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Banking is just another uphill task for nonprofits, among fundraising, marketing, and getting people to support your cause. A nonprofit’s banking needs are different from a business’s, so it’s important to find a bank that understands their unique concerns.
Wise Business, a champion of cost-saving and efficiency, is one of the partners we'll be covering – it’s especially great for international nonprofits looking to trim overseas transaction costs. So, let’s go through some of the best banks for nonprofits so you can get closer to your mission's success!
Are you looking for a low-cost account for operating your business or nonprofit?
Trustpilot: 4.3/5 average rating - Excellent¹ on 190,000+ reviews
No minimum balance required and no monthly fees
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The best bank for your nonprofit should be more of a partner than just a place to store funds. Just like any partnership, it’s important to consider certain factors before making the jump. Let's take a look at these considerations to make sure your nonprofit is pairing up with the right banking ally. Here are some of the factors you should keep an eye on:
Now that we’ve gone through a few things to look for, it’s time to check out some bank accounts for nonprofit organizations. Our list will take into account factors such as low fees, user-friendly interfaces, international transactions, accessibility, and top-notch customer service. With the right banking partner, you can streamline operations, save money, and focus on the core mission of your organization.
If your nonprofit works on an international scale, then you’ll want to choose the Wise account. Wise understands the financial challenges nonprofits face, and that's why they've designed a low-fee account model.
With Wise, not only will you waive local fees but the heavy fees that come with international transactions. And even though Wise doesn’t provide a traditional nonprofit checking account, they hold your money with established financial institutions and have dedicated fraud and security teams to ensure your money is safe.
Beyond affordability, Wise is passionate about efficiency. From streamlining your finances to simplifying your workflow, a Wise Business Account is designed with your nonprofit needs in mind. The platform makes it easy for you to manage your organization's finances from anywhere in the world. So, if you want to save money and easily manage your organization, the Wise Business Account could be the best nonprofit alternative you've been looking for.
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Trustpilot: 4.3/5 average rating - Excellent¹ on 190,000+ reviews
No minimum balance required and no monthly fees
Truist provides a special nonprofit checking account called the Truist Community Checking account.³ Nonprofits can enjoy unlimited cash processing per month at no charge, no monthly maintenance fees, business debit cards for you and your employees, and 225 monthly transactions at no charge.
There’s also their Fraud Inspector feature that helps curb fraud. Truist is also personally committed to the community with their Truist Foundation. The foundation partners directly with nonprofit organizations to help with economic mobility and support small businesses.
Although Bank of America doesn’t have an account specially made for nonprofit organizations, their business checking accounts are curated to fit the specialized needs of smaller businesses. They've got the Business Advantage Fundamentals Banking account and the Business Advantage Relationship Banking that come with access to dedicated small business specialists, fraud protection and security, and efficiency tools like Cash Flow Monitor. The Relationship Banking account additionally comes with no fees for incoming wires, stop payments, e-deposits, and more.
As a bonus, they offer nonprofit grant funding for those that are eligible.⁴ They award grants ranging from $2,500 to $50,000 for organizations and programs particularly focused on hunger, housing, and jobs.⁵
U.S. Bank has a Nonprofit Business Checking account that comes with 1800 free transactions annually, which is less than what's offered at Truist.⁶ However, you’ll get the option to earn interest and enjoy access to their business EZ Switch Kit to transition your activity when you open a U.S. Bank business account. There are also $30,000 free cash deposits or 300 free cash transactions annually – whichever comes first.
What’s most unique about U.S. Bank is their nonprofit payment processing feature.⁷ It’s something that’ll help you manage donations effectively and improve cash flow for operational expenses. Donors will get a variety of ways to contribute, and you’ll be able to manage your payables and receivables programs.
PNC’s Non-Profit Checking account comes with plenty of features that’ll benefit your organization.⁸ To ease your monthly costs, you can enjoy no monthly account maintenance fees when you have an average monthly collected balance of $500. Other benefits include 150 monthly transactions at no charge and a free PNC Bank Visa Business Debit Card that will get you rewards and discounts.
The bank also shows extra love to nonprofits. They have a rich history of community involvement with their PNC Foundation, and they specifically support those which focus on early childhood education and economic development.⁹
Serving a wide spectrum of customers, including nonprofits, Chase is a household name in the banking industry. Choosing Chase will get you a bank account with a suite of industry-leading business support products.
Chase has three tiers of business checking accounts, Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking, to scale with your nonprofit.¹⁰ Depending on your needs, you can choose the account that fits your preferences, whether you’re looking for 250 free transactions per month or 500.
Capital One has a specialty Not-for-Profit Banking Group that has over 75 years of experience in the field. They’ve got a variety of banking products and services, including payables and receivables management and credit services to help out nonprofits.
Their two accounts, the Basic Checking and the Enhanced Checking, can accommodate a range of needs. For the Basic Checking, standard wire fees apply, whereas you can get free incoming domestic wires and the first five domestic outgoing wires free each month. And with their merchant services, you can provide many secure payment methods for donations.¹¹
TIAA provides a Non-Profit Checking account that’s available across all 50 states. It’s an interest-yielding account that boasts no charge on incoming domestic or international wire transfers. That’s great news for nonprofits that use wire transfers on a regular basis.
While the account is interest-yielding, the APY is only 0.10%, which is quite low. As well, you’ll need a very high minimum deposit of $1,500 to open an account and a minimum balance of $5,000 to waive the $14.95 monthly fee.¹²
The interesting part is that TIAA is owned by a not-for-profit company, which means they know firsthand what the experience is like. Since 1918, they’ve sought to help and strengthen nonprofit institutions, colleges, and universities.
See the Best Banks for Small Businesses >>
LendingClub boasts an experienced team of not-for-profit specialists that can provide customizable banking solutions(see LendingClub alternatives). They exist to reinvent the banking experience by making day-to-day banking easier, so growth can take over as the number one priority.
As a digital-first bank, they ensure your safety with 356-bit encryption and FDIC insurance. With easily navigable online banking, you get to focus more on your mission and less on figuring out complex banking procedures.
One of the best things about LendingClub is that they understand that nonprofits need to squeeze as much value as possible out of every dollar. With their Business Checking Account, there are no monthly maintenance fees if you maintain a monthly balance of $500+, and you can even receive 1% cash back on qualified purchases.¹³
Fifth Third Bank doesn’t just understand nonprofits but also wants to empower them. They specialize in helping small businesses with their SBA loans and resources for growing a business.
All their business checking accounts come with a business debit Mastercard and online and mobile banking, but they also offer 1,100 full-service banking centers so you can talk to someone in person if needed.¹⁴
Their checking accounts are tiered, like Chase Bank, with the standard Business Checking Account coming with no monthly service fee or minimum balance requirements. You’ll also get up to 100 transactions and up to $5,000 in cash deposits free every month. If your nonprofit needs more, you can upgrade to the Premium Checking Account or the Elite Checking Account.¹⁴
One of the biggest strengths of Wise is that customers can rely on the ability to receive and send international transfers at the mid-market exchange rate. This means you get transparency on your transactions and understand where your fees come from, so you can keep operate your nonprofit with the utmost clarity.
Some features Wise Business users love |
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Receive Payments like a local: Businesses can pay a one-time fee for accounts details in global currencies, such as USD, EUR, GBP, CAD, so they can receive money without any additional fees |
Account Software Integration: QuickBooks, Xero, Sage, and Wave |
Batch Payment Tools: Pay up to 1,000 invoice in one instance |
The Most International Account: Hold 40+ currencies at once |
Transparency: Wise Business is trying to get rid of all your business account fees |
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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