Best Banks for Small Businesses in Virginia
Virginia's 800,000+ small businesses power an economy that benefits from proximity to Washington D.C., a highly educated workforce, and a business-friendly regulatory environment. Northern Virginia's tech corridor, Hampton Roads' military and maritime economy, and Richmond's growing startup scene all create distinct banking needs. The state's banking market mixes national giants (Wells Fargo, Chase) with strong regional players like Atlantic Union Bank and TowneBank. For businesses comfortable banking online, Holdings offers $0 fees and 1.75% APY — a significant edge over the $15-16/mo fees at most traditional banks. We compared 8 options across fees, features, and what matters for Virginia businesses.
Updated 2026-03-18 | 8 banks compared
Looking for a nationwide comparison? See our national ranking of the best banks for small business.
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% |
Still paying monthly bank fees?
1,000+ organizations stopped. Here’s what they got:
- ✓$0 monthly fees—actually $0, not "waivable"^
- ✓1.75% Annual Percentage Yield (APY)† on every dollar
- ✓Free accounting software (no QuickBooks needed)
- ✓Switch in ~30 minutes. Run both banks in parallel.
*Holdings is a financial technology company, not a bank. Banking services provided by i3 Bank, Member FDIC. ^No account or domestic transaction fees. \u2020Annual Percentage Yield (APY) is variable and subject to change. Deposits insured up to $3M through i3 Bank and program banks.
Detailed Reviews
Holdings
Online | $0/mo | Online only
Businesses wanting free banking + optional accounting from $25/mo
Key Features
- •Free: 57 free tools + $0 banking + 1.75% APY
- •Software ($25/mo): Full double-entry accounting, invoicing, P&L reports
- •Services ($59/mo): Done-for-you bookkeeping — free with $10K+ balance
Pros
- ✓$0 banking — no monthly fees, no minimums, no transaction fees
- ✓1.75% APY on every dollar — among the highest in business banking
- ✓57 free tools: invoices, estimates, payroll calculator, receipt scanner
- ✓Full accounting from $25/mo replaces QuickBooks
- ✓Services tier free with $10K+ balance — no competitor offers this
Cons
- ✗No physical branches
- ✗Less name recognition than legacy banks
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
Why businesses switch to Holdings:
- ✓$0 monthly fees — not "waivable," just zero
- ✓1.75% APY on every dollar — no minimum balance tricks
- ✓Free accounting software built in — stop paying for QuickBooks
- ✓FDIC insured up to $3M — not just $250K
- ✓Open in 10 minutes, fully online
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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.
What is the best online bank for Virginia businesses?
For businesses that don't need branch access, Holdings offers $0 fees, 1.75% APY, and 57 free tools including invoicing and receipt scanning. Capital One, headquartered in McLean, VA, also offers unlimited digital transactions. Both are strong online-first options for Virginia businesses.
How do I switch business banks in Virginia?
Most businesses can switch banks in under 30 minutes. Open your new account, redirect deposits, update automatic payments, and run both accounts in parallel for 30-60 days. Holdings offers a free switching guide with a step-by-step checklist.
Can I get free accounting with a Virginia business bank account?
Holdings offers its Services tier ($59/mo value) free to businesses maintaining a $10K+ banking balance. This includes automated monthly close, receipt matching, and cash flow forecasts. No other Virginia business bank offers bundled accounting at this level.
What's the best bank for Virginia nonprofits?
Holdings is purpose-built for nonprofits and small businesses, offering $0 fees and 1.75% APY. Atlantic Union Bank and Navy Federal Credit Union are strong regional options for Virginia nonprofits wanting in-person service.
Is it better to bank locally or online in Virginia?
It depends on your needs. Local banks like Atlantic Union and TowneBank offer personal service and local loan decisions. Online banks like Holdings offer $0 fees, 1.75% APY, and 57 free tools — saving hundreds per year. Many Virginia businesses use both: an online primary account for savings and tools, plus a local bank for cash deposits and lending.
Ready to open a business bank account?
Holdings offers free banking with 1.75% APY for Virginia businesses and nonprofits.
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