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U.S. Bank Nonprofit Business Checking
Best for Nonprofit account from a national bank
APY
N/A
Monthly fee
$0
Bonus
N/A
Pros
- No monthly service fee for nonprofit organizations.
- More than 2,900 branches across 29 states.
- Annual deposit and transaction limits offer more flexibility.
- Offers donor management and payment processing (fees apply).
Cons
- Electronic transactions count toward annual cap.
- High overdraft, wire transfer fees.
- Fee for using out-of-network ATMs.
U.S. Bank’s Nonprofit Checking pairs a national branch network — 2,900 branches across 29 states — with no monthly fee and flexible account limits. You get 1,800 free transactions and 300 cash deposit units (about $30,000) per year. That annual allowance is key. A year-end giving push or a spring gala won’t tip you into fees, because you can use the allowance when you need it.
U.S. Bank’s free Business Essentials account is worth a look too. It doles out its free cash deposit allowance monthly (25 units) but works out the same over the course of a year. This account also features something the nonprofit account doesn’t offer: unlimited digital transactions. These include ACH, Zelle and mobile check deposits. You also get 25 free teller and paper transactions a month.
Another value-add? Business Essentials comes with a free mobile card reader and same-day access to funds from card payments, which is handy at events. Processing fees apply. U.S. Bank's rates are on par with other payment processing companies like Stripe and Square.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $30,000 or 300 deposits annually.
Overdraft fees
$36
Pros
- No monthly service fee for nonprofit organizations.
- More than 2,900 branches across 29 states.
- Annual deposit and transaction limits offer more flexibility.
- Offers donor management and payment processing (fees apply).
Cons
- Electronic transactions count toward annual cap.
- High overdraft, wire transfer fees.
- Fee for using out-of-network ATMs.
U.S. Bank’s Nonprofit Checking pairs a national branch network — 2,900 branches across 29 states — with no monthly fee and flexible account limits. You get 1,800 free transactions and 300 cash deposit units (about $30,000) per year. That annual allowance is key. A year-end giving push or a spring gala won’t tip you into fees, because you can use the allowance when you need it.
U.S. Bank’s free Business Essentials account is worth a look too. It doles out its free cash deposit allowance monthly (25 units) but works out the same over the course of a year. This account also features something the nonprofit account doesn’t offer: unlimited digital transactions. These include ACH, Zelle and mobile check deposits. You also get 25 free teller and paper transactions a month.
Another value-add? Business Essentials comes with a free mobile card reader and same-day access to funds from card payments, which is handy at events. Processing fees apply. U.S. Bank's rates are on par with other payment processing companies like Stripe and Square.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $30,000 or 300 deposits annually.
Overdraft fees
$36
Relay Business Checking
Best for Free incoming wires
APY
N/A
Monthly fee
$0
Bonus
N/A
at Relay, Deposits are FDIC Insured
Pros
- No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
Cons
- No bill pay feature in the free plan.
Relay’s free business checking account is a good fit for nonprofits that accept grants and donations via wire or ACH. Incoming wires are free. It syncs with QuickBooks and Xero. You can add multiple owners and open up to 20 accounts to keep program funds separate. You can also track receipts and set spending limits on employee debit cards.
Need a place for reserves? Set up automatic transfers to a business savings account paying 1.19% APY on the free plan. Deposits are FDIC insured up to $3 million through Relay’s partner bank.
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Pros
- No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
Cons
- No bill pay feature in the free plan.
Relay’s free business checking account is a good fit for nonprofits that accept grants and donations via wire or ACH. Incoming wires are free. It syncs with QuickBooks and Xero. You can add multiple owners and open up to 20 accounts to keep program funds separate. You can also track receipts and set spending limits on employee debit cards.
Need a place for reserves? Set up automatic transfers to a business savings account paying 1.19% APY on the free plan. Deposits are FDIC insured up to $3 million through Relay’s partner bank.
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
nbkc bank Business Money Market Account
Best for High-yield account for nonprofits
APY
2.75%
Earn 2.75% APY on all balances.
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
N/A
at nbkc bank, Member FDIC
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and free incoming domestic wires.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No ATM or debit card access.
- Cannot deposit cash.
This account is one of our picks for best business money market accounts. And it’s a great fit for nonprofits that want a free high-yield account. The account earns 2.75% APY on all balances. There are no monthly fees, transaction fees or minimum balance requirements. Incoming domestic wire transfers are free, too.
This online account is easy to open. You can write checks from the account and deposit checks via the mobile app. In the past, you could request a debit card when you applied. That’s no longer the case. An NBKC spokesperson told me you can still get one via customer support if you want to withdraw cash directly from the account.
A money market account isn’t an operating account, though. You can use NBKC’s free business checking account for that. It includes free incoming domestic wires and unlimited cash deposits at eligible MoneyPass and Allpoint ATMs (daily limits may apply). Just note there are no branch locations outside of the Kansas City area.
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
$0
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and free incoming domestic wires.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
- No ATM or debit card access.
- Cannot deposit cash.
This account is one of our picks for best business money market accounts. And it’s a great fit for nonprofits that want a free high-yield account. The account earns 2.75% APY on all balances. There are no monthly fees, transaction fees or minimum balance requirements. Incoming domestic wire transfers are free, too.
This online account is easy to open. You can write checks from the account and deposit checks via the mobile app. In the past, you could request a debit card when you applied. That’s no longer the case. An NBKC spokesperson told me you can still get one via customer support if you want to withdraw cash directly from the account.
A money market account isn’t an operating account, though. You can use NBKC’s free business checking account for that. It includes free incoming domestic wires and unlimited cash deposits at eligible MoneyPass and Allpoint ATMs (daily limits may apply). Just note there are no branch locations outside of the Kansas City area.
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
$0
Nerdwallet best-of awards
2026 BEST Online Business Checking Account
Bluevine Business Checking
Best for Digital-first nonprofits
APY
1.30%
Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
With $0 min. balance for APY
Monthly fee
$0
Bonus
$500
Earn a $500 bonus when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code NW500.
Requirements to qualify
at Bluevine, Deposits are FDIC Insured
Pros
- No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
- Earn 1.30% 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.
- Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Bluevine’s free business checking account is a good fit for digital-first nonprofits. You can send unlimited invoices and payment links by text, email, PDF, URL or QR code. That’s handy for event tickets, membership dues and fundraising tables, where a supporter can scan a code and pay on the spot. You can also take tap-to-pay card payments via the Bluevine app.
Incoming domestic wires are free. There’s no monthly fee or minimum balance. And the account pays 1.30% APY on balances up to $250,000 (terms apply).
Just know that Bluevine is currently online-only. (Valley Bank has agreed to acquire Bluevine. That deal is expected to close in early 2027.) Right now, there are no branches. While you can deposit cash, there are per-deposit fees and caps. If your nonprofit takes a lot of cash donations, Truist is a better fit.
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Pros
- No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
- Earn 1.30% 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.
- Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Bluevine’s free business checking account is a good fit for digital-first nonprofits. You can send unlimited invoices and payment links by text, email, PDF, URL or QR code. That’s handy for event tickets, membership dues and fundraising tables, where a supporter can scan a code and pay on the spot. You can also take tap-to-pay card payments via the Bluevine app.
Incoming domestic wires are free. There’s no monthly fee or minimum balance. And the account pays 1.30% APY on balances up to $250,000 (terms apply).
Just know that Bluevine is currently online-only. (Valley Bank has agreed to acquire Bluevine. That deal is expected to close in early 2027.) Right now, there are no branches. While you can deposit cash, there are per-deposit fees and caps. If your nonprofit takes a lot of cash donations, Truist is a better fit.
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Truist Community Checking
Best for Nonprofits that accept cash donations
APY
N/A
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fee.
- Includes $25,000 in cash deposits per month at no charge.
- Nearly 2,000 branches across 17 states.
Cons
- Fee to receive money via Zelle.
- Electronic transactions count toward monthly limit.
- Multiple extra fees, including for ACH service and QuickBooks integration.
- Fee for using out-of-network ATMs.
Truist’s Community Checking is a great option for nonprofits that take in a lot of cash donations. This free account includes up to $25,000 in cash deposits per month — miles above any other bank or credit union. You also get 225 free monthly transactions, which include check deposits, account debits and online bill payments. Truist has nearly 2,000 branches across 17 states and the District of Columbia.
While this account has no monthly fee, it’s certainly not fee-free. Truist charges a $15 monthly fee for ACH service. It includes up to 15 ACH payments. Additional payments are $1 each. There’s also a $14.95 monthly fee for QuickBooks integration. Truist will also take a cut of any payments you receive via Zelle. You’ll pay 1% of the received amount, up to a maximum of $15 per transaction.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $25,000 per month
Overdraft fees
$36
Pros
- No monthly fee.
- Includes $25,000 in cash deposits per month at no charge.
- Nearly 2,000 branches across 17 states.
Cons
- Fee to receive money via Zelle.
- Electronic transactions count toward monthly limit.
- Multiple extra fees, including for ACH service and QuickBooks integration.
- Fee for using out-of-network ATMs.
Truist’s Community Checking is a great option for nonprofits that take in a lot of cash donations. This free account includes up to $25,000 in cash deposits per month — miles above any other bank or credit union. You also get 225 free monthly transactions, which include check deposits, account debits and online bill payments. Truist has nearly 2,000 branches across 17 states and the District of Columbia.
While this account has no monthly fee, it’s certainly not fee-free. Truist charges a $15 monthly fee for ACH service. It includes up to 15 ACH payments. Additional payments are $1 each. There’s also a $14.95 monthly fee for QuickBooks integration. Truist will also take a cut of any payments you receive via Zelle. You’ll pay 1% of the received amount, up to a maximum of $15 per transaction.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $25,000 per month
Overdraft fees
$36
Jump to
Other banking options for nonprofits
How we chose the best banks for nonprofits
What to look for in a nonprofit bank
What type of bank account should a nonprofit have?
Other banking options for nonprofits
Community banks or credit unions: These financial institutions typically offer business banking and lending services and may align better with your organization's mission than a national bank or for-profit financial institution. Credit unions, for example, are also not-for-profit organizations. It may be easier to get to know bankers at small financial institutions too. This can put you in a stronger position for loans or lines of credit in the future.
Community Development Financial Institutions (CDFIs): These banks and credit unions have a strong community focus. They serve people mainstream banking institutions often overlook.
Nonprofit-specific accounts at regional banks: Some regional banks, like M&T Bank and Truist, offer special accounts for nonprofits. You can also ask if your bank waives any business bank account fees for nonprofit organizations.
How we chose the best banks for nonprofits
I looked at more than 60 business bank accounts from national, regional and online banks to curate our list of the best banks for nonprofits.
I reviewed each account’s fee schedule, deposit account agreement and help center. I also paid close attention to banks that offer specific nonprofit accounts, comparing them to the institution’s other options.
My colleague Rosalie Murphy and I also interviewed experts with firsthand nonprofit experience. We talked with founders, board members, bookkeepers and financial advisors — as well as representatives from financial institutions.
- Crystal McLean, founder and board chair of Money Box Academy, a nonprofit focused on intergenerational financial literacy in North Carolina.
- Jeremy Van Groll, founder of Nonprofit Bookkeeping, a Wisconsin-based accounting and bookkeeping firm.
- David Hiller, head of small-business deposits at Truist.
These conversations helped me better understand the unique banking needs and challenges for nonprofits. I prioritized things like deposit limits, branch access, wire transfer and ACH fees, software tools and mission alignment as a result.
One important caveat: This list focuses on widely available banks. But for many nonprofits, the best bank is a local one.
Nearly everyone we spoke to emphasized the importance of building a relationship with your banker. You want someone who takes the time to learn your organization, how it operates and how your funding works. That might be a community bank, a credit union or your neighborhood branch of a bigger bank.
Use our picks as a starting point, but also explore options near you.
What to look for in a nonprofit bank
The right account depends on how your nonprofit takes in and spends money. Consider these five things before opening.
1. How you receive grants and donations
Are most of your donations in cash? Take note of monthly limits and fees. Most brick-and-mortar banks cap fee-free cash deposits at $2,500 to $5,000 per month. But some nonprofit accounts have higher limits. Truist Community Checking is a standout, with $25,000 in fee-free deposits per month.
Do you frequently receive major gifts or grants via wire transfers? Look for a bank with no fees on incoming wires. Free wires are most common with online accounts, like Relay and Bluevine. Some traditional banks and credit unions offer this perk too, like Wells Fargo and Navy Federal Credit Union.
2. Account limits, fees and permissions
Every dollar spent on bank fees takes money from your mission. Look for a free business checking account with no minimum balance requirement.
But don’t stop there. Dig into the account’s schedule of fees and look at the following:
- Transactions. Look for an account with unlimited electronic transactions.
- Cash deposits. Find out if the monthly fee-free limit applies to ATMs as well as tellers.
- Wire transfers. Fees on outgoing wires are common, but incoming wires shouldn’t cost more than $15 each. Free incoming wires are ideal.
- ACH transfers. These should be free unless they’re expedited.
“I want to make sure we're not losing money to charges that eat into what we can actually do for the people we serve,” says Crystal McLean, founder and board chair at Money Box Academy.
Talk with the bank to understand what fees, if any, it waives for nonprofits.
Ask about account permissions too. How do you change account owners when you hire a new executive director or elect a new treasurer? Get this information upfront to avoid headaches down the road.
3. Software tools and accounting integrations
Make sure the account easily connects with the tools you already use, at a minimum.
Most banks and credit unions offer QuickBooks integration. But it’s not always good. A clunky connection can cost you time and money. Ask other nonprofits and local business owners how well it works before you commit.
Online business accounts like Bluevine and Relay go well beyond a basic sync. Relay includes receipt tracking and spending controls on employee cards. Bluevine includes tools like invoicing and payment processing with no additional software fees.
4. Where to store cash reserves
Use your business checking for operating funds, not your reserves. Put your extra cash in a high-yield business savings account. Some pay close to 4% APY.
To put that in perspective, if you deposit $50,000 into an account with 4% APY, you’ll earn close to $2,000 in interest over a year.
The same rules apply around fees. Look for a free account with no balance requirements to earn interest. And make sure you can easily move money in and out of your reserve account.
Business money market accounts typically let you write checks and some include debit cards. Savings accounts give you fewer options — often just ACH and wire transfers. But some are more limiting. Relay’s savings account, for example, only allows internal transfers.
5. Mission alignment
Look at what the bank does, not just what it says. Money Box Academy’s mission is financial literacy. Finding a banking partner that walks the walk is important for McLean as she looks ahead.
“I'm always looking for institutions that are genuinely invested in community education, not just in name but in action,” McLean says. “That's part of why I'm leaning more toward credit unions going forward. I've seen the impact they make firsthand.”
What type of bank account should a nonprofit have?
At a minimum, nonprofits should have a business checking account. Donations, grants and revenue will go into this account; payroll and operating expenses will come out of it. Look for an account that charges few if any fees on cash deposits, transactions and bill pay services. No minimum balance is a plus as well.
If you have cash reserves, put them in a business money market account or business savings account to earn interest. It may make sense to have accounts at multiple banks as a result.
For example, consider opening a checking account at the bank you want to turn to for one-on-one customer service and loans or lines of credit. Then look to an online bank for a high APY on your savings or money market account. You can generally make free ACH transfers between banks when you need to move your funds, though they may take several business days.
Relay is a financial technology company, not a bank. Banking services provided by Thread Bank, Member FDIC. The Relay Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
Relay is a financial technology company, not a bank. Banking services provided by Thread Bank, Member FDIC. The Relay Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
Methodology
NerdWallet’s writers and editors evaluate more than 60 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets and the largest credit unions by membership, along with notable and emerging fintech companies and online banks.
We consider more than 20 data points for each account, including services, fees, features and rewards. We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives.
Our editorial team regularly reviews and updates our data to ensure consistency and accuracy. We also update our scoring on an ongoing basis to reflect changing industry norms and business owner needs. For instance, in 2026, we adjusted our expectations for APYs due to falling interest rates.
Final ratings range from one to five stars. A five-star score represents the best available product for the largest number of business owners. Learn more about how we rate business checking accounts.
