The best bank for your nonprofit will offer a low-fee business checking account that makes it easy to deposit donations right away. It should also help your organization access credit, keep its books clean and earn interest on cash reserves.
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined
experience covering small-business and personal finance.
50+ categories of best
business loan selections.
Objective and comprehensive business loans ratings rubric
– learn more about our star ratings.
NerdWallet's small-business loans content, including ratings,
recommendations and reviews, is overseen by a team of writers and
editors who specialize in business lending. Their work has appeared in
The Associated Press, The Washington Post, MarketWatch, Nasdaq,
Entrepreneur, ABC News, MSN and other national and local media outlets.
Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Rosalie Murphy covers small business topics for NerdWallet. Previously, she led editorial strategy for a local news startup and covered business at The Desert Sun. She holds a journalism degree from the University of Southern California and is currently pursuing an MBA.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined
experience covering small-business and personal finance.
50+ categories of best
business loan selections.
Objective and comprehensive business loans ratings rubric
– learn more about our star ratings.
NerdWallet's small-business loans content, including ratings,
recommendations and reviews, is overseen by a team of writers and
editors who specialize in business lending. Their work has appeared in
The Associated Press, The Washington Post, MarketWatch, Nasdaq,
Entrepreneur, ABC News, MSN and other national and local media outlets.
Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
Fee for excess transactions.
No ATM or debit card access.
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.
Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
Fee for excess transactions.
No ATM or debit card access.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
✅ 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
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.
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
Nonprofit business checking account with no monthly fee and unlimited cash deposit processing.
Free online bill pay.
Truist offers merchant services, business credit cards and small-business retirement plans.
Multiple types of business loans available, including lines of credit and real estate loans.
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 offers a number of useful software features for nonprofits — like the ability to add multiple owners, create multiple accounts, track receipts, set spend controls on employee debit cards and more. You can also set up automatic transfers to a business savings account that pays a decent APY:
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
Relay's free business checking account has no monthly fee, minimum opening deposit or excess transaction fee.
Receipt collection features, including SMS reminders when purchases are made and mobile receipt uploads.
Option to upgrade to Relay Pro for $30 per month. That account offers a bill pay dashboard and the ability to create approval flows within it, plus free same-day ACH transfers and outgoing wires.
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
Business savings account that pays
3.8
% APY on all balances.
Option for Insured Cash Sweep.
QuickBooks integration.
Though it’s an online-only bank, Axos is itself an FDIC-insured institution. Phone support is available from 6 a.m. to 6 p.m. PST on weekdays.
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
Business money market account that pays
2.75
% APY on all balances and charges very few fees.
Business checking account with few fees, unlimited mobile check deposits and unlimited cash deposits at ATMs.
Business loans including lines of credit, equipment loans and real estate loans.
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
Business checking accounts, money market accounts and CDs, with access to a sweep network.
Business credit cards and business loans, including lines of credit and real estate loans.
Phone support available 8 a.m.-8 p.m. EST on weekdays and 9 a.m.-2 p.m. EST on Saturdays.
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 or has a specialized fee structure for nonprofits.
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 : 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. It may be easier to get to know bankers at small financial institutions, too — which can put you in a stronger position for loans or lines of credit in the future.
Community Development Financial Institutions (CDFIs): 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 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 fees for nonprofit organizations.
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 or business savings account to earn interest. It may make sense to have accounts at multiple banks as a result.
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.
Learn more