The best banks for nonprofits should provide your company with free or low-fee checking. Some of these banks will have accounts specifically for nonprofit businesses, with limited fees that can be easily waived or avoided. Banks without specific nonprofit accounts offer lower-tier checking products with limited fees and business support products that can help a nonprofit meet its goals. All of the providers here support community organizations like yours and will help grow your nonprofit business.
Here are the eight best banks for nonprofits, with links directly to provider sites:
- Truist Truist Bank requires accounts to be opened at a branch location, which are located in Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C. Member Federal Deposit Insurance Corp. (FDIC) : Best overall for nonprofits for no cash deposit fees and most free transactions
- U.S. Bank Member FDIC : Best for nonprofits with irregular transaction schedules due to fundraising events
- Bank of America Member FDIC : Best for nationwide access to business checking and ongoing rewards
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank : Best for earning a high annual percentage yield (APY) with no banking fees
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best online-only provider for ecommerce nonprofit businesses
- Chase Member FDIC : Best for large, high-volume nonprofits that need premium checking
- Relay Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Thread Bank, Member FDIC. : Best for large nonprofit teams needing multiple debit cards and inexpensive wire transfers
- PNC Bank PNC Bank requires its Non-Profit Checking account to be opened at a branch location, which are located in Washington, D.C., or one of 28 states―Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wyoming. Member FDIC : Best for nonprofits that want financial wellness programs for staff
Best Banks for Nonprofits at a Glance
Account Name | New Account Opening Bonus | Monthly Fee | APY | ||
|---|---|---|---|---|---|
 | Community Checking | None | 225 per month | N/A | |
 | Nonprofit Checking | None | 1,800 per year | 0.005% | |
 | Business Advantage FundamentalsTM Banking | Up to $200 | $16; waivable | 200 per month | N/A |
 | Bluevine Standard | $300 | None | Unlimited | |
 | Business Checking | None | None | Unlimited | N/A |
 | Business Complete Banking® | $300 | $15; waivable | 20 per month | N/A |
 | Relay Business Checking | None | None | Unlimited | None |
 | Non-Profit Checking | $5; waivable | 150 per month | N/A | |
Truist: Best Overall for No Cash Deposit Fees & Most Free Transactions
What We Like
- No monthly fees for Community Checking
- Unlimited fee-free cash deposits
- Most free monthly transactions of banks with free transaction limits
Drawbacks
- No APY
- Opening deposit required
- Branches in only 15 states and Washington, D.C.
Features
- Free personalized debit card
- Make real-time transfers, deposit checks via mobile, and view account statements online
- Online and mobile banking
- Financial Wellness program for employees
- Physical checks available with a $25 discount on first order
- Integrations with Quicken, QuickBooks, Truist Merchant Services, and Zelle
- Toll-free customer service available Monday to Friday 8 a.m. to 8 p.m. Eastern time and Saturday 8 a.m. to 5 p.m. ET
- Other services include savings, credit cards, lending, and insurance
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 225 monthly, then 35 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Up to $65 for outgoing; $15 for incoming; other fees may apply |
International Wire Transfer Fees | Up to $75 for outgoing; $20 for incoming; other fees may apply |
ATM Fees | None at Truist ATMs $3 at domestic non-Truist ATMs $5 for international ATMs |
Cash Deposited | Unlimited fee-free cash deposits |
APY | N/A |
Truist Bank Geographic Limitations: Truist Bank requires accounts to be opened at a branch. There are branches in Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
When to Use Truist
- You want free checking and you handle cash regularly: Thanks to no cash deposit or monthly fees with its Community Checking product, Truist is our overall best bank for nonprofits.
- You prefer a traditional bank that provides a large number of monthly transactions: Compared with other brick-and-mortar institutions on this list, Truist allows the most free monthly transactions (225 per month) while charging the least for extra transactions (35 cents each). It also offers free online bill pay and easy digital account management.
When to Choose an Alternative
- Your business is located outside of Truist’s operational footprint: The biggest drawback is that Truist is a regional bank located in the east, southeast, and Great Lakes regions of the US. It operates in 15 states and the District of Columbia, and you need to visit a branch to open an account. Chase has locations in all 48 continental United States.
U.S. Bank: Best Bank for Nonprofits With Irregular Deposit Schedules Due to Fundraising Events
What We Like
- 1,800 free transactions per year
- No monthly maintenance fees
- Up to $30,000 free cash deposits annually
Drawbacks
- Must talk to a representative to open an account
- Branch locations limited in some areas
Features
- Send and receive money through the app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% off first check order up to $50
- Integrations with QuickBooks and U.S. Bank payment processing
- Everyday Funding nonprofit banking solution simplifies donation collection
- Customer service available online, by phone, or in branch
- Other products include lending, cash flow, two other business checking products, point-of-sale (POS) solutions
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 1,800 annually, then 50 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing; $14 for incoming |
International Wire Transfer Fees | $75 for outgoing; $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | Limited to $30,000 or 300 transactions per year; 30 cents per $100 after |
APY | 0.005% |
When to Use U.S. Bank
- Nonprofit businesses with large fundraisers or irregular deposit schedules: U.S. Bank sets annual limits rather than monthly limits for free cash deposits and transactions, which fits nonprofits with large occasional fundraising events or inconsistent deposit schedules. U.S. Bank offers annual limits of up to 1,800 free transactions (average of 150 monthly) and up to $30,000 in free cash deposits (average of $2,500 a month) or 300 transactions, whichever comes first.
- Businesses wanting a free nonprofit bank account: U.S. Bank doesn’t charge a monthly fee for its nonprofit checking. Truist is the only other traditional bank on this list that has no monthly fee.
- You seek a streamlined donation and fundraising payment collection: With U.S. Bank’s Everyday Funding nonprofit banking solution, you can receive donations and payments for your civic organization within hours rather than days. You can also access donor management tools to simplify the donation collection process.
When to Choose an Alternative
- You need branch access outside U.S. Bank’s operation area: U.S. branch locations are found in 27 states Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming . In contrast, Chase is available in 48 states, except Alaska and Hawaii.
Bank of America: Best for Nationwide Access to Business Checking & Ongoing Rewards
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or via social media messages
- Merchant services available through Expensify
- Other products include business savings, certificates of deposit (CDs), lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $5,000 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When to Use Bank of America
- You want a bank with a huge physical presence: With approximately 3,900 brick-and-mortar branches across 38 states It has no locations in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming. and Washington, D.C., you can visit a branch easily.
- You are OK with not having a dedicated nonprofit bank account: Bank of America doesn’t have a dedicated nonprofit checking account, but its Business Advantage FundamentalsTM Banking account is a great option. It has waivable monthly fees and up to $7,500 in free monthly cash deposits. You can also access a full suite of business banking services, including financial analysis through Merrill Financial Advisors. Bank of America supports evolving business needs, making it one of the best banks for small businesses.
- You want great ongoing rewards for your nonprofit: Bank of America offers outstanding ongoing rewards. You can earn up to $500 cash back and statement credits with qualifying actions. Additionally, you can get cash back and travel rewards through Bank of America’s business credit cards. Enrolling in the free Preferred Rewards for Business program lets you earn 25% to 75% bonus rewards on credit cards and 5% to 20% interest rate boosts on business savings accounts.
When to Choose an Alternative
- You seek a dedicated nonprofit account: Bank of America offers two great business checking products, but neither of those are dedicated nonprofit accounts. Truist and U.S. Bank both offer dedicated nonprofit accounts, which will be tailored to the specific needs of your nonprofit business.
Bluevine: Best for a High APY With No Banking Fees
What We Like
- $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
- Interest-earning checking on balances up to $250,000
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier Checking
- Free debit card (with up to 4 free additional debit cards for authorized users) and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit and credit card product
- Unlimited 1.5% cash back business Mastercard
- Automatic transfers with sub-accounts
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: $15 Outgoing (USD): $25 Outgoing (non-USD): $25 plus 1.5% |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
|
APY | 1.5% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Use Bluevine
- You want a fee-free business checking that earns interest: You can earn 1.5% APY on balances up to $250,000 with Bluevine Standard business checking—as long as you either spend $500 monthly with the debit card or receive $2,500 in customer payments in a month. There are no monthly fees, opening deposits, or minimum balances required. Additional perks include two free checkbook orders yearly and great software integrations.
- You are a nonprofit that might need access to a line of credit: Bluevine doesn’t offer a specific nonprofit checking account and doesn’t have all of the banking products as some of its competitors in this guide. However, it does offer the best small business line of credit product on the market and a business credit card with unlimited 1.5% cash back.
When to Choose an Alternative
- You handle cash regularly: Cash deposits with Bluevine cost $4.95 per transaction at a Green Dot retail location or $1 per deposit plus 0.5% of the deposit amount at Allpoint+ ATMs. Also, it charges $2.50 for nonnetwork ATM withdrawals on top of third-party fees. Consider traditional banks like Truist, U.S. Bank, or Bank of America instead.
Novo: Best Online-only Provider for Ecommerce Nonprofit Businesses
What We Like
- Refunds up to $7 in ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lacks savings accounts
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Quick financing option, merchant cash advance up to $75,000
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | |
Monthly Fees | None |
Domestic Wire Transfer Fees | $0 to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | $0 to receive; Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 refunded each month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
When to Use Novo
- You’re an ecommerce nonprofit and want speedy transactions: The Novo Boost and Express ACH products allow nonprofits handling transactions online to send and receive payments faster than other providers. Novo Boost lets you receive payments from your Stripe account quickly and accept or send same-day ACH payments via Express ACH. Users can also connect to Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
- You want to open an account without an EIN or not as an LLC: Novo allows you to apply for an account even if you don’t have an employee identification number (EIN) or limited liability company (LLC), which may be beneficial for small nonprofit businesses.
You may also like:
When to Choose an Alternative
- You want to earn interest on your business checking: While Novo has a great checking product, it doesn’t earn interest. Bluevine is a great alternative with three interest-bearing checking account options to choose from.
Chase: Best Bank for Large, High-volume Nonprofits Needing Premium Checking
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction for same-day ACH or $25 per transaction, whichever is less. |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Use Chase
- You are a large nonprofit requiring premium checking: If you have a large nonprofit with a high amount of transactions and cash flow, Chase may be the best option in this guide as it has the best premium checking product on the market with its Platinum Business Checking account. Learn more by reading our review of Chase Platinum Business Checking.
- You want a traditional bank with a wide range of banking products: Like Bank of America, Chase doesn’t offer a specific nonprofit business checking account. However, by choosing Chase, you get a full range of business support products that can help your nonprofit, regardless of size. It also has one of the best small business checking accounts.
When to Choose an Alternative
- You want interest-bearing checking: Chase has three great checking options, but none of them are interest-bearing. Choose Bluevine instead if you want to earn interest on your banking balances.
Relay: Best for Large Nonprofit Teams Needing Multiple Debit Cards and Inexpensive Wire Transfer Fees
What We Like
- No minimum balance or opening deposit required
- Issue up to 50 Visa debit cards
- Inexpensive wire transfers, free wires under Relay Pro
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Up to 20 individual business checking accounts
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No ATM fees charged by Relay, although third-party fees may apply out of network
- Free cash deposits at Allpoint+ ATMs
- Allows cash deposits at over 90,000 Green Dot locations for a fee
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- FDIC coverage of up to $3 million
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | $0 at Allpoint ATMs and up to $4.95 at Green Dot retail locations |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Thread Bank. | |
When to Use Relay
- You work with a large nonprofit team and want to track expenses easily: Relay lets you issue up to 50 virtual or physical debit cards. You can customize spending rules and limits per card, making it easy to monitor the expenses of each team member.
- You often conduct international wire transfers: As a nonprofit, you may need to send and receive international payments regularly. Relay does not charge incoming international wires, while it charges only $10 for outgoing international wires. Under the paid Relay Pro plan, all wire transfer fees are waived. You can also send funds in 32 currencies to over 180 countries overseas, making Relay one of our best banks for international businesses.
- You want to make fee-free cash deposits: Relay allows business checking account holders to deposit cash for free at Allpoint+ ATMs, whereas other fintech providers charge fees for cash deposits or don’t offer the option.
When to Choose an Alternative
- You want interest-bearing checking: Relay offers a tiered APY from 1% to 3%, but this is exclusive to its business savings accounts. If you want to draw interest from a business checking account, consider Bluevine, which offers three interest-bearing business checking options.
PNC Bank: Best for Nonprofits Wanting Financial Wellness Programs for Staff
What We Like
- Easy-to-waive monthly fee
- 150 free transactions each month
- Designed specifically for nonprofit organizations
Drawbacks
- No APY offered on checking balances
- Banking limited to 28 states and Washington, D.C.
- Expensive wire fees
Features
- Online and mobile banking with bill pay
- Free PNC WorkPlace Banking for Employees financial wellness program for your employees
- Free Visa debit card with cash back rewards
- Deposit checks, pay bills, and view balances through the mobile app
- Integrates with QuickBooks, Xero, Intacct, and NetSuite
- Features PNC Merchant Services®, including ecommerce and in-person solutions
- Cash Flow Insight® tools help manage cash flow
- Toll-free customer service available Monday to Friday 7 a.m. to 10 p.m. ET, Saturday and Sunday 8 a.m. to 5 p.m. ET
- Other products including credit cards, lending, and merchant services
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Required Balance Minimum to Waive Monthly Fee | $500 |
Transaction Limit Before Fees | 150 monthly, then 50 cents per transaction |
ACH Fees | None |
Monthly Fee | $5; waivable |
Domestic Wire Transfer Fees | Up to $15 incoming; up to $95 outgoing |
International Wire Transfer Fees | $20 incoming; up to $135 outgoing |
ATM Fees | $3 for out-of-network ATMs, plus operator fees apply; free access to around 60,000 PNC ATMs and partner ATMs nationwide |
Cash Deposited | $5,000 monthly, then 30 cents per $100 deposited |
APY | N/A |
When to Use PNC Bank
- You want both dedicated nonprofit checking and financial wellness programs: PNC Bank’s biggest perk with its Non-Profit Checking is access to financial wellness tools, including webinars and seminars. This can be made available to your employees through WorkPlace Banking for Employees. To learn more, visit PNC Bank’s WorkPlace Banking page.
- You want an account with a very waivable monthly fee: If you meet an average monthly collected balance of $500, the monthly maintenance fee of $5 is waived. PNC waives the monthly maintenance fee for the first three months—regardless of balance. You also get up to $5,000 in free cash deposits each month and up to 150 free transactions.
- You seek additional nonprofit banking support: PNC Bank offers nonprofit organizations investment management services, retirement benefit solutions, custody and trustee services, philanthropic services through administration support, and a digital platform for transparent reporting of donor transactions.
When to Choose an Alternative
- You want a checking account with no monthly fee: While only a low balance is required each month to waive your nonprofit account’s monthly fee, you may prefer a business checking account with no monthly fees. Consider opening an account with fintechs, such as Bluevine, Relay, or Novo, which don’t collect monthly fees for checking accounts.
How We Evaluated the Best Nonprofit Bank Accounts
We understand that nonprofit organizations desire banking with as few fees as possible. To choose the best nonprofit bank accounts, we looked for institutions that have accounts specific to nonprofits and prioritized banking fees, accessibility, and features like bill pay and lending. If an institution didn’t offer a nonprofit-specific account, we looked at how its products and services stacked up compared to others with a specific account.
When to Use a Local Bank or Credit Union
The benefit of choosing a local bank or credit union over a traditional or online bank is the ability to build a local relationship. Nonprofits often find it easier to go to local credit unions and community banks for sponsorships, grants, and donations.
In some cases, banks will determine their donation decisions by whether that nonprofit is a customer or not. If a solid community relationship is more important to you than having a large bank network, a local bank or credit union is the best option.
What to Consider When Choosing a Bank for Your Nonprofit Business
While we used our own criteria to select the best nonprofit bank accounts for this guide, here are some things you should consider before making a selection:
1. Choose a Bank With Limited or Waivable Fees
Because your business isn’t making a profit, you’d want to reduce expenses as much as possible. This includes choosing a bank that offers a business checking account with waivable fees and criteria you can meet to get those fees waived. In addition, be mindful of free transaction and cash deposit limits. Those can cause unexpected expenses if you exceed those thresholds regularly.
2. Find a Bank With a Dedicated Nonprofit Account
While many great options on this list are standard business checking accounts, the banks that offer true nonprofit accounts should be able to meet your needs best. They understand the challenges nonprofits face and offer products and services geared specifically toward them. Truist, U.S. Bank, and PNC Bank offer specific nonprofit accounts in this buyer’s guide.
3. Consider a Bank Invested in Your Nonprofit’s Mission
If you are a mission-driven nonprofit business, find a banking provider that also believes in your mission. If your nonprofit is about making a difference in your community, your bank should be doing the same. This makes community banks and credit unions a great alternative to large national banks. Many of those local banks may have the same goals as your nonprofit.
4. Determine if You Need a Physical Location
Some nonprofits may need to make regular cash deposits or want to meet with their personal banker in person frequently. In those cases, you should choose a bank with physical locations and a bank with locations close to where your business operates. Nonprofits that don’t deal with cash regularly or businesses that conduct most of their transactions online may prefer a digital-only bank with cutting-edge technology and great software integrations.
What You Need to Open a Business Bank Account
Each provider listed here may require different documents to open a business bank account. Generally, you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account. We provide step-by-step guidance and tips for opening an account.
Frequently Asked Questions (FAQs)
When considering a bank for your nonprofit business, you need to find one with limited fees. This includes both monthly fees and fees incurred for transactions and cash deposits.
Generally, you should choose a business checking account specifically geared toward nonprofit businesses. Not only will these accounts have limited fees, but the banks often offer guidance and perks that can help your nonprofit.
While many banks offer specific business checking accounts for nonprofit businesses, it is not required that you choose these accounts. Any small business checking account, especially the best small business checking accounts, that charges limited fees and provides excellent support for your nonprofit will work.
Bottom Line
When choosing a business bank account for your nonprofit, you need to calculate your number of monthly or annual transactions and amount of cash deposits, then consider essential features you will need from your account. Each provider on this list has an excellent business checking account for your nonprofit. Compare the number of free transactions and other nonprofit support products available. Choose the one that best aligns with the needs of your nonprofit organization.
