Nonprofits have unique banking needs and when looking to open a nonprofit bank account, organizations should start by researching banks set up to meet their specific goals. There are dozens of banks that offer products and services for nonprofits. Finding the one that best fits an organization’s specific needs is key.
Nonprofit Bank Account
When looking to open a nonprofit bank account, it is important for nonprofit leaders to do their research and ask the right questions of potential banking partners. When reviewing nonprofit bank account options, ask about any hidden fees, high minimums on accounts, and other restrictions banks may have on products or services.
Online banking capabilities are crucial for busy leaders who are looking to open a nonprofit bank account. With the right digital tools, nonprofits can bank anytime, anywhere — which is critical during COVID-19. Saving time on routine banking needs gives leaders more time to focus on the projects that matter most. Nonprofits should select a bank that has an easy-to-use online banking platform and the capabilities to complete most banking needs remotely.
Money Market Accounts for Nonprofits
Money market accounts for nonprofits are a good way for organizations to maximize funds. Nonprofits should choose a bank that offers competitive rates on money market accounts in order to earn interest on their excess funds. Money market accounts for nonprofits help organizations better leverage their money so they can focus funds on their mission.
In addition to the nonprofit bank accounts that are available, it’s important for organizations to consider the additional resources banks offer. Most banks offer similar products and services, however, not all banks are the same in how they support their customers. Nonprofits should ask potential banks what additional resources they provide their customers. Many banks offer educational resources and additional business resources (insurance, financial planners, etc.). Choose a bank that is going to provide the most value —through nonprofit bank accounts and additional resources to help organizations succeed.
Once nonprofits review their banking options when looking for a nonprofit bank account, they should make the choice that best suits their organization’s needs. Reviewing account fees, online banking capabilities, money market accounts, and additional resources offered will provide a solid understanding of a bank before making a decision.