FVCbank Review: Pros, Cons, And Alternatives

FVCbank has become synonymous with high yield savings accounts.

When it comes to choosing a bank, finding the right balance of account features and accessibility is can be difficult. 

Online banks do well when it comes to offering free checking accounts and high-yield savings, but if you prefer in-person branch access, you're out of luck. 

With traditional banks, the opposite is often true. Plenty of ways to bank, but the fees are high and the interest rates low. However, if you live in the DC-area, you might find what they are looking for through FVCbank. 

The bank offers business and personal financial services, with online banking access included. In this FVCbank review, we'll examine the key features, pricing, and pros and cons, to help you decide whether or not it’s a good fit.

What Is FVCbank?

The Virginia-based FVCbank opened its doors in 2007, with a focus on providing financial services to the local business community. FVC stands for First Virginia Community Bank. Since opening, it has expanded its product offerings to include both personal and commercial financial services.

What Does It Offer?

FVCbank offers several personal and business financial products. And while they also offer wide range of lending products, like mortgages and commercial loans, I will focus on its deposit accounts in this review. 

Business Checking Accounts

FVCbank offers several business checking accounts. Each comes with slightly different features, so most business owners can find an option that works for them. Here’s a closer look at those accounts:

• First Business Checking: Geared toward startups and small businesses with low transaction volumes, this no-fee business checking account  requires a $200 minimum opening deposit. While there is no monthly maintenance fee, if you make more than 500 transactions in a month, you’ll face a fee of 25 cents per additional transaction. 
• First Commercial Checking: This account is designed for medium-sized businesses with higher transaction volume because there are no transaction fees to consider. While the account provides unlimited check writing privileges, there is a $12 monthly maintenance fee attached. 
• First Business Interest Checking: The main feature of this account is that it is interest-bearing. However, you’ll need to maintain a minimum monthly balance of $1,000 to avoid a $10 monthly fee. 
• Non-profit Advantage Account: Nonprofits that want to earn interest on their checking account balance can take advantage of this account.

Notably, FVCbank doesn’t advertise the interest rates attached to any of the interest-bearing accounts above. With that, it’s difficult to compare rates with those of other banks. 

All of the business checking accounts include e-statements, online banking, mobile banking, mobile check deposit, a business debit card, and notary services. In order to open any of these accounts, you’ll need to make a minimum deposit of $200.

Personal Checking Accounts

FVCbank also offers checking account options to individuals. All of the checking accounts offered come with online banking, mobile banking, a Mastercard debit card, unlimited check writing privileges, and e-statements. Below is a closer look at those options:

• Free Personal Checking Account: With a $50 minimum opening deposit, you can tap into this free checking account. 
• Student Checking Account: Students in high school or college have access to this checking account until they turn 25. If the student is under 18, they’ll need a joint applicant who is at least 18. There are no monthly fees attached. Plus, the bank will waive one accidental overdraft of less than $20 per month. 
• Senior Checking Account: Anyone who is at least 50 can open this checking account, without facing a monthly fee. The big perk is that this account earns interest. 
• Interest Checking: As the name suggests, this checking account allows you to earn interest on your balance. You’ll need to maintain a minimum balance of $1,000 to avoid a $10 monthly maintenance fee. 

Each of the accounts above requires a $50 minimum opening deposit. As with the business checking accounts, FVCbank doesn’t advertise the interest rates tied to these accounts. 

Personal Savings Accounts

Savers can find several account options through FVCbank. Regardless of your savings goals, you are likely to find a good savings account option with this bank. Here’s a look at the options:

• First Statement Savings: With $5, you can open this interest-earning account. As of July 2023, the APY offered is 0.30%. While this isn’t very competitive, it’s better than nothing. 
• First Student Savings: This account is designed for kids learning how to save money. While the minimum opening deposit is only $5, the savings account only offers an interest rate of 0.10%. 
• Personal Money Market: The personal money market account requires a $50 minimum deposit. It offers a tiered interest earning structure, with rates that range from 0.05% to 0.15% APY.

Money Market Account (Partnership with Raisin): FVCbank works with Raisin to provide a truly exciting savings account option. The account doesn’t have any monthly fees and only requires $1 to get started. But the highlight is that it is currently offering an APY of 4.96%. Check out the FVCbank MMA here >>

Certificates of Deposit

FVCbank offers Certificates of Deposit (CDs) for both business and personal use. For both, you’ll need at least $1,000 to open the account. But you’ll have a wide range of CD terms to choose from, three months to 60 months. 

Here’s a look at the current APYs based on term length:

• A 1.15% APY for a 3-month CD. 
• A 1.65% APY for a 6-month CD.
• A 1.85% APY for a 12-month CD.
• A 2.05% APY for a 18-month CD.
• A 2.25% APY for a 24-month CD.
• A 2.45% APY for a 36-month CD.
• A 2.65% APY for a 48-month CD.
• A 2.90% APY for a 60-month CD. 

While these are reasonable rates, they don’t match the highest earning CDs on the market.

Are There Any Fees?

FVCbank's fees will vary depending on the accounts you open. For example, some of the checking accounts have a monthly fee, but many will be able to meet the criteria for waiving the fee.

The good news is that with the exception of the Interest Checking account, none of the personal checking accounts charge a monthly maintenance fee (see chart below). 

Other fees you are likely to run into include early withdrawal penalties if you need to access the funds held in a CD before the term is up.

How Does FVCbank Compare?

FVCbank offers a wide range of products and several branch locations in the DC area. If you are looking for in-person banking options in this area, then FVCbank is a winner. But if you are comfortable conducting your banking needs online, then you can find more attractive products elsewhere, with higher savings yields. 

For example, CIT Bank offers a high-yield savings account with a 4.55% APY on balances above $100. But the lack of physical branches might not suit your needs.

Small business owners looking for a versatile checking account should take a close look at Novo. Through the offered checking accounts, you can manage invoices, maintain a business budget, and integrate seamlessly with other apps.

How Do I Open An Account?

You can open a FVCbank over the phone or in-person. You’ll need to provide the following documents:

• Business formation documents
• Social Security Number, Taxpayer Identification Number, or Employer Identification Number
• Government-issued identification

Also, be prepared to fund your account with an initial deposit. 

Is It Safe And Secure?

FVCbank is FDIC insured, which means that your funds are protected for up to $250,000. This provides the peace of mind you need to place your hard-earned funds into a bank account. 

How Do I Contact FVC Bank?

If you want to get in touch with FVCbank in person, make a trip to one of their branch locations in the DC Metro Area. If you prefer to avoid an in-person banking experience, you can call 703-952-3277 on Monday through Friday from 9 AM to 5 PM EST.

The bank offers a mobile app to streamline your online banking experience. Both the Apple and Android versions have limited reviews. But the iOS version has earned 4 out of 5 stars, while the Android version has earned 1.9 out of 5 stars. 

Is It Worth It?

FVCbank is an excellent option for individuals and business owners in the DC area who prefer to have access to in-person banking options. With several branches in the area, you can conduct your banking needs without relying on online support.

However, not everyone wants to go to a physical branch. If you prefer to conduct your banking business online, consider working with an online bank. The lower overhead tied to online banks usually translates into higher interest rate offers on your savings and minimal fees.

For reference, check out our list of the best online banks.

FVCbank Features