Best Banks for Nonprofits
Nonprofits have unique banking needs compared to traditional for-profit businesses. They require financial partners that understand their mission-driven structures, offer low fees, provide easy access to accounts, and possess strong community engagement programs. Here’s a look at some of the best banks for nonprofits.
Wells Fargo offers a specialized account called the Wells Fargo Analyzed Business Checking account that’s productive for larger nonprofits. With this account, nonprofits can benefit from earnings credits on their balances which can offset activity fees.
2.Bank of America
Bank of America provides a tailored approach to nonprofit banking through its Business Advantage Fundamentals™ and Business Advantage Relationship Banking™ checking accounts, featuring easy integration with QuickBooks and waivable monthly fees under certain conditions.
Chase has been renowned for its feature-rich accounts and ease of accessibility. Chase Business Complete BankingSM and Performance Business Checking® offer various benefits ranging from built-in card acceptance to unlimited electronic deposits, which are attractive features for the nonprofit sector.
U.S. Bank offers an array of services catering specifically to nonprofits, including the Nonprofit Checking account which comes with no monthly maintenance fees and 180 free transactions per month, making it a cost-effective option for smaller nonprofits.
PNC Bank stands out with its PNC Bank Business Interest Checking account which is tailored for smaller organizations by providing competitive interest rates on deposits, online banking services, and cash flow management tools that can be beneficial to managing a nonprofit’s finances.
When selecting a bank, nonprofits should consider their specific needs such as transaction volume, cash handling requirements, access to credit facilities, and any potential growth that might lead to different service needs in the future. They also need to pay close attention to any fees that could chip away at their finances—every dollar counts for a nonprofit! Engaging in dialogue with a bank representative who understands the nonprofit sector can provide valuable insights and help determine the best banking partner for an organization’s unique requirements.