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 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/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn 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 |
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Our pick for
Best 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
Best 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
Best checking + 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
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
Best brick-and-mortar bank for nonprofits
U.S. Bank Nonprofit Business Checking
Up to $30,000 or 300 deposits annually.
Pros
Cons
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.