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CNBC Select reviewed nonprofit and business checking accounts from national banks, online platforms and mission-driven lenders to help you compare options. We considered monthly fees, transaction and cash deposit limits, interest, account management tools and nonprofit-specific support. Read more about our methodology below.
Best bank accounts for nonprofits
- Best for low fees:U.S. Bank Nonprofit Checking
- Best for organizing grant and program funds:Relay Business Checking
- Best for cash deposits:Truist Community Checking
- Best for nonprofits with complex banking needs:Chase Platinum Business Checking
- Best for in-person banking:Bank of America Business Advantage Relationship Banking
- Best for earning interest on reserves:Axos Business Bundle
- Best mission-driven banking:Amalgamated Bank
3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000
Minimum deposit$100 to open account
LEARN MORELive Oak Business SavingsAnnual Percentage Yield (APY)2.75%
Minimum depositNone
LEARN MOREBest for low fees: U.S. Bank
U.S. Bank Nonprofit Checking
Special offers
None
Monthly maintenance fee
$0
Minimum opening deposit
$25
Minimum balance
$0
Annual Percentage Yield (APY)
Varies. The account has an option to earn interest, but rates are set at the bank's discretion, and you must keep the minimum balance for each tier to earn the stated APY
Free ATM network
No fees at U.S. Bank ATMs; fees apply at non-U.S. Bank ATMs
Small business perks
1,800 free transactions per year, plus 300 free cash deposit units per calendar year. Includes a U.S. Bank Business Debit Card. Shared Access lets organizations assign user permissions.
Overdraft fee
$36 for each overdraft item paid, up to three fees per day. No fee if the account is overdrawn by $50 or less at the end of the business day
Mobile check deposit
Yes
Terms apply. Deposit products are offered by U.S. Bank National Association. Member FDIC
Pros
- No monthly maintenance fee
- No minimum balance requirement
- Only a $25 minimum opening deposit
- 1,800 free transactions and up to 300 free cash deposit units per year
- Option to earn interest
- Branch and ATM access from a major national bank
Cons
- Transaction and cash deposit fees over the free limits add up through December and are billed in January, which can mean a surprise lump-sum charge
- $36 overdraft fee
- Fees at non-U.S. Bank ATMs
Who's this for? If you want a nonprofit checking account from a major national bank, U.S. Bank Nonprofit Checking is worth considering. It has no monthly maintenance fee or ongoing minimum balance requirement, though you'll need $25 to open the account.
Standout benefits: The account includes 1,800 free transactions annually and 300 free cash deposit units (calculated based on the amount deposited, and deposits beyond the free allowance incur a fee) per calendar year. You can also earn interest if you meet the minimum balance for an APY tier. With Shared Access, you can give employees role-based permissions to manage the account.
Best for organizing grant and program funds: Relay
Relay Business Checking
Special offers
None
Monthly maintenance fee
$0 on the Starter plan. The paid plans are Grow at $30 a month and Scale at $90 a month (normally $120).
Minimum opening deposit
$0
Minimum balance
$0
Annual Percentage Yield (APY)
Savings earn 1.19% APY on Starter, 1.87% on Grow and 3.21% on Scale. These rates are as of 9/17/2026 and are variable. Checking doesn't earn interest.
Free ATM network
Free cash withdrawals and deposits at Allpoint ATMs, with more than 55,000 in the U.S. Relay doesn't charge a fee at any other ATM, but the ATM owner may.
Small business perks
Up to 20 checking accounts on Starter and Grow, or 50 on Scale. Up to 50 virtual and plastic debit cards per cardholder per checking account, unlimited users, built-in spend controls, invoicing and QuickBooks and Xero integrations. FDIC coverage up to $3 million through Thread Bank's sweep program.
Overdraft fee
None
Mobile check deposit
Yes
Relay is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC.
Pros
- No monthly fee, minimum balance or overdraft fees on the Starter plan
- Up to 20 checking accounts to separate grants, programs, payroll and operating funds
- Unlimited users and up to 50 debit cards with spend controls
- Free cash deposits and withdrawals at Allpoint ATMs
- FDIC coverage up to $3 million through a sweep program
Cons
- No physical branches
- Cash deposits are limited to Allpoint+ ATMs ($1,000 per transaction) or Green Dot retailers (up to $4.95 per deposit)
- Higher savings APYs require a paid plan
- Checking doesn't earn interest
- Only 501(c)(3) and 501(c)(6) organizations are eligible, and they need an IRS determination letter
Who's this for? If your nonprofit manages several grants or programs and is comfortable banking entirely online, Relay lets you organize funds in separate checking accounts. It accepts eligible U.S. nonprofits with 501(c)(3) or 501(c)(6) status.
Standout benefits: Relay's free Starter plan has no monthly maintenance fee, overdraft fees or minimum balance requirement. You can open up to 20 checking accounts to organize funds by purpose, add unlimited users and issue up to 50 debit cards across the business, with built-in spend controls. Withdraw cash without a surcharge at Allpoint ATMs, or make fee-free deposits at Allpoint+ ATMs. Deposits may qualify for up to $3 million in FDIC insurance through Thread Bank's sweep program, subject to conditions. Relay is a financial technology company, not an FDIC-insured bank; banking services are provided by Thread Bank, Member FDIC.
Best for cash deposits: Truist
Truist Community Checking
Special offers
None
Monthly maintenance fee
$0
Minimum opening deposit
$100
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
No fees at Truist ATMs. Non-Truist ATMs cost $3 per transaction in the U.S., rising to $3.50 on November 9, 2026, plus any fee from the ATM owner.
Small business perks
225 free transactions per month, then $0.35 each. Up to $25,000 in free cash deposits per month, then $0.0025 per $1 over that. Debit cards for you and any employees you choose, online bill pay and user permissions for anyone in your organization.
Overdraft fee
$36 per item, up to three fees per day. No fee if the transaction is under $5, or if you cover the shortfall by the daily cutoff time on the same business day.
Mobile check deposit
Yes
Terms apply. Truist Bank, Member FDIC.
Pros
- No monthly maintenance fee
- Up to $25,000 in free cash deposits per month
- 225 free transactions per month
- Debit cards for employees and user permissions in online banking
- $25 discount on the first check order
Cons
- $100 minimum opening deposit
- Account doesn't earn interest
- Truist charges a 1% fee on Zelle payments received, up to $15 per payment, which can add up for organizations that collect donations through Zelle
- $36 overdraft fee
- $3 fee at non-Truist ATMs, rising to $3.50 on November 9, 2026
Who's this for? If your organization regularly collects cash at events or fundraisers, Truist Community Checking may be a good fit. It's designed for nonprofit, community and civic organizations.
Standout benefits: There's no monthly maintenance fee, and you can deposit up to $25,000 in cash and make 225 total transactions each month at no charge. Above those limits, fees apply: $0.0025 per dollar in cash deposits and $0.35 per additional transaction. You can get Truist business debit cards for employees, manage the account online and save $25 on your first check order. The minimum opening deposit is $100.
Best for nonprofits with complex banking needs: Chase
Chase Platinum Business Checking℠
Special offers
None
Monthly maintenance fee
$95, or $0 with $100,000 or more in average beginning day balances across qualifying linked accounts. The threshold is $50,000 when you link a Chase Private Client Checking, JPMorgan Classic Checking or Private Client Checking Plus account.
Minimum opening deposit
$0
Minimum balance
$0, but you need the balances above to waive the fee
Annual Percentage Yield (APY)
None
Free ATM network
No added charge for deposits at Chase ATMs. Chase doesn't charge for using another bank's ATM, but that ATM's owner may.
Small business perks
Up to 500 debits and banker-assisted deposits, plus $25,000 in in-branch cash deposits, at no additional charge each cycle. All incoming wires and your four most expensive outgoing wires are free each cycle. Includes Fraud Protection Services, a single-feed check scanner with no monthly fee, dedicated Platinum Business customer service and user controls through Access & Security Manager.
Overdraft fee
$34 charge (maximum of 6 fees per business day, up to $204)
Mobile check deposit
Yes, through Chase QuickDeposit
Deposit products provided by JPMorgan Chase Bank, N.A. Member FDIC.
Pros
- 500 included transactions and $25,000 in free cash deposits per cycle
- Free incoming wires and four free outgoing wires per cycle
- Strong fraud protection tools
- Dedicated Platinum customer service and nonprofit Relationship Managers
- Large branch network
Cons
- $95 monthly fee unless you keep $100,000 at Chase
- Checking doesn't earn interest
- Best suited to larger organizations
Who's this for? If you run a larger nonprofit with higher balances, complex cash management needs and a focus on fraud controls, Chase Platinum Business Checking may be a good fit.
Standout benefits: Each statement cycle includes up to 500 account debits, $25,000 in in-branch cash deposits, all incoming wires and your four most expensive outgoing wires. You can also make unlimited electronic deposits through Chase QuickDeposit. Fraud Protection Services include check-payment limits and alerts, check monitoring and ACH debit block. The account comes with dedicated Platinum Business customer service. The $95 monthly fee can be waived with an average beginning-day balance of $100,000 or more across eligible linked business accounts.
Best for in-person banking: Bank of America
Bank of America Business Advantage Relationship Banking
Learn MoreSpecial offer
Tiered Offer: Earn $400 bonus when you deposit $5,000+ in New Money within 30 days of account opening, and maintain that balance for the next 60 days or earn $750 bonus when you deposit $15,000+ in New Money within 30 days of account opening, and maintain that balance for the next 60 days. Offer expires 12/31/2026*
Monthly maintenance fee
$29.95, with options to waive*
Minimum deposit to open
$100
Minimum balance
$15,000 to waive the monthly fee (or $5,000 for the lower-tier Bank of America Business Fundamentals account)
Annual Percentage Yield (APY)
None
Free ATM network
15,000+ Bank of America ATMs
ATM fee reimbursement
No
Small business perks
Easy QuickBooks® integration
Overdraft fee
$10 per item (up to two per day). Accounts can be set to decline transactions if there are insufficient funds.
Mobile check deposit
Yes
Terms apply. Bank of America is a Member FDIC.
Pros
- Access to 3,500 branches and 15,000+ ATMs
- No monthly fee for first 12 statement cycles
- Unlimited free ACH, debit card, electronic debits and check deposits
- Cash deposits up to $20,000 per statement cycle are free
Cons
- Doesn't earn interest
- $29.95 monthly maintenance fee
- Monthly limit on free cash deposits and "non-electronic" transactions
How to avoid the monthly fee:
Meet one of the following requirements each statement cycle.
- Maintain a $15,000 combined average monthly balance across your linked Bank of America accounts
- Qualify for and enroll in the Preferred Rewards for Business program (first four checking accounts per enrolled business)
* Offer is available only to applicants who apply for a new account online. This offer is intended for new customers only; your business is not eligible for this offer if you were an owner or signer on a Bank of America Business Advantage account within the last twelve (12) months. Bank of America employees are not eligible for this offer. Only one Business Advantage Banking bonus offer per business owner, regardless of the number of businesses owned or operated by the customer. Offer may not be combined with any other offers. Offer expires December 31, 2026. Bank of America may change or discontinue this offer at any time without notice. The value of this bonus may constitute taxable income; Bank of America may issue an IRS Form 1099 to reflect the value of the bonus. Bank of America, N.A. Member FDIC.
Learn MoreView MoreWho's this for? If you keep higher balances and want access to a large branch network, Bank of America Business Advantage Relationship Banking may be a fit. Its $15,000 balance threshold for waiving the monthly fee is lower than Chase Platinum's standard business-balance requirement. It may also work for an unincorporated association, though eligibility and documentation requirements apply.
Standout benefits: You can avoid the $29.95 monthly fee by maintaining a $15,000 combined average monthly balance in eligible linked business deposit accounts or by qualifying for Preferred Rewards for Business. The account includes one additional Relationship Banking checking account and one linked Business Advantage Savings account without an additional monthly fee. Incoming wires and stop payments are free, and the account includes online and mobile banking, bill pay and mobile check deposit.
Best for earning interest on reserves: Axos
Axos Business Bundle
Special offers
OR
Monthly maintenance fee
$0 on both checking and savings
Minimum opening deposit
$0
Minimum balance
$0
Annual Percentage Yield (APY)
3.50% APY on Business Premium Savings without a promotion, as of Oct. 9, 2026. Up to 3.91% with the BOOST41 offer. Checking doesn't earn interest.
Free ATM network
Not listed on the bundle page
Small business perks
Unlimited checking transactions with no processing fees. Free incoming domestic and international wires. Free QuickBooks integration. Expanded FDIC coverage up to $265 million through Axos's Insured Cash Sweep program.
Overdraft fee
Not listed on the bundle page
Mobile check deposit
Yes
Deposit accounts are FDIC insured through Axos Bank.
Pros
- No monthly fees or minimum opening deposit on either account
- Competitive savings rate for reserves
- Unlimited checking transactions
- Free incoming wires
- Expanded FDIC coverage through a cash sweep program
Cons
- No physical branches
- Savings is limited to 20 free transactions per month, then $0.30 each
- Promotions require high balances
- Checking doesn't earn interest
Who's this for? If your nonprofit holds a cash reserve and is comfortable banking online, the Axos Business Bundle pairs a checking account for daily expenses with a savings account for reserves.
Standout benefits: Both accounts have no monthly maintenance fee. The Business Premium Savings account currently offers a promotional 0.41 percentage-point APY boost for up to six statement cycles, on top of its variable base rate. You must apply for both accounts together with code BOOST41 and maintain an average daily checking balance of at least $5,000 to qualify.
Best mission-driven banking: Amalgamated Bank
Amalgamated Bank Checking
Special offers
None.Monthly maintenance fee
$0 for Amalgamated Business Checking. Business Checking Plus is $20 a month, waived with a $15,000 average monthly balance.Minimum opening deposit
$0Minimum balance
$0Annual Percentage Yield (APY)
None listed for business checkingFree ATM network
40,000+ surcharge-free Allpoint and Allpoint+ ATMs nationwideSmall business perks
50 transactions included per month on Business Checking, then $0.50 each. Business Checking Plus includes 250, then $0.30 each. Both include Treasury Management tools. Debit card made from renewable materials. Nonprofit banking team with staff from the nonprofit sector who understand restricted funding and government contracts.Overdraft fee
Not disclosed online for business accountsMobile check deposit
YesTerms apply. Amalgamated Bank, Member FDIC.
Pros
- No monthly fee or opening deposit on the basic business account
- Nonprofit banking team experienced with restricted funding and government contracts
- Offers lending to nonprofits to help bridge funding cycles
- Socially responsible investment options for reserves and endowments
- Values-based bank with a focus on social impact and climate
Cons
- No nonprofit-specific checking account
- Only 50 included transactions per month on the free account
- Business checking doesn't earn interest
- ATM and overdraft fees aren't published online
- Accounts are opened by contacting the bank rather than through an online application
Who's this for? If you want a bank with a mission that may align with yours and experience serving nonprofits, Amalgamated Bank could be a fit.
Standout benefits: Amalgamated's nonprofit banking team includes people with nonprofit-sector experience and understands restricted funding and government contracts. Its Business Checking account has no monthly fee or minimum opening deposit, includes 50 transactions and offers Treasury Management services. A $0.50 fee may apply to each transaction over the limit. The bank also offers loans to help nonprofits bridge funding cycles and socially responsible investment options for reserves or endowments. Investment products are not deposits or FDIC-insured, and they may lose value.
Find the right business checking account to help manage and grow your companyGrasshopper Innovator Business CheckingMonthly maintenance fee$0
Minimum balance$0
Annual Percentage Yield (APY)1.00% APY on balances of $0.01-$24,999 and over $250,000; up to 1.35% APY on balances of $25,000-$250,000
LEARN MOREFound BankingMonthly maintenance fee$0
Minimum balance$0
Annual Percentage Yield (APY)None using the base version; Found Plus* subscribers earn 1.50% APY on balances up to $20K.
LEARN MOREHow to choose a bank account for your nonprofit
When choosing a bank account for your nonprofit, start with how your organization actually handles money. A small volunteer group, a social service agency with government contracts and a large foundation with an endowment need very different things from a bank.
- Fees and limits: Look past the monthly fee to transaction limits, cash deposit allowances and what you'll pay once you exceed them.
- Cash handling: If you collect cash at events or services, a branch bank with a generous cash deposit allowance may save you money and trips.
- Fund tracking: If you manage several grants or restricted funds, multiple accounts or strong reporting tools can make audits and grant reports easier.
- Access and controls: Consider how many staff, board members or volunteers need access, and whether you can set separate permissions and spending limits.
- Reserves: If you hold cash reserves, look for a savings or money market account that earns a competitive rate.
- Mission fit: Some organizations prefer a bank whose lending and investments align with their values.
What's the difference between a nonprofit and business bank account?
A nonprofit bank account is a type of business account designed around how nonprofits operate. These accounts often waive monthly fees without a minimum balance and offer larger transaction or cash deposit allowances, since nonprofits may see uneven cash flow tied to grant cycles and fundraising.
Nonprofits aren't limited to nonprofit-specific accounts, though. Any business checking account can work if its fees and features fit your organization. Some banks, like Bank of America and Amalgamated, serve nonprofits through standard business accounts instead.
Do nonprofits need a separate bank account?
Yes, a nonprofit should keep its money in an account under the organization's own name and EIN, never in a founder's or board member's personal account. A separate account makes it easier to track donations and grants, prepare for audits and file accurate tax returns, plus it helps show donors and regulators that funds are used for the organization's purpose.
Do nonprofits need an EIN to open a bank account?
In most cases, yes, banks typically require an Employer Identification Number (EIN) from the IRS, along with formation documents such as Articles of Incorporation. Some online platforms, like Relay, also ask for an IRS determination letter confirming tax-exempt status.
What documents does a nonprofit need to open a bank account?
Requirements vary by bank, but you'll usually need your EIN, formation documents, a board resolution naming authorized signers and a government-issued ID for each signer. Some banks also ask for bylaws or your IRS determination letter.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every nonprofit bank account list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best bank accounts for nonprofits.
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Our methodology
To determine which bank accounts best serve nonprofits, CNBC Select analyzed nonprofit-specific and general business checking accounts offered by national banks, online platforms and mission-driven lenders. We narrowed down our rankings by focusing on accounts with no monthly maintenance fee or realistic ways for a nonprofit to waive it.
We compared each account on a range of features, including:
- Fees and fee-waiver requirements
- Minimum opening deposit and minimum balance requirements
- Included transactions and cash deposit allowances
- Interest-earning options for operating funds and reserves
- Tools for managing multiple users, permissions and accounts
- Fraud protection and treasury management features
- Branch and ATM access
- Nonprofit-specific support and eligibility
All accounts included on this list are either offered by members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner banks. This insurance protects your deposits up to the legal limit in the event your bank fails.
Rates and fee structures for checking and savings accounts are subject to change, and interest rates can rise or fall along with the federal funds rate.
Your earnings depend on any associated fees and the balance in your account. To open an account or qualify for a promotional rate, some banks may require a deposit of new money, meaning you can't transfer money you already had at that bank.
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