10 Best Banks in Virginia for 2024


Known for its rich history and dynamic economy, Virginia, hosts a wide range of banking institutions that cater to diverse financial needs. Choosing the right bank is key to staying on top of your finances. Virginia offers an extensive range of bank choices, from the rolling hills of the Shenandoah Valley to the bustling streets of Richmond.

Welcome to Virginia

When it comes to opening a new checking account or seeking loan options, every bank in Virginia brings its own set of advantages. Large national banks offer a wide array of services and an expansive ATM network, while Virginia’s local community banks excel in providing individualized customer service.

10 Best Banks in Virginia

We’ve meticulously chosen the top banks in Virginia, each marked by their distinct features, offerings, and customer services. These institutions serve a broad spectrum of financial requirements, offering everything from competitive interest rates and minimal fee structures to advanced digital banking experiences.

Whether you’re a lifelong Virginian or a new resident, this guide will help you find the ideal bank. It covers personal banking solutions and commercial banking expertise in Virginia.

1. First Citizens Bank

First Citizens Bank boasts a strong presence in Virginia with 76 branches across the state, prominently situated in major cities like Richmond, Roanoke, Lynchburg, Charlottesville, and Danville, among others.

Offering a diverse range of checking accounts, First Citizens Bank includes a free checking option for those who opt for electronic statements. This account eliminates the need for a minimum balance, comes equipped with a complimentary Visa debit card, and offers overdraft protection.

The bank ensures a user-friendly experience with no monthly maintenance fees and a low minimum opening deposit of $50 for online account setups. While savings and money market accounts have modest interest rates, First Citizens Bank offers attractive CD rates, up to 5.00% APY.

First Citizens Bank’s ATM network is tailored to its own machines, conveniently located in various states. Be aware that transactions at non-network ATMs incur a $2.50 fee, in addition to any fees charged by the ATM’s owner.

In addition to these banking services, First Citizens Bank also provides competitive rates for home improvement loans and various credit cards, each with its own set of rewards and benefits.

2. SoFi

SoFi shines as a top online bank choice in Virginia, especially appealing for those seeking strong checking and savings account options.

SoFi’s online savings account boasts a high annual percentage yield (APY) of 4.60%, making it an attractive option for savers. Their checking accounts are equally noteworthy, offering a 0.50% APY without any monthly fees.

A standout feature of SoFi is its early direct deposit facility, allowing users to access their paycheck up to two days earlier than traditional banking methods.

Security is a priority at SoFi, evident in their provision of FDIC insurance up to $2 million, significantly higher than many other banks.

With qualifying direct deposits, there are no overdraft fees, and SoFi offers coverage up to $50 in such cases.

New customers are greeted with a welcome bonus ranging from $50 to $300, based on the direct deposit amount set up. Finding an ATM is convenient with SoFi, thanks to their access to over 55,000 Allpoint® Network ATMs nationwide.

3. First Community Bank

First Community Bank, with its deep roots and a strong commitment to community banking, is a notable choice for residents in Virginia. The bank has a widespread presence in the state, with branches in key locations like Richmond, Abingdon, Blacksburg, and Bluefield, ensuring easy accessibility for its customers.

With a history that dates back to the 19th century, First Community Bank has evolved to meet the modern financial needs of its customers while maintaining its core values of compassion, trust, drive, and progress.

Their offerings include personal and business banking solutions, such as checking and savings accounts, money market accounts, loans, credit cards, IRAs, CDs, and investment services. They also provide modern banking conveniences like online banking and mobile banking apps, designed to offer ease and flexibility to their customers.

This blend of traditional banking services with contemporary technology makes First Community Bank a suitable choice for those who value both personalized service and digital convenience.

4. Carter Bank & Trust

Carter Bank & Trust, a community bank with a strong presence in Virginia and North Carolina, is recognized for its array of financial tools designed to meet various customer needs. The bank’s checking account options, all requiring a minimum deposit of $50, cater to different financial requirements. Notably, these accounts are interest-bearing, enhancing the value of customer deposits.

The Carter Savings Account, another notable product, allows customers to avoid a $5 monthly fee by maintaining a balance of $100 or more. An innovative aspect of their savings program is the Carter Ca$h giveaway, offering customers a chance to win substantial cash prizes, thereby encouraging regular savings.

In addition to traditional banking services, Carter Bank & Trust also offers credit cards, loans, and mortgages, demonstrating its commitment to providing comprehensive financial solutions. Their dedication to community and customer-focused services has earned them recognition, including awards from local communities.

5. Chase Bank

Chase Bank is a prominent national bank in the U.S. that operates an extensive network of branches and ATMs across 48 states and the District of Columbia. Renowned for its diverse financial products, Chase is currently offering a $200 bonus for opening a Total Checking account.

This account comes with a $12 monthly fee, which can be waived by meeting certain conditions such as maintaining a minimum balance or receiving a regular direct deposit.

The bank’s network features over 15,000 ATMs nationwide, allowing convenient and fee-free cash withdrawals. For those interested in saving, Chase offers competitive rates on CDs. Additionally, Chase is noted for its range of high-quality rewards and travel credit cards, catering to various financial needs and lifestyles.

6. Capital One

Capital One stands out as a large and reputable bank, offering a robust online banking experience. While they don’t have physical branches in Virginia, their online and mobile banking platforms make account management seamless.

The 360 Checking account is a notable product with no monthly maintenance fees, a free checkbook, unlimited check writing, and a Mastercard debit card. In addition to checking accounts, Capital One’s 360 Performance Savings offers a high-yield savings account with attractive interest rates.

For those looking for term-based savings, Capital One’s certificate of deposit (CD) options vary from 6 to 60 months, with no minimum deposit required. Additionally, the bank caters to younger customers with its MONEY Teen Checking and Kids accounts, designed to promote savings habits from an early age.

Capital One’s mobile app is highly acclaimed for its user-friendly features. It allows customers to deposit checks, set custom alerts, track expenses, access account statements, and use Zelle. Furthermore, the app includes CreditWise, a tool for monitoring and understanding credit scores.

7. Navy Federal Credit Union

Navy Federal Credit Union is a top choice in Virginia, especially for military members and their families. They offer an extensive network of branches and ATMs across the state.

Fee-free banking is a key benefit at Navy Federal, with no minimum deposit requirements. They also reimburse up to $120 in annual ATM fees for using non-network ATMs.

Their checking accounts have no monthly fees and offer a 0.05% APY. Higher earnings are available with their money market accounts and CDs, offering up to 2.25% and 4.85% APY, respectively.

Beyond banking, Navy Federal provides competitive rates on loans and a cashRewards Credit Card with a $250 bonus for new signups.

8. Truist Bank

Truist Bank is a popular choice in Virginia, offering a unique set of features and rewards to meet diverse financial needs. The Truist One checking account is a standout product, with a 10% loyalty cash bonus based on your monthly balance. Adding a Truist credit card further enhances the rewards, offering an additional 10% bonus.

Opening a Truist checking account is simple, requiring only a $50 initial deposit and no minimum balance requirements. Although there’s a $12 monthly fee, several options are available to have it waived.

This includes setting up a monthly direct deposit of $500 or more, maintaining a daily balance of $500 across Truist accounts, or holding a qualifying Truist credit card or loan. Students aged 25 or younger also benefit from a fee-free account.

Beyond checking accounts, Truist extends its services to include Health Savings Accounts (HSAs), prepaid cards, mortgages, home equity lines of credit, personal loans, investment products, retirement accounts, and insurance options.

The Truist Mobile app complements these services by enabling easy account management, mobile check deposits, and convenient money transfers.

9. Atlantic Union Bank

Atlantic Union Bank, with a strong presence in Virginia, operates through a network of 108 branches across 74 cities and towns, and extends its reach with five offices in two additional states. The bank offers a wide range of personal and business banking products.

Their personal banking solutions include various checking and savings accounts, catering to different customer needs. They also provide credit card services and diverse loan options, from personal to home and auto loans.

For business clients, Atlantic Union Bank offers specialized services like treasury management and merchant services. This array of offerings showcases their commitment to supporting both individual and corporate financial goals. Their blend of traditional banking services with modern digital banking solutions makes them a reliable and comprehensive financial partner in the region.

10. Bank of America

Bank of America is one of the largest national banks in the U.S. It boasts a vast network of branches and ATMs. They offer a comprehensive array of banking services, ranging from basic checking accounts to complex wealth management solutions.

To open a basic checking account, a customer needs to deposit $100 initially, along with a $12 monthly maintenance fee. However, there’s no ongoing minimum balance requirement, ensuring flexibility for customers.

Additionally, Bank of America provides competitive interest rates on CDs, with rates as high as 4.75% APY. Their offerings extend to attractive bonuses for new credit card account openings and access to Merrill Edge for wealth planning and investment services, making them a versatile banking option for a wide range of financial needs.

Types of Banks in Virginia

Virginia’s banking landscape is diverse, offering various types of financial institutions that cater to different needs. From national banks to community banks, online banks, and credit unions, understanding these categories and their offerings can help you make an informed choice.

National Banks

National banks like Chase Bank, Wells Fargo, and Bank of America have a significant presence in Virginia. They are known for their extensive range of financial products and services, including various checking and savings accounts, credit cards, loans, and investment options. These banks operate a vast network of branches and ATMs across multiple states, providing convenience and accessibility.

Regional Banks

Regional banks, such as Truist Bank and Atlantic Union Bank, serve specific regions and are known for their personalized customer service. They often offer a mix of traditional and modern banking services.

Community Banks

Community banks like First Citizens Bank and Carter Bank & Trust focus on serving the local communities. They often provide more personalized services and understand the local market well.

Online Banks

Online banks such as SoFi, Ally Bank, and CIT Bank offer banking services primarily through digital platforms. They are known for their high-interest savings and checking accounts, and often have lower fees due to their online nature.

Credit Unions

Credit unions like Navy Federal Credit Union, PenFed Credit Union, and Langley Federal Credit Union cater specifically to certain groups of people, such as military members and their families in Virginia. They are not-for-profit institutions and are known for offering lower fees and competitive rates.

Each type of bank offers unique advantages, and the best choice depends on your specific banking needs and preferences. Whether it’s the wide-reaching services of a national bank, the local touch of a community bank, the digital convenience of an online bank, or the tailored services of a credit union, Virginia’s banking landscape has something for everyone.

How to Choose the Best Bank in Virginia

Choosing the right bank is a crucial decision for your financial well-being. If you’re in Virginia, whether a longtime resident or new to the area, you might be pondering over the best banks in Virginia that suit your specific needs. Here’s a guide to help you make an informed choice:

Location and Accessibility

First, consider the bank’s geographical presence. Is there a convenient branch or ATM near your home or office? Many top banks in Virginia have branches in major cities like Richmond, Virginia Beach, and Norfolk. However, if you’re in a smaller town or rural area, access to these locations is an important factor.

Range of Services

Think about the banking services you need. Are you looking for personal banking options like competitive savings accounts, CDs, or loan products? Or are you more interested in business services, such as business checking accounts and commercial loans? Ensure the bank you choose offers a broad spectrum of services that align with your financial objectives.

Fees and Rates

Banks vary in their fee structures, including monthly maintenance fees, ATM fees, and overdraft charges. These can significantly impact your savings, so it’s important to choose a bank whose fee structure suits your banking habits. Additionally, compare the interest rates on savings accounts and CDs. The best bank in Virginia should offer rates that help your investments grow.

Online and Mobile Banking

In today’s digital world, a user-friendly online and mobile banking experience is vital. Check if the bank provides a seamless digital platform for transactions like fund transfers, bill payments, and mobile check deposits. The ideal bank should offer modern, secure online and mobile banking services.

Customer Service

The quality of customer service can greatly affect your banking experience. Consider banks known for excellent customer support, be it through 24/7 online assistance or in-person service at branches. A bank with a strong reputation for customer service ensures you get timely help when needed.

Reviews and Recommendations

Word-of-mouth and online reviews are invaluable in gauging a bank’s performance. Talk to friends, family, or colleagues about their banking experiences. Online reviews can also shed light on customer satisfaction levels with various banks, aiding your search for the best bank in Virginia.

By carefully evaluating these factors, you can choose a bank in Virginia that meets your current financial requirements and supports your future financial planning and growth.

Bottom Line

The journey to finding the ideal bank in Virginia encompasses a diverse range of options, each with its unique offerings and advantages. The Virginia banking landscape caters to all tastes, whether you prefer national banks for comprehensive services, local banks for community involvement, online banking for convenience, or credit unions for personalized service.

As you consider your banking options in Virginia, reflect on your personal or business financial goals, preferred banking styles, and the specific services you value most. With the right bank, you can not only manage your finances effectively but also foster growth and stability in your financial journey.

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Meet the author

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