Best Banks in Virginia

Quick Look: The Best Banks in Virginia

• Best Online Banking: BBVA
• Best Credit Card Selection: Bank of America
• Best Savings Accounts: CIT Bank 
• Best for Businesses: Chase
• Best Checking Accounts: Axos Bank 
• Best for Affordable Fees and Compounded Daily Interest: First Citizens Bank

Whether you opt for an online bank or a local institution, each banking choice as its own benefits. How do you know which bank is best suited for your needs?

Benzinga’s done the research. Start with our list of the best banks in Virginia to find the choice that’s right for you.

BBVA

BBVA specializes in personal banking, small business solutions, investment banking and wealth management services. It offers checking, saving, credit cards, lending, mortgages, investments and financial learning resources. 

BBVA has locations across the United States in addition to its online banking service. You can open a checking or savings account online and manage it all with BBVA’s award-winning mobile app. 

You can start by visiting BBVA’s website. Select the type of checking or savings account you would like to open. Fill out and submit the online application and afterwards a bank’s representative will get in touch with you. Representatives will get in touch with you via email, text or over the phone. Making it easy for you to communicate all your banking needs. 

Bank of America

Bank of America is a popular national bank with locations in Virginia. It offers personal banking, wealth management, small business solutions, investment banking and services for large corporations and institutions. 

Bank of America can hold your checking accounts, savings accounts, home loans, auto loans, personal loans and more. You can also consult with a financial advisor and get an investment portfolio through Bank of America’s wealth management division Merrill Lynch. 

There are over 20 different credit cards options with unique benefits like cash back, travel rewards, low-interest rates, bonus offers and more. Preferred Rewards members receive 25% to 75% more points and cash back on every credit card purchase. 

CIT Bank 

CIT Bank operates personal banking, business solutions and commercial banking divisions entirely online. Personal banking clients have access to mortgages, checking accounts, financial learning resources and a wide range of savings options. 

Whether you are looking to save for a home or vacation, CIT Bank’s saving choices are ideal if you want a safe way to earn a guaranteed return. There are 2 different savings accounts to choose from. You can also save your money in a money markets account, interest-generating eChecking account and various certificates of deposit (CDs). 

Chase

Chase operates both consumer and commercial banking divisions. As a subsidiary of J.P. Morgan Chase, it also offers wealth management and investment banking services. You can open checking accounts and savings accounts. You’ll also have access to CDs, credit cards, mortgages, homes equity lines of credit, car loans and investing services. 

Chase has products specifically designed for businesses. These include lines of credit, loans, checking, debit cards, credit cards and more. There’s also a selection of resources that can help you start and grow your businesses. Chase offers information to help you build a website, design a marketing plan and attract top talent. You can use its business software for eCommerce, accounting, invoicing, contract services and contract tools.  

Axos Bank 

Axos Bank is an online bank that provides personal banking, investing and business solutions. With its personal banking division you can invest, obtain a mortgage or personal loan, open a savings account and checking account. 

Axos Bank’s checking accounts are particularly impressive. It has a selection of no-fee, reward based checking accounts to choose from. This includes 3 standard checking accounts and 2 specialized checking accounts. Each comes with unique benefits that include reimbursements for ATM fees, faster direct deposits and no overdraft fees. 

You can manage your accounts online or through the Axos Bank mobile app. The mobile app lets you pay your bills, deposit checks, and transfer money seamlessly through peer-to-peer payments. 

First Citizens Bank

First Citizens Bank is a unique bank that offers both banking locations and online services for all customers. You can open a checking or savings account online, manage the account through the website or mobile app, earn interest on your balance and enjoy other banking options like credit cards, loans, CDs, etc. that are available. Plus, you can earn interest on all your balances—0.03% for savings and 0.01% on checking accounts.

The Free Checking account only has a $50 minimum deposit while Premier and Prestige only require a $100 deposit. The qualifiers to avoid monthly maintenance fees are easy to reach in most cases, and there are very few drawbacks when using these services. Even so, this is an excellent place to manage your money because you can easily centralize your finances to get the best results.

Frequently Asked Questions

Q: What are certificates of deposit (CDs)?

A: CDs are deposits you make for a set amount of time. In exchange, you’ll receive a higher interest rate than you would on a traditional savings account.

Q: What do I need to open a bank account?

A: Different banks have different requirements. Most of the time, you’ll need your identification, your Social Security number and personal information. It’s a good idea to get in touch with your bank representative and ask about any additional requirements. 

Find the Right Bank 

Our recommended banks are all FDIC-insured. This means your deposits are safeguarded by the federal government up to $250,000. Now it’s up to you to decide which features are most important. Are you looking for a no-fee checking account? Is mobile banking a priority for you? 

Determine your must-haves, ask questions and find the right bank today.

Methodology

To determine the best banks in Virginia, Benzinga analyzed over 100 banks and financial institutions. We gave weight to banks in Virginia with co-op ATMs and cash-back options. We also gave greater rankings to banks which offered the following: checking and savings accounts, online banking, personal loans, mortgages, educational resources, and a mobile app.