Introduction to Business Banking in West Virginia
West Virginia’s economy is fueled by small businesses across industries such as energy, agriculture, tourism, and manufacturing. With its rich natural resources and scenic landscapes, the state attracts entrepreneurs in areas like outdoor recreation and hospitality. Cities like Charleston, Morgantown, and Huntington serve as commercial hubs, while rural areas contribute significantly through farming and small-scale enterprises.
However, small business owners in West Virginia face challenges such as limited access to affordable banking solutions, high fees for basic services, and fewer branch locations due to the state’s rural nature. These obstacles can make managing finances more challenging 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 West Virginia to help you make an informed decision.
The 10 Best Banks for Small Businesses in West Virginia
#1 Holdings (Best for Digital-First Banking)
Holdings is redefining business banking with its innovative digital-first approach. Offering $0 account fees, no minimum balances, and tiered APY rates up to 3%, Holdings helps businesses maximize savings while simplifying financial management. Its multi-account management feature allows businesses to budget effectively, while integrations with QuickBooks and Plaid streamline accounting processes.
Pros:
$0 account fees and no minimum balances
High APY rates (1.5%-3%) based on deposit tiers
Free ACH transfers and domestic wires
Seamless 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 perfect for tech-savvy entrepreneurs who value flexibility, competitive yields, and robust digital tools.
#2 United Bank (Best Regional Bank)
Headquartered in Charleston, United Bank has a strong presence across West Virginia and surrounding states. Its Business Checking account offers up to 200 free monthly transactions and access to personalized customer service through regional branches. United Bank also provides competitive lending options tailored to small businesses in West Virginia.
Pros:
Strong local presence across West 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: United Bank is ideal for locally-focused businesses needing personalized service.
#3 MVB Bank (Best Community Bank)
MVB Bank offers community-focused banking solutions with a strong presence across West Virginia. Its Business Checking account features no monthly maintenance fees if balance requirements are met and up to 150 free transactions per month. MVB also provides competitive loan options tailored to small businesses.
Pros:
No monthly maintenance fee on basic accounts if balance requirements are met
Up to 150 free monthly transactions
Strong focus on community support within West Virginia markets
Competitive loan options tailored to local businesses
Cons:
Limited branch network outside West Virginia
Fewer advanced digital tools compared to larger banks
Verdict: MVB Bank is perfect for community-oriented businesses seeking low-cost banking solutions.
#4 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 West Virginia.
Pros:
Competitive lending options including SBA loans
Affordable monthly maintenance fee ($12)
User-friendly mobile app with advanced features
Strong presence across West 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.
#5 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 West Virginia. Chase also offers excellent credit card options tailored specifically for small businesses.
Pros:
Extensive branch network across West 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 West Virginia
Bank Name | Monthly Fee | Min Opening Deposit | Min Balance Requirement | Transaction Limits | ATM Access | Mobile App Rating | Physical Branches in WV |
|---|---|---|---|---|---|---|---|
Holdings | $0 | $0 | None | Unlimited | Allpoint Network | 4.8/5 | None |
United Bank | $15-$25 | $100 | None | 200/month | Regional | 4.6/5 | Extensive |
MVB Bank | $0-$15 | $50 | None | 150/month | Regional | 4.7/5 | Moderate |
Truist | $12 | $50 | None | 50/month | Regional | 4.7/5 | Extensive |
Chase | $15 | $25 | $2,000 | 20/month | Nationwide | 4.7/5 | Moderate |
Conclusion
West Virginia’s diverse economy demands banking solutions that cater specifically to the needs of its entrepreneurs—whether they’re running tourism ventures in the Appalachian Mountains or energy firms near Charleston. 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!