Are you searching for the best bank for small businesses in Virginia? The ideal choice will vary depending on your business’s specific needs and your personal preferences, but there’s no shortage of options available. Our top five selections include a range of options, from innovative digital-first banks to trusted local community banks, credit unions and well-established national institutions. This comprehensive overview will guide you in finding the right fit for your small business, helping you thrive in today’s competitive landscape.

Top Banks for Small Business in Virginia

The best banks for small businesses in Virginia have a range of offerings designed to meet diverse needs, including flexible loan options, low fees, and tailored business accounts. They also provide user-friendly online and mobile banking platforms, expert financial advice, and strong customer service. Many of these banks foster community engagement and offer resources like networking events and educational workshops, helping small businesses thrive in a supportive environment.

1. North One

North One is a digital-first bank designed to simplify business banking for small business owners. This institution offers an online business checking account—which is fully accessible from a mobile app, allowing owners to manage their finances on the go. Unlike many traditional banks, North One doesn’t charge a monthly fee, making it an affordable option. Plus, deposits are FDIC insured up to $250,000 through North One’s partnership with The Bancorp Bank.

One of North One’s standout features is its ability to integrate with popular business tools such as QuickBooks, Shopify, Stripe and Square. These integrations allow you to automate bookkeeping, track sales and manage invoices seamlessly. North One also provides budgeting tools through its Envelopes feature, so business owners can set aside funds for specific expenses like taxes or payroll.

Even though North One is an online bank, it accommodates businesses that handle cash through its partnership with Green Dot. You can deposit cash at various locations nationwide. Plus, 24/7 customer support, North One ensures that you won’t even miss a physical location.

2. Burke & Herbert Bank

Burke & Herbert Bank is a Virginia bank offering tailored financial solutions for small businesses, with over 75 branches across Delaware, Kentucky, Maryland, Virginia, and West Virginia.

They also provide various business checking options. The Business Convenient Checking account allows up to 150 transactions monthly, with no fees if you maintain a $2,000 daily balance. For businesses with multiple accounts, the Business Relationship Package waives fees with combined balances of $35,000 or more. This package allows unlimited transactions and cash deposits of up to $10,000 monthly, all without fees. For high-volume businesses, the Commercial Analysis Account offers an earnings credit to offset fees based on average daily balances. Specialized accounts, like the Organization Checking Account and Non-Profit Interest Checking Account, have no monthly fees and free transactions for eligible accounts.

The bank also offers several savings options. The Business Savings Account accrues interest on all balances, requiring a $50 minimum opening deposit. A $2 monthly fee applies if the average daily balance falls below $100. The Business Money Market Account offers competitive rates with a $100 minimum deposit but has a $2 fee if the balance is below $2,500. The Business Super Money Market Account, for businesses with $25,000 or more, allows higher rates without fees.

Burke & Herbert Bank provides loans and lines of credit. Their Business Line of Credit ranges from $10,000 to $150,000 unsecured, or up to $500,000 secured. The Business Term Loan, from $10,000 to $500,000, finances growth and equipment purchases. They also offer digital banking tools and treasury management services, making them a smart choice for small businesses.

3. Virginia Credit Union

If you prefer a credit union for your business, Virginia Credit Union offers tailored financial solutions and 37 branches. Eligible members include employees and retirees of Commonwealth of Virginia agencies, local governments, and specific companies. Residents, workers, worshippers, volunteers, or students in areas like Richmond, Petersburg, Hopewell, and Fredericksburg can also join. Additionally, employees, retirees, and students from certain Virginia universities, along with immediate family members of current members, can join regardless of residence.

Their business checking accounts cater to various stages of development. The Business Checking account requires a minimum daily balance of $2,500 to avoid a $10 monthly fee and allows up to 150 transactions per statement. For higher transaction volumes, the Premium Business Checking account requires a $5,000 minimum balance and permits 250 transactions per statement, with a $12 monthly fee if the balance falls below the threshold. Nonprofits can use the Community Checking account, which has a $1,000 minimum balance to waive a $15 fee and offers unlimited transactions. The Partners Checking account is designed for law offices and medical practices, requiring a $7,500 minimum balance for fee waivers.

For savings, Virginia Credit Union offers options like the Business Money Market Checking account, which earns dividends with a $1,500 minimum balance and allows six withdrawals per statement. The Business Plus Money Market Checking account provides higher dividends for balances over $250,000. You can also obtain Business Savings Certificates for terms of six to 60 months, with higher rates for deposits of $50,000 or more.

Virginia Credit Union also provides business loans, including commercial mortgages and lines of credit. Their credit cards offer 1.5% cash back on all purchases, and their treasury management services include online banking, remote deposit, ACH collections, and merchant services.

4. Chase Bank

If a traditional, national bank is more your speed, Chase Bank might be the right choice for you. Chase is ubiquitous across America, with thousands of physical branches and even more ATM options. They also have generous sign-up bonuses, which can help boost your cash flow or savings.

Chase offers several business checking accounts with unlimited fee-free electronic transactions. These accounts can carry $15 to $95 monthly fees, which can be waived with a certain minimum monthly balance. However, there are limitations on their fee-free cash deposits and physical transactions, so be sure to review those limits to make sure that they work with your needs.

Chase offers two primary savings accounts: Chase Business Total Savings and Chase Business Premier Savings. These provide flexible solutions for managing excess funds while potentially earning interest.

When it comes to savings, the Chase Business Total Savings account is designed for smaller businesses that are just starting to save. There’s a $10 monthly service fee, which can be waived with a $1,000 average balance or by linking your savings to a qualified account. You can deposit up to $5,000 per month, fee-free. Meanwhile, the Business Premier Savings account has a $25 monthly fee, waivable by a $25,000 average balance or linking a qualified account. Better yet, both tiers are eligible to earn interest, although certain terms and conditions apply. There are also business CD options, should you be interested in fixed returns over fixed terms.

Finally, Chase offers a suite of loan products, including credit cards and lines of credit. They also provide merchant and treasury management services to ensure that you have everything you need to run your business.

5. Wells Fargo

Wells Fargo is another great national banking choice—and if you’re looking for SBA loans, they are a preferred lender. They offer plenty of financial solutions tailored toward small businesses, from mobile banking and accounting software integrations to Zelle access, payroll services and merchant services.

Wells Fargo has multiple business checking account options. The Initiate Business Checking account is ideal for startups—it has a $10 monthly service fee that can be waived with a minimum balance of $500. It also allows up to 100 free transactions each month. For more established businesses, the Navigate Business Checking account offers increased transaction limits and relationship benefits, with a $25 monthly fee that can be waived with a $10,000 minimum balance. Finally, the Optimize Business Checking account provides premium benefits and optional treasury management services, with a $75 monthly fee.

Wells Fargo also offers business savings accounts, including the Business Market Rate Savings for newer businesses. This account has a low monthly fee that you can avoid by maintaining a $300 balance. The Business Platinum Savings account caters to businesses with higher balances, with competitive rates.

In terms of credit options, the Signify Business Cash Rewards Card provides an enticing cash rewards structure with a $0 annual fee. It allows businesses to earn unlimited 2% cash rewards on purchases. Additionally, the card features a 0% intro APR for the first 12 months. Wells Fargo also provides loans and lines of credit, with a special focus on SBA loans.

Overall, Wells Fargo is a good choice when you prefer traditional banking and plenty of physical branch locations—although it may not offer quite as personalized a touch as some of the other options here.

Choosing the Best Small Business Bank in Virginia

With so many banks to choose from, it’s important that you research these best banks for small businesses in Virginia. In fact, you may decide that you want to work with more than one financial partner—like North One’s digital checking accounts, paired with another bank or credit union’s savings and credit card options. Whichever bank you choose, don’t hesitate to ask questions and test-drive a few options. After all, the right bank can make a big difference in your bottom line.