Northfield Bank is an excellent choice for New York- and New Jersey-based businesses seeking an affordable business checking account with low fees and high transaction limits. It offers two business checking products, which provide up to 1,000 fee-free debits and credits and $10,000 free monthly cash deposits:
- Simply Free Business Checking is a free noninterest-drawing account.
- Business Interest Checking is an interest-earning account with a monthly fee of $8, which is waived by meeting a $5,000 minimum balance.
Other Northfield Bank products include money market accounts, specialty accounts, term loans, lines of credit, mortgages, construction loans, land loans, and working capital loans. The bank also offers IntraFi Cash Service (ICS), protecting business deposits with a higher Federal Deposit Insurance Corp. (FDIC) coverage.
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% annual percentage yield (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 Service Fee | Monthly Transaction Before Fees | Free Cash Deposit Allowance | Minimum Opening Deposit | |
---|---|---|---|---|---|
Simply Free Business Checking | None | None | 1,000 debits and credits | $10,000 | $50 |
Innovator Business Checking | Tiered; up to 2.25% | None | None | None; does not accept cash deposits | $100 |
Spark Business Basic Checking | None | $15; waivable | Unlimited digital transactions | $5,000 per month free, then $1 per $1,000 | $250 |
Northfield Bank has no monthly service fee, generous fee-free monthly transactions and cash deposit allowance, and a low opening deposit. However, it does not provide APY earnings. In contrast, Capital One offers unlimited digital transactions but charges a monthly fee. Its cash deposit allowance is only half what Northfield Bank offers, and its opening deposit is steep.
Meanwhile, Grasshopper Bank does not impose any transaction limit. Similar to Northfield Bank, it does not charge any monthly fee. It also beats the other two providers with its uncapped tiered interest, up to 2.25%. However, unlike the two traditional banks, this online-only bank does not feature cash deposits.
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.
- You want greater FDIC protection for your business funds: Northfield Bank offers ICS, allowing customers to access FDIC coverage for more than $250,000 through its partner banks while maintaining a single relationship with the bank.
When To Consider Northfield Bank Alternatives
- 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, we recommend 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% The rate is effective as of June 30, 2023, and it's subject to change at any time. . Consider Bluevine, which offers an industry-leading APY of 2.00% on qualifying balances up to $250,000. Our review of Bluevine business checking can tell you more about how to qualify for Bluevine’s highest APY.
- You want access to basic savings accounts and CDs: CDs and a Northfield Bank savings account are unavailable. The bank’s savings product is limited to money market accounts. Companies needing access to savings accounts and business CDs should choose Live Oak Bank. Our Live Oak Bank business savings review can help you decide whether the bank’s products fit the bill.
Check out our top-recommended small business checking accounts for additional recommendations. You may also be interested in our list of the best banks for small businesses in New York.
Northfield Bank Business Checking Overview
Northfield Bank Business Checking Requirements
As part of the Northfield Bank business checking requirements to open an account, 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 Checking Accounts
- Simply Free Business Checking is ideal for many businesses with its no minimum balance and monthly service fee benefits. Customers get 1,000 free monthly transactions, which include all debits and credits and up to $10,000 in free monthly cash deposits.
- Business Interest Checking is created for businesses with high balances. Similar to the account above, customers get a free monthly 1000-transaction limit and the same cash deposit allowance. However, an $8 monthly service fee is charged, though it can be waived by maintaining a minimum $5,000 account balance.
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 for free 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.
Northfield Bank’s business debit cards also connect to Apple Pay and Google Pay.
Digital Banking
You can bank digitally through the provider’s browser-based online banking platform and mobile app.
Through digital banking, you can:
- Pay bills and schedule bill reminders
- Transfer funds
- Deposit checks
- View balances, checks, and transaction histories
- Allow account access to employees and teammates
- 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[1] from around 1,700 reviews and 4.1 stars on Google Play[2] from about 350 reviews. Users gave positive feedback for its ease of use and efficient transfers. Meanwhile, others reported app crashes and said they received error messages when depositing checks.
Free Gift
Northfield Bank hands out a free thank you gift when you open a Northfield Bank Simply Free Business or Business Interest checking account.
Extended FDIC Coverage Via ICS
Through ICS, Northfield Bank lets you access FDIC insurance beyond the standard $250,000. Large deposits are placed into accounts at multiple FDIC-insured banks to gain greater protection and earn returns. You also save time by managing a single bank relationship instead of monitoring several accounts in many banks.
Text Banking
You can enroll your phone number for Northfield Bank’s Text Banking service and get 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 $10 you receive for them will be credited to your account.
Other Northfield Bank Business Products
Northfield Bank business products include specialty checking accounts, money market accounts, lending products, credit cards, purchasing cards, and industry solutions.
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 free 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. It also offers positive pay, a check fraud prevention tool, for free.
- 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.
- Nonprofit account: A fee-free account that features competitive interest rates, unlimited check writing, and online cash management.
Northfield Bank can tailor banking and financial services solutions according to specific industry needs. It offers customized online cash management, remote deposit capture (RDC), credit card processing, and lending solutions for service professionals, such as accountants, attorneys, and doctors.
The Northfield Bank savings product is Business Money Market, which earns competitive rates while offering limited check-writing abilities. It has a minimum balance requirement of $25,000.
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.
Check out our guide on how to get a small business loan to understand your loan options and select a suitable lender.
- With a Business Rewards Credit Card, you get one point for every dollar on net purchases and unlimited reward points that can be redeemed for merchandise, travel, and more.
- A Business Cash Rewards Credit Card offers 1% cash back earnings on all net purchases and card rewards with no expiry.
- A Business Edition Credit Card features low interest rates and no penalty annual percentage rate (APR).
- Company Rewards Charge Cards have no annual fees and are designed for large corporations, nonprofits, and municipalities.
Business organizations with a minimum annual spending of $1 million can apply for Northfield Bank’s Business Purchasing Card. It offers cash back rebates, which are paid each year and helps companies manage expenses and customize purchase controls.
To learn how purchasing cards differ from credit cards, you can check out our comparison of small business credit cards vs purchasing cards.
- Remote check deposit
- Credit card processing
- Online cash management
- Third-party arbitrage tracking and reporting
- Positive pay fraud prevention
- Wire transfer origination
- Payroll direct deposit
Northfield Bank Business Checking Reviews From Users
There are no available Northfield Bank business checking reviews online. On DepositAccounts[3], the bank has 1.5 stars from around five reviews, while on WalletHub[4], it has 3.9 stars based on about 10 reviews.
Most Northfield Bank reviews were written from three years ago. Some customers claimed that it takes time to complete transactions with the bank since you have to visit a branch, talk to a customer service representative, and verify your identity for each electronic transfer you conduct. Others also reported their account applications were rejected, although one was asked to resubmit, which led to a successful account opening.
Bottom Line
If your company is located in New York or New Jersey and you need affordable business checking options, consider Northfield Bank. 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 savings accounts and certificates of deposit should look elsewhere.