To effectively manage your small business’s finances, opening a bank account is crucial to monitor the flow of money. The most suitable choices include additional features that can help maintain the stability of your small business. We have gathered the best banks for small businesses in Virginia. Keep reading to discover our top recommendations in this comprehensive review.
Best Banks for Small Businesses in Virginia
- Bluevine: Overall Best Bank for Small Businesses in Virginia
- Capital One: Best Bank for Digital Transfers:
- U.S. Bank: Best Bank for Credit options
- Bank of America: Best Bank for Perks and Bonuses
- Axos: Best Full-service Online Checking Account
- Lili: Best Business Account for Sole Businesses
- Oxygen: Best Business Checking Account for Self-employed individuals
- Chase: Best Bank for Financial Services
When identifying the best banks for small businesses in Virginia, our research focused on fees associated with maintaining an account, including minimum balances required to avoid such charges.
We also examined any additional costs associated with using the bank’s various services, as well as any interest rate bonuses offered upon enrollment. Additionally, given the growing importance of digital banking, we prioritized finding banks that offer excellent mobile banking services.
Click here for a more detailed explanation of our methodology.
Pricing (Per Month)
Access to Mobile Banking
$4.95 per cash deposit, $2.50 for out-of-network ATM fees, $15 for outgoing wires
Pay vendors by wire or check, schedule payments, manage cash flow
$15 per incoming domestic wire, $25 for outgoing domestic wire
Access credit card accounts, transfer money, deposit checks, access bank statements, access to CreditWise service
$0.50 fee for transactions after the first 125, fees at out-of-network ATMs
$500 for business savings
Transfer funds, view documents, find branch/ATM locations, manage cards
Out-of-network ATM fees, fees for excessive deposits
Up to 0.04% APY
Manage accounts, pay and transfer, digital wallets, bill pay
$2.5 for out of network
Manage finances and payments, control expenses, and save money for taxes
$25 to $40 for wire transfers, $0.40 per transaction (after the first 20)
Up to 0.02% APY
Fraud monitoring, card control, pay, and transfer, view offers
$35 for wire transfer
Fund transfer, wire transfer, bill payment.
$3 for out-of-network ATM fee, fees for international transactions, $5 international ATM fee, fees for Ingo mobile check deposit
Check deposit, bill payment, check deposit, account statement
Whether you reside in any part of Virginia, Bluevine‘s online-only banking is an excellent choice for your small business needs. Its business checking account offers some of the highest interest rates in the market, which compensates for the absence of a savings plan.
Starting a Bluevine account is hassle-free, with no minimum deposit or balance required. Moreover, there are minimal fees to navigate, with the only consideration being the need to keep cash deposits at a minimum.
Why we chose it: High-interest rates, minimal fees, and a lack of maintenance requirements make Bluevine the best business bank account for LLCs or other business types.
- High interest rates
- Very few fees
- No minimum deposit required
- No business savings account
- No ATM reimbursement
- Fee for cash deposits
You won’t find any monthly fees when using Bluevine, making it possible to bank without ever paying a dime. Expect charges for using out-of-network ATMs, making the mobile app a valuable tool for finding free withdrawal sites. Each cash deposit will set you back $4.95, making this a tool you want to use sparingly if at all.
Bluevine comes through in a big way with its 2.0% APY. The rate is 50 times the current national average and applicable on balances up to $100,000. Once your small business’s balance grows beyond this amount, those extra funds won’t accrue any interest.
There’s no minimum balance requirement for using Bluevine, no matter how much you have in your account. Small businesses can start with next to nothing and take immediate advantage of the high-interest rate.
Access to Mobile Banking
The Bluevine mobile app makes banking from anywhere a breeze. The thoroughly-designed tool makes it easy to manage your accounts and see where your money is going. It’s also possible to pay vendors by wire or check and schedule payments for fulfillment down the road.
Capital One’s business checking account provides unlimited transfers between your accounts, ensuring that your funds are always available when you need them.
Even if an account is overdrawn, Capital One won’t charge you for the error. While the bank has several Capital One Cafés in select Virginia cities, they may not be readily available everywhere. Although there is a monthly fee, it can be waived by maintaining a high enough balance
Why we chose it: With no limits on digital transfers, Capital One gives you the freedom to keep funds moving.
- Unlimited digital transfers
- Does not charge overdraft fees
- Large ATM network
- Limited physical locations
- Monthly account fee
- Out-of-network ATM fees
Capital One’s business accounts come with a $15 monthly fee that can be hefty for a small business. Luckily, you can waive this fee by keeping an average balance of $2,000 over a 30 or 90-day window. There’s no charge for using one of Capital One’s 70,000 ATMs nationwide.
Opening up Capital One’s business savings accounts unlocks interest rates of up to 0.20% for your first year. This amount applies to balances up to $5 million, giving small businesses plenty of wiggle room. None of the bank’s checking accounts offer any interest, making free digital transfers that much sweeter.
You don’t need to keep a minimum balance with Capital One to keep your account open. It is in your best interest to maintain at least $2,000 in your checking to avoid the $15 monthly service fee. Keeping extra funds in your savings account allows you to generate some interest on money not currently in use.
Access to Mobile Banking
Since you won’t find many physical Capital One locations, the bank’s top-rated mobile app comes to the rescue. With it, you can do all your transfers, make digital payments, and deposit money with your device’s camera. The app also gives you access to Capital One’s CreditWise service to monitor your credit score and hear cool tips.
If your small business requires additional funding, the U.S. Bank can provide the necessary cash injection. With several loan and line of credit options available, you can upgrade your venture without worrying about overwhelming debt.
Additionally, the bank offers specialized merchant services for various business types, which include supplementary tools to aid in your success.
Why we chose it: Small businesses in need of extra funds can turn to U.S. Bank for a plethora of lending options.
- Lending to fit your needs
- Specialized merchant services for restaurants, retailers, and service providers
- 2,400 branch locations
- Charges for overdrafts
- Relatively low APY
- Only has locations in 28 states
You’ll never have to worry about monthly fees when using U.S. Bank’s silver checking package for small businesses. Higher-tier accounts do have waivable monthly fees to contend with as your company grows. You’ll just need to keep tabs on monthly transactions to ensure you don’t incur charges for exceeding the monthly limit.
U.S. Bank’s checking accounts do not come with any options to generate interest. While savings plans come with different perks, the current maximum interest rate is just 0.01%. Although a minimal amount, there is no balance cap to what you can earn.
There’s no minimum balance requirement when starting off with U.S. Bank’s silver account package designed specifically for small businesses. Other checking accounts have waivable fees should you keep up with the necessary balance amounts. Savings accounts start at a $500 minimum balance to remove service fees.
Access to Mobile Banking
If you find yourself away from one of U.S. Bank’s physical locations, you can perform all your banking through the mobile app. It’s possible to seamlessly transfer funds from one account to another and stay up to date with your financial status. The U.S. Bank will also keep you informed with customized alerts.
Bank of America‘s rewards program is unparalleled, providing valuable benefits and rewards that grow in tandem with your business. The bonuses offered include higher interest rates and waived fees on select banking services.
With over 4,300 branches throughout the country, including several in Virginia cities, the bank’s accessibility is a significant advantage. Although a monthly fee is applicable, shrewd business owners can avoid this cost through prudent banking practices.
Why we chose it: Bank of America’s rewards come with several perks to make banking a win-win for all parties involved.
- Preferred rewards to boost interest rate
- Over 17,000 ATMs and 4,300 branches
- Can waive the monthly fee
- Lacks 24/7 customer service
- Monthly fees
- Transaction fees when using non-Bank of America ATMs
Bank of America’s introductory checking account comes with a $16 monthly fee. You can negate this amount by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or by becoming a Preferred Rewards member. The only other fees to watch out for come from out-of-network ATM withdrawals and charges for excessive deposits in a given month.
Most small businesses opening a savings account will earn 0.01% interest out of the rate. It is possible to increase this to 0.04% with enough activity in Bank of America’s rewards system. There’s no option to accrue interest with a Bank of America checking account.
Keeping an average monthly balance of $5,000 in your checking account will remove the $16 service fee. Similarly, you’ll want to have at least $2,500 in your savings account to avoid a $10 monthly charge there.
Access to Mobile Banking
Bank of America’s mobile app consistently earns high honors for its functionality. Within, you can manage your accounts, pay bills, or transfer funds from any location. You can also make use of the budgeting tool to monitor expenses and control spending.
Axos Bank has cash deposit capabilities for all accounts, no transaction limits, and no opening deposit requirements for its free business checking account. It also offers round-the-clock customer support, free nationwide ATM access, and limitless domestic ATM fee reimbursements.
Unlike certain online business checking accounts, whose banking services are provided and guaranteed by other financial institutions, Axos Bank is a Federal Deposit Insurance Corp.-insured entity that offers all of its business banking products and services directly.
Axos Bank offers two primary business checking accounts: Basic Business Checking and Business Interest Checking (up to 1.01% APY). While the former is free, the latter earns interest and incurs a $10 monthly fee, which is waived if you maintain an average daily balance of at least $5,000.
Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.
- No monthly fee and unlimited transactions.
- Unlimited domestic ATM fee reimbursements.
- Cash deposits via MoneyPass and AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
- 24/7 customer support.
- No third-party app integrations.
- Interest checking APY is good, but not great
Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to spend a lot of wire transfers, be aware of Axos’s $35 charge for each one.
This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.
There are several lines of credit and lending options Axos offers its members. Qualifications can be rigid, requiring at least two years in business, among other things. It’s no surprise, considering the minimum loan amounts are $10 million.
At present, signing up for an Axos checking account as a new business owner earns a $200 welcome bonus. Even if you’re not a new business, you can still grab $100 for opening your Axos account.
Over 91,000 ATMs across the country are considered in-network with Axos, but there’s fee reimbursement if you happen to come across an out-of-network one. The online bank will pay you back for the first two wire transfers each month as well. On the financial side, Axos integrates seamlessly with Quickbooks to help with your books.
At tax time, Lili equips you with everything necessary to prepare an error-free report. Lili presents an internet-based business checking account that entails no monthly fees or minimum opening deposit, along with various digital instruments that enable you to control expenses, track tax deductions, reserve funds for taxes, and collect payments from patrons in one account.
Initially intended for freelancers and self-employed professionals, Lili is now open to all types of business entities.
Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online business checking account with no credit checks, Lili is a great option.
- No fees, minimum balance requirements, or minimum opening deposit.
- Unlimited fee-free transactions.
- Fee-free ATM access through the MoneyPass network; ability to deposit cash through the Green Dot network.
- Integrated tools for managing expenses and planning for taxes.
- Offers an early payment feature with direct deposit, allowing you to receive funds up to two days sooner than you might with a traditional bank account.
- Cash deposits at Green Dot locations incur a fee of up to $4.95 per deposit.
- No checkbooks; can’t send or receive wire transfers.
- Limited business-related features, e.g., doesn’t offer joint accounts, multiple business debit cards, or third-party integrations.
While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.
There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.
Lili does not offer any lending options to its clients. If you need a loan or a line of credit, you’ll have to look into other options.
Your Lili debit card earns cash back on participating merchants, with the money deposited directly into your business checking account. There are no service or transaction fees to use your debit card anywhere in the world.
Nothing compares to Lili’s tax optimizer, designed to help you reduce tax-based expenses. The software allows you to categorize purchases, find your tax bracket, and file without headaches. The online bank also has a smart mobile app to help keep tabs on personal and business expenses while on the road. Enrollment is simple, requires no paperwork, and can have you banking within minutes.
Oxygen has established itself as a top player in the fintech industry, catering to the needs of independent contractors and small-scale sole proprietors. The platform offers fee-free services and allows users to earn 5% cash back on purchases made from select merchants. To ensure the financial security, Oxygen provides the ability to generate an unlimited number of single-use debit cards, each with a preset dollar limit.
Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors.
- Aimed at trendy business owners
- 5% Cashback rewards
- Create virtual, single-use debit cards
- Virtual bank, no cash deposits
- Fewer integrations than other options
- No lending options
Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.
While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding a business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.
Oxygen is a mobile fintech company and not a bank. Because of this, Oxygen is unable to offer any lending options.
Making necessary purchases feels a little sweeter when you get paid to do it. Buying things like gas, rideshares, or shipping services can earn 5% cash back with no questions asked.
Oxygen is a great option for business bank accounts for LLCs and even offers formation services as part of its package. Freelancers wanting the personal protections that come with a limited liability company can speed up registration right from Oxygen’s mobile app.
Chase offers a range of business services beyond banking, including financial solutions to enhance your business. In addition to cash management tools and fraud protection, Chase offers bonus features to help you grow your business.
New account holders can earn up to $300 by signing up, and there are various ways to earn bonus points on purchases. Although there are monthly fees, there are several ways to waive them.
Why we chose it: Chase adds a long list of merchant services to its traditional banking to help your business succeed.
- Several available merchant services
- Multiple ways to waive the monthly maintenance fee
- $300 sign-on bonus
- Monthly maintenance fees
- Only 20 free transactions per month
- Minimal APY
Monthly fees start at $15 for Chase Business Complete Banking. You can do away with this charge by maintaining a $2,000 daily balance, making deposits through Chase QuickAccept, or through Chase Ink Business Card purchases. There is a cost for transactions after your first 20, and you’ll want to avoid costly wire transfers if possible.
As with most banks, Chase doesn’t provide any interest for money you have in a business checking account. To earn a rate, you’ll need to start up a business savings account that accrues up to 0.02%.
If you want to avoid Chase’s monthly service fee, you’ll want to keep at least $2,000 in your checking account at all times. Dipping below this amount even once per month is enough to merit the charge. Savings accounts have no fee as long as you have an active checking account with Chase.
Access to Mobile Banking
In addition to standard banking procedures, you can use the Chase mobile app to lock or unlock your credit card should you misplace it. There’s also a budget planning feature to set aside funds for a large purchase and credit monitoring tools to protect your credit health.
Methodology for the Best Banks for Small Businesses in Virginia
We evaluated various aspects of establishing a business bank account and handling your finances once your enterprise is operational. Here are the primary criteria we employed to identify the most suitable banks for small businesses in Virginia.
- Fees: Small businesses often have to count every penny. Using a bank that nickels and dimes you for every little thing can quickly run your account dry. We looked for banks without maintenance fees or at least the option to waive said charge with a few simple steps. It was also crucial to locate institutions that minimize costs for transactions and transfers that every business needs to perform.
- Interest Rates: We realize business bank accounts function primarily for organization and making payments, but that doesn’t mean you can’t earn a little interest on the side. Between checking and savings accounts, we called out banks offering easily accessible rates you can use for some extra cash. Some options even go well beyond the national average.
- Minimum Balance: Banks with maintenance fees will often waive them if you have enough money in said account. Small businesses may not have a lot of money to work with early on, so we identified institutions with low balance requirements to avoid fees. Some banks also have account minimums to unlock interest rates or other rewards.
- Access to Mobile Banking: In our fast-paced world, having all your banking needs at your fingertips is a huge win. Mobile devices also played a role in the emergence of online-only banks with accounts you can access from anywhere. Even banks traditionally known for physical locations are amping up mobile apps to compete with the masses. Our selections highlight banks with top-tier mobile banking options to manage finances and make payments.
- Ease of Use: When making our top banking for small business picks, we wanted to ensure features were straightforward to use. This applies to everything from transfers and payments to opening a business bank account with nothing more than an EIN. No bank account should be more trouble than it’s worth.
Best Banks for Small Businesses in Virginia Frequently Asked Questions (FAQs)
Looking for answers on how to open a bank account for your Virginia-based business? Check out this FAQ section for more information.
Small businesses can benefit greatly from having a business bank account that helps them manage their funds and keep track of transactions.
The top banks for small businesses in Virginia offer low fees, convenient money transfers, and reliable services to keep your suppliers satisfied. Consider these banks for the financial tools and resources you need to achieve your company’s financial objectives.
Best Business Bank Accounts by State
Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.