Best Banks for Nonprofits for 2022

Nonprofits need a business bank that aligns with their financial needs, as well as their mission.
Feb 22, 2022

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The best banks for nonprofit organizations offer a free or low-fee business checking account, access to credit and ample online tools that help streamline your operations. We scoured our top-rated business accounts to find those with features and services tailored to nonprofit organizations.

LendingClub: Best online bank for nonprofits

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.

LendingClub Tailored Checking
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at LendingClub Bank, Member FDIC

Business checking

  • $10 monthly fee, waived with an average monthly balance of $500 or more.

  • Unlimited fee-free transactions and cash deposits (through ATM).

  • Free ATM access worldwide. Unlimited rebates for fees charged by other banks when you use their ATMs.

  • Account earns 0.50% APY on balances up to $100,000 and 0.10% APY on all balances after that.

  • Unlimited 1% cash back on online and signature-based credit transactions made with your debit card — provided you maintain an average monthly balance of $500 or more.

  • Access to Autobooks — an invoicing and online payment software that allows you to create and send invoices, accept payments, generate reports and reconcile transactions for accounting.

Additional services

  • Business credit cards, including cash back (up to 3%) and balance transfer options.

  • Business loans through Accion Opportunity Fund.

  • Merchant services and cash management solutions.

U.S. Bank: Best brick-and-mortar bank for nonprofits

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. The bank also offers a nonprofit business credit card that does not require a personal guarantor.

U.S. Bank Silver Business Checking
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Business checking

  • Open your account online, in person or over the phone.

  • Free nonprofit business checking includes 1,800 fee-free transactions and 300 free cash deposits per year.

  • A nonprofit account earns interest, but the rate is minimal (APY of 0.005% as of this writing).

  • Minimum opening deposit of $100.

  • Nonprofit checking includes credit card payment processing (additional fees apply).

Additional services

  • More than 2,000 branches across 26 states.

  • Business credit cards, including the U.S. Bank Mastercard Community Card, which does not require a personal guarantor.

  • Business savings and money market accounts.

  • Business lending program that includes term loans, real estate loans, equipment financing and business lines of credit.

Bluevine: Best non-bank option for nonprofits

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.

Bluevine Business Checking
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at Bluevine, Deposits are FDIC Insured

Business checking

  • No monthly service fee, overdraft fees or minimum opening deposit.

  • Earn 1.50% on your balance up to and including $100,000.

  • Unlimited fee-free transactions.

  • Cash deposits available at Green Dot locations, fees ($4.95 per deposit) and deposit limits apply.

  • No ATM fees at more than 37,000 MoneyPass ATMs nationwide.

Additional services

  • Business lines of credit available.

Fifth Third Bank: Best regional bank for nonprofits

Fifth Third Bank’s Business Standard Checking account typically carries an $11 monthly service fee, but that charge is waived for nonprofit organizations. The regional bank operates nearly 1,100 retail branches in 11 states, and customers have access to roughly 53,000 fee-free ATMs across the country.

Fifth Third Bank Standard Business Checking Account
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Business checking

  • No monthly fee for nonprofit organizations.

  • 250 fee-free transactions and up to $5,000 in free cash deposits per month.

  • No minimum balance or opening deposit requirement.

Additional services

  • Business lending program that includes term loans, real estate loans and business lines of credit.

  • Business savings and money market accounts.

  • Discounted payroll services through Paycor.

Community banks, credit unions and CDFIs

Localized nonprofit organizations may find a better fit with a community bank or credit union. These financial institutions typically offer business banking and lending services, but 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.

Nonprofit organizations may also want to seek out Community Development Financial Institutions, or CDFIs. These banks and credit unions have a strong community focus and serve people who are often not served by mainstream banking institutions.

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 to build savings, access credit or process donations and payments.

  • Values: Consider a bank’s business activities, community outreach and philanthropic interests that align with your organization's mission and values.