February 19, 2025

Best Banks for Small Business in Virginia

By Alyssa Supetran
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Need a good bank for your small business in Virginia? Here are the top banks for Virginia's local entrepreneurs.

What bank is best for small business accounts in Virginia?
Here are the 10 best banks for small businesses in Virginia:
  1. Wells Fargo for SBA loans
  2. Bank of America for flexibility
  3. Chase Bank for built-in credit card processing
  4. U.S. Bank for national bank with free checking
  5. Capital One for unlimited free transactions
  6. Atlantic Union Bank for local banking
  7. Virginia Credit Union for local credit union
  8. Burke & Herbert Bank for nonprofits
  9. Bluevine for high-interest checking accounts
  10. Axos Bank for minimal fees

Did you know that 99.6% of Virginia's enterprises are small businesses?[1] With such fierce competition, finding the right bank is crucial in helping yours thrive.

Fortunately, you have plenty of choices in Virginia—from national banks like Wells Fargo to local options like Atlantic Union Bank.

This guide walks you through the top options so you can choose the bank that best supports your business in the Old Dominion.

10 Best Banks for Business Accounts in Virginia

These banks offer the financial tools and expertise your business needs to succeed. They serve businesses across Virginia, from Tysons Corner to Virginia Beach.

Virginia has made it to CNBC's top 10 states for businesses six times. It snagged the top spot for the third time in five years in 2024.[2]

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo's massive nationwide presence offers approximately 4,100 retail banking branches coast to coast. It has over 180 branches in Virginia, so you won't have trouble finding a branch, especially around Richmond or Arlington.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, and payroll services under one roof.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

Which banking service do you need for your small business in Virginia?

Bank of America

Best for: Flexibility and cash management

Bank of America is another financial giant with a large presence in Virginia. It has over 100 financial centers across the state, especially in Richmond and its surrounding areas.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With the Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help, Bank of America's Small Business Specialists provide valuable advice and hands-on support.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to Small Business Specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

Does your business accept credit card payments? This next bank helps simplify payment processing.

Chase Bank

Best for: Built-in credit card processing

Chase has a smaller footprint in Virginia with only 50+ branches overall, mostly around Arlington.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

With the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

U.S. Bank

Best for: National bank with free checking

While U.S. Bank doesn't have any physical branches in Virginia, check it out if your business still has an inconsistent cash flow.

If you prefer a larger bank with fewer fees, U.S. Bank is an excellent choice. Its Silver Business Checking Account has no monthly fee or minimum balance requirements. Just note that you're limited to 125 free transactions per statement cycle, then $0.50 each, so it's best for newer businesses with less activity.

And if the Silver account doesn't have what you're looking for, U.S. Bank has four other business checking accounts, including one tailored for non-profits.

All accounts come with convenient online and mobile banking tools, allowing you to monitor cash flow, transfer money, deposit checks, and more—whenever, wherever.

In addition to 4,700+ U.S. Bank ATMs across the country, you can also withdraw surcharge-free at approx. 40,000 MoneyPass® ATMs. So even if you don't live near a branch, ATMs are still convenient.

Pros:

  • Free checking option
  • Specialty checking accounts available
  • Extensive ATM network for no-fee withdrawals

Cons:

  • Limited fee-free transactions
  • Fewer features than others

Traditional banks usually limit monthly free transactions. Look at the next option if your business has a high activity volume.

Capital One

Best for: Unlimited fee-free transactions

Capital One also doesn't have a physical branch in Virginia. But it's still worth checking out if you have an online business or don't need to visit a physical branch for transactions.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

Starting a local business? While national banks offer convenience, the local bank below could provide better personal support.

Atlantic Union Bank

Best for: Local banking experience

Atlantic Union Bank is a regional bank based in Richmond, Virginia with 120+ physical branches across the state. It's worth looking into if you want a bank with a large footprint but still offers the personal touch that bigger banks often don't.

Atlantic Union has three business checking accounts, including a free option ideal for small businesses with low monthly activity. It has no monthly fee or minimum balance requirements, so more funds go to your business instead of fees.

Want higher transaction limits and earn interest on your balance? The Elite Business Checking is an interest-bearing account that allows up to 500 free transactions monthly. If you need more than that, it's also the only account with a bonus add-on feature, which you can use to get another 250 transactions for free.

Don't need the extra transactions? You can opt for 20 free returned deposit items per month or unlimited incoming wire transfers instead.[4]

Besides banking services, Atlantic Union provides strong support to local businesses to help them achieve success. For example, it offers accessible funding options, hosts financial literacy workshops, and prioritizes partnerships with local suppliers.[5][6]

Pros:

  • Free checking option
  • Strong local support
  • Large presence in Virginia (120+ branches)

Cons:

  • Many banking fees like overdrafts and wires

Virginia Credit Union (VACU)

Best for: Local credit union

The Virginia Credit Union (VACU) is a local credit union with 20 branch locations in the state of Virginia and over 5,000 shared branches nationwide.[7]

VACU members are considered company owners, so they enjoy lower fees and better rates compared to traditional banks. Just note that you must deposit a one-time $5 Member Share fee upon signing up as your share in the company's ownership.[8]

You get extra perks as a business owner, like tailored financial plans to help boost your company's growth and maximize the credit union's offers. You'll even be assigned a dedicated team to help you meet your business goals.[9] Plus, your employees can enjoy VACU's services through its Financial Success at Work program.

For business checking accounts, VACU has several options, including specialty accounts for nonprofits and professional services like medical practices and law offices. And you only need $100 as the minimum opening deposit.

When you become a VACU member, you're a member for life.
As long as you keep your accounts active and in good standing, you'll continue to enjoy your membership perks — even when you move to another state.[10]

Pros:

  • Excellent member benefits
  • Lifetime membership
  • Strong community involvement
  • Wide network (5,000+ shared branching locations)

Cons:

  • No free checking option
  • Limited ATM network

Burke & Herbert Bank

Best for: Nonprofits

Burke & Herbert Bank is Virginia's oldest bank with 20+ branches across the state, mainly around Alexandria. If you're running a local nonprofit, this bank might be a good fit.

Its Organization Checking Account is an affordable checking option for nonprofits with fewer than 50 monthly transactions. It has no monthly fee or minimum balance requirements, so you're spending less on fees and more for your organization.

If you have a higher monthly transaction volume, consider the Non-Profit Interest Checking account instead. There are no fees for most debit and credit transactions, so you don't have to worry about the costs eating into your organization's budget.

The Non-Profit Interest Checking is also an interest-bearing account, so you earn interest on your checking balances. Just note it has a $10 monthly fee, which you can waive by maintaining the $25,000 minimum daily balance.[11]

Running a regular small business? Don't worry; you can just choose one of its standard business checking accounts instead.

Pros:

  • Specialty accounts for nonprofits
  • User-friendly online & mobile banking
  • Good selection of other business bank products

Cons:

  • No online application for business accounts
  • High waiver requirements for higher-tier checking accounts

All Burke & Herbert business checking accounts come with access to Autobooks for easier bookkeeping and accounting. Use it to keep track of transactions, manage invoices, make payments, and more.

Don't need in-person banking? Consider an online account for more features and benefits.

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. There are no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to five free sub-accounts with their own account numbers. This allows you to organize your funds better and set budgets for payroll, taxes, and vendor payments. You can even set custom rules and permissions for better security and account management.

All sub-accounts also earn interest up to the combined maximum.[12] You can keep your funds well-organized and still get the most out of your high-yield checking account.

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[13] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to five sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Axos Bank

Best for: Minimal fees and free basic business checking

Axos is a full-service online bank, so it has no physical locations. But it's still a solid option for small businesses in Virginia thanks to its lower fees.

The Basic Business Checking account has no monthly fees and gives you unlimited free transactions for deposits, withdrawals, and incoming wire transfers. You also get up to two outgoing domestic wire reimbursements monthly.

Need to withdraw cash? Use any ATM you want, with unlimited domestic ATM fee reimbursements nationwide. You can also make cash deposits at participating machines.

Axos customer support is available 24/7 so you can reach out anytime—even after normal business hours. Help is just a call or email away.

Pros:

  • Free business checking option
  • Minimal fees
  • Unlimited domestic ATM fee reimbursements
  • Dedicated customer support

Cons:

  • No physical branches
  • Limited support hours for non-clients

What kind of bank do you want to use for your small business?

How to Choose a Bank for Your Business?

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Virginia. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Virginia. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Our Methodology

To come up with the best banks for small businesses in Virginia, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We chose banks that either have a free business checking option, or reasonable requirements to waive.

We also looked for unique banking features, like built-in payment processing, unlimited free transactions, or special accounts for nonprofits.

No matter what kind of business you have, you should find a bank that fits your needs.

FAQs

Do I need a Virginia ID to open a business bank account in Virginia?
Yes, most banks in Virginia require proof of residency to open a business bank account. This usually means your Virginia driver's license, business license, and business registration.

Should a Virginia LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Virginia LLC's liability protection and makes it easier to prove you're not commingling funds.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally do not do a credit check when you open a checking or savings account. So it is possible to open a business bank account even if you have low personal credit.

However, banks may check your ChexSystems report. So if you've had problems with your personal banking account, that may impact your ability to open a business account.

Can I use a regular bank account for my small business?
It's best to have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

Wells Fargo tops the list of the best banks for Virginia small businesses because of its large local and national presence, extensive business services, and SBA loan offers.

However, local banks like Atlantic Union Bank offer a personal touch and local expertise that national banks might not. While online-only choices like Bluevine often give better rates and lower fees.

No matter what business you have, think about its unique requirements before choosing a bank.

References

  1. ^ U.S. Small Business Administration Office of Advocacy. 2024 Small Business Profile Virginia, Retrieved 01/06/2025
  2. ^ CNBC. America's Top States for Business 2024: The Full Rankings, Retrieved 02/20/2025
  3. ^ Atlantic Union Bank. Essential Business Checking, Retrieved 02/20/2025
  4. ^ Atlantic Union Bank. Elite Business Checking, Retrieved 02/20/2025
  5. ^ Atlantic Union Bank. Corporate Social Responsibility, Retrieved 02/20/2025
  6. ^ Atlantic Union Bank. Supplier Engagement | Business Partnerships, Retrieved 02/20/2025
  7. ^ Virginia Credit Union. Locations, Retrieved 02/20/2025
  8. ^ Virginia Credit Union. Member Benefits, Retrieved 02/20/2025
  9. ^ Virginia Credit Union. Business Membership, Retrieved 02/20/2025
  10. ^ Virginia Credit Union. Membership FAQs, Retrieved 02/20/2025
  11. ^ Burke & Herbert Bank. Business Checking Accounts, Retrieved 02/20/2025
  12. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 02/23/2025
  13. ^ Bluevine. Line of Credit, Retrieved 02/23/2025

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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Best Bank for Small Business

Tips for Business
Discover the top 10 banks for small businesses. Unlock your business' potential with the best bank
Which banking service do you need for your small business in Virginia?
What kind of bank do you want to use for your small business?
33% National bank
29% Local bank
38% Online bank
Source: CreditDonkey
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