9 Best Banks for Small Businesses in West Virginia for 2024

9 Best Banks for Small Businesses in West Virginia for 2024

Table of Content

Choosing the right banking partner is crucial for any small business owner. A good bank helps manage your finances effectively and provides the tools and resources needed for growth.

Our comprehensive roundup highlighted the top 9 banks for small businesses in West Virginia for 2024. Continue reading to discover the perfect bank for your business needs.

>> Open a Business Bank Account With Bluevine >>

9 Best Banks for Small Businesses in West Virginia  

  • Bluevine: Best Overall Bank for Small Businesses in West Virginia
  • Capital One: The Ideal Choice for Credit Cards With No Fees & Rewarding Benefits
  • U.S. Bank: Best Bank for Its Array of Financial Products and Services
  • Bank of America: Best Bank for Small 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 Business: Best Bank Account for Merchant Service
  • Chase: Best Bank for Small Business Lines of Credit

Our Methodology

We conducted a detailed analysis focusing on several key factors to identify the top banks for small businesses in West Virginia. We examined the fees for maintaining an account and the minimum balances needed to avoid these fees. 

Additionally, we considered any additional charges for utilizing the bank’s services and the interest rates offered to account holders.

Bluevine: Best Overall Bank for Small Businesses in West Virginia 

Wherever you are in West Virginia, Bluevine’s online banking service is an excellent choice for small business owners. It’s fast, easy to use, and offers secure and adaptable financing options suitable for any business scenario. 

Bluevine tailors its services to meet each client’s unique needs, with no minimum deposit required and only a few fees. Their customer support is highly regarded for its excellence.

Why we chose it: High-interest rates, minimal fees, and no maintenance hassles make Bluevine the top business bank account choice for LLCs and other business entities.


  • High-interest rates
  • Minimal fees
  • No required minimum deposit


  • Lacks business savings account
  • Charges for cash deposits
  • No ATM fee reimbursement


Bluevine offers fee-free monthly banking, so you can manage your finances without spending extra. However, using out-of-network ATMs incurs charges, so it’s wise to use the mobile app to locate free withdrawal locations. Be mindful that each cash deposit costs $4.95, which can add up quickly.

Interest Rates

Bluevine stands out with a 2.0% APY, which is 50 times the current national average, applicable to balances up to $100,000. However, any funds exceeding this limit won’t earn interest, so plan your balance growth accordingly. Unlock the potential of your business funds with Bluevine’s Premier tier, offering up to 4.25% APY, priority support, and slashed payment fees.

Minimum Balance

There’s no minimum balance required with Bluevine, giving small businesses the flexibility to start small and still benefit from high-interest rates right from the beginning.

Access to Mobile Banking

The Bluevine mobile app allows you to handle your banking needs from anywhere. This well-designed tool helps you manage your accounts efficiently, track expenses, pay vendors via wire or check, and schedule future payments, simplifying financial operations significantly.

>> Check Out Bluevine >>

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

Capital One’s business credit cards offer fantastic cashback rewards and numerous additional perks. Managing your account is straightforward with their user-friendly tools that you can access from any location. 

With unlimited transfers, accessing your funds quickly and conveniently is always possible. Capital One’s commitment to innovative technology, through its mobile apps and online tools, streamlines the banking experience.

Why we chose it: Capital One provides unrestricted digital transfers, allowing you to move your funds freely.


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


  • Few physical branches
  • Monthly account fee
  • Charges for out-of-network ATMs


Capital One charges a $15 monthly fee for its business accounts, which might be steep for a small business. However, this fee can be waived by maintaining an average balance of $2,000 over a 30- or 90-day period. Using any of Capital One’s 70,000 ATMs nationwide is free of charge.

Interest Rates

Capital One’s business savings accounts offer interest rates of up to 0.20% for the first year, applicable to balances up to $5 million. This gives small businesses substantial flexibility, although their checking accounts do not earn any interest, making free digital transfers even more valuable.

Minimum Balance

There’s no mandatory minimum balance for keeping your Capital One account active, but maintaining at least $2,000 in your checking account helps avoid the monthly service fee. Plus, having extra funds in your savings can accrue some interest.

Access to Mobile Banking

With few physical branches, Capital One’s highly-rated mobile app is essential. It allows you to manage transfers, execute digital payments, and deposit checks using your device’s camera. The app also provides access to Capital One’s CreditWise service, which helps you monitor your credit score and offers helpful financial tips.

>> Check Out Capital One >>

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

U.S. Bank is an ideal choice for meeting the financial needs of your small business. Whether you need loans to grow your venture or other financial services, U.S. Bank provides comprehensive support. 

With its broad network of ATMs and branches, especially in West Virginia, accessing your account and using the bank’s services is incredibly easy. U.S. Bank offers low fees, competitive interest rates, and attractive rewards, making it a top option for small businesses.

Why we chose it: U.S. Bank offers a wide range of lending options for small businesses looking for extra capital.


  • 2,400 branches
  • Tailored lending options
  • Specialized services for various sectors


  • Overdraft fees
  • Low APY
  • Branches in 28 states only


With U.S. Bank’s Silver Checking Package for small businesses, monthly fees are off the table. As your business expands, higher-tier accounts may include waivable monthly fees. Just keep an eye on your transaction count to avoid extra charges from surpassing the monthly limit.

Interest Rates

While U.S. Bank’s checking accounts don’t offer interest, their savings plans do, albeit with a maximum rate of just 0.01%. It’s a modest rate, but there’s no cap on the balance that can earn interest.

Minimum Balance

The Silver account package, tailored for small businesses, has no minimum balance requirement. For other checking accounts, maintaining a specified balance can waive fees. Savings accounts require a minimum balance of $500 to avoid service fees.

Access to Mobile Banking

Even when you’re away from a U.S. Bank branch, the mobile app lets you handle all your banking needs, from transferring funds to monitoring your financial status. U.S. Bank’s app also keeps you updated with customized alerts for your convenience.

>> Check Out U.S. Bank >>

Bank of America: Best Bank for Small Businesses Seeking Merchant Services

Bank of America offers merchant services that make it easier for small businesses to accept credit and debit card payments, helping to boost sales by providing convenient payment options for customers. 

These services work with various payment processing equipment, including point-of-sale (POS) terminals, mobile payment systems, and online payment gateways, allowing small businesses to choose a system that best fits their needs.

Furthermore, Bank of America implements advanced security features like encryption, tokenization, and fraud detection tools to protect small businesses and customers from fraud.

Why we chose it: Bank of America’s merchant services simplify transactions and come with perks that benefit all parties, making banking with them a beneficial experience.


  • Possible to waive monthly fees
  • Preferred rewards increase interest rates
  • Over 17,000 ATMs and 4,300 branches


  • Monthly fees
  • No 24/7 customer support
  • Fees for using non-network ATMs


Bank of America’s basic checking account carries a $16 monthly fee, which can be waived by maintaining a $5,000 monthly balance, spending at least $250 on your debit card, or joining the Preferred Rewards program. Be mindful of additional fees for using out-of-network ATMs and making excessive deposits within a month.

Interest Rates

Opening a savings account with Bank of America typically earns an interest rate of 0.01%. Active participation in Bank of America’s rewards system could boost this rate to 0.04%. However, their checking accounts do not offer interest.

Minimum Balance

Keep an average monthly balance of $5,000 in your checking account to avoid the $16 monthly service fee. For savings accounts, maintain at least $2,500 to dodge a $10 monthly fee.

Access to Mobile Banking

Bank of America’s mobile app is highly regarded for its functionality. It allows you to manage your accounts, pay bills, and transfer funds from anywhere. The app also features a budgeting tool to help you monitor and control your spending.

>> Check Out Bank of America >>

Axos: Best Comprehensive Online Checking Account

In March 2022, Axos Bank significantly upgraded its business checking accounts by introducing cash deposit capabilities, eliminating transaction limits, and removing the initial deposit requirement for its free business checking account. 

These enhancements enhance features like 24/7 customer support, free nationwide ATM access, and unlimited domestic ATM fee reimbursements.

Axos offers two main business checking options: Basic Business Checking and Business Interest Checking, which provides up to 1.01% APY. The Basic account is free, while the interest-bearing account has a $10 monthly fee, waivable with a $5,000 average daily balance.

Unlike some online banks that depend on third parties for their services, Axos is an FDIC-insured institution that directly provides all its business banking products.

Why we chose it: Axos Basic Business Checking stands out for its free cash deposits and competitive fee structure, making it one of the top choices for business bank accounts.


  • 24/7 customer support
  • No monthly fees with unlimited transactions
  • Reimburses all domestic ATM fees
  • Cash deposits at MoneyPass and Allpoint ATMs
  • New customer welcome bonus (terms apply)


  • Lacks third-party app integration
  • Decent, but unimpressive interest checking APY


Axos Bank’s Basic Business Checking comes without a monthly maintenance fee and does not require a minimum balance to keep the account open. All ATM fees incurred are reimbursed each month, making it cost-free. However, Axos charges $35 for each wire transfer, which could add up if you frequently send wires.

Interest Rates

While this account does not offer an annual percentage yield, it focuses on providing valuable business perks. If you’re looking to earn interest, Axos also offers interest-bearing business savings accounts that can suit your needs.

Minimum Balance

There are no minimum balance requirements for either checking or savings accounts at Axos Bank. This makes it an ideal option for small business owners who might need more funds to maintain their accounts.

Access to Mobile Banking

Axos Bank’s mobile app is comprehensive, enabling you to manage your accounts, deposit checks, transfer funds, pay bills, and conduct wire transfers directly from your mobile device. Features like account alerts and budgeting tools also help you keep a close eye on your financial health.

>> Check Out Axos >>

Lili: Best Business Checking Account for Sole Proprietorships

Lili offers a comprehensive suite of tools for precise tax filing, featuring an online business checking account with no monthly fees or required opening deposit. The account provides various digital resources to manage expenses, track tax deductions, save for taxes, and process customer payments—all from a single platform.

Originally tailored for independent contractors and freelancers, Lili is now available to businesses of all kinds.

Why we chose it: Lili stands out with minimal fees and robust tax optimization software, helping businesses preserve more of their income. Additionally, Lili is an excellent choice for those seeking an online business checking account without credit checks.


  • No fees, minimum balances, or initial deposits
  • Unlimited free transactions
  • Expense management and tax planning tools
  • Early direct deposit feature for faster fund access
  • Fee-free ATM access via MoneyPass; cash deposits via Green Dot


  • Fees up to $4.95 for Green Dot cash deposits
  • No checkbooks or wire transfers
  • Limited business features, such as no joint accounts, multiple debit cards, or third-party integrations


Lili stands out with its free tax software and the absence of account and overdraft fees. Additionally, there are no charges for foreign transactions or using any of the 38,000 in-network ATMs across the U.S. However, using an out-of-network ATM will incur a fee ranging from $2.50 to $5.

Interest Rates

Lili’s Business Checking account does not offer interest. For those interested in earning, Lili provides a savings account option with a 1.5% APY, but maintaining at least $34,000 in the account is necessary to offset the monthly fees.

Minimum Balance

Lili does not require a minimum balance for its checking account, making it an attractive option for new businesses or those with variable income.

Access to Mobile Banking

Lili’s mobile banking app is tailored for freelancers and small business owners, allowing you to manage your finances comprehensively from your mobile device. Features include expense control, tax savings, payment management, instant payment notifications, budgeting tools, and mobile check deposits, facilitating a streamlined financial management experience.

>> Check Out Lili >>

Oxygen: Best Business Checking Account for Independent Contractors

Oxygen has carved out a distinctive niche in the fintech sector, making it a top pick for freelancers and small boutique sole proprietors. The account is free from obvious fees and offers a 5% cashback on purchases with 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 appeals to the modern business owner with its stylish banking features. It’s also among the best checking accounts for sole proprietors, blending convenience with security.



  • High pricing
  • Not mobile-friendly
  • No multi-user support


Oxygen is a fee-free banking option, although charges may apply for out-of-network and international withdrawals. There are no fees for ACH transfers or simply maintaining your account.

Interest Rates

Oxygen doesn’t offer interest on business checking accounts but includes a business savings account option where funds up to $20,000 earn 1.0% interest. Higher balances still accrue interest, albeit at a reduced rate.

Minimum Balance

Oxygen Bank requires no minimum balance for its checking and savings accounts. You won’t face monthly fees, even if your account balance drops to zero, ensuring no financial pressure to maintain a specific amount.

Mobile Banking Features

Oxygen Bank’s mobile app is tailored to small business owners who need to manage their finances remotely. It enables you to deposit checks, pay bills, and view account statements directly from your 

phone. The app also provides spending insights to help you monitor and control your financial activities.

>> Check Out Oxygen >>

Chase Business: Best Bank Account for Merchant Service

Chase Business offers various business services, including payment collection, fraud protection, and a $300 bonus for signing up. With the Chase app, you can directly accept credit card payments into your account. Although there is a monthly service fee, there are multiple ways to waive it.

Why we chose it: Chase meets basic banking needs and provides a comprehensive suite of additional services, enhancing its value for business customers.


  • No minimum deposit required
  • Unlimited free electronic transactions
  • Integrated credit card processing
  • New customer welcome bonus (terms apply)
  • No overdraft fees for balances overdrawn by less than $50; 24-hour grace period for larger overdrafts


  • $15 monthly fee
  • Limits on free cash deposits ($5,000/month) and physical transactions (20/month)
  • Fees for out-of-network ATMs


Although the monthly service fee might seem unappealing with many fee-free accounts, Chase Business offers several ways to waive it. Simply maintain a $2,000 minimum daily balance, make $2,000 net purchases with a business card, or receive $2,000 in deposits via the Chase QuickAccept app.

>> Check Out Chase for Business >>

Chase: Best Bank for Small Business Lines of Credit

Small business owners often prefer Chase due to its extensive array of business credit cards, loans, and lines of credit. Chase also provides resources and tools, including educational articles and guides on financial management, marketing, and business strategy.

Why we chose it: Chase enhances traditional banking with a comprehensive suite of merchant services, supporting your business’s success.



  • Monthly fees apply
  • Low APY
  • Only 20 free transactions monthly


Chase Business Complete Banking starts with a monthly fee of $15. You can avoid this fee by maintaining a $2,000 daily balance, making deposits via Chase QuickAccept, or using your Chase Ink Business Card for purchases. Consider transaction costs after the initial 20 free ones, and minimize expensive wire transfers.

Interest Rates

Like many banks, Chase doesn’t offer interest on business checking accounts. To earn interest, consider opening a business savings account, which provides up to 0.02% APY.

Minimum Balance

To dodge Chase’s monthly service fee, ensure your checking account balance never drops below $2,000. Even a single instance of falling below this threshold can trigger the fee. Savings accounts incur no fees if you maintain an active checking account.

Access to Mobile Banking

Chase’s mobile app extends beyond typical banking operations. It allows you to lock or unlock your credit card if lost, helps plan budgets for significant purchases, and includes credit monitoring tools to safeguard your financial health.

>> Check Out Chase >>

Methodology for the Best Banks for Businesses in West Virginia 

We assessed several key factors to identify the top banks for small businesses in West Virginia. Here are the critical criteria that guided our decision:

  • Fees: For small businesses, every penny counts. We focused on banks that don’t burden you with excessive fees, looking for those without maintenance charges or those offering clear ways to waive them. Minimizing transaction and transfer costs, which are inevitable in business operations, was also a priority.
  • Interest Rates: While business bank accounts are primarily for organizational and payment purposes, earning interest is a plus. We spotlighted banks that provide competitive interest rates on both checking and savings accounts, with some surpassing national averages.
  • Minimum Balance: Recognizing that many small businesses start with limited funds, we sought out banks with low or no minimum balance requirements to avoid fees. Some institutions also offer enhanced benefits like higher interest rates or other rewards when certain balance thresholds are met.
  • Access to Mobile Banking: In today’s fast-paced environment, efficient mobile banking capabilities are essential. We considered banks that offer robust mobile apps, enabling easy account management and transactions from anywhere. This includes both traditional banks enhancing their digital offerings and online-only banks.
  • Ease of Use: Our top picks for small business banking in West Virginia were banks with user-friendly features, from simple transfers and payments to straightforward processes for opening accounts with just an EIN. Our goal was to ensure that managing a bank account would be manageable.

>> Open a Business Bank Account With the Bluevine >>

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

Looking for details on how to open a bank account for your West Virginia business? This FAQ has all the answers you’re searching for:

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

To open a business account in West Virginia, you’ll usually need to supply various documents, including your business registration and personal identification, like a driver’s license. Additionally, you might need your Employer Identification Number (EIN), business licenses, and articles of incorporation. 

Some banks may also request details about your business, such as a business plan and financial statements. It’s a good idea to contact the bank you’re considering to learn about their specific requirements.

Can I Open a Bank Account With My EIN?

Indeed, opening a bank account with an EIN (Employer Identification Number) is advisable. If your business has at least one employee, you’ll need an EIN for tax purposes, and banks will require it to set up your account. 

If you’re a solo entrepreneur, you might use your Social Security number (SSN) instead, but be aware that this can mix your personal and business finances, which could be better.

Is Opening a Bank Account Without an SSN in West Virginia Possible?

Yes, you can open a bank account in West Virginia without a Social Security Number (SSN). Some banks may allow you to use an Individual Taxpayer Identification Number (ITIN) or other forms of identification like a passport instead of an SSN. 

However, not all banks accept these alternatives, so it’s crucial to contact the bank you’re considering to confirm their specific requirements for opening an account without an SSN.

How Much Should a Small Business Have in a Bank Account?

It’s smart to stash away at least six months’ worth of operating expenses. This safety net will be invaluable if you encounter any bumps in your business journey. It’s your financial backup, ready to support you as you navigate through any temporary downturns. If feasible, try to funnel at least 10% of your monthly profits into this reserve to help it grow steadily.

>> Consider Bluevine >>

Bottom Line – Best Business Banks in West Virginia

Opening a business bank account can significantly improve financial management for small businesses in West Virginia. The top banks in the state are known for their low fees, convenient money transfer options, and dependable customer service. 

These features help businesses achieve their financial goals and sustain strong supplier relationships. Opting for these banks can provide a robust solution to your company’s financial needs in West Virginia.

>> Open a Business Bank Account With the 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.