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Nonprofits request specialized accounts and services, precocious fee-free transaction limits and currency deposit allowances. See our usher to the champion banks for nonprofits.
When looking for a slope for your nonprofit, prioritize 1 that helps you prevention by offering accounts with nary monthly work fees oregon easy-to-waive interest conditions. Some banks supply specialized accounts and services for nonprofits, which are compatible with a charitable organization’s needs. Others won’t person a dedicated nonprofit relationship but volition supply a basic-tier merchandise with a precocious transaction limit, waived monthly fees and businesslike concern tools.
With precocious banking technology, fiscal exertion companies person besides made it casual to unfastened an relationship online. These fintech companies volition waive relationship equilibrium requirements, monthly work fees and archetypal opening amounts. Additionally, they connection unlimited transactions, which is cost-effective for nonprofit organizations.
We evaluated the 9 champion banks for nonprofits.
- Best overall: Truist
- Best for nonprofits with adaptable transactions seeking flexibility: U.S. Bank
- Best for precocious involvement and enactment of recognition with debased rates: Bluevine
- Best for precocious currency deposit bounds and rewards: Bank of America
- Best for multi-member nonprofit organizations: Relay
- Best for fee-free and unlimited integer transactions: Capital One
- Best for an integrated donor-advised money platform: PNC Bank
- Best for philanthropic services and subdivision accessibility: Wells Fargo
- Best for speedy outgo acceptance and low-cost planetary payments: Novo
*Truist, U.S. Bank, Bank of America, Capital One, PNC Bank and Wells Fargo are each members of the Federal Deposit Insurance Corp. (FDIC).
**Fintech platforms mentioned supra are backed by and FDIC-insured done supporting slope partnerships: Bluevine with Coastal Community Bank, Relay with Evolve Bank & Trust and Thread Bank and Novo with Middlesex Federal Savings.
Top banks for nonprofits comparison
The array beneath shows the cardinal features we considered for the champion banks for nonprofits.
Truist: Best overall
Our rating: 4.38 retired of 5
Image: Truist
Truist is our champion slope for nonprofits with its connection of unlimited and fee-free currency deposits and nary monthly interest nether Truist Community Checking, its specialty nonprofit account. You besides get a precocious fee-free transaction bounds of 225, escaped online measure wage and further fraud information done its Fraud InspectorTM service. The slope has implicit 2,500 carnal locations successful Washington, D.C. and 15 states: Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.
Why we chose Truist
With fee-free currency deposits, precocious transaction limits and nary monthly work fee, Truist Community Checking is an fantabulous relationship for nonprofits and tiny assemblage oregon civic organizations. Compared to different banks’ basal tier accounts, this merchandise has the highest fig of escaped transactions astatine 225 items. Past this limit, the transaction interest of 35 cents is besides little than different fiscal institutions.
Monthly fee
- Truist Community Checking: $0
Features
- Customized debit paper with optional currency backmost and net credit.
- $25 discount for archetypal cheque order.
- Free online measure wage and casual integer relationship management.
- QuickBooks, Quicken and Zelle integration.
- Dynamic Business Checking tiered rewards see discounted indebtedness rates.
- Specialty concern checking products see trusts, commercialized accounts and nationalist money accounts.
- Online fiscal wellness programme for employees.
- Customer enactment from Mondays to Saturdays; 24/7 automated assistance.
Pros and cons
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U.S. Bank: Best for nonprofits with adaptable transactions seeking flexibility
Our rating: 4.35 retired of 5
Image: U.S. Bank
Similar to Truist, U.S. Bank offers a specialty nonprofit product, Nonprofit Checking, and this relationship suits organizations with unsocial transaction schedules. It does not complaint a monthly attraction fee. You get an yearly transaction bounds of 1,800 and a currency deposit allowance of $30,000 per year. The slope allows nonprofits to unfastened checking accounts and recognition cards without idiosyncratic guarantors. In addition, it provides donor backing tools and a speedy outgo work (Everyday Funding) astatine nary further fee.
U.S. Bank has branches successful Arizona, Arkansas, California, Colorado, 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.
Why we chose U.S. Bank
Instead of mounting a monthly bounds of fee-free transactions and currency deposits, U.S. Bank’s Nonprofit Checking provides an yearly limit, which benefits nonprofits with unpredictable transaction activities. This setup is advantageous aft a ample fundraising thrust since you won’t incur excess fees erstwhile transacting a ample magnitude arsenic agelong arsenic you support wrong the yearly limits. We see U.S. Bank’s yearly bounds of transaction and currency deposits arsenic the champion for nonprofits that worth flexibility.
Monthly fee
- U.S. Bank Nonprofit Business Checking: $0
Features
- No idiosyncratic guarantor is required for nonprofit checking accounts and recognition cards.
- Check fraud protection.
- Mobile cheque deposit and measure pay.
- Overdraft protection.
- Free and accelerated outgo solution, Everyday Funding.
- Donor absorption tools for automated donation collection.
- Business financing tailored for nonprofits.
- Free and unlimited worker cards.
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Bluevine: Best for precocious involvement and enactment of recognition with debased rates
Our rating: 4.32 retired of 5
Image: Bluevine
Bluevine, a fintech company, is perfect for nonprofits that privation to unfastened a fee-free relationship that generates precocious interest. It streamlines the relationship opening process and allows charitable organizations to use for a checking relationship online. It offers 3 concern checking options with expanding APY rates and waivable monthly fees for the higher-tier products. Bluevine funds are FDIC-insured up to $3 cardinal from its expanse web slope partnership. For financing, your charitable enactment tin entree an fantabulous enactment of recognition with debased rates.
Why we chose Bluevine
Although it does not connection a specialty nonprofit account, the Bluevine Standard checking is simply a large enactment that provides a precocious involvement rate. Nonprofits tin gain a 2.0% APY arsenic agelong arsenic they person $2,500 successful monthly lawsuit payments oregon walk astatine slightest $500 each period utilizing the Bluevine debit card. Largely fee-free, this supplier does not person a minimum equilibrium requirement, monthly interest oregon opening deposit.
Monthly fee
- Bluevine Standard: $0
- Bluevine Plus: $30; waivable by having
- an ADB of $20,000 crossed your Bluevine checking account, including subaccounts AND
- a walk of $2,000 monthly utilizing your Bluevine debit paper oregon recognition card
- Bluevine Premier: $95; waivable by meeting
- an ADB of $100,000 crossed your Bluevine checking account, including subaccounts AND
- a walk of $5,000 monthly utilizing your Bluevine debit paper oregon recognition card
Features
- Two escaped checkbooks yearly.
- Robust concern and accounting bundle integrations.
- Five sub-accounts.
- FDIC security of up to $3 million.
- Lines of recognition up to $250,000 astatine debased rates.
- Business recognition paper with unlimited cashback and zero yearly fee.
- Free home incoming ligament transfers.
- Shared relationship access.
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Bank of America: Best for precocious currency deposit bounds and rewards
Our rating: 4.29 retired of 5
Image: Bank of America
Bank of America is an established slope with an accessible subdivision beingness successful Washington, D.C. and 38 states. Currently, it has nary locations successful Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin oregon Wyoming. Nonprofits tin gain a invited bonus of up to $200 erstwhile opening a caller concern checking relationship and gathering qualifying enactment requirements. It besides has an fantabulous tiered rewards programme and a starter checking relationship with 1 of the highest fee-free currency deposit limits successful the banking industry.
Why we chose Bank of America
We highly urge the slope for nonprofits that request to deposit currency regularly. The entry-level account, Business Advantage Fundamentals Banking, offers escaped currency deposits of up to $7,500 monthly. Nonprofits that necessitate higher limits tin unfastened the higher-tier Business Advantage Relationship Banking. To entree discounts and further involvement complaint boosts, you tin motion up for the escaped Preferred Rewards for Business program.
Monthly fee
- Business Advantage Fundamentals Banking: $16; waivable by having
- a $5,000 combined mean monthly balance
- at slightest $250 successful caller nett qualified debit paper purchases
- a Preferred Rewards for Business membership
- Business Advantage Relationship Banking: $29.95; waivable by having
- a $15,000 combined mean monthly balance
- a Preferred Rewards for Business membership
Features
- Cash Flow Monitor, a currency absorption instrumentality to way concern performance.
- Integration with QuickBooks, ADP and Zelle.
- Employee debit cards.
- Bill pay.
- Waived monthly fees for the 2nd Business Advantage Relationship Banking account.
- Free entree to concern recognition people information.
- Small concern lending includes secured and unsecured lines of credit, SBA loans, commercialized existent property loans and healthcare signifier loans.
- Individual status accounts done Merrill Edge.
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Relay: Best for multi-member nonprofit organizations
Our rating: 4.16 retired of 5
Image: Relay
Relay, a fintech, offers its Relay Standard checking merchandise with nary monthly fees, equilibrium requirements and opening deposit. Each nonprofit concern tin unfastened 2 savings accounts with a tiered APY of 1% to 3%, depending connected balances. Cash deposits are escaped astatine Allpoint+ ATMs, and nary ATM withdrawal fees are collected. However, you whitethorn inactive get charged for third-party relation fees.
Why we chose Relay
For nonprofit organizations with galore squad members, Relay allows up to 20 escaped checking accounts and issues 50 escaped debit cards, which tin assistance way spending and power expenses. It tin assistance your nonprofit cognition tally much smoothly done its antithetic relationship support levels. Teams tin delegate tasks, specified arsenic approving and paying bills, performing money transfers and creating cheque payments.
Monthly fee
- Relay Standard: $0
- Relay Pro: $30; not waivable
Features
- Shared relationship entree with squad members.
- Savings accounts with 1% to 3% APY.
- No ACH and overdraft fees.
- FDIC security of up to $3 million.
- Integration with QuickBooks Online, Xero, PayPal, Stripe and Square.
- $5 oregon $10 ligament fees for Relay Standard.
- Relay Pro offers escaped ligament transfers, 50 same-day ACH and car measure import.
- Email and telephone support.
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Capital One: Best for fee-free and unlimited integer transactions
Our rating: 4.15 retired of 5
Image: Capital One
Capital One is an established accepted slope offering 2 concern checking options, Basic Checking and Enhanced Checking, with unlimited and fee-free integer transactions. It offers a afloat suite of concern banking products and services and has astir 750 branches successful Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C.
Why we chose Capital One
We included Capital One successful our database of the champion banks for nonprofit organizations since you tin execute escaped and unlimited integer transactions, including mobile deposits, ACH transfers and online measure payments. With a concern checking account, nary opening deposit is required. You besides get a monthly currency deposit allowance of $5,000 nether its basal tier. Nonprofits needing unlimited fee-free currency deposits tin unfastened a higher-tier account. Additionally, you tin usage implicit 70,000 Capital One, Allpoint and MoneyPass ATMs for free.
Monthly fee
- Basic Checking: $15; waivable for nonprofit organizations (conditions undisclosed)
Features
- Free overdraft protection.
- Free incoming home wires for a higher-tier checking account.
- Wide scope of concern recognition cards.
- QuickBooks, Xero and Stripe integrations.
- Business savings, certificates of deposit, lending and escrow accounts.
- Merchant services and fraud prevention services.
- Waived monthly fees for further checking accounts.
- Remote deposit capture.
Pros and cons
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PNC Bank: Best for an integrated donor-advised money platform
Our rating: 4.08 retired of 5
Image: PNC Bank
PNC Bank is among the apical 10 banks successful the U.S. successful presumption of assets. Its wide scope of banking products includes a nonprofit checking account. The opening deposit is $100, with a waivable monthly interest of $5. You get 150 fee-free transactions, which see deposits, deposited items, paid items, and ACH credits and debits. A currency deposit allowance of $5,000 is besides provided each month.
It has implicit 2,500 branches successful Washington, D.C. and 28 states: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.
Why we chose PNC Bank
With its ain integer platform, PNC Bank is focused connected providing nonprofits with transparency done an integrated and unafraid online portal wherever donors tin taxable their transactions and cheque reports. The slope offers philanthropic services done acquisition resources, specifically webinars and marketplace events. Additionally, a dedicated planned giving squad is acceptable to assistance successful managing the nonprofits’ concern and administrative needs. Tailored nonprofit concern solutions are besides available.
Monthly fee
- Non-Profit Checking: $5, waivable by gathering an mean monthly collected equilibrium of $500. The monthly interest is waived for the archetypal 3 months for caller accounts.
Features
- Cash Flow Insight tools.
- Remote deposit capture.
- Overdraft protection.
- QuickBooks, Xero, Oracle NetSuite and Sage Intacct integration.
- Clover solutions via PNC merchant services.
- Ongoing acquisition focused connected donor engagement.
- Investment absorption and operational enactment for nonprofits.
- Daily lawsuit work support.
Pros and cons
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Wells Fargo: Best for philanthropic services and subdivision accessibility
Our rating: 4.07 retired of 5
Image: Wells Fargo
Wells Fargo is simply a full-service slope with 3 regular concern checking relationship options with waivable fees. The slope stands retired by offering robust philanthropic services, adjacent if it does not person a specialty relationship for nonprofits. You tin unfastened its basal account, Initiate Business Checking, which requires an archetypal deposit of $25. You get a monthly transaction allowance of 100 and fee-free currency deposits up to $5,000. The monthly interest of $10 is waivable.
The slope has a immense subdivision beingness successful Washington, D.C. and 36 states. It has nary branches successful Hawaii, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Ohio, Oklahoma, Rhode Island, Vermont and West Virginia.
Why we chose Wells Fargo
Nonprofits tin trust connected Wells Fargo to enactment their charitable goals. It offers philanthropic services, which see creating beingness giving programs and managing the regular transactions of large-scale foundations oregon nonprofit organizations. Bank specialists are disposable to assistance successful your ngo by managing nationalist foundation endowments and planned giving programs. In addition, the slope offers concern solutions, customized reports, administrative enactment for programs, consultations and guidance connected fundraising and planned giving.
Monthly fee
- Initiate Business Checking: $10; waivable by gathering a regular equilibrium of $500 oregon an mean ledger equilibrium of $1,000.
- Navigate Business Checking: $25; waivable by gathering a regular equilibrium of $10,000 oregon mean combined concern deposit balances of $15,000.
- Optimize Business Checking: $75 tin beryllium reduced oregon offset by an earning allowance.
Features
- Free entree to much than 12,000 ATMs nationwide.
- Administration and improvement of charitable trusts and acquisition annuity programs.
- Provides concern strategies for endowments.
- Integration with QuickBooks, Xero, RUN by ADP, Clover, Authorize.net and Zelle.
- Customer enactment is disposable daily.
- A consolidated monthly interest for 5 accounts nether the highest-tier account, positive escaped incoming wires, halt payments and more.
- Merchant services and ecommerce solutions.
- SBA loans, lines of recognition and healthcare signifier financing.
Pros and cons
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Novo: Best for speedy outgo acceptance and low-cost planetary payments
Our rating: 3.85 retired of 5
Image: Novo
Novo is simply a fintech institution dedicated to helping tiny businesses person payments faster, nonstop planetary payments astatine a debased fee, make invoices and entree financing done Novo Funding. It does not complaint ATM fees and reimburses third-party relation surcharges up to $7 each month. It besides allows customized sending of invoices for escaped and has integrations with QuickBooks, Xero, Wise, Stripe, Square and PayPal.
Why we chose Novo
Nonprofits often person donations from sponsors, and done the Novo Boost feature, you tin get faster payouts done Stripe. Instead of accessing payments wrong days, you tin person them wrong hours. Charitable organizations needing to wage autarkic contractors and vendors for peculiar civic projects overseas tin execute planetary payments astatine a debased interest done Novo’s concern with Wise.
The Novo Business Checking relationship has nary monthly fee, opening deposit and minimum equilibrium requirement. Transactions are unlimited, and currency tin beryllium deposited done wealth orders.
Monthly fee
- Novo Business Checking: $0
Features
- Software integrations see QuickBooks, Xero, Stripe, Square and PayPal.
- Free, unlimited and customized invoicing.
- 20 reserve accounts.
- Merchant currency advances up to $75,000 via Novo Funding.
- Discounts and credits connected Google Cloud, Stripe and QuickBooks done Novo Perks.
- Low-fee planetary payments done Wise.
- Unlimited and escaped customized invoices done the Novo app.
- Free incoming ligament transfers and zero modular ACH fees.
Pros and cons
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How to take the champion banks for nonprofits?
We looked astatine the pursuing factors erstwhile evaluating the champion banks for nonprofits:
- Specialty products and nonprofit services.
- Monthly fees and waiver conditions.
- Minimum opening deposit and required maintaining balances.
- Interest complaint offered.
- ATM fees and transaction limits, including ATM web availability.
- Cash deposit options and limits.
- Wire transportation costs and limits.
- Account features.
- Business bundle integrations.
- Geographic locations.
- Customer enactment availability.
Methodology
We identified the champion banks for nonprofits by reviewing the bank’s disposable specialty nonprofit checking products and services. We besides considered the bank’s interest structure, specifically the monthly fee, opening balance, required equilibrium requirements and ATM fees. We took APY, monthly transaction and currency deposit allowances, easiness of relationship opening, availability of branches and existing concern banking products into relationship arsenic well.
SEE: Download TechRepublic Premium’s List of 10 Must-Read Books connected Fintech
Frequently asked questions
What is the champion slope relationship for a nonprofit?
Nonprofits should see opening a concern checking relationship to marque concern payments connected behalf of the enactment and way their transactions and debit paper purchases. Based connected our evaluation, Truist Community Checking stood retired arsenic the champion slope relationship for a nonprofit for its fee-free currency deposits, precocious transaction limits and nary monthly work fee.
How bash I take a slope for a nonprofit?
Owing to the peculiar needs of nonprofits, you volition privation to prime a slope that provides fantabulous concern accounts that connection the slightest fees, much fee-free transactions, precocious involvement rates, businesslike banking tools and nonprofit-focused services.
Is Wells Fargo a bully slope for nonprofits?
Yes. Wells Fargo earned a spot successful our roundup of the champion banks for nonprofit organizations since it offers convenient accessibility with galore branches successful respective states. It besides immunodeficiency nonprofits by providing philanthropic services, which see administrative enactment for nonprofit programs and customized banking solutions.
Best banks for nonprofits connected Reddit
Browsing done Reddit, present are immoderate opinions I work astir the champion banks for nonprofits:
Many users recommended opening a nonprofit relationship astatine a section slope oregon recognition union, which makes it casual to physique a concern relationship. They mentioned that services from tiny section banks are reliable and consistent. Wise and Melio were recommended for organizations needing to marque planetary ligament transfers.
However, others advised against choosing section fiscal institutions and suggested that nonprofits prime established ones with a bully reputation. They said that larger nationalist banks person amended features, specified arsenic mobile deposit functionality and accessible branches and ATMs. There’s besides a little hazard of being merged with different bank.
Meanwhile, immoderate were against opening an relationship with large banks owed to the fees. A Reddit idiosyncratic successful the nonprofit community adjacent shared an unfortunate acquisition with a large slope and has since transferred to a determination bank, wherever 1 tin rapidly interaction a subdivision manager. Others besides said to take based connected a banker’s professionalism, nonprofit expertise and friendliness.
Fintechs were besides mentioned, fixed their exertion and disposable services, but immoderate recovered their lawsuit work lacking and feared an eventual shutdown. Another Reddit idiosyncratic successful the nonprofit community besides stated they person an relationship astatine a ample slope arsenic a backup.
This nonfiction was reviewed by our banking adept Tricia Jones.
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