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Best Business Checking Accounts in Virginia of 2022

Katie Stiner

Whether you are starting a business or looking to switch bank accounts, there are a wide range of business checking accounts in Virginia. When choosing an account, consider the services the account will provide, such as mobile and online access, bill payments services, and wire transfers. Other banks offer merchant services, so you can accept credit and debit card payments.

Consider also the account fees, balance minimum, transactional limits, and monthly maintenance fees, which can be waived if you meet the requirements. Business accounts have even improved by seamlessly integrating with third-party tools, such as accounting and budgeting software.

We reviewed some of the best business checking accounts in Virginia based on their features, fees, and overall quality.

Built to optimize taxes and accounting

$0 - $4.99

Monthly Fee

0% - 1.00%

Est. APY

Overview

Lili’s business checking account was built for freelancers, sole proprietors, and single member LLC with or without a DBA. The account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.

What we like

  • FDIC insured, up to $250,000
  • Optimize taxes to pay less
  • Invoicing software included
  • No maintenance fees
  • Automatic transfers to emergency account

What we don't

  • Only for solopreneurs
  • No wire transfers
  • Interest on lili pro only

Manage funds easier with sub-accounts

$0

Monthly Fee

1.50%

Est. APY

Overview

Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.

What we like

  • Unlimited transactions
  • No monthly fees
  • High APY
  • Sub accounts for easier management
  • Integration with business tools

What we don't

  • No APY on balances over $100,000
  • International wire transfers not available
  • Cash deposit fee of $4.95

Business banking that streamlines bookkeeping

$0

Monthly Fee

0%

Est. APY

Overview

Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.

What we like

  • Streamlines bookkeeping
  • No monthly fees
  • No minimum balance requirement
  • Seamless software connections
  • Set spending limits for employees

What we don't

  • No sign-up bonus or rewards
  • No physical branches
  • No interest earned on balances

Free unlimited transactions and invoicing software

$10

Monthly Fee

0%

Est. APY

Overview

NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.

What we like

  • Budgeting tool to help manage your finances
  • Smart integrations with business tools
  • Send invoices from the app
  • Low minimum deposit
  • No hidden fees
  • Unlimited transactions with no fee

What we don't

  • $10 monthly fee
  • No in persona customer support

Seamless integration with a wide range of business tools

$0

Monthly Fee

0%

Est. APY

Overview

Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.

If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.

What we like

  • Free ACH transfers, mailed checks, and incoming wires
  • Minimal fees and ATM reimbursements
  • Backed by FDIC insured
  • Integration with other apps
  • Doesn’t check your credit score

What we don't

  • No APY earned on your balance
  • No cash deposit
  • No outgoing wires or checkbooks

Earn a competitive rate on your balance

$0 - $10

Monthly Fee

0.81%

Est. APY

Overview

Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.

What we like

  • Earns a competitive interest rate
  • Unlimited domestic ATM reimbursements
  • 50 free checks when opening an account
  • Low minimum deposit to open account
  • Complete digital experience

What we don't

  • Monthly $10 maintenance fee
  • Limited integration with business tools
  • Limited fee-free transactions per month

Why do you need a business checking account?

Wondering how a business checking account is necessary for your business? Here are some of the reasons why you need to open one:

  • Mobile banking apps or online banking services: Make deposits, transfer funds, and review account activity when you want, wherever you are.
  • Convenience: Having a business checking account is convenient because you only need one bank account to handle all of your financial transactions. You can deposit checks, make withdrawals and transfer money through online banking. This saves you time by eliminating the need to schedule multiple trips to the bank or drive across town to make deposits in person. It’s also less expensive than maintaining multiple accounts in different banks.
  • Financial reports: These accounts offer several reports that help you keep track of your finances. You can request reports about your balance, recent transactions, outstanding checks, and charges made on your debit card. Some banks even offer alerts that tell you when certain thresholds have been reached, so you know when to expect a transaction or transfer from another person or company.
  • Tax benefits: You can deduct any fees associated with the maintenance of your business checking account on your taxes and also write off any losses that you may incur if there are insufficient funds in your checking account at the end of any given month. Also, it makes it easier to manage business taxes, so you know your actual business costs.

What do you need to open a business checking account in Virginia?

Here’s what you need to get started:

  • Identification: You’ll usually be asked for some proof of your identity. This can include your driver’s license, a government-issued ID, Social Security card, and possibly a certified copy of your business license (if you’re required to have it). Your business’ tax ID number should also be available if the bank will require it.
  • Residency: You will be required to provide proof of address, typically a utility bill that shows your address.
  • Business documents: You will have to provide business documents such as a DBA certificate, business license, certificate of incorporation, and partnership agreement (if applicable).
  • EIN (Employer Identification Number): You’ll need to provide your tax number. You can apply for an EIN by phone or online at the Internal Revenue Service website. 

Common business checking account fees in Virginia

It’s important to understand the fees associated with opening and maintaining a business account, so you can make an informed decision on which one is right for your business. Here are some of the common business checking account fees you might encounter:

  • Minimum balance fees: These are charged by many banks when your balance dips below a certain amount. The minimums vary from bank to bank and the amounts can range from just a few hundred dollars up to several thousand dollars.
  • ATM fees: Some banks charge you for using non-network ATMs while others don’t. If you want to use an ATM that’s not affiliated with your bank, expect to pay $1 to $3 per transaction, depending on how much you withdraw and where you are.
  • Overdraft fees: Overdraft protection usually costs money when it’s provided by the institution that holds your account, but most banks will not charge you if you opt-out of this service.
  • Foreign transaction fees: These are costs on each transaction made in another currency, such as British pounds or Canadian dollars. If you regularly import products from overseas or make payments abroad, check if your bank charges a foreign transaction fee and how much it is. Some charge as much as 3% of each transaction while others don’t charge at all.

How to choose the best business checking account in Virginia

When choosing a business checking account, consider the following:

  • Easy set-up and access: Setting up a new business checking account should be straightforward and simple. You should have access to online banking immediately so you can make deposits and transfers as needed without having to wait on checks to arrive in the mail or during inconvenient bank hours. The same goes for being able to easily withdraw cash.
  • Account minimums: You will need to maintain minimum balances on your business checking account in order to avoid monthly service fees. Find an institution with flexible requirements.
  • Fees: Bank fees are common and vary by institution. Look for a financial institution that doesn’t charge fees for debit card usage.
  • ATMs fees: Convenience is important when running a business, especially if you work in more than one location throughout the day. The last thing you want is to incur expenses every time you visit an ATM outside of your network of branches.
  • Customer service: Your bank should be able to help you with day-to-day tasks such as depositing checks and processing payments without added expenses or hidden fees. Look for online and mobile access as well as 24/7 customer service.
  • Transaction restrictions: Some accounts have limits on the number of checks you can write each month or the amount of cash you can withdraw from an ATM each day. If you’re going to run a cash-intensive operation, such as a restaurant or a retail store, make sure you won’t run into problems with your checks and balances.