8 Best Banks for Nonprofits in 2025

The best banks for nonprofits provide free or low-fee checking. Some of these banks will have specialty accounts for nonprofit businesses, with limited fees that can be easily waived or avoided. Banks without dedicated nonprofit accounts offer affordable checking and business support products that can help a nonprofit meet its goals. All of the providers here support community organizations and can help grow your nonprofit business.

Here are the eight best banks for nonprofits, with links directly to provider sites:

• Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best overall online-only provider for ecommerce nonprofit businesses
• 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
• 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 nonprofit teams managing multiple users and expense cards
• Mercury Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. : Best for nonprofit organizations seeking enhanced FDIC coverage
• U.S. Bank Member FDIC : Best for nonprofits with irregular transaction schedules from fundraising events
• Chase Member FDIC : Best for large, high-volume nonprofits that need premium checking
• 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 for nonprofits for no cash deposit fees and most free transactions
• TD Bank Member FDIC : Best for not-for-profit organizations with 501(c)(3) status

Best Banks for Nonprofits at a Glance

Novo: Best overall online-only provider for ecommerce nonprofit businesses

When to use Novo

• You’re an ecommerce nonprofit and want speedy transactions: Novo is our overall best bank for nonprofit organizations. Novo’s Boost and Express ACH features help nonprofits send and receive funds faster than other providers, like quick Stripe payouts and same-day ACH payments via Express ACH. You can also link Stripe, Square, or PayPal to get paid via card, Apple Pay, Google Pay, or Venmo.
• You receive nonprofit donations through wire and ACH transfers: Novo accepts both wire and ACH transfers with no incoming transfer fees, allowing you to keep more of every donation. This makes it an efficient choice for nonprofits that rely on regular electronic contributions or grant disbursements.

When to choose an alternative

• You want to earn interest on your business checking: Novo doesn’t offer interest, but Bluevine is a strong alternative with three interest-earning account options to grow your funds.

Bluevine: Best for a high APY with no banking fees

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 by spending $500 monthly using your Bluevine debit or credit card or receiving $2,500 in customer payments each month. There are no monthly fees, minimums, or opening deposits, plus perks like two free checkbooks per year and strong software integrations are accessible.
• You are a nonprofit that might need access to a line of credit: Bluevine doesn’t offer a specific nonprofit checking account, but it has 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 Chase instead.

Relay: Best for nonprofit teams managing multiple users and expense cards

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 $5 for outgoing international wires via local network $25 via Swift network . Under the paid Relay Pro plan, wire transfer fees are waived or discounted Sending international wires via local network is free, while sending them through the Swift network costs $20. . You can also send funds in 32 currencies to over 188 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 1.03% to 3.03%, 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.

Mercury: Best for nonprofit organizations seeking enhanced FDIC coverage

When to use Mercury

• You need strong deposit protection: Through its partner banks and sweep networks, Mercury provides up to $5 million in FDIC insurance, which is far above the standard limit.
• You want fee-free banking with modern tools: Mercury offers business checking and savings accounts with no monthly fees, making it ideal for nonprofits focused on keeping costs low.
• You prefer a fully digital platform: Mercury’s online-only banking is designed for efficiency, with features like virtual and physical debit cards, free domestic and international wires, and customizable user permissions.

When to choose an alternative

• You handle regular cash donations: This account doesn’t support cash deposits, making it less practical for nonprofits that collect donations in cash. A traditional institution like U.S. Bank or Chase may be a better fit.

U.S. Bank: Best bank for nonprofits with irregular deposit schedules from fundraising events

When to use U.S. Bank

• Nonprofit businesses with large fundraisers or irregular deposit schedules: U.S. Bank is among our best banks for nonprofit organizations. It sets annual 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 300 free cash deposit units Cash deposit units are calculated by dividing each cash deposit amount by 100 and rounding the resulting value to a whole number. To determine rounding, less than $0.50/$50 is rounded down and more than or equal to $0.50/$50 is rounded up. per statement cycle.
• 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 with a specialized nonprofit account 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 operational area: US branch locations are found in 27 states Arizona, Arkansas, California, Colorado, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming. .

Chase: Best bank for large, high-volume nonprofits needing premium checking

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: 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.

Truist: Best for no cash deposit fees & most free transactions

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 one of our best banks for nonprofit organizations.
• 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 17 states and the District of Columbia, and you must visit a branch to open an account. Chase has locations in all 48 states of the continental US.

TD Bank: Best Bank for not-for-profit organizations with 501 (c)(3) Status

When to use TD Bank

• You are a larger nonprofit with complex financial needs: TD Bank offers specialized commercial banking, financing, and treasury management services tailored for 501(c)(3) organizations A 501(c)(3) is a tax-exempt nonprofit recognized by the IRS for charitable, religious, educational, or similar purposes. Donations to these organizations are tax-deductible, making them especially appealing to donors. Common examples include public charities, religious institutions, and private foundations. with annual revenues over $5 million, making it a strong option for nonprofits with more advanced financial structures.
• You want access to philanthropic and grant support: Through the TD Charitable Foundation, your nonprofit may qualify for grants, including the annual Housing for Everyone initiative and the TD Ready Challenge, which awards multi-million-dollar grants to organizations tackling key community issues.
• You need investment management aligned with your mission: TD provides integrated, customized investment strategies that help nonprofits manage and grow their funds while staying aligned with long-term goals.

When to choose an alternative

• You’re a small nonprofit with limited revenue: TD’s specialized nonprofit banking services are geared toward organizations with annual revenues above $5 million, which may not fit smaller nonprofits with simpler banking needs.

How I evaluated the best nonprofit bank accounts

I selected the best nonprofit bank accounts based on criteria that are crucial for small nonprofit businesses. I prioritized bank accounts with

• Low or no monthly fees
• Generous transaction limits
• Minimal charges for cash handling

Next, I focused on nonprofit-specific features and accessibility. Banks offering dedicated nonprofit accounts, donation management tools, and strong digital banking options made it to the roundup. These features are essential to efficiently manage fundraising, simplify donor relationships, and streamline daily financial operations.

Lastly, I considered growth opportunities and support resources, including interest-bearing accounts, wellness programs, and the availability of loans or credit lines. I gathered data directly from provider websites and evaluated each bank based on its unique suitability for nonprofit needs.

Support for 501(c)(3) vs other nonprofits

Not all nonprofit bank accounts are created equal. Many banks tailor their services specifically to 501(c)(3) organizations. These are federally recognized charitable organizations, and most banks are familiar with their structure, tax-exempt status, and banking needs.

• 501(c)(3) organizations: Most nonprofit-specific bank accounts and financial tools are built with 501(c)(3) organizations in mind. Banks often require IRS determination letters to verify your tax-exempt status. These organizations typically benefit from more tailored support, such as donation management tools, waived fees, and access to nonprofit lending or grants.
• Other 501(c) organizations (e.g., 501(c)(4), (c)(6), etc.): These nonprofits, such as advocacy groups and trade associations, may not qualify for benefits reserved for 501(c)(3)s, like fee waivers or fundraising tools. Some banks may require additional documentation to verify tax-exempt status. Still, many offer useful services like simplified account management and specialized payment solutions.

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.

How to choose a nonprofit bank account

Selecting the right bank account is crucial for the smooth financial operation of your nonprofit. Here are some key considerations to help you choose the best account for your organization’s needs:

1. Prioritize low or no fees

Nonprofits operate on tight budgets, making fee structures especially important. Look for checking accounts with minimal fees or clear ways to waive monthly charges. Pay special attention to fees for transactions, cash deposits, and overdrafts, ensuring these align with your organization’s typical financial activities.

2. Seek accounts specifically for nonprofits

Banks offering specialized nonprofit accounts typically understand your unique needs better. These accounts often come with benefits such as higher limits on free transactions, tailored support, and exclusive nonprofit financing options. Banks like Truist and U.S. Bank provide dedicated nonprofit products that cater specifically to organizations like yours.

3. Match your banking needs with your mission

Choose a bank that aligns with your organization’s values and goals. If community support and local impact are part of your mission, consider partnering with community banks or credit unions. They often have a vested interest in local success and may offer partnerships, sponsorships, or grants that can directly benefit your nonprofit.

4. Consider your deposit and transaction patterns

Evaluate how often and how much cash your nonprofit handles. If your operations involve regular cash deposits or frequent in-person visits, opt for a bank with convenient branch locations. Conversely, if your organization mainly accepts online donations or electronic transfers, an online-only bank with robust digital tools and integrations, like Novo or Bluevine, may be ideal.

5. Evaluate interest and potential rewards

Nonprofits seeking to maximize their resources should consider banks that offer interest-bearing checking accounts or rewards programs. Banks like Bluevine provide high APY with no banking fees, enabling your funds to grow passively.

By carefully assessing these factors, you can select a nonprofit bank account that enhances your organization’s financial efficiency and helps support your mission. If your nonprofit operates similarly to a small business or you’re exploring additional banking solutions, consider checking out our guide to the best banks for small businesses for more tailored recommendations.

Types of bank accounts for nonprofits

Selecting the right type of bank account is crucial for managing your nonprofit’s finances efficiently. Here are the most common types of bank accounts nonprofits typically use:

Nonprofit checking accounts: Designed specifically for nonprofits, offering low or no monthly fees, higher transaction limits, and benefits like waived cash deposit fees.

Standard business checking accounts: Widely accessible at traditional banks and fintechs, though not tailored exclusively for nonprofits, these accounts typically feature waivable monthly fees, limited transaction charges, and robust online/mobile banking tools suitable for smaller organizations.

Online-only business checking accounts: Offered by digital banks and fintech platforms like Novo and Bluevine; ideal for nonprofits handling mostly electronic transactions. These accounts provide low fees, integrated financial management tools, easy integration with payment processors (such as Stripe and PayPal), and faster fund access.

Interest-bearing checking accounts: Allow nonprofits to earn interest on their balances, helping maximize funds. Providers like Bluevine offer competitive APYs without complex requirements or high fees.

High-yield savings or money market accounts: Provide higher interest rates than standard savings or checking accounts, maintaining liquidity with manageable transaction limits. Some banks offer nonprofit-specific money market accounts for optimized savings growth.

By understanding the distinct features of each account type, you can choose the banking solution that best matches your nonprofit’s operational needs and financial goals.

Donation management tools

Managing donations effectively is crucial for any nonprofit’s financial health and operational success. Many banks and fintech providers offer specialized donation management tools designed specifically to streamline your fundraising processes:

Integrated fundraising platforms
Providers like U.S. Bank offer built-in solutions that simplify accepting donations, including immediate payment processing, donor receipts, and detailed contribution reports.

Seamless payment processor integrations
Online-only fintechs such as Novo connect directly with popular platforms like Stripe, PayPal, and Square, making electronic donation collection quick and cost-effective.

Donor relationship management
Tools for managing donor information allow easy tracking of contributions and targeted communication for future fundraising campaigns.

Efficient reporting and analytics
Many providers deliver built-in analytics that help track fundraising performance, identify trends, and simplify reporting, making it easier to meet transparency standards and enhance donor trust.

Choosing a bank offering strong donation management tools helps your nonprofit improve its fundraising efficiency, maintain compliance, and build stronger donor relationships.

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 the following:

• 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)

How to choose a bank for your nonprofit?

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Bottom Line

When choosing a business bank account for your nonprofit, you must 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.