Quick picks for nonprofit banks
Best Banks for Nonprofits From Our Partners
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 4.9/5 Best for 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 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 High-yield savings for nonprofits | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
U.S. Bank Nonprofit Business Checking | Best for Brick-and-mortar bank for nonprofits | $0 | N/A | $0 | |
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | 4.9/5 Best for 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 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 High-yield savings for nonprofits | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
U.S. Bank Nonprofit Business Checking | Best for Brick-and-mortar bank for nonprofits | $0 | N/A | $0 |
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Our pick for
Online bank for nonprofits
LendingClub Tailored Checking
at LendingClub Bank, Member FDIC
With $0 min. balance for APY
Waived with $500 minimum balance
Unlimited
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.
Our pick for
Non-bank option for nonprofits
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
With $0 min. balance for APY
Fees vary by location.
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 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Our pick for
High-yield savings for nonprofits
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Requirements to qualify
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.
Our pick for
Brick-and-mortar bank for nonprofits
U.S. Bank Nonprofit Business Checking
Up to $30,000 or 300 deposits annually.
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.
Nonprofit business bank details
LendingClub
- 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.
Accounts earn interest and cash back.
Fee-free ATM access, with the ability to deposit cash.
Microloans for nonprofits potentially available.
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.
Bluevine
- 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.
One of the highest APYs around for a free business checking account.
Easy online application process for business loans.
Platform includes accounts payable automation.
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.
Live Oak Bank
- Live Oak Bank has three business checking account options.
- Its free business savings account offers a high APY of4%.
- Business CDs with multiple terms are available (12-month CD currently has a rate of5%).
- 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.
Multiple high-yield savings vehicles available.
No fee or minimum balance for business savings.
Easy to open most accounts online.
No branch access.
No free business checking account (though fees can be waived).
No business credit cards or integrated payments software.
U.S. Bank
- 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.
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.
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.
Other banking options for nonprofits
What type of bank account should a nonprofit have?
How to choose 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.
