Now that you’ve learned how to form a charity, set up bylaws, and put up a powerful board of directors, it’s time to answer the question, “Can a nonprofit make money?”. Definitely! That’s what we say to that. As a result, deciding on a financial institution to house your hard-earned cash is critical. Finding the best banks for a nonprofits is an essential decision for any nonprofit.
However, when selecting a bank to collaborate with your nonprofit organisation, there are various things to think about. This article will help guide you in this critical decision-making process and give you every nonprofit tip needed!
Best Nonprofit Banks of 2022
When it comes down to it, the best bank is the one that best suits your requirements and values. Larger banks can be good partners for NGOs, too. All of them are FDIC-protected. These are likely to be on your list and any nearby credit unions and banks. It’s up to you to decide the greatest fit for your organisation!
The United States Bank
The fifth-largest bank in the United States is U.S. Bank. Because of its size and abundance of resources, this is a great option because you won’t get lost.
The PNC Bank
From its headquarters in Pittsburgh, PNC serves customers worldwide. According to asset size, it is the 7th largest best bank for a nonprofit in the U.S.
Andrew Carnegie, who founded TIAA more than a century ago, has left a fascinating legacy. There are now several online and mobile banking options available to their customers.
Bank of America
The image of the Wells Fargo Stagecoach being dragged over the frontier by galloping horses is one that most people are familiar with. Traditional in style, this is the best bank for a nonprofit includes several features that make it an excellent choice for charitable organisations.
Bank of BlueVine
In contrast to Wells Fargo, BlueVine is only a decade old. The Silicon Valley-based company BlueVine offers free internet banking with a far more cutting-edge approach.
Best Nonprofit Bank Accounts
Various account options are available to nonprofits. It’s not uncommon for nonprofits to have two or more financial accounts, just like you could have for your finances.
For the most part, you’ll need this account type. A checking account is required to pay for day-to-day expenses. You may find it convenient to have a debit card so that you may make online payments for your bills. Consider the possibility of an annual percentage yield on some of the checking accounts offered by the institutions listed above before deciding.
Depending on the bank, organisations may be able to get a business line of credit. Depending on your financial situation, this may be able to help. Using a “revolving” credit line, you can borrow money and pay it back as you go.
Accounts That Pay Interest
Other accounts may be more challenging to pay bills or access money when you need it, such as savings accounts. Visit our website for additional details.