Greatest Banks for Nonprofits – CNET Cash


Nonprofits have a wide range of missions, however all of them want a checking account to assist handle their cash.

Some banks supply accounts particularly geared towards the distinctive wants of nonprofits. Nevertheless, a few of the perfect enterprise checking accounts could be a good match, too. To search out the proper checking account on your group, we checked out each forms of accounts and recognized those with the perfect advantages, lowest charges and highest buyer satisfaction scores. 

Greatest banks for nonprofits

This record focuses totally on entry-level enterprise checking accounts. Nevertheless, it additionally contains banks with observe information of helping nonprofits with greater monetary wants, akin to loans to lease workplace house, rent new workers and capitalize on alternatives to advance their missions.

Financial institution  Account J.D. Energy Satisfaction Score APY* Min. deposit to open Month-to-month price Department Entry
U.S. Financial institution Nonprofit Checking Account 713 0.005% $100 $0 Sure
First Residents Financial institution CORE (Nonprofit) Enterprise Checking 707 unspecified $100 $0 Sure
Capital One Fundamental Checking 723 N/A $0 $15** Sure
Chase Enterprise Full Banking 711 N/A $0 $15** Sure
LendingClub Tailor-made Checking N/A 0.10% – 1.50% $100 $10** No
Bluevine Enterprise Checking N/A 2.00% $0 $0 No
Areas Financial institution LifeGreen Not-for-Revenue Checking Account 685 N/A $0 $100 Sure
PNC Financial institution  Non-Revenue Checking 667 N/A $100 $5** Sure
*APYs proven are as of Dec. 21, 2023. CNET’s editorial group updates this info frequently. APYs could have modified since they have been final up to date and should range by area for some merchandise.
**Month-to-month upkeep price could be waived by assembly sure standards.


Min. deposit to open

  • Account: Nonprofit Checking Account
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 713 (28 factors above the business common)


U.S. Financial institution’s Nonprofit Checking Account stands out for the variety of transactions you possibly can course of for no extra cost — as much as 1,800 per 12 months. Plus, the financial institution has over 2,000 branches in 26 states, so you might have loads of choices for in-person help.

There aren’t any account charges or minimal month-to-month stability necessities to fret about, and all it’s essential open an account is $100. One draw back: When you can earn curiosity with this account, it’s not a lot. The present charge is a paltry 0.005% annual share yield, or APY.


Min. deposit to open

  • Account: CORE (Nonprofit) Enterprise Checking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 707 (22 factors above the business common)

First Residents Financial institution has greater than 550 branches in 23 states. You have to be positioned shut to at least one to open a CORE (Nonprofit) Enterprise Checking account as a result of the financial institution requires an in-person appointment to take action.

When you open an account, you’ll rise up to 100 free transactions monthly. The financial institution pays curiosity on enterprise checking accounts, though its web site doesn’t specify present charges. There aren’t any month-to-month upkeep charges or account minimums past a gap deposit of $100.


Min. deposit to open

  • Account: Fundamental Checking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 723 (38 factors above the business common and first amongst all nationwide banks)


Capital One doesn’t supply a devoted nonprofit account, however its Fundamental Checking enterprise account could be a nice match for some nonprofit organizations. There aren’t any transaction maximums or charges related to digital funds and deposits.

Nevertheless, should you cope with lots of money, this financial institution solely permits free money deposits as much as $5,000 monthly — you’ll be charged $1 for each $1,000 after that. There’s additionally a $15 month-to-month upkeep price, however you will get it waived by sustaining a mean stability of at the least $2,000.


Min. deposit to open

  • Account: Enterprise Full Banking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 711 (26 factors above the business common)


Chase could not have a enterprise account with a nonprofit label, however it has loads of expertise serving to nonprofit organizations. The most important financial institution within the nation, Chase has over 800 nonprofit shoppers within the U.S. It supplied $1.3 billion in financing and donated 191,000 hours to nonprofits in 2021. 

Chase’s introductory enterprise checking possibility has a $15 month-to-month price, which is waived should you preserve a minimal stability of $2,000. As well as, Chase is providing $300 for opening a Enterprise Full Banking account by Jan. 18, 2024, and finishing qualifying actions.

0.10% – 1.50%

Min. deposit to open

  • Account: Tailor-made Checking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: N/A


When you can’t go to a LendingClub department, this online-only financial institution affords some massive perks for its Tailor-made Checking enterprise prospects: 1.50% APY on balances beneath $100,000 (balances above $100,000 earn 0.10% APY) and 1.00% money again on debit card purchases.

In case your group offers with money regularly, this financial institution might not be the proper match, since you possibly can solely deposit money at sure ATMs within the MoneyPass community.


Min. deposit to open

  • Account: Enterprise Checking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: N/A


Bluevine is the one different online-only financial institution to make it on our record, due to its capability to test all of the containers for a enterprise checking account: no charges, no minimums, no transaction limits and a powerful 2.00% rate of interest.

Nevertheless, in case your group offers with a good amount of money, you must in all probability look elsewhere. Money deposits are solely obtainable at GreenDot places, and also you’ll incur a $4.95 price per transaction.


Min. deposit to open

  • Account: LifeGreen Not-for-Revenue Checking Account
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 685 (business common)


Areas Financial institution’s LifeGreen Not-for-Revenue Checking Account is an efficient choose for organizations with a comparatively small variety of month-to-month transactions. The financial institution permits as much as 75 fee-free transactions per assertion interval earlier than a $0.50 cost per transaction kicks in.

There aren’t any month-to-month charges to fret about, and the minimal opening deposit is simply $100. Nevertheless, the account doesn’t pay any curiosity, which is a major downside in comparison with different accounts on this record.


Min. deposit to open

  • Account: Non-Revenue Checking
  • J.D. Energy Small Enterprise Banking Satisfaction Research Score: 667 (18 factors beneath business common)


PNC Financial institution scored beneath the nationwide common in J.D. Energy’s Small Enterprise Banking Satisfaction Research. Nevertheless, we nonetheless suppose it’s price a glance, primarily as a result of its Non-Revenue Checking account permits as much as 150 month-to-month transactions at no further cost. The financial institution’s department community contains greater than 2,300 places throughout the nation, though it doesn’t have a presence within the Mountain West or Pacific Northwest.

It’s straightforward to work across the $5 month-to-month price. You simply want to keep up a minimal stability of $500 to qualify for a waiver. Plus, there’s no price for the primary three months after your account is open. And as your group grows, the financial institution affords devoted asset administration and funding steering geared towards nonprofits.

How to decide on a enterprise checking account on your nonprofit

When deciding on a checking account on your nonprofit, there are a number of components to think about. Listed below are the large ones.

Minimal stability necessities

Be sure to can meet the month-to-month stability necessities for any account you’re contemplating on your nonprofit. You would possibly incur month-to-month upkeep charges or different penalties should you can’t. In the event you’re simply beginning out and may’t preserve the required minimal stability, an account with a low minimal stability requirement (or none in any respect) could also be a greater possibility.

Transaction limits

Most banks supply enterprise prospects — together with nonprofit organizations — a sure variety of free transactions per 12 months or monthly. This contains deposits, withdrawals and debits. After you exceed this restrict, the financial institution expenses you a price — sometimes between $0.30 and $0.50 — for every extra transaction. It’s vital to think about how usually you’ll be shifting cash out and in of the account to keep away from charges.

Customer support choices

Will you be gathering money donations regularly? If that’s the case, you’ll desire a financial institution with handy department and ATM places. If you would like straightforward digital account administration, you’ll desire a financial institution with a sturdy and user-friendly app or cell banking platform. Try buyer evaluations to be taught what others have considered their expertise working with the financial institution.


Curiosity earnings are primarily free cash. While you’re on the lookout for an account on your nonprofit, ensure you evaluate APYs to discover a place the place your cash can develop sooner.

Nonprofit-specific perks

When you is likely to be simply beginning out with an ordinary enterprise checking account, you’ll want extra monetary providers if issues go effectively on your group. See if the financial institution affords particular reductions on loans for nonprofits or personalised steering on different methods to handle and develop your cash.

Advantages of opening a enterprise checking account as a nonprofit

Opening a checking account on your nonprofit lets you do a number of important issues, together with:

  • Amassing donations: Many enterprise checking accounts allow you to simply accept bank card funds, so you possibly can increase funds straight out of your web site.
  • Paying workers and distributors: Enterprise accounts present handy methods to pay your employees and companions with payroll providers, ACH transfers and different choices like Zelle.
  • Staying organized: Although some nonprofits could also be exempt from taxes, you continue to should preserve thorough monetary information and submit annual stories to the IRS. By protecting a separate checking account out of your private account, you possibly can monitor your transactions extra simply.
  • Charting a course for development: Opening a checking account on your nonprofit establishes a relationship together with your financial institution or credit score union. As you search methods to advance your mission, your financial institution could also be a supply of financing and recommendation.

Must you use an area financial institution for a nonprofit?

Whereas our record of the perfect banks for nonprofits contains nationwide banks and credit score unions, don’t overlook the small monetary establishments in your space. There are fairly a couple of native choices that may be strong selections on your banking wants. For instance, if your online business is within the northwest, contemplate Washington-based Verity Credit score Union, the place nonprofit prospects get unique charges on CDs and cash market accounts. And should you cope with money usually, having an area department the place you possibly can convey deposits could also be extra handy than coping with ATMs.

Moreover, should you’re targeted on bettering your group, native establishments could share your mission. Nevertheless, you’ll need to be certain an area financial institution also can meet your wants with regards to product choices, on-line banking and different options.

What do it’s essential open a checking account for a nonprofit?

Some banks could let you open a nonprofit checking account on-line, whereas others could require an in-person appointment. No matter the way you open the account, you’ll have to get some paperwork collectively, together with:

  • Articles of incorporation within the state the place you filed to begin the group
  • Bylaws on your group
  • Employer Identification Quantity (EIN) (should you don’t have one but, you possibly can apply for one from the IRS)
  • Authorities-issued ID for all officers who could have entry to managing the account


What’s the FinCEN rule?

FinCEN stands for the Monetary Crimes Enforcement Community. FinCEN is a division of the US Treasury, and its mission is to forestall criminals from utilizing the monetary business to launder cash. All banks and credit score unions should comply with FinCEN necessities, which embrace making efforts to know and perceive their prospects to keep away from unhealthy actors utilizing the monetary system for legal exercise. This contains submitting IRS type 8300 should you obtain money transactions over $10,000 (each day mixture) inside 15 days of the transaction, beneath the Financial institution Secrecy Act.

Do banks report money deposits to the IRS for nonprofit financial institution accounts?

Sure. If a money deposit exceeds $10,000, a financial institution should file a report with the IRS. This is applicable to all forms of companies, together with nonprofits and for-profit firms.

Can you employ a private checking account for a nonprofit group?

You’ll be able to, however it’s not a good suggestion. When you would possibly be capable of get by utilizing your private checking account for managing your nonprofit, the paper path can get messy. You’ll have to separate tax-exempt actions (like touring for the nonprofit) out of your private bills (like paying for dinner out on Friday evening). To scale back the chance of a messy audit, you’re higher off opening a separate checking account on your nonprofit group.


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