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Why Nonprofits Need a Specialized Savings Account
Nonprofits operate differently from regular businesses, meaning their banking needs are unique. Unlike personal or commercial accounts, nonprofit savings accounts often come with lower fees, higher interest rates, and additional benefits such as donation management and grant assistance.
In this guide, we’ll compare the best savings accounts for nonprofits in 2025, covering essential features like minimum balances, APY rates, transaction limits, and special perks tailored for charitable organizations.
What to Look for in a Nonprofit Savings Account?
Before opening a savings account for your nonprofit, consider the following factors:
1. Low or Zero Monthly Fees
Nonprofits often manage limited financial resources. A good nonprofit savings account should have no monthly maintenance fees or very low fees to ensure more funds stay within the organization.
2. Competitive Interest Rates (APY)
To maximize funds, look for accounts offering a high Annual Percentage Yield (APY). Even a slightly higher interest rate can make a big difference in long-term savings.
3. High Transaction Limits
Since nonprofits receive donations and issue payments frequently, the best savings accounts should allow a high number of transactions per month without penalties.
4. Online & Mobile Banking Access
Managing donations and expenses on the go is crucial. The ideal savings account should offer robust online banking tools, mobile access, and integration with accounting software.
5. Additional Perks for Nonprofits
Some banks offer free financial consultations, grant assistance, or donor management tools as part of their nonprofit banking services.
Top 5 Best Savings Accounts for Nonprofits in 2025
1. Axos Bank Nonprofit Savings Account
APY: 0.80%
Monthly Fees: None
Minimum Balance: $0
Perks: No overdraft fees, unlimited deposits, and access to financial planning tools.
Axos Bank offers one of the best high-yield savings accounts for nonprofits, with no monthly fees and a competitive interest rate. Their online banking platform is easy to use, making it a great option for organizations that prefer digital banking.
2. Bank of America Nonprofit Financial Solutions
APY: 0.50%
Monthly Fees: $10 (waived if balance remains above $5,000)
Minimum Balance: $5,000
Perks: Grant assistance, fundraising tools, dedicated nonprofit advisors.
Bank of America’s nonprofit savings account is an excellent choice for larger organizations managing significant funds. They offer grant assistance and fundraising tools, which can be valuable for growing charities.
3. Wells Fargo Nonprofit Checking & Savings Package
APY: 0.40%
Monthly Fees: $5 (waived with $1,000 balance)
Minimum Balance: $1,000
Perks: Fraud protection, financial coaching, integration with QuickBooks.
Wells Fargo’s nonprofit account is designed for organizations that need strong fraud protection and easy integration with accounting software.
4. PNC Bank Nonprofit Savings Account
APY: 0.60%
Monthly Fees: None
Minimum Balance: $500
Perks: No transaction limits, free nonprofit resources, community grants.
PNC Bank is a solid choice for nonprofits that want unlimited transactions and access to community grants and nonprofit-focused financial education.
5. Chase Business Total Savings for Nonprofits
APY: 0.35%
Monthly Fees: $10 (waived with $500 balance)
Minimum Balance: $500
Perks: Fundraising support, automatic transfers, donor tracking tools.
Chase provides useful tools for managing donations, including donor tracking software and automatic transfers, making it easier to manage multiple revenue streams.
Nonprofit Checking vs. Nonprofit Savings: What’s the Difference?
While savings accounts help nonprofits store and grow funds, checking accounts are better for daily transactions. Many banks offer nonprofit checking and savings accounts as a package, allowing seamless fund transfers between the two.
Best Banks Offering Nonprofit Checking & Savings Bundles
- Chase Business Banking – Includes donor tracking tools.
- Bank of America Nonprofit Solutions – Provides access to financial advisors.
- PNC Bank – Offers unlimited transactions.
How to Open a Nonprofit Savings Account
Opening a nonprofit savings account requires careful planning and documentation. Follow these steps to ensure a smooth process:
Step 1: Gather Required Documents
Banks require specific documentation to verify your nonprofit status. Typical requirements include:
- IRS Determination Letter verifying 501(c)(3) tax-exempt status.
- Articles of Incorporation to prove the legal formation of your nonprofit.
- Employer Identification Number (EIN) provided by the IRS.
- Board of Directors Resolution approving the account opening.
- Organization Bylaws outlining governance and financial policies.
Step 2: Research and Compare Banking Options
Evaluate multiple banks to find an account that best suits your nonprofit’s needs. Consider:
- Interest rates and fees – Choose accounts with minimal fees and competitive APY.
- Transaction limits – Ensure the account allows sufficient transactions per month.
- Additional services – Look for donor management, financial advisory, and grant assistance.
Step 3: Visit a Local Branch or Apply Online
Some banks let nonprofits apply for an account online, while others may ask for an in-person visit.
- Provide all necessary documentation.
- Confirm eligibility for fee waivers or promotional benefits.
- Ask about integration with nonprofit accounting software.
Step 4: Set Up Online Banking & Fund Transfers
Once your account is open, maximize its efficiency by:
- Enabling online banking for easy access to account details and transactions.
- Setting up automatic transfers between checking and savings accounts.
- Utilizing financial tools such as donor tracking, reporting, and fraud protection.
Step 5: Maintain Compliance and Optimize Savings
To ensure long-term success:
- Monitor transaction limits and maintain required balances.
- Keep records updated with the bank to prevent compliance issues.
- Explore additional banking services such as business credit lines or investment accounts for surplus funds.
Explore More: Types of Financial Institutions: Traditional Banks, Credit Unions, and Neobanks
Frequently Asked Questions (FAQ)
1. What are the best bank accounts for nonprofit organizations?
The best bank accounts for nonprofits include those from Axos Bank, Bank of America, Wells Fargo, PNC Bank, and Chase, offering low fees and nonprofit-specific perks.
2. Which banks offer the best bank accounts for nonprofits?
Some of the best banks for nonprofits include Chase, Bank of America, Axos Bank, Wells Fargo, and PNC Bank, offering specialized nonprofit banking solutions.
3. What are the best savings accounts for nonprofits?
Top savings accounts for nonprofits include Axos Bank Nonprofit Savings, Bank of America Nonprofit Financial Solutions, and PNC Bank Nonprofit Savings.
4. Which type of savings account is best for nonprofits?
A high-yield savings account with low fees and high transaction limits is best for nonprofits. Accounts with APY benefits, grant assistance, and fraud protection are ideal.
5. Which nonprofits are the best?
The best nonprofits vary by cause. Some globally recognized nonprofits include The Red Cross, UNICEF, World Wildlife Fund (WWF), and Doctors Without Borders.
6. Which nonprofits give the most?
Nonprofits with the highest charitable giving include The Bill & Melinda Gates Foundation, United Way Worldwide, Feeding America, and The Salvation Army.
