FVCbank Review: Pros, Cons, And Alternatives

What Does It Offer?

FVCbank offers several personal and business financial products. And while they also offer a wide range of lending products, like mortgages and commercial loans, I will focus on their 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. FVCbank Review
• 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 cheque-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. FVCbank Review

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. FVCbank Review

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 cheque-writing privileges, and e-statements. Below is a closer look at those options: FVCbank Review

• 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 them. FVCbank Review

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.

Advantage Direct Savings: This account has just a $500 minimum deposit to open and no account activity or maintenance fees. Right now, you can earn 4.00% APY on your deposits. And yes, it’s FDIC insured! FVCbank Review

Open an Advantage Direct Savings account here >>

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 4.08%. Check out the FVCbank MMA here >> FVCbank Review

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, from three months to 60 months.

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

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. FVCbank Review