Virginia’s economy is powered by small businesses across industries such as technology, government contracting, agriculture, and tourism. Cities like Richmond, Arlington, and Virginia Beach serve as thriving hubs for commerce and innovation, while rural areas contribute significantly through farming and local enterprises. With its proximity to Washington, D.C., and a business-friendly climate, Virginia offers a prime environment for entrepreneurs.
However, small business owners in Virginia face challenges such as navigating high banking fees, limited access to tailored financial products, and outdated systems from traditional banks. These obstacles can make managing cash flow and accessing affordable credit more difficult for busy entrepreneurs.
Choosing the right bank is essential for small businesses looking to streamline operations and maximize growth potential. Below is a list of the 10 best banks for small businesses in Virginia to help you make an informed decision.
Compare with Neighboring States
If you do business across state lines or want to see how your options measure up, check out our guides for nearby states:
The 10 Best Banks for Small Businesses in Virginia
#1 Holdings (Best for Digital-First Banking)
Holdings is revolutionizing business banking with its digital-first approach. Offering $0 account fees, no minimum balances, and tiered APY rates up to 3%, Holdings provides a seamless experience for small business owners. Its multi-account management capabilities allow businesses to budget effectively while earning competitive yields. Holdings also integrates with QuickBooks, Plaid, and Yodlee for streamlined accounting.
Pros:
$0 account fees and no minimum balances
High APY rates (1.5%-3%) based on deposit tiers
Free ACH transfers and domestic wires
Integration with QuickBooks and other platforms
Access to Allpoint ATM network with no fees
Cons:
No physical branches
Limited services for cash-heavy businesses
Verdict: Holdings is ideal for tech-savvy entrepreneurs who value flexibility, competitive yields, and robust digital tools.
#2 Atlantic Union Bank (Best Regional Bank)
Headquartered in Richmond, Atlantic Union Bank offers comprehensive business banking solutions tailored to local needs. Its Business Value Checking account includes up to 200 free monthly transactions and access to personalized customer service through regional branches. Atlantic Union also provides competitive lending options designed specifically for Virginia businesses.
Pros:
Strong local presence across Virginia
Up to 200 free monthly transactions on select accounts
Competitive lending solutions including SBA loans
Personalized customer service at regional branches
Cons:
Monthly fee unless waived ($15-$25)
Limited advanced digital tools compared to larger banks
Verdict: Atlantic Union Bank is ideal for locally-focused businesses needing personalized service.
#3 Navy Federal Credit Union (Best Credit Union Option)
Navy Federal Credit Union offers affordable banking solutions with a focus on community support. Its Business Checking account features no monthly maintenance fees if balance requirements are met and up to 30 free transactions per month. Navy Federal also provides competitive loan options tailored to small businesses.
Pros:
No monthly maintenance fee on basic accounts if balance requirements are met
Strong focus on community support within Virginia markets
Competitive loan options tailored to local businesses
Excellent customer service
Cons:
Limited free transactions (30 per month)
Fewer advanced digital tools compared to larger banks
Verdict: Navy Federal Credit Union is perfect for community-oriented businesses seeking low-cost banking solutions.
#4 Wells Fargo (Best for Established Businesses)
Wells Fargo’s Initiate Business Checking account caters to growing businesses with moderate transaction needs. It includes 100 free monthly transactions and access to one of the largest branch networks in the U.S., including many locations across Virginia. Wells Fargo also offers comprehensive lending options tailored to small businesses.
Pros:
Extensive branch network across Virginia and nationwide
Comprehensive lending options including SBA loans
User-friendly mobile app with advanced features
Cons:
Monthly fee unless waived ($10)
Limited free transactions compared to competitors
Verdict: Wells Fargo is great for established businesses looking for reliable banking services.
#5 Truist Bank (Best for Lending Services)
Truist Bank combines expertise from BB&T and SunTrust to offer comprehensive business banking solutions. Its Simple Business Checking account includes low fees and up to 50 free transactions per month. Truist also provides strong lending options tailored to small businesses in Virginia.
Pros:
Competitive lending options including SBA loans
Affordable monthly maintenance fee ($12)
User-friendly mobile app with advanced features
Strong presence across Virginia markets
Cons:
Limited free transactions (50 per month)
Lower APY on savings accounts compared to competitors
Verdict: Truist Bank is perfect for small businesses needing reliable lending services.
#6 Chase Bank (Best for Nationwide Coverage)
Chase Bank provides extensive nationwide access with its Business Complete Banking account. It includes unlimited electronic deposits and access to over 4,700 branches across the country, including several locations in Virginia. Chase also offers excellent credit card options tailored specifically for small businesses.
Pros:
Extensive branch network across Virginia and nationwide
Unlimited electronic deposits
Strong business credit card offerings
User-friendly mobile app
Cons:
$15 monthly fee unless waived
Limited free transactions (20 per month)
Verdict: Chase is ideal for businesses needing nationwide access and reliable credit card options.
Comparison Table of Top Banks in Virginia
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches in VA |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8/5 | None |
Atlantic Union Bank | $15-$25 | $100 | None | 200/month | Regional | 4.6/5 | Extensive |
Navy Federal CU | $0-$10 | $50 | None | 30/month | Regional | 4.7/5 | Moderate |
Wells Fargo | $10 | $25 | None | 100/month | Nationwide | 4.6/5 | Extensive |
Truist | $12 | $50 | None | 50/month | Regional | 4.7/5 | Extensive |
Chase | $15 | $25 | $2,000 | 20/month | Nationwide | 4.7/5 | Extensive |
Conclusion
Virginia’s diverse economy demands banking solutions that cater specifically to the needs of its entrepreneurs—whether they’re running government contracting firms near Arlington or tourism ventures in Virginia Beach or Richmond. Holdings stands out as the top choice due to its modern features like high APYs, fee-free banking, and seamless integrations that simplify financial management.
Ready to elevate your business finances? Open an account today at GetHoldings.com!