Choosing the right banking partner is critical for any business owner. The right bank can streamline your financial management and offer the tools and resources necessary for your business to flourish.
This comprehensive guide compiled a list of the top banks for businesses in Virginia. Continue reading to discover the best bank for your business’s growth.
We detailedly analyzed several key factors to identify Virginia’s top banks for businesses. Initially, we assessed the fees for maintaining an open account and the minimum balance requirements needed to waive these fees.
Additionally, we considered any additional costs associated with using the bank’s services and the interest rates offered to account holders.
Wherever you are in Virginia, you can rely on Bluevine’s online banking services, which are tailor-made for business owners. Known for its speed and convenience, Bluevine offers secure and adaptable financing options for any business type.
The platform is designed to meet the unique needs of each client, with no minimum deposit required and minimal fees. Additionally, Bluevine is recognized for its excellent customer support.
Why we chose it: Bluevine is the top choice for business bank accounts due to its high-interest rates, low fees, and absence of maintenance requirements, making it ideal for LLCs and other business entities.
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Bluevine allows you to bank without any monthly fees so that you can manage your finances without the extra cost. However, using out-of-network ATMs incurs charges, making the mobile app a valuable resource for locating free withdrawal options. Be mindful that each cash deposit costs $4.95, so it’s best to use this feature judiciously.
Bluevine offers an impressive 2.0% APY, 50 times the national average, applicable on balances up to $100,000. Additional funds will only earn interest once your business’s balance is within this limit. This high rate is a significant perk for growing your business savings.
No minimum balance is required to use Bluevine, allowing businesses to start with minimal funds while benefiting from high-interest rates.
The Bluevine mobile app facilitates banking on the go, allowing you to manage your accounts effortlessly. The app is well-designed, providing visibility into your financial activities and enabling you to pay vendors via wire or check. You can also schedule payments in advance, enhancing your financial planning.
Capital One’s credit cards offer businesses excellent cashback rewards and a variety of other beneficial features. Managing your account is straightforward, thanks to their user-friendly online and mobile tools, which can be accessed from anywhere.
With no restrictions on the number of digital transfers, you can freely access and move your funds as needed. Capital One’s commitment to innovation is evident in its efficient mobile apps and online banking tools, making the banking experience smooth and convenient.
Why we chose it: Capital One allows unlimited digital transfers, providing the flexibility to manage your funds without constraints.
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Capital One’s business accounts typically incur a $15 monthly fee, which might be substantial for businesses. However, you can avoid this fee by maintaining an average balance of $2,000 over 30- or 90-day days. Additionally, using any of Capital One’s 70,000 ATMs nationwide is free of charge.
Opening a business savings account with Capital One offers interest rates up to 0.20% for the first year, applicable to balances up to $5 million. This provides substantial flexibility for businesses. It’s worth noting that Capital One’s checking accounts do not accrue interest, making free digital transfers even more valuable.
No mandatory minimum balance is required to keep your Capital One account open. However, maintaining at least $2,000 in your checking account is advisable to avoid the monthly service fee. Additionally, holding surplus funds in your savings account can yield some interest, optimizing your cash reserves.
With limited physical locations, Capital One’s highly-rated mobile app is crucial for managing your finances. The app lets you conduct transfers, make digital payments, and deposit checks using your camera. It also provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers useful financial tips.
U.S. Bank is an excellent choice for businesses seeking comprehensive financial solutions. U.S. Bank offers robust support if you need loans to expand your venture or other financial services.
With its extensive network of ATMs and branches, especially in Virginia, accessing your accounts and utilizing the bank’s services is exceptionally convenient. Additionally, U.S. Bank is known for its low fees, competitive rates, and appealing rewards, making it an attractive business option.
Why we chose it: U.S. Bank provides a wide range of lending options, making it a go-to for businesses needing additional funding.
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With U.S. Bank’s Silver Checking Package for businesses, you can enjoy the benefit of no monthly fees. As your business expands, you might move to higher-tier accounts with waivable monthly fees under certain conditions. It’s essential to monitor your monthly transactions closely to avoid incurring fees for exceeding transaction limits.
U.S. Bank’s checking accounts do not offer interest-earning capabilities. However, their savings accounts provide interest, albeit at a modest rate of 0.01%. The advantage here is that there’s no cap on the balance that can earn this rate, although it remains relatively low.
The Silver account package tailored for businesses requires no minimum balance, making it easy to get started without a large initial deposit. Maintaining a certain balance can waive monthly fees for other checking accounts. Savings accounts require a minimum balance of $500 to avoid service fees.
U.S. Bank’s mobile app allows you to manage your banking needs remotely, which is ideal if you’re far from a physical branch. The app enables seamless fund transfers between accounts and informs you of your financial situation with real-time updates.
Customized alerts from U.S. Bank help you stay on top of important account activities, enhancing your banking experience.
Bank of America provides merchant services that greatly enhance businesses’ ability to accept credit and debit card payments. These services not only offer a convenient payment option for customers, which can help increase sales, but they also support a variety of payment processing equipment.
Businesses can choose the system that best meets their needs, whether it’s point-of-sale (POS) systems, mobile payment solutions, or online payment gateways.
In addition to these benefits, Bank of America implements advanced security measures such as encryption, tokenization, and sophisticated fraud detection tools. These are designed to protect businesses and customers from fraudulent transactions.
Why we chose it: Bank of America’s merchant services are robust and have additional perks that make banking beneficial for all involved.
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Bank of America’s introductory checking account carries a $16 monthly fee. This fee can be waived if you maintain a $5,000 monthly balance, spend at least $250 on your debit card, or join the Preferred Rewards program. Be aware of additional fees for out-of-network ATM withdrawals and excessive deposits within a month.
Businesses starting a savings account with Bank of America typically earn a 0.01% interest rate. Active participation in Bank of America’s rewards program can increase this rate to 0.04%. It’s important to note that Bank of America’s checking accounts do not offer any interest accrual.
To avoid the $16 monthly service fee, you must maintain an average monthly balance of $5,000 in your checking account. A minimum balance of $2,500 for savings accounts helps avoid a $10 monthly service charge.
Bank of America’s mobile app is highly rated for its comprehensive functionality. It allows you to manage accounts, pay bills, and transfer funds from anywhere. The app also includes a budgeting tool, helping you track expenses and manage your finances effectively.
>> Check Out Bank of America >>
In March 2022, Axos Bank significantly upgraded its business checking accounts by introducing the ability to make cash deposits, eliminating transaction limits, and removing opening deposit requirements for its free business checking account.
These enhancements add to benefits such as 24/7 customer support, complimentary nationwide ATM access, and unlimited reimbursements for domestic ATM fees.
Axos offers two main types of business checking accounts: Basic Business Checking and Business Interest Checking, which provides up to 1.01% APY. The Basic account is free, whereas the interest-bearing account has a $10 monthly fee that can be waived by maintaining a minimum average daily balance of $5,000.
Unlike some online business checking accounts that depend on third-party financial institutions for banking services, Axos Bank directly provides all its business banking products and services, with backing from the Federal Deposit Insurance Corp (FDIC).
This review primarily focuses on the Axos Basic Business Checking account, which, with its outlined benefits, is highly appealing.
Why we chose it: Axos Basic Business Checking offers free cash deposits and a low fee structure, making it a top choice among business bank accounts.
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Axos Bank’s Basic Business Checking account comes without a monthly maintenance fee, making it a cost-effective option for business owners. Additionally, any ATM fees you incur are reimbursed each month, making this account free to operate. However, if you frequently use this service, be mindful of the $35 fee charged for each wire transfer.
The Basic Business Checking account does not offer an annual percentage yield but focuses on providing valuable business perks. For those looking to earn interest on their surplus funds, Axos offers interest-bearing business savings accounts as an alternative.
There are no minimum balance requirements for either checking or savings accounts at Axos Bank. This flexibility is particularly beneficial for business owners with small amounts of cash on hand, as it eliminates the worry of meeting a minimum balance to avoid fees.
Axos Bank’s comprehensive mobile banking app allows you to manage your finances effectively from anywhere. The app lets you deposit checks, transfer funds, pay bills, and initiate wire transfers directly from your mobile device.
Additionally, features like account alerts and budgeting tools help you monitor your financial health and manage your money efficiently.
Lili provides all the essential tools for accurate tax management, making it an excellent choice for an online business checking account with no monthly fees or required opening deposit.
Designed to simplify financial management, Lili offers a suite of digital tools that assist in managing expenses, tracking tax write-offs, saving for taxes, and accepting customer payments, all within a single account.
Initially tailored for independent contractors and freelancers, Lili has expanded its services to accommodate businesses of all sizes.
Why we chose it: Lili’s minimal fees and advanced tax optimization software help businesses retain more of their income. Additionally, if you’re seeking a top online business checking account that does not require credit checks, Lili is a superb option.
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Lili stands out with its free tax software, and business owners will appreciate the absence of account and overdraft fees. There are no charges for foreign transactions or using any 38,000 in-network ATMs across the United States. However, if you use an out-of-network ATM, you can expect a fee ranging from $2.50 to $5.
Lili’s Business Checking account does not offer interest. For those looking for yield, Lili provides a savings account option with a 1.5% APY, although maintaining at least $34,000 in the account is necessary to offset its monthly costs.
Lili Bank does not require a minimum balance for its checking account, making it an attractive option for those starting a business or dealing with fluctuating income levels. This feature ensures that entrepreneurs can focus on growing their business without the stress of meeting balance requirements.
Lili Bank’s mobile app is tailored for freelancers and business owners. It enables comprehensive financial management from mobile devices, including expense control, tax savings preparation, and payment handling.
The app also offers instant payment notifications, budgeting tools, and the capability to deposit checks via mobile, enhancing the banking experience for busy entrepreneurs.
Oxygen has carved out a distinctive niche in the fintech landscape, making it an appealing choice for freelancers and small boutique business owners.
This account comes without any visible fees and offers a lucrative 5% cashback on purchases made at select merchants. For added financial security, Oxygen allows the creation of unlimited single-use debit cards with preset spending limits.
Why we chose it: Oxygen resonates with the modern, style-conscious business owner by providing innovative banking features. Due to its unique offerings, it ranks as one of the top checking accounts for sole proprietors.
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Oxygen promotes a fee-free structure across the board, although it does note that out-of-network and international withdrawals might incur charges. You won’t have to worry about fees for ACH transfers or maintaining your account, making it straightforward to manage your finances without unexpected charges.
While Oxygen’s business checking account does not earn interest, introducing a business savings account offers a solution. Funds in the savings account earn a 1.0% interest rate for balances up to $20,000. Higher amounts continue to earn interest, albeit at a reduced rate, providing a beneficial option for managing surplus funds.
Oxygen Bank does not impose minimum balance requirements on its checking or savings accounts, ensuring you won’t face monthly fees even if your account balance drops to zero. This feature is especially advantageous for businesses with fluctuating cash flows, as it removes the stress of maintaining a specific account balance.
Oxygen’s mobile banking app is tailored to assist business owners in managing their finances efficiently while on the move. The app lets you deposit checks, pay bills, and access your account statements directly from your smartphone.
Additionally, it offers valuable spending insights, helping you monitor your financial activities and make informed decisions based on your spending patterns.
Chase for Business introduces a range of business services, including payment collection and fraud protection, alongside a $300 bonus for new sign-ups. The Chase for Business app also allows you to make direct credit card payments to your account. Despite a monthly service fee, multiple ways exist to avoid this charge.
Why we chose it: Chase for Business offers extensive business services that meet and exceed typical banking needs.
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A monthly service fee might deter some, especially with many banks offering fee-free accounts. However, this fee can be waived if you maintain a $2,000 minimum daily balance, make $2,000 in net purchases with a business card, or receive $2,000 in deposits via the Chase for Business QuickAccept app. This flexibility allows for various ways to manage and avoid monthly fees.
>> Check Out Chase for Business >>
Chase Bank is highly regarded among business owners for its extensive business credit cards, loans, and lines of credit. Additionally, Chase provides a wealth of resources and tools, including informative articles and guides on financial management, marketing, and business strategy, equipping entrepreneurs with the knowledge to thrive.
Why we chose it: Chase enhances traditional banking with a comprehensive suite of merchant services designed to propel business success.
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Chase Business Complete Banking starts with a monthly fee of $15. You can waive this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. However, additional costs apply after your first 20 transactions, and wire transfers can be particularly expensive.
Chase does not offer interest on business checking accounts, a common practice among most banks. To earn interest, consider opening a Chase business savings account, which offers a rate of up to 0.02%.
To avoid the monthly service fee with Chase, you need to maintain a minimum balance of $2,000 in your checking account. Dropping below this threshold even once within the month can result in a fee. However, savings accounts are fee-free if you maintain an active checking account with Chase.
The Chase mobile app extends beyond basic banking functionalities. It includes options to lock or unlock your credit card if misplaced, a budgeting tool to allocate funds for significant expenditures, and credit monitoring services to safeguard your financial health.
This comprehensive suite of tools ensures you can manage your finances effectively and securely from anywhere.
We meticulously evaluated various factors in opening and managing a business bank account to determine the best banks for businesses in Virginia. Here are the critical criteria we used to make our decisions:
Looking for details on how to open a bank account for your business in Virginia? This FAQ has all the information you need:
To open a business account in Virginia, you must provide several documents. These typically include your business registration and personal identification, like a driver’s license. You’ll also need your Employer Identification Number (EIN), business licenses, and articles of incorporation.
Some banks might also request details about your business, such as a business plan and financial statements. To ensure you have everything required, contacting the bank directly to understand their specific documentation requirements is a good idea.
Opening a bank account with an EIN (Employer Identification Number) is advisable. Any business with at least one employee needs an EIN for tax purposes, and banks typically require this number when setting up your account. If you are the sole employee, you could use your Social Security Number (SSN) instead.
However, using your SSN may complicate the separation between personal and business finances. An EIN helps maintain clear boundaries, simplify financial management, and enhance professionalism.
Yes, you can open a bank account in Virginia without a Social Security Number (SSN). Some banks may accept an Individual Taxpayer Identification Number (ITIN) or other forms of identification like a passport instead of an SSN.
However, it’s important to remember that not all banks will accept these alternatives. It’s advisable to contact the bank directly to confirm their specific requirements for opening an account without an SSN.
It’s smart to save at least six months’ worth of operating expenses as a financial safety net for your business. This reserve can support you if you encounter any operational difficulties, allowing you some breathing room to recover from any slowdowns.
Aim to add at least 10% of your monthly profits to this fund whenever possible to continue building your savings. This strategy ensures you’re better prepared for future uncertainties.
Opening a business bank account can benefit businesses in Virginia by aiding in efficient financial management and transaction tracking. The top banks in the state are known for their low fees, convenient money transfer options, and dependable customer service.
These features help businesses meet their financial goals and maintain strong supplier relationships. Choosing the right bank can be a crucial step in addressing your company’s financial needs in Virginia.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
