Best Banks for Small Businesses in Virginia
Virginia's strategic location, highly educated workforce, and proximity to the federal government make it a powerhouse for small businesses. With **258 FDIC-insured institutions** and two nationally significant credit unions headquartered in the state (Navy Federal and PenFed), Virginia businesses have exceptional banking choices.
Updated 2026-03-18 | 8 banks compared
Quick Comparison
| Bank | Type | Monthly Fee | APY |
|---|---|---|---|
| Holdings | Online | $0 | 1.75% |
| Atlantic Union Bank Business Checking* | Regional | $15waivable | 0.00% |
| Chase Business Complete Banking | National | $15waivable | 0.00% |
| Wells Fargo Initiate Business Checking | National | $15waivable | 0.00% |
| Bank of America Business Advantage Fundamentals | National | $16waivable | 0.00% |
| Navy Federal Credit Union Business Checking* | Credit Union | $0 | 0.00% |
| TowneBank Business Checking* | Regional | $12waivable | 0.00% |
| Capital One Basic Business Checking | National | $15waivable | 0.00% |
Detailed Reviews
Holdings
Online | $0/mo | Online only
Nonprofits and small businesses wanting zero fees and high APY
Key Features
- •Built specifically for nonprofits and small businesses
- •1.75% APY on all balances — checking and savings
- •Unlimited transactions with no hidden fees
Pros
- ✓Truly $0 — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY is among the highest in online banking
- ✓Purpose-built for nonprofits with donation tracking tools
Cons
- ✗No physical branches — online/mobile only
- ✗Less name recognition than legacy institutions
Atlantic Union Bank Business Checking
Regional | $15/mo | 115 branches
Virginia businesses wanting a strong regional bank with local roots
Key Features
- •Largest Virginia-headquartered bank ($24B+ in assets)
- •129 branches across Virginia, Maryland, and North Carolina
- •Dedicated small business banking teams in every market
Pros
- ✓Deep Virginia presence — largest bank HQ'd in the state
- ✓Strong commercial lending and business advisory
- ✓Local decision-making on business loans
Cons
- ✗Monthly fee requires $2,500 balance to waive
- ✗Fewer digital tools than national banks
- ✗Limited presence outside Virginia/MD/NC
Chase Business Complete Banking
National | $15/mo | 85 branches
Established businesses needing full-service branch banking
Key Features
- •Built-in payment acceptance via Chase QuickAccept
- •Integrated invoicing and cash flow tools
- •Same-day deposits with QuickAccept
Pros
- ✓Large and growing Virginia branch network
- ✓Excellent mobile app and digital tools
- ✓Integrated merchant services
Cons
- ✗$15/month fee unless $2,000 balance maintained
- ✗Only 100 free transactions per cycle
- ✗No interest on business checking
Wells Fargo Initiate Business Checking
National | $15/mo | 180 branches
Businesses needing maximum branch access across Virginia
Key Features
- •Largest branch network in Virginia (~180 locations)
- •Low $25 minimum opening deposit
- •Contactless debit card and digital wallet support
Pros
- ✓Most branches of any bank in Virginia
- ✓Low opening deposit requirement
- ✓Multiple ways to waive monthly fee
Cons
- ✗Fee increased to $15 effective March 2026
- ✗Only 100 free transactions
- ✗Legacy reputation issues
Bank of America Business Advantage Fundamentals
National | $16/mo | 100 branches
Businesses that qualify for Preferred Rewards tier benefits
Key Features
- •200 free transactions per statement cycle
- •No monthly fee for first 12 statement cycles
- •Preferred Rewards for Business program
Pros
- ✓200 free transactions
- ✓First year free
- ✓Strong Northern Virginia presence
Cons
- ✗$16/month fee after first year
- ✗Higher minimum to waive fees permanently
- ✗Less competitive rates
Navy Federal Credit Union Business Checking
Credit Union | $0/mo | 35 branches
Military-connected business owners in Virginia
Key Features
- •Nation's largest credit union — headquartered in Vienna, VA
- •Membership open to military, veterans, DoD employees, and families
- •No monthly service fee on business checking
Pros
- ✓No monthly fees
- ✓Excellent customer service ratings
- ✓Strong mortgage and lending products
Cons
- ✗Membership restricted to military/DoD community
- ✗Fewer branches than national banks
- ✗Limited advanced business banking features
TowneBank Business Checking
Regional | $12/mo | 40 branches
Hampton Roads and coastal Virginia businesses
Key Features
- •Virginia Beach-headquartered regional bank ($11.5B in assets)
- •Strong Hampton Roads and Southeastern Virginia presence
- •Dedicated business relationship managers
Pros
- ✓Strong local service in Hampton Roads
- ✓Community-focused with local decision-making
- ✓Good business lending products
Cons
- ✗Limited presence outside Southeastern Virginia
- ✗Fewer digital tools than national banks
- ✗Smaller ATM network
Capital One Basic Business Checking
National | $15/mo | 20 branches
Digital-first businesses in Northern Virginia
Key Features
- •Capital One is headquartered in McLean, Virginia
- •Unlimited fee-free digital transactions
- •$5,000/month free cash deposits
Pros
- ✓Unlimited digital transactions
- ✓Local HQ means strong Virginia presence
- ✓Strong mobile/online banking
Cons
- ✗Limited branch network
- ✗$15/month unless $2,000 balance maintained
- ✗Branches concentrated in Northern Virginia
Virginia Banking Landscape
258
FDIC-Insured Institutions
3+
Major Regional Banks
3+
Major Credit Unions
Top Regional Banks
- Atlantic Union Bank — $24.3B
- TowneBank — $11.5B
- Cardinal Bankshares (Bank of Floyd) — $1.3B
Top Credit Unions
- Navy Federal Credit Union — 14,000,000+ members
- PenFed Credit Union — 2,900,000+ members
- Langley Federal Credit Union — 375,000+ members
State Banking Programs
- •Virginia Small Business Financing Authority (VSBFA) — loan guarantees and direct loans
- •Virginia Small Business Development Center network
- •Virginia Economic Development Partnership
- •GO Virginia — regional economic development grants
Regulator: Virginia Bureau of Financial Institutions
Starting a Business in Virginia
| Secretary of State | Virginia State Corporation Commission (SCC) |
| LLC Fee | $100 |
| Corp Fee | $75 + charter fee based on authorized shares |
| Income Tax | 6% corporate income tax. Personal: graduated 2-5.75%. |
| Sales Tax | 5.3% state (4.3% state + 1% local); up to 7% in some regions |
| Franchise Tax | None for most businesses (bank franchise tax applies only to financial institutions) |
Business Incentives
- •Virginia Jobs Investment Program — training grants
- •Virginia Enterprise Zone grants
- •Major Business Facility Job Tax Credit
- •Small Business Investment Grant Fund
- •GO Virginia — regional collaboration grants
Nonprofit Banking in Virginia
Registration
File Articles of Incorporation (nonprofit) with Virginia SCC. Filing fee: $75.
Charitable Solicitation
Register with Virginia Department of Agriculture and Consumer Services (VDACS) before soliciting contributions. Religious orgs and those raising <$5,000 may be exempt.
Tax Exemption
Apply for Virginia sales tax exemption through the Virginia Department of Taxation. Separate from federal 501(c)(3) — must apply independently.
AG Reporting
Annual financial report to VDACS Office of Charitable and Regulatory Programs.
Resources
- Virginia Network of Nonprofit Organizations →
- Virginia VDACS — Charitable Solicitation →
- Community Foundation for a Greater Richmond →
Best Bank for Virginia Nonprofits
Holdings offers /bin/sh fees, 1.75% APY, and tools built for 501(c)(3) organizations.
Learn more →Find Fee-Free ATMs in Virginia
Holdings cardholders get free access to 55,000+ Allpoint ATMs nationwide, including locations throughout Virginia.
Find ATMs near you →Frequently Asked Questions
What is the best bank for a small business in Virginia?
It depends on your needs. Holdings offers $0 fees and 1.75% APY for nonprofits and small businesses. Atlantic Union Bank is the largest Virginia-headquartered bank with strong local service. Chase and Wells Fargo have the most branches statewide.
Can I open a business bank account online in Virginia?
Yes. Holdings, Chase, Bank of America, and Capital One all offer online business account opening for Virginia businesses. Credit unions like Navy Federal also offer online applications for eligible members.
What do I need to open a business bank account in Virginia?
You'll need your EIN, Articles of Organization (filed with the Virginia SCC), a government-issued photo ID, and proof of business address. Some banks require an initial deposit.
Are there good credit unions for small businesses in Virginia?
Virginia is home to Navy Federal Credit Union (the nation's largest) and PenFed, both headquartered in the state. Langley Federal Credit Union and Virginia Credit Union also serve businesses well in their respective regions.
What is the Virginia LLC formation fee?
Filing Articles of Organization with the Virginia State Corporation Commission (SCC) costs $100. Annual registration fee is $50/year thereafter.
Do Virginia nonprofits need special registration to fundraise?
Yes. Virginia requires charitable organizations to register with the Virginia Department of Agriculture and Consumer Services (VDACS) before soliciting contributions, unless exempt under the Virginia Solicitation of Contributions Law.
What taxes do Virginia small businesses pay?
Virginia has a 6% corporate income tax, 5.3-5.75% personal income tax (graduated), and 5.3% state sales tax (plus local additions up to 7%). There is no franchise tax for most businesses.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for Virginia businesses and nonprofits.
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