Best bank accounts for nonprofits of 2026

The right bank account can help a nonprofit manage its money and keep more available for its mission. Nonprofits have needs that many businesses don’t, from managing restricted grants to depositing cash from fundraisers, so it pays to compare accounts before choosing one.

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.

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.

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.

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.

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.

Who’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.

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.

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.

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.

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 accountlist is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business bankingproducts.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. Seeour methodologyfor more information on how we choose the best bank accounts for nonprofits.

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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