offers a higher transaction limit for businesses with more frequent check and ACH transactions, with a slightly steeper monthly fee that can also be waived by maintaining a higher minimum balance. Both accounts come with a free Visa® Debit Card and provide access to a nationwide network of surcharge-free ATMs, ensuring convenient access to your business funds whenever and wherever you need them. HVCU further offers merchant services to ensure easy transactions for your company.

HVCU also offers a competitive suite of loan and credit options, including SBA guaranteed loans with attractive rates and terms, perfect for financing your startup or expansion plans. Additionally, HVCU has investment services designed to help you manage your business savings and plan for the future. Experienced financial advisors can work with you to develop a personalized investment strategy that aligns with your risk tolerance and long-term financial goals.

4. Provident Bank 

Provident Bank prioritizes building long-term relationships with their clients and understands the unique challenges faced by mid-sized businesses. They offer a range of account options and services specifically designed to help small businesses succeed.

For instance, they offer a BusinessAdvantage Checking account with waived monthly fees if you meet certain requirements. This account even offers cash back rewards on debit card purchases, helping you save money on everyday business expenses. Additionally, they have a Business Checking with Interest account that allows you to earn interest on your business checking balance while still offering a free debit card and online banking services.

Provident Bank goes beyond just checking accounts, of course: they can be your one-stop shop for all your small business banking needs. They offer SBA loans to help you finance your startup or growth plans, and treasury management services to streamline your cash flow and automate tasks. With a network of branches located throughout New Jersey, New York and Pennsylvania, you’ll have easy access to Provident Bank representatives who can answer your questions.

Provident Bank also has a team of experienced financial advisors who can work with you to develop a personalized financial plan for your business. They offer mobile banking services that allow you to check your account balances, transfer money, deposit checks and pay bills. Better yet, with night deposit services, you can deposit checks after banking hours, which can save you time and hassle.

Finally, they offer a wide range of business services, including merchant services, payroll processing, and remote deposit capture. 

5. Lakeland Bank 

Lakeland Bank has roots in New Jersey, and takes pride in its community banking approach. Lakeland Bank offers a comprehensive suite of business banking solutions. Their business checking accounts come with features that cater to different transaction volumes, ensuring you have the flexibility and control you need to manage your finances effectively. Additionally, they are known for their competitive loan rates, making it easier for you to secure the funding you need to launch your venture or fuel your growth plans. Whether you require a small business loan, a line of credit to cover operational costs or financing for essential equipment, Lakeland Bank has a financing option tailored to your specific needs.

They also prioritize building strong, long-lasting relationships with their small business clients. Their approach allows them to offer personalized financial advice and guidance to help you, even beyond financial services. They actively participate in fostering local economic development through initiatives like small business workshops and seminars. These resources provide valuable guidance and connections to help you navigate the landscape and connect with other entrepreneurs in the community. 

Methodology: How We Chose the Best Banks for New Jersey Small Businesses

Finding the perfect banking partner is critical for your small business’s success. To help you navigate this crucial decision, we evaluated New Jersey banks based on factors specifically relevant to you. Here’s what mattered most:

  • Small business focus: We prioritized banks offering features you need, like free business checking, online bill pay, mobile banking, and merchant services.
  • Cost transparency: We scrutinized account fees, minimum balances, and loan rates, emphasizing clear fee structures for effective financial management.
  • Digital convenience: We assessed the user-friendliness of online banking platforms and mobile apps, recognizing the importance of managing finances on the go.
  • Customer service: We valued the availability of dedicated business banking representatives and multiple support channels to address your questions and concerns.
  • Local presence: While a digital-first option is included, we focused on New Jersey banks with branches. This ensures easy access to branch services and face-to-face interactions if preferred.
  • Strong reputation: We considered customer reviews and industry accolades to identify banks known for reliability and excellent service.

Support Success with the Best Small Business Banks in New Jersey

New Jersey small business owners can choose from an array of banks, each with distinct features and specializations. Navigating this sea of options can feel overwhelming, but comparing their services is crucial. Don’t settle for a one-size-fits-all approach. By investing time in researching and comparing banks, you can find the right financial partner. The ideal bank will integrate with your specific business needs and financial goals, providing the tools and support necessary to propel your venture forward.