8 Best Banks for Nonprofits in 2023

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.

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.

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.

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.

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.

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.

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.

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.