A number of business banks offer specialized nonprofit accounts. These business checking accounts aim to keep costs low for charities and other nonprofit organizations, typically by not charging a monthly maintenance fee. However, the best banks for nonprofits provide more than free business checking — though that is a good start. These financial institutions also let your nonprofit access credit, earn interest and streamline your overall financial operations.
NerdWallet scoured our top-rated banks for small business to find those with standout features and services that fit nonprofit organizations. While we detail the range of business services offered by those banks below, the star ratings are specific to each bank's business checking account. If a bank offered multiple business checking accounts that nonprofits could use, we rated the entry-level account.
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| Best for | NerdWallet rating | Monthly fee | APY | Bonus | Learn more |
|---|---|---|---|---|---|
| Non-bank option for nonprofits  Bluevine Business Checking at Bluevine, Deposits are FDIC Insured | 4.7
/5
| $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | at Bluevine, Deposits are FDIC Insured |
| Pros
Cons
| |||||
| High-yield savings for nonprofits  Live Oak Bank Business Savings at Live Oak Bank, Member FDIC | 5.0
/5
| $0 | 3.80% With $0.01 min. balance for APY | $400 Requirements to qualify | at Live Oak Bank, Member FDIC |
| Pros
Cons
| |||||
| Online bank for nonprofits  LendingClub Tailored Checking | 4.9
/5
| $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | N/A | |
| Pros
Cons
| |||||
| Brick-and-mortar bank for nonprofits  U.S. Bank Nonprofit Business Checking | $0 | N/A | N/A | | |
| Pros
Cons
| |||||
Our pick for
Non-bank option for nonprofits
Bluevine Business Checking
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Why we like it
Bluevine technically isn’t a bank — it’s a financial technology company — but its high-yield business checking and business lending options could be a great fit for digital-savvy nonprofit organizations. Rest assured, all deposit accounts are FDIC insured up to $250,000.
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% 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 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
High-yield savings for nonprofits
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
APY
3.80%
With $0.01 min. balance for APY
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$400
Requirements to qualify
Why we like it
Live Oak's free business checking account is currently unavailable to new customers, but the bank's real star is its high-yield business savings account, which earns and has no minimum balance requirement to start earning interest.
Pros & Cons
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
Online bank for nonprofits
LendingClub Tailored Checking
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
N/A
Why we like it
LendingClub is a top-rated online bank that offers traditional business solutions with a few added perks. The bank’s Tailored Business Checking account, for example, offers unlimited ATM fee rebates and 1% cash back on some debit card purchases.
Pros & Cons
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
Brick-and-mortar bank for nonprofits
U.S. Bank Nonprofit Business Checking
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $30,000 or 300 deposits annually.
Overdraft fees
$36
Bonus
N/A
Why we like it
U.S. Bank’s free nonprofit business checking account includes an annual bucket of free transactions and cash deposits, plus merchant services to help your organization accept donations online.
Pros & Cons
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
Best for: Online bank for nonprofits
LendingClub business banking at a glance:
- 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.
Pros
Accounts earn interest and cash back.
Fee-free ATM access, with the ability to deposit cash.
Microloans for nonprofits potentially available.
Cons
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.
Why LendingClub made our list
Bluevine
Best for: Non-bank option for nonprofits
Bluevine business banking at a glance:
- Bluevine offers business lines of credit and term loans of up to $250000.
- Free business checking account has high yield:Earn 1.50% 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.
Pros
One of the highest APYs around for a free business checking account.
Easy online application process for business loans.
Platform includes accounts payable automation.
Cons
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.
Why Bluevine made our list
Live Oak Bank
Best for: High-yield savings for nonprofits
Live Oak Bank business banking at a glance:
- Live Oak Bank has three business checking account options.
- Its free business savings account offers a high APY of3.8%.
- Business CDs with multiple terms are available (12-month CD currently has a rate of4.3%).
- 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.
Pros
Multiple high-yield savings vehicles available.
No fee or minimum balance for business savings.
Easy to open most accounts online.
Cons
No branch access.
No free business checking account (though fees can be waived).
No business credit cards or integrated payments software.
Why Live Oak Bank made our list
U.S. Bank
Best for: Brick-and-mortar bank for nonprofits
U.S. Bank business banking at a glance:
- 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.
Pros
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.
Cons
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.
Why U.S. Bank made our list
Other banking options for nonprofits
Community bank or credit union: 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.
Community Development Financial Institutions ( CDFI): 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: Some regional banks, like M&T Bank and Truist, offer special accounts for nonprofits. You can also ask if your bank waives fees on standard business bank accounts for nonprofit organizations.
» MORE: Best grants for nonprofits
What type of bank account should a nonprofit have?
At a minimum, nonprofits should have a business checking account to handle payroll and operating expenses — preferably one with minimal or no fees. A business money market account or business savings account is also a smart move for organizations that have grant money or other funds that sit idle for months at a time.
How to choose a bank for your nonprofit
Consider the following factors when choosing 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.