8 Best Banks for Nonprofits in 2023
This article is part of a larger series on Business Banking.
The best banks for nonprofits should provide business checking accounts with few or no monthly fees. Some offer specific checking accounts for nonprofit businesses, while others have low-tier accounts with limited fees that are waivable if certain conditions are met. These providers should allow you to conduct business with as few banking fees as possible.
Even banks that don’t offer specific nonprofit business checking accounts may offer assistance for nonprofit organizations. Some accounts specifically geared toward nonprofits include limited fees, interest-earning capability, and support for large occasional deposits and withdrawals.
Here are the eight best banks for nonprofits, with links directly to provider sites:
- Truist†: Best overall for nonprofits for no cash deposit fees and most free transactions
- Bank of America: Best for nationwide access to business checking and ongoing rewards
- U.S. Bank†: Best for nonprofits with large fundraising events
- Wells Fargo: Best traditional bank for small nonprofits
- PNC Bank†: Best for nonprofits that want financial wellness programs for staff
- Chase: Best for large, high-volume nonprofits needing premium checking
- Bluevine*: Best for earning a high annual percentage yield (APY) with no banking fees
- TIAA Bank: Best for earning interest regardless of account balance
*Bluevine is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Coastal Community Bank.
†Providers are geographically limited. See the Truist Bank geographic limitations, U.S. Bank geographic limitations, and PNC Bank geographic limitations to see if your business is located in an area served by these.
Best Banks for Nonprofits At-a-Glance
Providers | Monthly Fee | Free transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit | Out-of-network ATM Fee | Minimum Opening Deposit |
---|---|---|---|---|---|---|
Community Checking | None | 225 monthly | N/A | No limit | $3 each plus third-party fees | $100 |
Fundamentals Business Checking | $16; waivable | 200 monthly | N/A | $7,500 per month | $2.50 each plus third-party fees | $100 |
Nonprofit Checking Account | None | 1,800 annually | 0.005% | $30,000 or 300 transactions free per year | No charge; third-party fees may apply | $100 |
Initiate Business Checking | $10; waivable | 100 monthly | N/A | $5,000 per month | $2.50 each plus third-party fees | $25 |
Non-profit Checking | $5; waivable | 150 monthly | N/A | $5,000 per month | $3 each plus third-party fees | $100 |
Business Complete Banking | $15; waivable | 20 monthly | N/A | $5,000 per month | $3 each plus third-party fees | None |
Business Checking | None | No limit | 2.0% on qualifying balances up to $100,000 | None free; $4.95 per deposit (Green Dot) | $2.50 plus third-party fees | None |
Non-profit Checking | $14.95; waivable | No limit; 10 online bill payments monthly | Up to 1.25% | Cash deposits not accepted | No charge; third-party fees may apply | $1,500 |
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
What's Missing
- 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
When To Use Truist
Thanks to no cash deposit or monthly fees with its Community Checking product, Truist is our overall best bank for nonprofits. When compared to other banks with a limited number of free monthly transactions, Truist allows the most (225 per month) while charging the least for extra transactions (35 cents each). It offers free online bill pay and easy digital account management.
Cash withdrawals from a Truist ATM are free while out-of-network charges are $3 domestically and $5 internationally, plus third-party ATM fees. While the merger of SunTrust and BB&T to form Truist should be completed, some ATMs may still be branded under one of the former bank names.
The biggest drawback is that Truist is a regional bank located in the east, southeast, and Great Lakes regions of the United States. It operates in 15 states and Washington, D.C., and you need to visit a branch to open an account.
Truist Community Checking Overview
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, CDs, lending products, financial analysis through Merrill Financial Advisor
Bank of America FundamentalsTM Business Checking Terms
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200 monthly, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Vary |
International Wire Transfer Fees | Vary |
ATM Fees | None at over 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
Open an Account |
When To Use Bank of America
Bank of America doesn’t have a dedicated nonprofit checking account, but its Fundamentals Business Checking is a good choice for nonprofits. It has waivable monthly fees with up to $7,500 in free cash deposits each month.
While you don’t get as many free transactions as Truist or US Bank, the big advantage Bank of America has is its accounts are available across the US, compared to the other two banks, which are regionally limited. If Bank of America had unlimited free cash deposits, it would likely edge Truist as best overall.
If your nonprofit grows and you need more free transactions or cash deposits each month, you can upgrade to Bank of America’s Business Advantage Relationship Banking. You can compare the two accounts to see which is best for your nonprofit business. Your Bank of America banking advisor can help guide you to the right account for your needs.
Bank of America also offers outstanding ongoing rewards. You can earn up to $500 cash back with qualifying actions, in addition to cash back and travel rewards through the company’s business credit cards. You can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.
Growing nonprofit businesses can also take advantage of outstanding business savings, CDs, lending products, and financial analysis through Merrill financial advisors. Bank of America provides everything your business needs as it changes, making it one of the best banks for small businesses.
Bank of America FundamentalsTM Business Checking Overview
U.S. Bank: Best Bank for Nonprofits With Large Fundraising Events
What We Like
- 1,800 free transactions per year
- No monthly maintenance fees
- Up to $30,000 free cash deposits annually
What's Missing
- Must talk to a representative to open an account
- Branch locations limited in some areas
- Only available to residents in 26 states
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
When To Use U.S. Bank
For nonprofit organizations with large occasional fundraising events or inconsistent deposit and transaction schedules, U.S. Bank is a great choice for a nonprofit checking account. Like Truist, it is a regionally limited bank, but if you have a nonprofit in one of the 26 states it operates, it has one of the best nonprofit accounts on the market.
Unlike other providers on this list with monthly limits on free transactions and cash deposits, U.S. Bank has annual limits. This makes its nonprofit business checking ideal for a business that might run large events twice a year and, therefore, might not have a consistent amount of transactions month-to-month.
U.S. Bank offers up to 1,800 free transactions annually (average of 150 monthly). You can deposit up to $30,000 in cash for free each year (average of $2,500 a month) or 300 transactions, whichever comes first.
The biggest drawback for U.S. Bank is its regional availability. You must reside in one of 26 states to be eligible for a checking account. If you need a traditional brick-and-mortar checking account and don’t reside in one of the states listed above, you might consider Bank of America or Truist.
U.S. Bank Nonprofit Business Checking Overview
Wells Fargo: Best Traditional Bank for Small Nonprofits
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
- Requires an opening deposit
- Only 100 free monthly transactions
- Charges monthly fees
Features
- Add your business logo to debit card and checks
- Deposit checks, pay bills, and view balances through the mobile app
- Online and mobile banking
- Fraud protection controls
- Features merchant services, including POS solutions
When To Use Wells Fargo
For small nonprofits with a limited number of monthly transactions, Wells Fargo and its Initiate Business Checking may be a great choice. It is low-cost banking as long as you don’t exceed free transaction limits.
Additionally, if you have a minimum daily balance of at least $500, the $10 monthly fee is waived. However, you are limited to just 100 free monthly transactions, and excess transactions are 50 cents each. So, if you are a nonprofit that exceeds 100 monthly transactions regularly, consider Bank of America or Truist instead.
With more than 4,500 branches and 12,000 ATMs nationwide, Wells Fargo’s biggest advantage is accessibility. It is also a full-service bank with business savings, CDs, business lending products, credit cards, and merchant services. It even offers 24/7 fraud monitoring and zero-liability debit card protection.
Wells Fargo Initiate Business Checking Overview
PNC Bank: Best Nonprofits That Want Financial Wellness Programs for Staff
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
- 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
- Online and mobile banking
- No setup fee for overdraft protection
- 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
When To Use PNC Bank
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 PNC WorkPlace Banking for Employees, a program that they have to sign up for.
As long as you have an average monthly collected balance of $500, the monthly maintenance fee of $5 is waived, and PNC waives the monthly maintenance fee for the first three months—regardless of balance. You get up to $5,000 in free cash deposits each month and up to 150 free transactions.
PNC also offers business credit cards, business lending products, and merchant services to businesses that need them. While geographically limited, such as Truist and U.S. Bank, PNC bank is more widely available than both banks. Branches are available in 28 states and Washington, D.C. If your nonprofit business is located in one of the areas listed above, you can get an account with PNC.
PNC Bank Non-Profit Checking Overview
Chase: Best Bank for Large, High-Volume Nonprofits That Need 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, depending on type ordered
- Chase Merchant Services
- 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
Chase Business Complete BankingSM Checking Terms
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20 monthly, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
Open an Account |
When To Use Chase
Like Bank of America, Chase doesn’t offer a specific nonprofit business checking account. However, by choosing Chase, you’re getting a bank with a full range of business support products that can help your nonprofit, regardless of size. It is also one of the best small business checking accounts.
If you have a large nonprofit with a high amount of transactions and cash flow, it may be the best option in this guide as it has the best premium checking product on the market with its Chase Platinum Business Checking account.
If you have a small nonprofit, Chase can also help you with its Business Complete Banking product. You can compare Chase’s business checking products to see which is best for your nonprofit.
Chase also has industry-leading lending products, including credit cards and lines of credit, and through J.P. Morgan, it provides commercial solutions if you have a large nonprofit with high cash flow and transaction volume. Those solutions include commercial real estate loans, payment services, cash flow management, commercial credit cards, and merchant services. Chase also offers excellent POS and software solutions.
Chase Business Complete BankingSM Checking Overview
Bluevine: Best for a High APY With No Banking Fees
What We Like
- Interest-earning checking on balances of $100,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
What's Missing
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Only one debit card is issued per account
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
Bluevine Business Checking Terms
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, none for incoming |
International Wire Transfer Fees | $15 for outgoing, none for incoming |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2.0% on balances of up to $100,000, once qualifications are met |
Open an Account | |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. |
When To Use Bluevine
Bluevine doesn’t offer a specific nonprofit checking account and doesn’t have all the banking products as some of its competitors in this guide. However, it features an outstanding business checking product and the best small business line of credit.
It is a digital-only bank that provides a high-yield, interest-bearing checking account. You can earn 2.0% APY on balances up to $100,000 with Bluevine business checking—as long as you either spend $500 monthly with the debit card or receive $2,500 in customer payments in a month.
It also provides two free checkbook orders per year. There are no monthly or transaction fees, and it requires no minimum opening deposit and minimum balance. It also provides great software integrations.
However, nonprofits that handle cash regularly may want to consider another option. Cash deposits with Bluevine cost you $4.95 per transaction and can only be done at a Green Dot retail location. Also, it charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
Bluevine Business Checking Overview
TIAA Bank: Best for Earning Interest Regardless of Account Balance
What We Like
- Earn an ongoing APY on any balance
- Bank completely online
- Overdraft protection
What's Missing
- Minimum balance of $5,000 to waive monthly fee
- Opening deposit of $1,500
- Only nine branches in Florida
Features
- Also offers business money market and CD accounts
- Remote deposit available for nonprofits needing to deposit a lot of checks
- Merchant services available
When To Use TIAA Bank
If you want to earn interest with your business checking regardless of account balance, TIAA Bank is a great choice. Its Non-profit Checking earns interest from the first dollar with no cap on earnings.
However, it can be pricey. You need at least $1,500 to open an account, and you must keep a minimum balance of $5,000 to waive the $14.95 monthly fee. If you can easily meet these thresholds, the account is one of the best on this list.
TIAA Bank has fee-free ATM withdrawals from more than 80,000 ATMs in its network. It doesn’t charge out-of-network fees, but third-party operator fees may apply.
One drawback to TIAA is its limited locations, with just nine branches located in Florida. Otherwise, it is an online-only bank. If you don’t have access to one of those branches, you cannot make cash deposits, so nonprofits handling cash regularly should choose another option from this guide.
TIAA Bank Non-profit Checking Overview
How We Evaluated the Best Banks for Nonprofits
We understand that nonprofit organizations desire banking with as few fees as possible. To choose the best banks for nonprofits, 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 their 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 You Need to Open a Business Bank Account
Each provider listed here may require different documents to open a business bank account. Generally, you’ll 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
Frequently Asked Questions
How to choose a bank for your nonprofit?
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.
What type of bank account is best for a nonprofit organization?
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.
Do nonprofits need a special bank account?
While many banks offer specific business checking accounts for nonprofit businesses, it isn’t required that you choose these accounts. Any small business checking account, which charges limited fees and provides excellent support for your nonprofit, will work.
Bottom Line
When considering a business bank account for your nonprofit, you need to calculate how many transactions you’ll have monthly and annually, how much cash you’ll deposit, and what other features you need from your account. Each provider on this list has an excellent business checking account for your nonprofit. Compare the number of free transactions offered by each and other nonprofit support products available and choose the one that best meets the needs of your nonprofit organization.