5 Best Banks for Non Profit Accounts

5 Best Banks for Nonprofits for 2022

Greetings All and Merry Christmas!

Over the past few weeks Vince and I have been asked by the majority of our new clients, “What Bank Should I Use for the Non Profit?”  Well, we have gone through numerous banks and credit unions just to find out that some banks do not allow for these non profit accounts.  
I have been researching the best banks to set up your initial non profit accounts, especially since the year is quickly winding down.  Transparency is key when it comes to running your non profits as executive directors.  990s will need to be filed after the new year, and also, if you are looking for any year end donations, these bank accounts need to be established.  
Here are the best banks we have found.  

When searching for the best bank for your nonprofit, there are countless options to choose from. To help you decide on which bank will best fit your business needs, we selected banks that offered products geared specifically toward nonprofit organizations, had minimal—or no—fees, and demonstrated a high level of community involvement.

The best banks for nonprofits are:

  • U.S. Bank: Best overall for full-service nonprofit banking
  • PNC Bank: Best for nonprofits with balances of at least $500
  • TIAA Bank: Best for earning annual percentage yield (APY) on any balance
  • Wells Fargo: Best for small nonprofits
  • BlueVine: Best for earning an ongoing APY with no banking fees

U.S. Bank: Overall Best Bank for Nonprofits

US bank
  • 1,800 free transactions per year
  • No monthly maintenance fees
  • Up to $300,000 free cash deposits annually
  • Must talk to a representative to open an account
  • Branch locations limited in some areas

Additional Features

  • Remote deposit capture, online and mobile banking with bill pay
  • Credit card processing
  • Option to earn interest

Visit U.S. Bank

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%

Why we like it: U.S. Bank’s nonprofit checking account is tailored for nonprofit organizations of most sizes, offering up to 1,800 free transactions a year—150 per month. Your account can flex with your business needs, giving you space to have more transactions in one month or season and less in another. Even better, you won’t have monthly maintenance fees or minimum balances to contend with, which makes this one of the best business checking accounts available.

This account also offers 300 free cash deposits annually, so you’ll have the same freedom to process cash at a lower cost. Plus, with more than 3,000 branch locations, you can bank in person, and large cash donations won’t become an issue. However, branches are limited to primarily the midwestern and western states.

Community commitment is important to many nonprofits, and U.S. Bank does its fair share. It donated $67 million in 2020, including grants and sponsorships, and its employees volunteered more than 224,000 hours to local communities. This commitment is a plus considering how important it’s for large banks to contribute to surrounding communities.

PNC Bank: Best for Nonprofits With Balances of $500 or More

PNC Bank
  • Easy to waive monthly fee
  • 150 free transactions each month
  • Designed specifically for not-for-profit businesses
  • Charges a monthly fee
  • Opening deposit of $100
  • Only 2,300 locations nationwide

Additional Features

  • Online and mobile banking with bill pay
  • Free PNC WorkPlace Banking financial wellness program for your employees

Visit PNC Bank

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: None

Why we like it: PNC Bank is great for nonprofits, offering its own version of a nonprofit checking tailored specifically for not-for-profit businesses, with more than 2,600 locations nationwide. You’ll need an average minimum balance of $500 to avoid the monthly fee. However, PNC waives those fees for the first three months. With an opening deposit of at least $100, you can access standard business features, including business debit cards and bill pay services, for free.

Similar to U.S. Bank’s nonprofit checking account, PNC’s account offers 150 transactions each month, and then you’ll pay an additional 50 cents per transaction. But you’ll also be able to deposit up to $5,000 every month with no fee, which is consistent with most business checking accounts. After that, you’ll pay 25 cents for every $100 deposited. If your monthly volume usually runs low, you won’t need to worry about monthly transaction charges.

PNC also has a mission to help communities with its PNC Foundation, a $500 million initiative to help prepare children for school. It also offers sponsorships that are on par with larger banks, so you can rest assured that you’re banking with a company that’s giving back.

TIAA Bank: Best for Earning APY on Any Balance

  • Earn an ongoing APY
  • You can bank completely online
  • Offers overdraft protection
  • Minimum balance of $5,000 to waive monthly fee
  • Opening deposit of $1,500
  • No physical branch locations

Additional Features

  • Also offers business money market and CD accounts

Visit TIAA Bank

Fees & Terms

  • Monthly fee: $14.95—waived if you maintain an average monthly balance of $5,000 or more
  • Transaction fee: 50 cents per transaction after the first 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%

Why we like it: You may need a minimum balance of $5,000 to avoid monthly fees with TIAA Bank’s nonprofit account, but you’ll earn an APY that’s higher than most business savings accounts. Plus, you’ll earn that APY on any balance, but you’ll need a $1,500 minimum deposit to open your account. TIAA Bank has no physical locations, so it’s a great option for nonprofits that aren’t afraid to bank remotely.

However, for all its good points, this account only gives you 10 free bill payments each month, and it’ll cost you 50 cents for each payment thereafter. Businesses that can’t maintain the $5,000 minimum balance will have to pay $14.95 per month, which can add up quickly. If your nonprofit can afford the minimum balance, however, this account is still a solid pick.

This Florida-based online bank’s initiative is to serve the local community through banking products like home loans for underserved communities. But TIAA Bank also contributed more than $10 million to charitable organizations across the state through its nonprofit charity. Even if you aren’t based in Florida, it may still be another great reason to bank here.

Wells Fargo: Best Traditional Bank for Small Nonprofits

Wells Fargo
  • Designed for small nonprofits
  • Easy to waive monthly fee
  • Access to over 12,000 ATMs
  • Charges a monthly fee
  • Only offers 50 free monthly transactions

Additional Features

  • Add your business logo to your debit card
  • Full suite of business banking products and services

Visit Wells Fargo

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

Why we like it: For those who favor traditional banks, the Wells Fargo Initiate Business Checking offers low-cost banking for nonprofits on the smaller side. 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 locations than any other bank in the United States, it’s easy for any organization to open and maintain an account, which is one of the reasons it made our list of the best banks for small businesses.

This account doesn’t earn any interest, but businesses get free bill pay and access to a network of over 3,000 ATMs. However, you’ll need to keep a $500 minimum balance to avoid the $10 monthly fee. Other than that, the fees are fairly standard for a basic checking account, making it a good fit for any small business, including nonprofits.

Along with employee volunteer work, Wells Fargo provides local and national grant programs. For example, it redirected $175 million to COVID-19 community relief efforts, which has allowed Wells Fargo to offer funding to nearly 1,000 nonprofits across more than 800 communities. Although you can expect similar involvement from other national banks, Wells Fargo makes a statement with its contributions.

BlueVine: Best for a High APY With No Banking Fees

BlueVine Logo
  • Earn an ongoing APY
  • Integrates with leading accounting software and business payment tools
  • Unlimited transactions and no banking fees
  • No physical branch locations
  • Limited cash deposit functionality

Additional Features

  • Two free business checkbooks
  • Also offers small business lending products

Visit BlueVine

Fees & Terms

  • Monthly fee: None
  • Transaction fee: None
  • Cash deposit fee: None
  • ATM fee: No ATM fees at over 37,000 MoneyPass ATMs nationwide—$2.50 for out-of-network ATMs
  • Minimum deposit: None
  • Minimum balance: None
  • Annual percentage yield: 0.60%

Why we like it: The newest company in the business banking sector, BlueVine, offers a great online account for small businesses and nonprofits alike. This checking account allows unlimited transactions, has no minimum balance requirements, and no nonsufficient funds (NSF) or incoming wire fees. Plus, you’ll earn a high APY on balances of up to $100,000, which is generous by any standard. Although there aren’t any physical locations, you can access more than 37,000 ATMs, and you’ll get your first two checkbooks for free.

What makes this bank worth its weight is its business products. BlueVine’s checking may be new, but it has supported business growth through loans, lines of credit, and invoice factoring for years. This bank is one of the best in the industry for business lending, so banking here can make it even easier to secure resources in the future.

When To Use a Local Bank or Credit Union

The benefit of choosing a local bank or credit union over a traditional or digital bank is the ability to build a local relationship. Many nonprofits find that it’s easier to go to local credit unions and community banks for sponsorships, grants, and donations. Banking small is also a great way for you to support your local community. So, if a solid banking relationship is more important to you than nationwide locations, a local bank or credit union may be the best option.

How We Evaluated Nonprofit Checking Accounts

We understand that nonprofit organizations appreciate easy banking with as few fees as possible. To choose the accounts on this list, we focused on banks that provided accounts specific to nonprofit organizations and prioritized banking fees, accessibility, and features like bill pay and lending. Ethical banking is essential to many nonprofits, so we also took into account any community charity work and funding as a plus.

Bottom Line

Like any small business, nonprofits 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.

Scroll to Top