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 an account dedicated to nonprofits. The bank's Nonprofit Checking account has no monthly fee and includes 1,800 fee-free transactions and 300 cash deposit units annually. Broken down monthly, that works out to around 150 transactions and around $2,500 in deposits (or up $30,000 per year).

🚫 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.

Nonprofit checking account with no monthly fee.
Business money market account with potential for high APY.
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.

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'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.
Direct integration with QuickBooks and Xero.
Relay credit cards available to certain users.
Free incoming wire transfers and low-cost outgoing wires ($5 domestic, $10 international).
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 3.5% 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 $600 when you open and fund a new savings account along with a new checking account.

🚫 Look elsewhere if: You routinely need fast access to your reserves. Money market accounts usually offer debit cards, while savings accounts don’t.

Business savings account that pays 3.5% 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.

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.)

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.

» MORE: Best business credit cards for nonprofits

Relay is a financial technology company, not a bank. Banking services provided by Thread Bank, Member FDIC. The Relay Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.

To view rates and fees of The American Express Blue Business Cash® Card, see this page.

To view rates and fees of The Blue Business® Plus Credit Card from American Express, see this page.

To view rates and fees of the American Express® Business Gold Card, see this page.

Last updated on August 22, 2025

Methodology

NerdWallet’s writers and editors evaluate more than 60 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets and the largest credit unions by membership, along with notable and emerging fintech companies and online banks.

We consider more than 20 data points for each account, including services, fees, features and rewards. We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives.

Our editorial team regularly reviews and updates our data to ensure consistency and accuracy. We also update our scoring on an ongoing basis to reflect changing industry norms and business owner needs. For instance, in 2026, we adjusted our expectations for APYs due to falling interest rates.

Final ratings range from one to five stars. A five-star score represents the best available product for the largest number of business owners. Learn more about how we rate business checking accounts.

Meet the editorial team

Rosalie Murphy

Lead Writer & Content Strategist | Small business, business banking, business credit cards

Rosalie Murphy has covered small-business banking, credit cards, insurance and lending at NerdWallet since 2021. She writes and edits the Starting Small newsletter, and her reporting has appeared in publications like the Associated Press, MarketWatch and Nasdaq. Rosalie is an MBA candidate at Kent State University and has a bachelor's degree in journalism from the University of Southern California.

Best Banks for Nonprofits of September 2026

Business Premium Savings Account

Best for High-yield savings account