Software your AI can run.
Bank shopping in New Jersey? Read this first.
You came here comparing business banks. That's the old question. Holdings built a new category — invoicing that AI can run — and it's what most of the businesses using this comparison table end up on.
Updated August 2026 · 8 banks compared below
A different answer
Holdings isn't a bank.
It's software your AI can run.
The flagship is agentic invoicing — connect Claude, ChatGPT, or Cursor to your Holdings account via MCP and direct your AI to draft invoices, chase payments, and reconcile entries in plain English. No monthly fee. Card processing is 3% + $0.30 per payment collected. Accounting that auto-connects when you want it: $25/mo.
If you're bank-shopping because you're setting up a business, the question you probably actually have is: how do I get paid? Holdings answers that. It works on top of whichever bank you choose from the table below — pick the one that fits, then point your AI at Holdings to handle the rest.
Quick Comparison
These are the top 8 business banks in New Jersey we compared, ranked by fees, APY, and features. Holdings is not a bank and not in this table — see what Holdings does instead →
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Valley National Bank Business Checking* | Regional | $15waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| TD Bank Business Convenience Checking* | Regional | $19waivable | 0.00% |
| Provident Bank Business Checking* | Regional | $10waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
* Rate and fee data sourced from each bank's published schedule. Verify before opening an account.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 48 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Nonprofits: fund accounting at $25/mo + free verified profile & directory listing
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓48 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Free verified nonprofit profile + directory listing for 501(c)(3)s
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
Valley National Bank Business Checking
Regional | $15/mo | 120 branches
NJ businesses wanting the largest local bank
Key Features
- •Largest NJ-headquartered bank ($63B in assets, Passaic)
- •Strong presence across NJ, NY, FL, and AL
- •Dedicated business banking officers
Pros
- ✓Largest NJ-headquartered bank
- ✓120+ NJ branches
- ✓Strong business lending
Cons
- ✗$15/month unless $2,500 balance
- ✗Digital tools behind national competitors
- ✗Expanding outside NJ may dilute local focus
Chase Business Complete Banking
National | $15/mo | 150 branches
NJ businesses needing full-service national banking
Key Features
- •Strong NJ branch network
- •Built-in payment acceptance
- •Best-in-class mobile banking
Pros
- ✓Large NJ branch network
- ✓Excellent digital tools
- ✓Integrated merchant services
Cons
- ✗$15/month fee
- ✗Only 100 free transactions
- ✗No interest on checking
Wells Fargo Initiate Business Checking
National | $15/mo | 200 branches
NJ businesses needing maximum branch access
Key Features
- •200+ NJ branches — among the densest in the state
- •Low opening deposit
- •Zelle integration
Pros
- ✓Most branches of any bank in NJ
- ✓Low opening deposit
- ✓Multiple fee waiver options
Cons
- ✗Fee increased to $15
- ✗Only 100 free transactions
- ✗Reputation concerns
Bank of America Business Advantage Fundamentals
National | $16/mo | 130 branches
Businesses qualifying for Preferred Rewards
Key Features
- •200 free transactions
- •First year free
- •Preferred Rewards for Business
Pros
- ✓200 free transactions
- ✓First year free
- ✓130+ NJ branches
Cons
- ✗$16/month after first year
- ✗Higher waiver threshold
- ✗Less competitive rates
TD Bank Business Convenience Checking
Regional | $19/mo | 250 branches
NJ businesses needing weekend/extended hours banking
Key Features
- •Extended hours — open 7 days/week at many locations
- •Dominant NJ presence — 'America's Most Convenient Bank'
- •Higher cash deposit allowance
Pros
- ✓Open 7 days/week
- ✓250+ NJ branches
- ✓Higher cash deposit limit ($10,000/mo)
Cons
- ✗Higher monthly fee ($19)
- ✗Higher waiver threshold ($2,500)
- ✗Only 100 free transactions
Provident Bank Business Checking
Regional | $10/mo | 80 branches
Central NJ businesses wanting community bank service
Key Features
- •Iselin, NJ-headquartered ($14B in assets)
- •80+ NJ branches
- •Community-focused business banking
Pros
- ✓Lower monthly fee ($10)
- ✓200 free transactions
- ✓Community-focused
Cons
- ✗Limited geographic reach
- ✗Fewer digital features
- ✗Smaller than Valley National
Capital One Basic Business Checking
National | $15/mo | 10 branches
Digital-first NJ businesses
Key Features
- •Unlimited digital transactions
- •$5,000/month free cash deposits
- •Strong mobile banking
Pros
- ✓Unlimited digital transactions
- ✓Strong digital platform
- ✓$5,000 free cash deposits
Cons
- ✗Minimal NJ branch presence
- ✗$15/month unless $2,000 balance
- ✗Limited in-person support
New Jersey Banking Landscape
263
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Valley National Bank — $63B
- Provident Bank — $14B
- Columbia Bank — $10B
Top Credit Unions
- Affinity Federal Credit Union — 250,000+ members
- Investors Bank (now Citizens) — Merged members
- Garden State Federal Credit Union — 50,000+ members
State Banking Programs
- •NJ Economic Development Authority — small business loans and incentives
- •NJ Small Business Development Center network
- •NJ Urban Enterprise Zone program
- •Angel Investor Tax Credit Program
Starting a Business in New Jersey
| Secretary of State | NJ Division of Revenue and Enterprise Services |
| LLC Fee | $125 |
| Corp Fee | $125 |
| Income Tax | Corporate business tax: 6.5-11.5% (graduated). Personal: 1.4-10.75% (graduated). |
| Sales Tax | 6.625% state (no local additions) |
| Franchise Tax | None (incorporated into corporate business tax) |
Business Incentives
- •NJ Economic Development Authority loan programs
- •Angel Investor Tax Credit Program
- •Emerge Program — tax credits for job creation
- •NJ Small Business Development Centers
- •Urban Enterprise Zone — 50% sales tax reduction
Nonprofit Banking in New Jersey
Registration
File Certificate of Incorporation (nonprofit) with NJ Division of Revenue. Fee: $75.
Charitable Solicitation
Register with NJ Charities Registration Section (Division of Consumer Affairs) before soliciting. Initial filing: CRI-100.
Tax Exemption
Apply to NJ Division of Taxation for sales tax exemption (Form REG-1E). Separate from federal 501(c)(3).
AG Reporting
Annual CRI-300R filing with NJ Charities Registration. Required if soliciting in NJ.
Resources
For New Jersey nonprofits
Invoicing that AI can run — built for 501(c)(3)s too.
Direct your AI to send donation acknowledgment invoices, track grant receivables, and keep your books current — no monthly fee for invoicing. Works on top of whichever bank your organization uses. Accounting add-on from $25/mo.
Holdings for nonprofits →Where Holdings fits for New Jersey businesses
Whichever bank you pick from the list above, Holdings runs alongside it: direct Claude, ChatGPT, or Cursor to draft invoices, chase payments, and keep your books current. No monthly fee · 3% + $0.30 per payment collected.
See how agentic invoicing works →Frequently Asked Questions
What is the best bank for a small business in New Jersey?
Holdings offers $0 fees with 1.75% APY for nonprofits and small businesses. Valley National Bank is the largest NJ-based regional bank. Chase, Wells Fargo, and TD Bank all have strong NJ branch networks.
What does it cost to form an LLC in New Jersey?
Filing a Certificate of Formation costs $125 with the NJ Division of Revenue and Enterprise Services.
What taxes do New Jersey businesses pay?
NJ has a corporate business tax (6.5-11.5% graduated), personal income tax (1.4-10.75%), and 6.625% state sales tax. There is no franchise tax.
Are there good community banks in New Jersey?
Yes. Valley National Bank ($63B, Passaic), Provident Bank ($14B, Iselin), and Columbia Bank are strong NJ-based options.
What do NJ nonprofits need to register?
File Certificate of Incorporation (nonprofit) with NJ Division of Revenue. Register with the NJ Charities Registration Section before soliciting donations. Annual CRI-300R filing required.
Which banks have the most branches in New Jersey?
Wells Fargo leads with 200+ NJ branches. Chase, TD Bank, and Bank of America also have strong NJ networks.
Or skip the bank comparison.
Try software your AI can run.
Invoicing, payment links, and connected accounting — directed by Claude, ChatGPT, or Cursor. No monthly fee to start.
Not ready to switch yet? Use a free tool now
Built by Holdings — the banking + accounting platform that keeps businesses and nonprofits audit-ready. Free, no account needed. Connect banking and let your books run themselves when you’re ready.
Ready to stop doing it by hand? Explore Invoicing software for small business, Small business accounting software, or Small business bookkeeping software.
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