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Best Banks for Nonprofits of February 2024

Nonprofits need a business bank that aligns with their financial needs in order to support their mission.
By Kelsey Sheehy
Last updated on January 2, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 2 minutes

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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.
NerdWallet evaluated more than 30 national, regional and online banks to identify the best banks for nonprofits. Below you will find details on each of our selections. While we detail the range of business services offered by those banks, the star ratings listed are specific to the bank's business checking account. If a bank offered multiple business checking accounts for nonprofit organizations, we rated the entry-level account.

Best Banks for Nonprofits From Our Partners

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Best online bank for nonprofits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Best non-bank option for nonprofits

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Best checking + high-yield savings for nonprofits

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

U.S. Bank Nonprofit Business Checking

Best for Best brick-and-mortar bank for nonprofits

$0

N/A$0
Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Best online bank for nonprofits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Best non-bank option for nonprofits

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Best checking + high-yield savings for nonprofits

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

U.S. Bank Nonprofit Business Checking

Best for Best brick-and-mortar bank for nonprofits

$0

N/A$0

I'M INTERESTED IN:

Our pick for

Best online bank for nonprofits

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

Our pick for

Best non-bank option for nonprofits

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

Our pick for

Best checking + high-yield savings for nonprofits

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

Our pick for

Best brick-and-mortar bank for nonprofits

U.S. Bank Nonprofit Business Checking

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.

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.

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 January 2, 2024
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