As the number of nonprofit organizations worldwide grows, so does the demand for banking services tailored to their specific needs. Banks, thankfully, are now providing nonprofits with services that were previously only available to businesses, and in some cases, are even developing hybrid products for nonprofits. To assist you in deciding which bank will best meet your business requirements, we selected the best banks for nonprofits that offer products tailored specifically to nonprofit organizations, have low or no fees, and have a strong commitment to the communities in which they operate. We chose the following banks as the best for nonprofits:
PNC’s nonprofit checking account has no monthly maintenance fees as long as you keep a minimum balance of $500 in the account, and the first 150 transactions per month are free. Customers have complete access to online banking services and apps, allowing for 24-hour banking services. Nonprofit checking account holders can apply for a debit card on behalf of their organization’s account, which comes with scam monitoring and no liability fraud protection protocol.
Axos Bank was a founder of online-only banking when it first opened in 2000. If you maintain an average daily balance of $5,000 or more, the Business Interest Checking account is free; otherwise, there is a $10 monthly fee. The account offers up to 50 free items per month and excellent online and mobile banking functionality, but it also pays interest, which is currently 1.01 percent. Axos also provides up to 200 free items each month, a basic business checking account without a monthly fee, and other freebies.
With locations across the nation, Chase is one of the Best Banks for Nonprofits that provides fee-free business checking for customers who keep a $2,000 minimum balance, as well as some of the best online and mobile banking services. It is easier to control everything with one online banking login if your checking and savings accounts are in the same location.
With more locations than any other bank in the US, Wells Fargo enjoys immense popularity. With a daily minimum balance of $500 and an average ledger balance of $1,000. When maintained, monthly service charges are not required. You are only charged $0.50 per transaction after the first 100 free transactions (deposits or withdrawals) during a specific time period. With this account, direct deposits, wire transfers, and cash deposits are all processed on the same working day. That is making your access to funds almost immediate.
United Community Bank
United Community Bank provides a variety of nonprofit bank accounts and financing options. The bank’s nonprofit financing options include short-term to long-term working capital, bridge loans, and real estate lending. Tax-exempt bonds are also provided for credit or direct placement to assist your organization in meeting its goals.
Financing Solutions is the top provider of nonprofit lines of credit to small nonprofits across the United States. And it can offer a nonprofit line of credit because it is funded by private investors rather than the government or depositors’ funds. There are things to know when opening a non-profit bank account. Visit today!