Several alternatives are available when looking for the best bank for your nonprofit organization. To determine which bank would best meet your business needs, we chose banks that offer solutions tailored exclusively to nonprofit organizations, have low or no fees, and have a solid commitment to the communities they serve. We decided on the following best banks for nonprofits:
PNC
PNC Bank is a national bank with approximately 2,600 locations. PNC’s charity checking account has no monthly maintenance costs as long as you keep a minimum balance of $500 in the report, and the first 150 transactions are free.
Nonprofit checking account holders can apply for a debit card on behalf of their organization, which comes with fraud monitoring and a zero liability fraud prevention policy. Online banking allows you to set up expenditure alerts for the card.
TIAA Bank
TIAA (previously EverBank) is a Fortune 100 financial services company that provides financial solutions to nonprofit organizations, institutions, and educators in the United States.
If you maintain a minimum balance of $5,000, TIAA provides a nonprofit checking account with no monthly maintenance costs. This sort of bank account requires a $1,500 starting deposit and offers a tiered, variable APY rate.
Overdraft protection is free, and there are no transfer limitations or fees. The first ten monthly bill payments are free, but the bank will charge $0.50 for each subsequent price.
Wells Fargo
Wells Fargo’s Initiate Business Checking Account is aimed at small enterprises, but it may also be suitable for smaller NGOs. The minimum daily amount is $500, with an average ledger balance of $1,000. You can avoid paying monthly service costs if you keep the minimal amounts.
The first 100 deposits or withdrawals at each specified time are free, and after that, you’ll pay $0.50 per transaction, so keep a watch on your cash flow.
You may create an account online or in one of their physical locations, and the funds only demand a $25 initial deposit. With this account, direct deposits, wire transfers, and cash deposits are handled on the same working day, so money is available to you very instantly.
Bank Bluevine
Bluevine, founded in 2013, is a newcomer to the financial services industry. It has no physical locations and only operates online.
Nonetheless, deposits are FDIC-insured up to $250,000. Bluevine’s small business checking account fits the demands of the majority of nonprofit banking customers while also offering a higher APY than most other nonprofit checking accounts.
There are no minimum balance limitations, free transactions, or NSF fees with this account. Bluevine is well-known for its loan and factoring services. If your firm requires finance in the future, business lines of credit or loans are simply available.
Axos Bank
Axos provides various low-cost banking options developed exclusively for 501(c)(3) charitable organizations of all sizes. Their nonprofit banking options include reduced checking costs, interest-earning money market accounts, and treasury management systems that save money.
Account benefits include:
Accounts and tools for easy liquidity management
Earnings credit rate (ECR) that is market-leading for NGOs to offset fees
24-hour funding for merchant card services
Donations and digital payments can be collected using a customizable online payment gateway.
MORE INFORMATION:
Axos Bank Review City First Bank City First Bank provides a variety of nonprofit checking and savings accounts that are only offered to socially contributing nonprofit organizations.
M&T Bank
It is a community-focused US best banks for nonprofits that provide a charity checking account. Because this account allows for limitless free cash deposits, your fundraising activities will be simple to handle. If your organization needs a business debit card, M&T’s nonprofit checking account may provide it. The first 50 transactions per month are free, after which each transaction costs $0.50. You can avoid paying the $7.50 monthly maintenance charge if you keep a minimum balance of $500 in your organization’s account. You must open a bank account at one of their local offices.
Bottom Line
There are several Best Banks for Nonprofits available. For the best help to choose the best banks you can seek, Financing Solutions company. They are amongst the best financial providers. Check our website for more details and also can read 6 Things Every NonProft Should Know.