Northfield Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you operate in New York or New Jersey and need an affordable business checking account with low fees and high transaction limits, Northfield Bank is a great provider. It offers two business checking products: a free noninterest-drawing account and an $8 interest-earning account. These accounts provide up to 1,000 fee-free debits and credits. Other Northfield Bank products include money market accounts, specialty accounts, term loans, lines of credit, mortgages, construction loans, land loans, and working capital loans.
Pros
- 1,000 fee-free transactions per month
- No monthly fee or minimum balance requirements for free account
- Rewards-earning debit card
- Free thank you gift
Cons
- Only operates in New York and New Jersey
- Applicants must visit a branch to open an account
- 0.01% APY on interest-earning account
- Exceeding transaction limit leads to account conversion
Features
- Basic and interest-earning options
- Free business debit card with uChoose Rewards
- Digital banking
- Online bill pay
- Online cash management
- Higher FDIC coverage through ICS
- Integrates with Apple Pay and Google Pay
- Specialty checking and money market accounts
- Term loans, lines of credit, small business loans, and credit cards
How Northfield Bank Stacks Up With Its Competitors
APY | Monthly Fee | Transaction Limit | Minimum Opening Deposit | |
|---|---|---|---|---|
Simply Free Business Checking | None | None | 1,000 debits and credits | $50 |
 Business Complete Banking | None | $15; waivable | 20 paper transactions per month; then 40 cents per transaction | None |
 Free Business Checking With Interest | 0.20% | None | No limit | None |
When Northfield Bank Is a Good Fit
- You want fee-free business checking: The Simply Free Business Checking account has no monthly fee or minimum balance requirements.
- You have a low to moderate monthly transaction volume: It offers 1,000 fee-free combined debits and credits per month.
- You want access to rewards-earning credit cards: The Northfield Bank Business Visa Debit Card can be linked to the uChoose Rewards program, which lets cardholders earn redeemable points for debit card purchases.
When Northfield Bank Is Not a Good Fit
- You want nationwide access to brick-and-mortar banking locations: Northfield Bank only has physical branches in New York and New Jersey. If you need access to more branches, consider Chase as it has 4,700 branches across 48 states. Learn more about the bank’s three business checking accounts in our Chase business checking review.
- You want to earn competitive interest on checking deposits: Business Interest Checking, Northfield Bank’s interest-earning checking account, only earns interest at a rate of 0.01%. Meanwhile, Bluevine offers qualified users an industry-leading APY of 2.00% on qualifying balances of $250,000 or less. Our Bluevine business checking review can tell you more about how to qualify for Bluevine’s highest APY.
- You want access to basic savings accounts and certificates of deposits (CDs): The only savings product Northfield Bank offers is its money market account. Companies needing access to savings accounts and business CDs should choose Live Oak Bank. Read our Live Oak Bank business checking review to learn more about its banking products.
Check out our list of the best small business checking accounts for additional recommendations.
Northfield Bank Business Checking Overview
Northfield Bank Business Checking Requirements
To open a business checking account with Northfield Bank, applicants must first schedule an appointment at one of the provider’s physical locations.
We were unable to locate the specific documents Northfield Bank asks business applicants to prepare. You may want to read our guide on how to open a business bank account for a downloadable checklist of business documents banks typically require.
Northfield Bank Business Checking Features
Business Visa Debit Card
Both Simply Free Business Checking and Business Interest Checking provide free Business Visa Debit Cards, which are accepted anywhere where Visa is accepted. You may enroll in the uChoose Rewards Program to earn 1 point for every $2 spent using your debit card. Points can be redeemed for event tickets, merchandise, travel, gift cards, and cash back.
Digital Banking
You can bank digitally through the provider’s browser-based online banking platform and mobile app (available on iOS and Android devices). Through digital banking, you can pay bills, schedule bill reminders, transfer funds, deposit checks, and view balances, checks, and transaction histories. You may also give your employees and teammates account access and customize dual control privileges and spending limits.
The mobile app comes with a mobile check deposit feature that lets users make deposits by submitting images of their physical checks.
The app has a rating of 4.8 stars on the App Store and 4.1 stars on Google Play. Satisfied users found the app easy to navigate and said that it made check deposits and fund transfers easier. However, many reviewers complained about unreliability, claiming that the app often doesn’t load.
Text Banking
You can enroll your phone number for the provider’s Text Banking service and balance details, transfer funds, search transaction histories, locate Northfield branches, and more via SMS.
Unused Check & Debit Card Buybacks
Northfield Bank will buy any unused checks and debit cards you might have from other financial institutions. The money you receive will be credited to your account.
Other Northfield Bank Business Products
Specialty Checking Accounts
Northfield Bank offers business checking accounts for nonprofit organizations and local governments.
- Charitable NOW Account: A fee-free checking account for nonprofits that offers competitive interest rates and unlimited transactions. Like Northfield Bank’s other business checking accounts, it provides a free business debit card, online tools, a free thank you gift, and buybacks for checks and debit cards from other financial institutions.
- Government Checking: A fee-free checking account for local governments and municipalities that provides competitive interest rates, unlimited checks and deposits, and fee-free account analysis.
- Interest on Lawyer Account (IOLA)/Interest on Lawyers’ Trust Accounts (IOLTA): An account for attorneys and law firms. It has no monthly fees or minimum balance requirements.
- Escrow Accounts: An account that separates client funds from business funds. It has no monthly fees and minimum balance requirements.
Industry Solutions
Northfield Bank can tailor banking and financial services solutions according to specific industry needs. It offers customized online cash management, remote deposit capture, credit card processing, and lending solutions for service professionals, such as accountants, attorneys, and doctors.
Money Market Account
The Northfield Bank Business Money Market account earns competitive rates while offering limited check-writing abilities. It has a minimum balance requirement of $25,000.
Lending Products
Northfield Bank offers commercial loans and small business loans:
- Commercial loans include term loans, lines of credit, construction loans, short-term adjustable rate land loans, commercial mortgages, and working capital loans.
- Small business loans include loans up to $250,000 for lines of credit or one-, three-, five-, or seven-year fixed-rate loans.
Northfield Bank Business Checking User Reviews
Northfield Bank has 1.5 stars on DepositAccounts1 (based on more than five reviews) and 3.9 stars on WalletHub2 (based on more than five reviews). However, because very few users have posted reviews within the last three years, it’s difficult to draw accurate conclusions about customer satisfaction. The few recent reviews available note that Northfield Bank’s customer service arm is difficult to reach and slow to address concerns.
Bottom Line
If your New York- or New Jersey-based company needs affordable business checking options, Northfield Bank is an excellent provider. With a $50 minimum opening deposit, no monthly service charges, no minimum balance requirements, and 1,000 fee-free transactions per month, its free account, Simply Free Business Checking, is easy to open and affordable to maintain. However, businesses looking for access to credit cards and savings accounts should look elsewhere.
User review reference:
1DepositAccounts
2WalletHub
