6 Best Banks for Nonprofits in 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
When searching for the best bank for your nonprofit organization, there are countless options from which to choose. To help you decide which bank will best fit your business needs, we selected banks that offer products geared specifically toward nonprofit organizations, have limited or no fees, and demonstrate a high level of commitment to the communities that they serve. We selected the following as the best banks for nonprofits:
- U.S. Bank: Overall best bank for nonprofits, especially with larger fundraising events
- Axos Bank: Best for nonprofits comfortable with online-only banking
- PNC Bank: Best for nonprofits that want financial wellness programs for staff
- BlueVine*: Best for earning a high annual percentage yield (APY) with no banking fees
- TIAA Bank: Best for earning interest regardless of account balance
- Wells Fargo: Best for small nonprofits
*Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership.
Provider | Monthly Fee | Transaction Fee | APY | Cash Deposit Fee | Minimum Opening Deposit |
|---|---|---|---|---|---|
 | None | 1,800 transactions free per year, then 50 cents per transaction | 0.005% | Up to $300,000 in cash each year | None |
 | None | None on basic account | N/A | Cash deposits accepted at Green Dot locations; $4.95/deposit | None |
 | $5; waivable if conditions are met | 50 cents per transaction after the first 150 each month | N/A | 25 cents per $100 after the first $5,000 each month | $100 |
 | None | None | 1.50% on balances up to $100,000 | Cash deposits accepted at Green Dot locations; $4.95/deposit | None |
 | $14.95; waivable if conditions are met | None, but there is a limit of 10 free online bill payments per month, then 50 cents per bill payment | 0.10% | Cash deposits not accepted | $1,500 |
 | $10; waivable if conditions are met | 50 cents per transaction after the first 100 each month | N/A | Up to $5,000 per month free, then 30 cents per $100 per statement cycle | $25 |
U.S. Bank: Overall Best Bank for Nonprofits, Especially With Larger Fundraising Events
U.S. Bank
What We Like
- 1,800 free transactions per year
- No monthly maintenance fees
- Up to $300,000 free cash deposits annually
What's Missing
- Must talk to a representative to open an account
- Branch locations limited in some areas
Features
- Remote deposit capture, online and mobile banking with bill pay
- Credit card processing
- Option to earn interest
Why We Recommend U.S. Bank: U.S. Bank’s nonprofit checking account is tailored for nonprofit organizations of most sizes, offering up to 1,800 free transactions a year, which is an average of 150 per month. Since the number of fee-free transactions is annualized, this account can flex with your organization’s needs, giving you space to have more transactions in one month or season and less in another, which could come in handy for organizations that run an annual donation drive or fundraising event. There are also no monthly maintenance fees or minimum balances to contend with.
When to Choose U.S. Bank:
- Your nonprofit averages fewer than 150 banking transactions per month
- You require the ability to make cash deposits
- You want to bank with a traditional bank without worrying about monthly fees
Fees & Terms
- Monthly fee: None
- Transaction fee: 50 cents per transaction after the first 1,800 annually
- Cash deposit fee: None—limited to $300,000 in cash deposits each year
- ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
- Minimum deposit: None
- Minimum balance: None
- APY: 0.005%
Axos Bank: Best for Nonprofits Comfortable With Online-only Banking
Axos Bank
What We Like
- No monthly fees for Basic Business Checking
- All United States ATM fees refunded
- Money market option available
What's Missing
- Cash deposits subject to $4.95 fee
- No APY offered on checking balances
- Low transaction limits (30) for nonprofit money market account
Features
- QuickBooks compatible
- Dedicated relationship managers
- Full-service banking options available
Why We Recommend Axos Bank: While its Basic Business Checking account doesn’t pay interest, Axos Bank offers a dedicated nonprofit money market account with 0.20% APY, that only requires a $2,500 balance to avoid service charges. Its Basic Business Checking account has no transaction limits or balance requirements and since there are no monthly service fees, you won’t have to worry about meeting any monthly waiver requirements. Additionally, Axos will provide unlimited ATM fee reimbursement on US ATMs and two outgoing domestic wire transfers for free per month.
When to Choose Axos Bank:
- Your organization doesn’t have a frequent need to make cash deposits
- You frequently access cash via ATM
- Your nonprofit doesn’t require in-person banking
Fees & Terms
- Monthly fee: None
- Transaction fees: None on Basic Business Checking
- Cash deposit fees: Cash deposits can be made at Green Dot locations and are subject to a $4.95 fee per deposit
- ATM fee: Unlimited US ATM fee reimbursement
- Minimum initial deposit: None
- Minimum balance requirement: None
- APY: None on Basic Business Checking
PNC Bank: Best for Nonprofits That Want Financial Wellness Programs for Staff
PNC Bank
What We Like
- Easy-to-waive monthly fee
- 150 free transactions each month
- Designed specifically for nonprofit organizations
What's Missing
- No APY offered on checking balances
- Not a national presence
Features
- Online and mobile banking with bill pay
- Free PNC WorkPlace Banking financial wellness program for your employees
Why We Recommend PNC Bank: PNC Bank offers a nonprofit checking with easily attainable balance requirements—only an average balance of $500—to avoid its monthly maintenance fee. However, PNC waives the monthly maintenance fee for the first three months regardless of your balance. With an opening deposit of at least $100, you can access standard business features, including business debit cards and bill pay services, for free. PNC’s nonprofit checking account also allows 150 transactions per month without fees.
In addition to general banking services, PNC also offers PNC WorkPlace Banking for Employees. Participating employees can receive special offers and rewards by choosing to bank with PNC Bank. In addition, they’ll have access to various financial wellness tools—including webinars and seminars—to help them on their own financial journey.
When to Choose PNC Bank:
- You want to bank with a traditional bank and your nonprofit is located within the geographic service area of PNC Bank
- You want to offer your employees financial wellness tools and services
- You need a bank that won’t charge you service fees if your balance drops as low as $500
Fees & Terms
- Monthly fee: $5—waived if you maintain an average monthly balance of $500 or more
- Transaction fee: 50 cents per transaction after the first 150 each month
- Cash deposit fee: 25 cents per $100 after the first $5,000 each month
- ATM fee: $3 for out-of-network ATMs, although operator fees apply—free access to more than 19,000 ATMs nationwide
- Minimum deposit: $100
- Minimum balance: $500 to avoid monthly fee
- APY: None
BlueVine: Best for a High APY With No Banking Fees
BlueVine
What We Like
- No monthly fee
- No transaction fees
- 1.50% APY on qualified balances up to $100,000
What's Missing
- Fee for depositing cash
- No branch locations
- No other nonprofit deposit accounts
Features
- Free debit card
- Integrates with accounting software like QuickBooks Online, Wave, and FreshBooks
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
Note: BlueVine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
Why We Recommend BlueVine: BlueVine’s checking account regularly features as one of our choices for the best small business checking account. A business checking account at BlueVine earns 1.20% APY on qualified balances of up to $100,000. To qualify for the 1.50% APY you must spend at least $500 per month via your BlueVine debit card or receive $2,500 per month in customer payments to your account via automated clearing house (ACH), wire transfer, mobile deposit, or your merchant payment processor.
You can withdraw cash without fees through the MoneyPass network, and deposit checks and cash at 90,000 retail locations through Green Dot. Note that depositing through Green Dot costs $4.95 per transaction.
For more information on this account, check out our BlueVine Business Checking Review.
When to Choose BlueVine:
- You don’t need to make frequent cash deposits
- You want to earn a high APY on your checking balance
- Your nonprofit doesn’t require additional deposit accounts, such as savings accounts, certificates of deposits (CDs), or money markets
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: Cash deposits can be made at Green Dot locations and are subject to a $4.95 fee per deposit
- ATM fee: No ATM fees at more than 37,000 MoneyPass ATMs nationwide—$2.50 for out-of-network ATMs
- Minimum deposit: None
- Minimum balance: None
- APY: 1.50% on qualified balances up to $100,000
TIAA Bank: Best for Earning Interest Regardless of Account Balance
TIAA Bank
What We Like
- Earn an ongoing APY on any balance
- You can bank completely online
- Offers overdraft protection
What's Missing
- Minimum balance of $5,000 to waive monthly fee
- Opening deposit of $1,500
- No physical branch locations
Features
- Also offers business money market and certificate of deposit (CD) accounts
- Remote deposit available for nonprofits that need to deposit a lot of checks
- Merchant services also available
Why We Recommend TIAA Bank: Unlike BlueVine, which only pays interest up to $100,000 and requires that certain qualifications be met, TIAA Bank pays an ongoing APY regardless of your account balance. However, to avoid the monthly maintenance fee, nonprofits need to maintain a minimum balance of $5,000. You’re limited to 10 free online bill payments per month. However, there are no limits on other transactions. Additionally, you can link your nonprofit checking account to a TIAA Bank money market account for overdraft protection.
When to Choose TIAA Bank:
- You want to earn a consistent APY without worrying about account balances
- Your organization doesn’t need the ability to make cash deposits
Fees & Terms
- Monthly fee: $14.95—waived if you maintain an average monthly balance of $5,000 or more
- Transaction fee: None on transactions overall; however, there’s a charge of 50 cents per online bill payment after 10 each month
- Cash deposit fee: N/A—TIAA doesn’t have a cash deposit feature
- ATM fee: Refunds up to $15 monthly for out-of-network ATMs—free access to more than 80,000 ATMs nationwide
- Minimum deposit: $1,500
- Minimum balance: $5,000 to waive monthly fee
- Annual percentage yield: 0.10%
Wells Fargo: Best Traditional Bank for Small Nonprofits
Wells Fargo
What We Like
- Designed for small nonprofits
- Large branch network in much of the US
- Access to more than 12,000 ATMs
What's Missing
- Charges a monthly fee
- Only offers 100 free monthly transactions
Features
- Add your business logo to debit card
- Full suite of other business banking products and services
Why We Recommend Wells Fargo: For those who favor traditional banks, the Wells Fargo Initiate Business Checking offers low-cost banking for smaller nonprofits that don’t have many transactions each month. You’ll get your first 100 transactions for free each month and be able to make up to $5,000 in cash deposits without a fee. However, Wells Fargo’s strength is its accessibility, with more than 4,500 branches nationwide.
When to Choose Wells Fargo:
- Your organization has fewer than 100 banking transactions per month
- You prefer the option to complete banking transactions in person
- You prefer a bank that has a full suite of business products, including business loans and payroll services
Fees & Terms
- Monthly fee: $10—waived if you maintain a minimum daily balance of $500 or more
- Transaction fee: 50 cents per transaction after the first 100 each month
- Cash deposit fee: 30 cents per $100 after the first $5,000 each month
- ATM fee: Up to two free non-Wells Fargo ATM transactions per month, although operator fees apply—free access to more than 12,000 ATMs nationwide
- Minimum deposit: $25
- Minimum balance: $500 to avoid monthly fee
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 due to the ability to build a local relationship. Nonprofits often find that it’s 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.
How We Evaluated the Best Nonprofit Checking Accounts
We understand that nonprofit organizations desire banking with as few fees as possible. To choose the best accounts on this list, we looked for banks that provided accounts specific to nonprofit organizations and prioritized banking fees, accessibility, and features like bill pay and lending. If a bank didn’t offer a nonprofit-specific account, we looked at how their products and services stacked up compared to other banks with a specific account.
Bottom Line
Nonprofit organizations have several options to choose from for their banking needs. Whether you choose a traditional bank or a digital bank, the best banks for nonprofits offer low-cost banking and features that help you pay bills with ease, make it easy to open a bank account, and support communities in need.
