Northfield Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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. The bank’s other products include money market accounts, specialty accounts, term loans, lines of credit, mortgages, construction loans, land loans, and working capital loans.
What We Like
- 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
What's Missing
- 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
How Northfield Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Checking | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
 Business Checking | 2.0% on balances of $250,000 or less | $4.95/deposit; accepted at Green Dot locations | None at 38,000+ MoneyPass ATMs nationwide | None |
 Do More BusinessTM Checking | 0.50% on balances of $10,000 or more | None; cash is deposited through money orders | None; refunds up to $10/month in ATM fees | Visit First Internet Bank |
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 make 1,000 or fewer transactions a month: 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 physical banks: 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.
- 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 balances up to and including $250,000.
- You want access to basic savings accounts and certificates of deposit (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. In our list of the best small business savings accounts, we ranked it the best overall for its high APY rates.
- You want unlimited transactions: Northfield Bank doesn’t allow users to make transactions past its monthly limit of 1,000. Accounts that exceed the limit will be converted to a different type of checking product*. Capital One offers unlimited fee-free transactions for a monthly service fee of $15.
*We were unable to obtain information on the type of checking product the account would be converted to. Contact your local branch for more information.
If your small business meets one or more of these scenarios, read our guide to the best small business checking accounts for additional recommendations.
Northfield Bank Business Checking Overview
Simply Free Business Checking | Business Interest Checking | |
|---|---|---|
Required Opening Deposit | $50 | |
Required Balance Minimum | None | $5,000 |
Monthly Fee | No charge | $8 |
APY | N/A | 0.01% |
Transaction Limit | 1,000 debits and credits | |
Automated Clearing House (ACH) Fees | 25 cents for same-day ACH | |
Wire Transfer Fees | Incoming domestic: $15 Incoming foreign: $20 Outgoing domestic: $25 Outgoing foreign: $40 | |
ATM Fees | Free at Northfield ATMs; $1 for nonnetwork ATMs* | |
Open an Account | ||
*Third-party fees may apply.
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. Our guide on how to open a business bank account outlines the list of business documents banks typically require.
Northfield Bank Business Checking Features
Basic & Interest-earning Options
Northfield Bank offers two types of checking accounts for small businesses.
- Simply Free Business Checking: A basic account that offers 1,000 fee-free transactions per month. It has no monthly fee nor minimum balance requirements but requires an opening deposit of $50.
- Business Interest Checking: An interest-earning account with an APY of 0.01%. Like Simply Free Business Checking, it offers 1,000 fee-free transactions per month. The account charges a monthly fee of $8, which can be waived with a minimum balance of $5,000. The opening deposit minimum is $50.
Business Visa Debit Card
Both Simply Free Business Checking and Business Interest Checking provide account holders with free Business Visa Debit Cards. These are accepted anywhere where Visa is accepted, and cardholders may enroll in the uChoose Rewards Program to earn 1 point for every $2 spent using their debit card. Points can be redeemed for event tickets, merchandise, travel, gift cards, and cash back.
Digital Banking
Clients can bank digitally through the provider’s browser-based online banking platform and mobile app (available on iOS and Android devices). Through digital banking, users can pay bills, schedule bill reminders, transfer funds, deposit checks, and view balances, checks, and transaction histories. Business owners may also give their 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.
Although the app has no reviews on Google Play, it’s well-received on App Store, with a rating of 4.8 stars. Users say that the app makes it easy to deposit checks and transfer funds.
Text Banking
Customers can enroll their phone numbers for the provider’s Text Banking service and balance details, transfer funds, search transaction histories, locate Northfield branches, and more via SMS.
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.
- 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.
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 Pros & Cons
| PROS | CONS |
|---|---|
| 1,000 fee-free transactions | No transactions allowed after limit of 1,000 |
| No monthly fee or minimum balance requirements | No credit cards available |
| Free business debit card earns rewards | Limited savings product offerings |
With 1,000 fee-free combined debits and credits and no monthly service charges or minimum balance requirements, Northfield Bank’s Simply Free Business checking account is affordable to maintain. However, unlike most banks, which charge fees for transactions exceeding the limit, Northfield Bank won’t process transactions that exceed the limit of 1,000. Instead, it’ll convert your checking account into a new type of checking product; however, we couldn’t verify the details of the converted checking product with the bank.
Another one of Northfield Bank’s strengths is that it offers a free business debit card that earns rewards on debit card purchases through the uChoose Rewards program. Enrolling in the uChoose rewards program lets businesses earn 1 point for every $2 spent using their debit cards. Points can be redeemed for event tickets, merchandise, travel, gift cards, or cash back.
However, Northfield Bank doesn’t offer business credit cards. Also, businesses wanting their savings and checking accounts under one provider may have to look elsewhere. The only business savings product Northfield Bank offers is its money market account, which requires a high minimum balance of $25,000 to maintain.
Alternatives to Northfield Bank Business Checking
Although Northfield Bank’s lack of monthly service fees and transaction fees make it an affordable business checking option, other institutions might take your money further. Digital banks and credit unions typically can offer lower fees, higher interest rates, and other cost-saving features. Here are three options to consider:
- Bethpage FCU is best for businesses that prefer credit unions over banks. It allows unlimited fee-free transactions while charging no monthly fees and earning interest at a rate of 0.20%. Although based in New York, Bethpage FCU accepts members from anywhere in the US and offers remote digital banking options for businesses.
- Novo* is best for fee-free ATM transactions. It refunds all ATM fees at the end of each month, giving users the freedom to make fee-free transactions at any network of their choice.
- Relay* is best for affordable wire transfers as it charges some of the lowest fees in the market. Its basic account, Relay Standard, offers fee-free incoming wire transfers, $5 outgoing domestic wire transfers, and $10 outgoing international wire transfers. Under its premium account, Relay Pro, all wire transfers are free.
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Evolve Bank & Trust for Relay).
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.
