8 Best Business Banks in Virginia Ranked for 2024

8 Best Business Banks in Virginia Ranked for 2024

Table of Content

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.

>> Check Out Bluevine >>

8 Best Banks for Businesses in Virginia  

  • Bluevine: Best Overall Bank for Businesses in Virginia
  • Capital One: The Ideal Banking Choice for Credit Cards With No Fees and Rewarding Benefits
  • U.S. Bank: Best Bank for Its Array of Financial Products and Services.
  • Bank of America: Best for Businesses Seeking Merchant Services
  • Axos: Best Comprehensive Online Checking Account
  • Lili: Best Business Checking Account for Sole Proprietorships
  • Oxygen: Best Business Checking Account for Independent Contractors
  • Chase: Best Bank for Business Lines of Credit

Our Methodology

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.

Bluevine: Best Overall Bank for Businesses in Virginia

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.


  • Competitive high-interest rates
  • Very few associated fees
  • No required minimum deposit


  • Lacks a business savings account option
  • Does not offer ATM fee reimbursement
  • Charges a fee for cash deposits


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.

Interest Rates

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.

Minimum Balance

No minimum balance is required to use Bluevine, allowing businesses to start with minimal funds while benefiting from high-interest rates.

Access to Mobile Banking

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.

>> Check Out Bluevine >>

Capital One: The Ideal Banking Choice for Credit Cards With No Fees & Rewarding Benefits

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.


  • Unlimited digital transfers
  • No overdraft fees
  • Extensive ATM network


  • Few physical branch locations
  • Monthly account fee
  • Charges for using out-of-network ATMs


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.

Interest Rates

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.

Minimum Balance

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.

Access to Mobile Banking

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.

>> Check Out Capital One >>

U.S. Bank: Best Bank for Its Array of Financial Products & Services

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.


  • Tailored lending solutions to meet diverse needs
  • Specialized merchant services for various sectors, including restaurants, retailers, and service providers
  • Extensive presence with 2,400 branch locations


  • Fees apply for overdrafts
  • Relatively low APY on deposits
  • Available in only 28 states


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.

Interest Rates

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.

Minimum Balance

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.

Access to Mobile Banking

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.

>> Check Out U.S. Bank >>

Bank of America: Best Bank for Businesses Seeking Merchant Services

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.


  • Preferred rewards that enhance interest rates
  • Access to over 17,000 ATMs and 4,300 branches
  • Option to waive the monthly fees


  • No 24/7 customer service
  • Monthly fees are standard, though waivable
  • Transaction fees apply when using non-Bank of America ATMs


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.

Interest Rates

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.

Minimum Balance

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.

Access to Mobile Banking

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 >>

Axos: Best Comprehensive Online Checking Account

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.


  • No monthly fees and unlimited transactions
  • Unlimited domestic ATM fee reimbursements
  • Cash deposits are available via MoneyPass and AllPoint ATMs
  • Welcome bonus for new customers (specific terms apply)
  • Constant availability of customer support


  • Lacks third-party app integrations
  • The interest rate for the checking account is decent but could be more exceptional


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.

Interest Rates

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.

Minimum Balance

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.

Access to Mobile Banking

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.

>> Check Out Axos >>

Lili: Best Business Checking Account for Sole Proprietorships

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.


  • No fees, minimum balance requirements, or minimum opening deposit
  • Unlimited transactions without any fees
  • Access to fee-free ATMs through the MoneyPass network and cash deposits via the Green Dot network
  • Integrated tools for expense management and tax planning
  • Early payment feature with direct deposit, allowing funds to be received up to two days earlier than with traditional banks


  • Fees up to $4.95 for cash deposits at Green Dot locations
  • No availability of checkbooks; inability to send or receive wire transfers
  • Limited business-specific features, such as no options for joint accounts, multiple business debit cards, or third-party integrations


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.

Interest Rates

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.

Minimum Balance

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.

Access to Mobile Banking

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.

>> Check Out Lili >>

Oxygen: Best Business Checking Account for Independent Contractors

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.


  • Tailored for the fashionable business owner
  • Generous 5% cashback rewards on select purchases
  • Ability to generate virtual, single-use debit cards for enhanced security


  • The app could be more mobile-friendly
  • Pricing is considered high compared to other options
  • Does not support multiple users, limiting its use to businesses with teams


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.

Interest Rates

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.

Minimum Balance

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.

Mobile Banking Features

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.

>> Check Out Oxygen >>

Chase for Business: Best Bank Account for Merchant Service

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.


  • No requirement for a minimum opening deposit
  • Unlimited fee-free electronic transactions enhance convenience
  • Integrated credit card processing facilitates easy payment acceptance
  • Welcome bonus for new customers, subject to terms
  • No overdraft fees for accounts overdrawn by $50 or less, with a 24-hour grace period for resolving overdrafts


  • A $15 monthly service fee, although it can be waived
  • Monthly limits on fee-free cash deposits ($5,000) and physical transactions
  • Fees apply when using ATMs outside of the Chase network.


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: Best Bank for Business Lines of Credit

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.


  • A wide variety of merchant services are available
  • Several options to waive the monthly maintenance fee
  • Attractive $300 sign-on bonus for new clients


  • Monthly maintenance fees apply unless waived
  • Limit of 20 free transactions per month
  • Minimal Annual Percentage Yield (APY) on deposits


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.

Interest Rates

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%.

Minimum Balance

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.

Access to Mobile Banking

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.

>> Check Out Chase >>

Methodology for the Best Banks for Businesses in Virginia 

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:

  • Fees: For businesses, every expense matters. We sought banks that either do not charge maintenance fees or offer ways to waive them with simple steps. Finding institutions that minimize costs associated with necessary transactions and transfers was also essential.
  • Interest Rates: While business bank accounts are primarily for organization and payments, earning interest can provide a financial boost. We highlighted banks that offer accessible interest rates on both checking and savings accounts, with some rates significantly above the national average.
  • Minimum Balance: Often, banks waive maintenance fees if a certain balance is maintained. Recognizing that many businesses start with limited funds, we focused on banks with low minimum balance requirements to help avoid fees. Additionally, some banks set account minimums to unlock interest rates or other rewards.
  • Access to Mobile Banking: In today’s fast-paced environment, having immediate access to banking services is crucial. The rise of online-only banks and the enhancement of mobile apps by traditional banks reflect this trend. We prioritized banks with excellent mobile banking options that allow for efficient management of finances and transactions on the go.
  • Ease of Use: Our top picks for business banking were chosen with usability in mind. We looked for straightforward features, covering everything from making transfers and payments to opening an account with just an EIN. We aimed to ensure that no bank account adds unnecessary complexity to business operations.

>> Visit Bluevine >>

Best Banks for Businesses in Virginia – Frequently Asked Questions (FAQs)

Looking for details on how to open a bank account for your business in Virginia? This FAQ has all the information you need:

What Are the Requirements for Opening a Business Account in Virginia?

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.

Can I Open a Bank Account With My EIN Number?

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.

Is It Possible to Open a Bank Account in Virginia Without an SSN?

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.

How Much Should a Business Have in a Bank Account?

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.

Bottom Line – Best Business Banks in Virginia

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.

>> Check Out Bluevine >>


Written by

Aeron Rupar

Reviewed By



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.