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Best Banks for Nonprofits From Our Partners
| Best for | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|
High-yield savings account  Business Premium Savings Account at Axos Bank®, Member FDIC | $0 | 3.80% With $0.01 min. balance for APY | $375 Requirements to qualify | at Axos Bank®, Member FDIC | |
| Pros
Cons
| |||||
National branch banking  U.S. Bank Business Essentials at U.S. Bank, Member FDIC | $0 | N/A | $500 Requirements to qualify | at U.S. Bank, Member FDIC | |
| Pros
Cons
| |||||
Non-bank option for nonprofits  Relay Business Checking at Relay, Deposits are FDIC Insured | $0 | N/A | $300 Requirements to qualify | at Relay, Deposits are FDIC Insured | |
| Pros
Cons
| |||||
Business money market account  nbkc bank Business Money Market Account at nbkc bank, Member FDIC | $0 | 2.75% With $0.01 min. balance for APY | N/A | at nbkc bank, Member FDIC | |
| Pros
Cons
| |||||
Our pick for
High-yield savings account
Business Premium Savings Account
at Axos Bank®, Member FDIC
APY
3.80%
With $0.01 min. balance for APY
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$375
Requirements to qualify
Why we like it
Axos is an online-only bank with a terrific business savings account, paying a high APY on all balances. This account offers a nice welcome bonus, too.
Pros & Cons
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
Our pick for
National branch banking
U.S. Bank Business Essentials
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$500
Requirements to qualify
Why we like it
After some changes in early 2025, U.S. Bank's business checking account is a better choice for nonprofits than its dedicated nonprofit checking account is. Account holders get unlimited electronic transactions, 24/7 customer support and a free mobile card reader to take donations.
Pros & Cons
Pros
- No monthly service fee.
- Welcome bonus for new customers (terms apply).
- Unlimited fee-free electronic and debit card transactions.
- Supports Zelle for Business.
- Account holders are assigned to a dedicated banker or customer support representative.
- Accept payments with free mobile card reader, no monthly software fee. Processing fees apply.
Cons
- $100 minimum opening deposit.
- Low limit on fee-free cash deposits.
- Fee for using out-of-network ATMs.
- High overdraft, wire transfer fees.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Non-bank option for nonprofits
Relay Business Checking
at Relay, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Why we like it
Relay's free business checking account offers a number of useful software features for nonprofits — multiple accounts, receipt tracking, detailed spend controls on employee debit cards and more.
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible Allpoint ATMs.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
- Account holders are assigned to a dedicated banker or customer support representative.
- Direct integration with Shopify.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
Our pick for
Business money market account
nbkc bank Business Money Market Account
at nbkc bank, Member FDIC
APY
2.75%
With $0.01 min. balance for APY
Min. opening deposit
$0
Free cash deposits
Yes
Up to $2,500 per day via compatible ATMs.
Overdraft fees
$0
Bonus
N/A
Why we like it
NBKC is one of our top-rated online business banks, and its money market account pays a competitive APY. Account holders also get a business debit card, making it easy to access reserves in an emergency.
Pros & Cons
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
Best banks for nonprofits
U.S. Bank
Best for: National branch banking
✅ Why we like it: If you prefer in-person banking, U.S. Bank offers two accounts worth a look: a business checking account and an account dedicated to nonprofits. After some changes in early 2025, the business checking account is the better choice. You’ll get unlimited electronic transactions, 24/7 customer support and a free mobile card reader to take donations.
🚫 Look elsewhere if: U.S. Bank doesn’t have branches in your area. The bank has a robust branch network across the Western and Midwestern U.S., but doesn’t serve many customers in the Northeast or Gulf Coast states.
U.S. Bank business banking at a glance
Truist
Best for: Processing cash donations
✅ Why we like it: Truist’s Community Checking account for nonprofits offers unlimited cash deposit processing — ideal if you take cash donations. You’ll also pay no monthly fee and get 225 free monthly transactions. That’s more than four times as many as the bank’s entry-level business checking account offers.
🚫 Look elsewhere if: Truist doesn’t have branches in your area. Truist locations are concentrated in the Southeast and mid-Atlantic states.
Truist nonprofit banking at a glance
Relay
Best for: Non-bank option for nonprofits
Relay is a financial technology company, not a bank. Banking services are provided by Thread Bank.
✅ Why we like it: Relay's free business checking account
Earn 1.03% APY on balances of less than $50,000; 1.51% APY on balances between $50,000 and $250,000; 2.03% APY on balances between $250,000 and $1,000,000 and 3.03% APY on balances of more than $1,000,000.
Accounts are FDIC insured up to $3 million. 🚫 Look elsewhere if: You want to have an in-person relationship with your banker. Relay doesn’t have branches, and customer support from online banks is typically much less personal than in-person support.
Relay business banking at a glance
Axos Bank
Best for: Business savings accounts
✅ Why we like it: Axos is an online-only bank with a terrific business savings account. The
Axos Business Premium Savings Account
earns 3.8
% APY on all balances. If your reserves exceed the FDIC-insured $250,000, you can work with an Axos banker to open an Insured Cash Sweep account, which protects up to $265 million in deposits. And you can earn a bonus of up to $ 375
when you open and fund a new account. 🚫 Look elsewhere if: You routinely need fast access to your reserves. Money market accounts usually offer debit cards, while savings accounts don’t.
Axos Bank business savings at a glance
NBKC
Best for: Business money market accounts
✅ Why we like it: NBKC is one of our top-rated online business banks, and it offers a terrific money market account: You could earn
2.75
% APY on your extra cash. Account holders get a business debit card, making it easy to access reserves in an emergency. NBKC’s business checking account is also worth a look thanks to unlimited mobile check deposits and unlimited ATM cash deposits. 🚫 Look elsewhere if: You want branch access and don’t live in the Kansas City area. That’s the only region where NBKC has physical locations.
NBKC business banking at a glance
Amalgamated Bank
Best for: Socially responsible banking
✅ Why we like it: If values alignment with your bank is your top priority, Amalgamated Bank might be a good option. The institution is a Certified B Corp. that has set climate goals, offers socially responsible investment funds and boasts of extensive experience lending to nonprofits. You’ll have to reach out to the bank to learn more about what it can offer your organization, though.
🚫 Look elsewhere if: You frequently make large cash deposits. Because Amalgamated Bank relies on the Allpoint+ ATM network, individual deposits are capped at $1,000. The bank also only has branches in New York City, San Francisco and Washington, D.C. (Your local credit union may be a good alternative.)
Amalgamated Bank business banking at a glance
How we chose the best banks for nonprofits
👋 I’m Rosalie Murphy, NerdWallet’s writer covering small-business banking. To choose the recommendations on this page, I started with our usual business bank accounts methodology. I reviewed each account’s fee schedule, deposit account agreement and help center.
I paid close attention to banks that offer specific nonprofit accounts, comparing them to the institution’s other options. I also interviewed six people to understand nonprofits’ banking needs. This included nonprofit board members, bookkeepers and financial advisors, as well as representatives from financial institutions.
Here’s what I look for in a nonprofit bank:
- Availability of branches and bankers. Nearly everyone I spoke to emphasized the importance of a strong relationship between nonprofit finance leaders and their bankers. Nonprofit finances differ from small-business finances in a few key ways, and bankers who know your organization well are best positioned to help you access the financing you need.
- High APYs on savings. Unfortunately, most brick-and-mortar banks offer hardly any interest on savings and money market accounts. For your rainy-day fund or long-term savings, consider online banks like Axos and NBKC instead. They offer much higher APYs. Withdrawing your funds is simple, though it may take a day or two.
- Few fees. As a good steward of your organization’s funds, you should avoid unnecessary account or transaction fees. Look for a bank that offers a
free business checking account - High deposit limits (or no limits at all). If your organization takes donations by cash or check, you should be able to deposit them as soon as possible without having to worry about bumping up against daily or monthly limits.
- Useful software tools. Someone in your organization should check in on your cash flow frequently to identify potential gaps and prevent fraud. Your bank account should offer easy-to-use tools that allow you to note your revenue and expenses, monitor and control employee spending and routinely export your transactions to your accounting software. Financial technology companies like Relay are on the leading edge here, but local and regional banks should at least allow you to export your transactions to QuickBooks.
- Mission alignment. A financial institution with a track record of community service or a social mission may share your organization’s priorities. That common outlook can be the foundation for a strong relationship.
Does your nonprofit have experience with any of these financial products? I’d love to hear about it. Email me at rmurphy@nerdwallet.com
Other banking options for nonprofits
Community banks or credit unions
Nonprofit-specific accounts at banks: Some regional banks, like M&T Bank and Truist, offer special accounts for nonprofits. You can also ask if your bank waives any business bank account
Many banks have an affiliated foundation that makes donations to nonprofits, too. If your bank does, find out what grants they offer — they might become an additional funding source for your organization.
What type of bank account should a nonprofit have?
At a minimum, nonprofits should have a business checking account. Donations, grants and revenue will go into this account; payroll and operating expenses will come out of it. Look for an account that charges few if any fees on cash deposits, transactions and bill pay services. No minimum balance is a plus as well.
If you have cash reserves, put them in a business money market account
For example, consider opening a checking account at the bank you want to turn to for one-on-one customer service and loans or lines of credit. Then look to an online bank for a high APY on your savings or money market account. You can generally make free ACH transfers between banks when you need to move your funds, though they may take several business days.