Best Banks For Nonprofits (2026)

Banking is just another uphill task for nonprofits or 501(c3)s, 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!

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12 key factors when opening a nonprofit bank account online

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:

A Banking Alternative: Wise Business for International Nonprofits

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. Wise Business isn't a bank, but a money service business (MSB). Learn more how we're regulated here.

With Wise Business, 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.

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 operating your nonprofit with the utmost clarity.

Are you looking for a low-cost account for operating your business or nonprofit?

Explore Wise Business>>

Trustpilot: Excellent 4.3 out of 5 stars average rating on +230,000 reviews
No minimum balance required and no monthly fees

Best Bank Accounts for Nonprofits

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.

Truist

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.

Bank of America

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

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 Bank

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

Chase

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.

Axos Bank

Axos Bank is an online bank with services for consumers, businesses, and nonprofits. They couple their business accounts alongside their Nonprofit Money Market Account.¹⁴ Though the Nonprofit Money Market account targets nonprofits specifically, it may be better to register for a Basic Business Checking Account if your nonprofit has limited funds and not going to benefit from earned interest on account holings.

The Axos Nonprofit Money Market account offers a competitive rate on funds (currently 0.20% at time of writing).¹³ But the nonprofit must maintain an average daily balance of $2500 and provide an initial minimum opening deposit of $1000.¹³ Failure to maintain an average daily balance of $2500 incurs a cost of $5 as a monthly maintenance fee.¹³