Finding the best banks in Virginia can be challenging with many options available. Research reveals that many banking customers struggle to identify the best banks in the state. Some of the largest banks in the U.S. offer a variety of account types and services. Many banks provide both personal and business accounts. Some checking accounts offer no fees and excellent service. Evaluating the best bank account in Virginia depends on specific needs, such as monitoring your credit score or having a checking account with no monthly fees. The complete guide, including branch locations in Virginia and account offers, is given in the article.
For those outside Virginia, check out the best banks in Ohio offering excellent services and competitive rates.
10 Best Banks in Virginia
1. Ally Bank:
Ally Bank, known for its online banking services, offers a wide range of financial products. With no physical branches, it operates entirely online, providing customers with convenience and flexibility. Ally Bank is highly regarded for its competitive interest rates on savings accounts and CDs, as well as its user-friendly digital platform. This financial institution also provides interest-bearing checking accounts and a variety of financial services tailored to meet diverse customer needs.
Pros:
- High-interest rates on savings accounts
- No monthly service fees
- 24/7 customer service
- User-friendly mobile app
Cons:
- No physical branches
- Limited cash deposit options
- No small business banking
- Potential fees for out-of-network ATMs
2. Bank of America:
Bank of America stands out as one of the largest and best banks in Virginia and nationwide. It offers a comprehensive suite of banking and financial services, including checking accounts, savings accounts, credit cards, home loans, and small business banking. With numerous branches across Virginia, it provides extensive access to in-person banking. Bank of America is recognized for its robust online banking platform and mobile app, ensuring customers can manage their finances efficiently.
Pros:
- Extensive branch network
- Wide range of financial products
- Robust online and mobile banking
- Numerous credit card options
Cons:
- Monthly service fees on some accounts
- Higher minimum balance requirements
- Average interest rates on savings accounts
- Customer service can be inconsistent
3. Carter Bank & Trust:
Carter Bank & Trust, a community bank based in Virginia, focuses on personalized banking services. It offers a variety of financial products, including checking and savings accounts, home loans, and small business services. Carter Bank & Trust prides itself on building strong relationships with its customers and providing tailored financial solutions. This bank also supports local communities through various initiatives and events.
Pros:
- Personalized customer service
- Competitive interest rates
- Focus on community involvement
- Wide range of small business services
Cons:
- Limited nationwide presence
- Fewer online banking features
- Higher minimum opening deposits
- Some accounts have monthly service fees
4. CIT Bank:
CIT Bank, primarily an online bank, offers a variety of financial products with competitive interest rates. It specializes in savings accounts, CDs, and home loans, making it a strong contender for those looking to grow their savings. CIT Bank is known for its high-yield savings accounts and user-friendly online platform. Customers can benefit from its no-fee policy on many accounts and its focus on delivering quality financial services.
Pros:
- High-interest rates on savings accounts and CDs
- No monthly service fees
- Easy-to-use online platform
- Competitive home loan options
Cons:
- No physical branches
- Limited account types
- No small business banking
- Minimum balance requirements
5. Truist Bank:
Truist Bank, formed from the merger of BB&T and SunTrust, provides a wide range of banking and financial services. With an extensive branch network in Virginia, it offers checking and savings accounts, credit cards, home loans, and small business services. Truist Bank is known for its customer-focused approach and comprehensive financial solutions. The bank’s online and mobile banking platforms make it convenient for customers to manage their accounts.
Pros:
- Extensive branch network
- Wide range of financial products
- Strong customer service
- Comprehensive online and mobile banking
Cons:
- Monthly service fees on some accounts
- Higher minimum balance requirements
- Interest rates on savings accounts could be better
- Inconsistent branch experience
6. Capital One:
Capital One is one of the largest banks in the U.S. and offers a wide range of financial products. Based in McLean, Virginia, it is known for its Capital One 360 Checking Account. This account comes with no monthly fees and offers mobile check deposits, making it convenient for users. Capital One also offers credit cards with various rewards and benefits.
Pros:
- No monthly fees for checking accounts
- Convenient mobile banking options
- Wide range of credit card options
- Extensive branch locations in Virginia
Cons:
- Customer service can be inconsistent
- Limited physical branches compared to other big banks
- Some accounts have high overdraft fees
- Credit score requirements for certain products
7. Wells Fargo:
Wells Fargo is one of the biggest banks in the U.S., offering a comprehensive suite of financial services. With numerous branches in Virginia, it provides personal and business banking services, including checking or savings accounts. Wells Fargo’s mobile banking app allows customers to manage their accounts and make mobile check deposits easily.
Pros:
- Extensive branch network
- Robust mobile banking app
- Wide variety of financial products
- Strong presence in Virginia
Cons:
- History of customer service issues
- Higher fees for some accounts
- Frequent reports of fraud and scams
- Interest rates on savings accounts are relatively low
8. Chase Bank:
Chase Bank, one of the largest banks in the country, offers a range of personal and business banking services. It is well-regarded for its comprehensive credit card offerings and high customer satisfaction. Chase’s mobile app and online banking services are user-friendly and efficient.
Pros:
- Excellent customer service
- Wide range of credit cards and rewards
- Strong online and mobile banking
- Extensive branch network
Cons:
- Monthly fees for some accounts
- Limited fee-free ATMs
- High overdraft fees
- Requires good credit for most products
9. United Bank:
United Bank, based in Virginia, provides various personal and business banking services. Known for its community-focused approach, it offers checking and savings accounts, business bank accounts, and credit cards. United Bank also emphasizes local service, ensuring personalized banking experiences.
Pros:
- Strong community focus
- Wide range of personal and business services
- Low fees for accounts
- Good customer service
Cons:
- Limited national presence
- Fewer branch locations than larger banks
- Lower interest rates on savings accounts
- Fewer high-tech banking features
10. PNC Bank:
PNC Bank is a regional bank with a significant presence in Virginia. It offers a variety of financial products, including free checking accounts, business banking services, and credit cards. PNC’s Virtual Wallet feature helps customers manage their finances effectively.
Pros:
- Innovative banking tools like Virtual Wallet
- Competitive interest rates
- Good range of personal and business products
- Strong regional presence
Cons:
- Monthly fees for certain accounts
- Limited national presence compared to bigger banks
- Some accounts have high balance requirements
- Customer service can vary
Credit Unions in Virginia
Credit unions in Virginia provide members with competitive financial services. Unlike traditional banks, credit unions are member-owned and non-profit, offering personalized service and better rates. Here are some notable credit unions in Virginia:
- Navy Federal Credit Union
- Virginia Credit Union
- Pentagon Federal Credit Union
- Chartway Federal Credit Union
- Apple Federal Credit Union
Credit Unions vs. Banks
| CREDIT UNIONS | BANKS |
| Non-profit organizations | For-profit organizations |
| Member-owned and operated | Shareholder-owned |
| Typically lower fees | Often higher fees |
| Personalized customer service | Extensive branch and ATM networks |
| Focus on community and local development | A broad range of financial products |
How To Choose The Best Banks In Virginia
Selecting the best banks in Virginia for 2024 requires careful consideration of several factors. One of the largest banks, Bank of America, is well-regarded for personal and business account offers. For those looking to build credit, consider banks offering credit builder programs or checking accounts with no credit check. Evaluate account options, such as savings accounts and lines of credit, to meet specific needs. Check branch locations in Virginia and compare services offered. Lastly, consider credit unions for their personalized service. Open a bank account that aligns with your financial goals and offers comprehensive services.
Conclusion
Determining the best banks in Virginia requires careful consideration of various factors. Factors include credit builder programs, account types, and services offered. Open an account that meets your financial goals and offers the services you need. Consider your needs for a personal or business account. Which features do you value most in a bank?
