A number of business banks offer specialized nonprofit accounts. These business checking accounts aim to keep costs low for charities and other nonprofit organizations, typically by not charging a monthly maintenance fee. However, the best banks for nonprofits provide more than free business checking — though that is a good start. These financial institutions also let your nonprofit access credit, earn interest and streamline your overall financial operations.
NerdWallet scoured our top-rated banks for small business to find those with standout features and services that fit nonprofit organizations. While we detail the range of business services offered by those banks below, the star ratings are specific to each bank's business checking account. If a bank offered multiple business checking accounts that nonprofits could use, we rated the entry-level account.
We evaluated dozens of business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list. All of the business accounts that appear on this page were chosen by our editorial team, who follow strict editorial guidelines to ensure fairness and accuracy in our coverage.
Sponsored partner picksfor
Best Banks for Nonprofits From Our Partners
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Non-bank option for nonprofits Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 2.00% With $0 min. balance for APY | N/A | Learn more at Bluevine, Deposits are FDIC Insured |
High-yield savings for nonprofits Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 4.00% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
Online bank for nonprofits LendingClub Tailored Checking Read Review | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | Read Review |
Brick-and-mortar bank for nonprofits U.S. Bank Nonprofit Business Checking Read Review | $0 | N/A | N/A | Read Review | |
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Non-bank option for nonprofits Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 2.00% With $0 min. balance for APY | N/A | Learn more at Bluevine, Deposits are FDIC Insured |
High-yield savings for nonprofits Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 4.00% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
Online bank for nonprofits LendingClub Tailored Checking Read Review | 4.9/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | Read Review |
Brick-and-mortar bank for nonprofits U.S. Bank Nonprofit Business Checking Read Review | $0 | N/A | N/A | Read Review |
Access real-time financial insights and recommendations
Get insights into your cash flow trends, track revenue and expenses, and receive personalized recommendations to make smarter financial decisions.
Accounts
Insights
Data sources:
Click to see the types of personalized insights you could get
I'M INTERESTED IN:
Our pick for
Non-bank option for nonprofits
Bluevine Business Checking
4.7
NerdWallet rating
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
N/A
Bluevine technically isn’t a bank — it’s a financial technology company — but its high-yield business checking and business lending options could be a great fit for digital-savvy nonprofit organizations. Rest assured, all deposit accounts are FDIC insured up to $250,000.
Read full review
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Read full review
Our pick for
High-yield savings for nonprofits
Live Oak Bank Business Savings
5.0
NerdWallet rating
at Live Oak Bank, Member FDIC
APY
4.00%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
N/A
Live Oak's free business checking account is currently unavailable to new customers, but the bank's real star is its high-yield business savings account, which earns 4.00%
Read full review
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Read full review
Our pick for
Online bank for nonprofits
LendingClub Tailored Checking
4.9
NerdWallet rating
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
LendingClub is a top-rated online bank that offers traditional business solutions with a few added perks. The bank’s Tailored Business Checking account, for example, offers unlimited ATM fee rebates and 1% cash back on some debit card purchases.
Read full review
Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
- Limits of $10,000 on both incoming and outgoing ACH transfers.
Read full review
Our pick for
Brick-and-mortar bank for nonprofits
U.S. Bank Nonprofit Business Checking
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $30,000 or 300 deposits annually.
Overdraft fees
$36
Bonus
N/A
U.S. Bank’s free nonprofit business checking account includes an annual bucket of free transactions and cash deposits, plus merchant services to help your organization accept donations online.
Read full review
Pros
- No monthly service fee for nonprofit organizations.
- No fees at 4,700 U.S. Bank ATMs and access to 2,900 branches.
- Higher transaction limit than the bank’s free Silver Business Checking account.
Cons
- Requires a $100 minimum opening deposit.
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
Read full review
Nonprofit business bank details
LendingClub
Best for: Online bank for nonprofits
LendingClub business banking at a glance:
Small-business loans available via partnership with Accion Opportunity Fund.
LendingClub has an interest-earning business checking account and high-yield savings option.
Business checking offers unlimited transactions and ATM refunds.
Certain debit card purchases are eligible for 1% cash back.
Accounts sync with QuickBooks.
Pros
Accounts earn interest and cash back.
Fee-free ATM access, with the ability to deposit cash.
Microloans for nonprofits potentially available.
Cons
No branch access.
Checking account has monthly maintenance fee of $10 (waived with $500 minimum balance).
Need a business checking account to open a business savings account.
LendingClub checks a lot of boxes for nonprofits that are comfortable banking online. That starts with high-yield options for both business checking and business savings accounts (APYs of up to 1.5
Bluevine
Best for: Non-bank option for nonprofits
Bluevine business banking at a glance:
Bluevine offers business lines of credit and term loans of up to $
250000
.Free business checking account has high yield:
Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
That account also includes free incoming wires and low outgoing wire transfer fees.
Bluevine has multiple business checking tiers, with different price points and fee schedules.
No-annual-fee business credit card offers 1.5% cash back on all purchases.
Bluevine syncs with QuickBooks Online and includes integrated bill pay.
Pros
One of the highest APYs around for a free business checking account.
Easy online application process for business loans.
Platform includes accounts payable automation.
Cons
No branch access.
Bluevine is a technology company, not a bank (though accounts are FDIC insured).
Business credit card is currently available only to Bluevine checking customers by invitation.
Bluevine is a "neobank" — a technology company that partners with a bank. Its banking services are provided by Coastal Community Bank, which offers FDIC insurance of up to $3 million for Bluevine deposit accounts. Bluevine's sole focus is business banking, and as a fintech, it emphasizes online platform features like accounts payable that can streamline your nonprofit’s financial management. Beyond that, Bluevine offers small-business loans — it's one of our top picks for fast business loans — as well as multiple business checking accounts with top-tier APYs.
Live Oak Bank
Best for: High-yield savings for nonprofits
Live Oak Bank business banking at a glance:
Live Oak Bank has three business checking account options.
Its free business savings account offers a high APY of
4
%.Business CDs with multiple terms are available (12-month CD currently has a rate of
4.7
%).Business accounts integrate with QuickBooks.
Option for Insured Cash Sweep of up to $10 million FDIC protection available.
Live Oak offers multiple types of business loans, including USDA loans.
Pros
Multiple high-yield savings vehicles available.
No fee or minimum balance for business savings.
Easy to open most accounts online.
Cons
No branch access.
No free business checking account (though fees can be waived).
No business credit cards or integrated payments software.
Live Oak Bank is an online-only bank headquartered in North Carolina. Its free business checking account doesn’t offer many bells and whistles, but Live Oak's savings account shines. The bank offers market-leading rates for both its business savings account and business CDs. That lets your nonprofit earn more interest on donations or other cash, with no monthly fees or interest rate tiers to worry about. Otherwise, Live Oak is well known as an SBA 7(a) lender. Those loans aren’t available to nonprofits, but USDA loans can be — and Live Oak offers those as well.
U.S. Bank
Best for: Brick-and-mortar bank for nonprofits
U.S. Bank business banking at a glance:
Dedicated nonprofit business checking account with no monthly fee.
Business money market account with potential for high APY.
Business accounts can be connected to QuickBooks Online.
Suite of U.S. Bank business credit cards, including travel and cash-back options. (A previously offered nonprofit card is no longer available.)
U.S. Bank offers payroll, payment processing and other business services.
Multiple types of business loans available, including lines of credit and equipment financing.
Pros
Nonprofit account has more generous transaction limit than U.S. Bank's free business checking.
Strong sign-up bonus for some new business checking accounts.
U.S. Bank has more than 2,000 branches across 27 states.
Cons
Transaction limits still less than free online accounts.
Low rate on standard business savings account.
Nonprofit business checking account not eligible for sign-up bonus.
If you prefer in-person banking, U.S. Bank offers a lot to like. It's the rare brick-and-mortar bank with a free business checking, but U.S. Bank also offers an account just for nonprofits. While the two share more similarities than you might like (deposit and transaction limits for cash are the same, for instance), the nonprofit account does offer slightly more free transactions overall. If you don't need the extra transactions, the free account might make more sense considering it's eligible for a welcome bonus (the nonprofit account isn't). The bonuses extend to U.S. Bank's Platinum Business Money Market Account Earn a base rate of 0.05% to 1.15%, depending on your balance. Qualifying accounts earn a bonus APY of 4.34% from the account opening date. Terms and limits apply.
Other banking options for nonprofits
Community bank or credit union: These financial institutions typically offer business banking and lending services and may be better aligned with your organization's mission than a national bank or for-profit financial institution. Credit unions, for example, are also not-for-profit organizations.
Community Development Financial Institutions (CDFI): These banks and credit unions have a strong community focus and serve people who are often not served by mainstream banking institutions.
Nonprofit-specific accounts: Some regional banks, like M&T Bank and Truist, offer special accounts for nonprofits. You can also ask if your bank waives fees on standard business bank accounts for nonprofit organizations.
» MORE: Best grants for nonprofits
What type of bank account should a nonprofit have?
At a minimum, nonprofits should have a business checking account to handle payroll and operating expenses — preferably one with minimal or no fees. A business money market account or business savings account is also a smart move for organizations that have grant money or other funds that sit idle for months at a time.
» MORE: Best business credit cards for nonprofits
How to choose a bank for your nonprofit
Consider the following factors when choosing a bank for your nonprofit:
Fees: Look for a bank that offers a free business checking account or has a specialized option designed for nonprofit organizations.
Accessibility: This can look different for every organization. Some nonprofits need online tools that help streamline operations. Others prioritize in-person banking and need easy branch access.
Additional services: Business checking accounts are often the foundation of a business banking relationship, but as your organization grows you may need other business accounts, such as a high-yield business savings account to earn interest on idle cash or a nonprofit business loan.
Values: Consider a bank’s business activities, community outreach and philanthropic interests that align with your organization's mission and values.
Last updated on June 27, 2024