Nonprofits require bank accounts to manage their money, and selecting the right one is crucial. Banks offer accounts tailored to the unique needs of nonprofits, though some business checking accounts can also be suitable. To identify the best options, we considered accounts with the most benefits, lowest fees, and highest customer satisfaction ratings.
We’ve curated a list of banks offering entry-level business checking accounts, as well as those with a history of helping nonprofits with more substantial financial requirements, such as loans for office space and employee hiring. These accounts cater to nonprofit organizations’ distinctive needs and can help further their missions.
The U.S. Bank Nonprofit Checking Account earns this bank the top spot, with a J.D. Power Satisfaction Rating of 713, 0.005% APY, a $100 minimum deposit to open, and no monthly fees. Similarly, First Citizens Bank’s CORE (Nonprofit) Business Checking follows closely, with a J.D. Power Satisfaction Rating of 707, a minimum deposit of $100, and no monthly fees.
Capital One’s Basic Checking and Chase’s Business Complete Banking stand out for their high customer satisfaction ratings of 723 and 711 and no account minimum fees. LendingClub and Bluevine, both online-only banks, feature tailored checking options with attractive interest rates but may have limitations for cash deposits.
For nonprofits with a modest number of monthly transactions, Regions Bank’s LifeGreen Not-for-Profit Checking Account is a viable option, although it lacks interest earnings. Finally, PNC Bank’s Non-Profit Checking offers up to 150 monthly transactions at no extra charge, with a minimal monthly fee.
When choosing a bank account for a nonprofit, several factors must be considered. Minimum balance requirements, transaction limits, customer service options, APY, and nonprofit-specific perks are essential considerations. Depending on the organization’s needs, these factors will help in selecting a suitable bank account.
