Best High Yield Savings Account For Nonprofit Organizations

A vital consideration for nonprofits is finding an account that aligns with their values and missions. Read on to learn about some of the best High Yield Savings Account for Nonprofit Organizations.
High Yield Savings Account for Nonprofit
Best High Yield Savings Account For Nonprofit Organizations
When choosing a High Yield Savings Account for Nonprofit, several factors come into play, including monthly service fees, interest rates, digital banking tools, and in-person services.
In this article

Nonprofit organizations are vital in addressing various societal issues, from environmental conservation to social justice. To effectively manage their finances, nonprofits require specialized bank accounts tailored to their unique needs.

These accounts offer minimal fees, digital banking tools, and, sometimes, the alignment of values with the institution. Let’s look at some of the best High Yield Savings Account For Nonprofit Organizations.

When choosing an account for a nonprofit, it’s essential to consider monthly service fees, rate of return, the presence of branches, digital banking tools, nonprofit financial institutions, and alignment of values.

Many nonprofits operate digitally, making comprehensive online banking features essential. However, the availability of in-person services through branches might also be crucial for some organizations.

Moreover, a vital consideration for nonprofits is finding an account that aligns with their values and missions. Financial institutions with the same commitment to social and environmental causes can be a perfect fit.

High-yield savings accounts are often the best choice when exploring bank account options for nonprofits. These accounts offer competitive annual percentage yields (APYs), ensuring that funds not immediately used continue to generate returns. It means more resources for nonprofits to advance their missions and positively impact the world.

Best High Yield Savings Account For Nonprofit Organizations

Bank/Company NameAPYKey Benefits and FeaturesCons
Beem5.00%High APY, compounding interest, no hidden fees, online banking, FDIC insured, low risk, flexible minimum balance, regular interest accrualN/A
Axos Bank0.61%No fees, competitive APY, large ATM network, strong online accessibilityLimited physical locations, low rates on CDs
Barclays Bank4.35%High APY, no minimum deposit, no monthly fees, sustainable investment solutions, experience with nonprofitsLimited account options, no physical branches
Citibank4.05%High APY, no monthly fees, diverse account options, waivable fees on standard accounts, accessible onlineGeographic restrictions on high-yield account, low yields on standard accounts
Discover Bank4.30%High APY, no monthly fees, no minimum deposit, FDIC insured, easy online account opening, daily compounding interestNo physical branch access, limited account options
Bank Of AmericaN/ASpecialized support for small businesses, enhanced security, fee waivers, nonprofit grant fundingNo dedicated nonprofit account
Upgrade5.07%High APY, no monthly fees, secure online access, flexible deposit optionsMinimum balance for interest, no physical branches, no joint account option
Citizens AccessN/AHigh APY, no monthly fees, accessible customer service, low account opening requirementNo physical branches or ATM access, limited product selection
Wysh4.00%High APY, life insurance inclusion, no minimums or fees, FDIC insured, digital convenienceLimited life insurance coverage

1. Beem’s High Yield Savings Account

Beem’s High Yield Savings Account is a smart choice for nonprofits. It offers an opportunity to make their money work harder and supercharge their savings for a brighter future dedicated to their cause. Here are the benefits of Beem’s High Yield Savings Account for nonprofits:

  • High APY: Beem offers an impressive 5.00% Annual Percentage Yield (APY), 11 times the national average, enabling nonprofits to grow their savings substantially.
  • Compounding Interest: Nonprofits can benefit from compounding interest, allowing their savings to grow faster by earning interest on their initial deposit and prior earnings.
  • Regular Deposits: The option for regular deposits helps nonprofits enhance their returns over time, ensuring steady growth.
  • No Hidden Fees: Beem provides a transparent and fee-free account with no hidden or unnecessary charges, ensuring that every dollar goes toward your mission.
  • Online Banking: Enjoy the convenience of managing your funds online, making it easy for nonprofits to access and monitor their savings.
  • FDIC Insurance: Nonprofits can trust that their funds are secure, as Beem’s High Yield Savings Account is FDIC-insured, offering deposit protection up to $5,000,000.
  • Low Risk: Unlike volatile investment options, Beem’s savings account maintains steady growth, providing a secure and reliable option for nonprofits.
  • Minimum Balance: While some high-yield savings accounts may require minimum balances, Beem offers flexibility.
  • Interest Handling: Interest accrues regularly, boosting your balance and future earnings, further benefitting your nonprofit’s financial stability.

With an exceptional Annual Percentage Yield (APY) of up to 5.00%, Beem empowers nonprofit organizations to grow their savings 11 times higher than the national average.

2. Axos Bank

online banks like chime - axos bank

Nonprofit organizations, driven by their commitment to impactful causes, need effective financial solutions to make every dollar count. Axos Bank understands these unique needs and offers a High Yield Savings Account (HYSA) that can be a game-changer for nonprofits of all sizes. 

Axos Bank’s High Yield Savings Account is a valuable financial tool for nonprofits looking to maximize their savings. It enables you to secure and grow your funds while avoiding unnecessary fees, ensuring more resources are dedicated to your mission. Whether a large or small nonprofit, Axos Bank’s offerings are tailored to help 501(c)(3) organizations achieve their goals effectively.

Axos Bank Pros & Cons


  • No Fees: Axos Bank is dedicated to keeping your nonprofit’s finances cost-effective. With no monthly service fees, you can save more for your mission and less for banking expenses.
  • Competitive Interest Rates: The Axos HYSA provides a remarkable 0.61% Annual Percentage Yield (APY) for any account balance. This competitive interest rate ensures your nonprofit’s funds continue growing, even when not in active use.
  • Huge ATM Network: Axos Bank offers unlimited domestic ATM reimbursements, making accessing your funds hassle-free. Nonprofits can withdraw cash without worrying about additional charges, enhancing liquidity management.
  • Accessibility: While Axos Bank has limited physical locations, its robust online banking platform ensures easy access and account management from anywhere, a crucial feature for nonprofits often operating in a digital landscape.


  • Limited Physical Locations: Axos Bank’s strength lies in its online presence, which can be a limitation for nonprofits requiring in-person services.
  • Low Rates on CDs: If your nonprofit prefers to invest in Certificates of Deposit (CDs) for long-term savings, Axos Bank may not offer the most competitive rates.

Find out the best High Yield Savings Account in Oregon

Axos Bank’s HYSA offers nonprofit organizations an attractive combination of high-interest rates, cost efficiency, and easy accessibility. Nonprofits can maximize their financial resources with no fees and a competitive APY. 

3. Barclays

Barclays logo

Nonprofit organizations, including charities and not-for-profits, require sound financial management and strategic investments to support their missions effectively. Barclays Bank, with over 60 years of experience working with charitable organizations and nonprofits, offers a range of services tailored to the unique needs of these institutions.

Barclays Bank Pros & Cons


  • High APY and No Minimum Deposit: Barclays Bank provides a high-yield savings account with an impressive 4.35% Annual Percentage Yield (APY). This competitive interest rate can help nonprofits grow their financial assets efficiently. Moreover, there is no minimum opening deposit requirement.
  • No Monthly Maintenance Fees: Nonprofits can benefit from the absence of monthly maintenance fees. It ensures that more of the organization’s funds can be directed toward its charitable activities.
  • Sustainable Investment Solutions: Barclays Bank offers sustainable and impact investment solutions. It aligns with the growing trend of responsible investing, enabling nonprofits to invest in companies that contribute positively to the world while seeking excess investment returns.
  • Experience with Charitable Organizations: With decades of experience partnering with nonprofits, Barclays Bank understands their specific financial needs. Their advisors identify suitable investment strategies tailored to each institution’s goals and values.


  • Limited Account Options: Barclays Bank primarily focuses on savings accounts and CDs, which may provide a partial range of banking products that some nonprofits may require.
  • No Physical Branches: Barclays Bank operates solely online, which could be a drawback for nonprofits that prioritize in-person banking services or the accessibility of physical branches.

Barclays Bank’s high-yield savings account offers a compelling opportunity for nonprofits to earn competitive interest on their funds with no minimum deposit requirement or monthly fees. Additionally, their commitment to sustainable investing aligns with the values and mission of many charitable organizations.

4. Citibank

Citi bank logo

In a financial landscape where traditional savings accounts often yield meager returns, Citibank offers a range of savings account options, including a high-yield choice that can benefit nonprofits seeking to maximize their financial resources. Nonprofits considering Citibank should carefully assess the geographic availability of the high-yield Accelerate Savings account and whether its yields align with their financial goals. For nonprofits seeking diverse financial services, Citibank’s range of account packages can provide additional benefits, such as Citi fee-free ATM withdrawals.

Citibank Pros & Cons


  • High-Yield Option: Citibank’s Accelerate Savings account presents an enticing proposition with an impressive 4.05% Annual Percentage Yield (APY). This high-yield account can help nonprofits grow their savings faster than standard savings accounts.
  • No Monthly Fees: Citibank does not impose monthly maintenance fees on the Accelerate Savings account for nonprofit organizations looking to minimize expenses. This fee-free structure can be a significant advantage.
  • Accessibility: The Citi Accelerate Savings account can be opened online or through the Citibank mobile app, offering ease and convenience for nonprofits. This accessibility aligns with the digital age and can simplify account management.
  • Diverse Account Options: Citibank provides a range of account packages catering to various financial needs. Nonprofits can choose an account that aligns with their objectives, maximizing returns or accessing additional banking services.
  • Waivable Fees: Some of Citibank’s standard savings accounts come with a monthly service fee. However, nonprofits can avoid these fees by meeting minimum balance requirements, which can be an achievable goal.


  • Geographic Restrictions: While Citibank’s high-yield Accelerate Savings account is appealing, it may not be available in all markets. Nonprofits should check their eligibility based on their location.
  • Low Yields on Standard Accounts: Citibank’s standard savings accounts offer relatively low APYs outside the high-yield option. Nonprofits with significant balances might find the yields less competitive.

Citibank offers an attractive, high-yield savings account option to benefit nonprofit organizations looking to grow their funds without incurring monthly fees. The accessibility of opening and managing accounts online aligns with modern banking preferences.

5. Discover Bank

online banks like chime - discover

The Discover Online Savings Account is a compelling choice for nonprofits seeking a robust, hassle-free banking solution. With a remarkable 4.30% Annual Percentage Yield (APY), no monthly fees, and FDIC insurance, this account offers a secure and rewarding avenue for nonprofits to grow their funds.

While Discover primarily operates online, providing easy access for account opening, nonprofits should note that it may not offer a full suite of banking services.

Discover Bank Pros & Cons


  • High APY: Nonprofits can benefit from an impressive 4.30% Annual Percentage Yield (APY) with the Discover Online Savings Account. This competitive interest rate can significantly enhance the organization’s savings and financial stability.
  • No Monthly Fees: Discover ensures nonprofits don’t face monthly maintenance fees, allowing them to maximize their savings without incurring unnecessary expenses.
  • No Minimum Deposit: There is no minimum deposit requirement to open a Discover Online Savings Account. This accessibility ensures that nonprofits of all sizes can benefit from the high APY.
  • FDIC-Insured: Nonprofits can trust their funds are secure, as Discover Bank provides FDIC insurance on deposits up to the maximum amount allowed by law. This financial security is crucial for charitable organizations.
  • Easy Online Account Opening: Nonprofits can open an account online or contact Discover’s U.S.-based Banking Specialists 24/7 to assist with the account opening process. It’s a hassle-free experience.
  • Daily Compounding: Interest is compounded daily and credited to the account monthly, enabling nonprofits to make the most of their funds.


  • No Physical Branch Access: Discover operates primarily as an online bank, which means it needs physical branches. Nonprofits that require in-person banking services may need to explore other options.
  • Limited Account Options: While Discover excels in offering high-yield savings accounts, it may not provide a comprehensive suite of banking products, such as checking accounts or business loans. Nonprofits needing a wide range of financial services should consider their full-service banking needs.

The Discover Online Savings Account is attractive for nonprofits seeking a high-yield, cost-efficient savings solution. The competitive APY, absence of monthly fees, and FDIC insurance make it a secure and rewarding choice for nonprofits looking to grow their financial resources. Its straightforward online account opening process and daily compounding interest add to its appeal.

6. Bank Of America 

Bank of America Logo 1

Bank of America empowers nonprofits by providing a solid foundation for financial success and social impact. It recognizes the unique financial needs of nonprofit organizations and offers tailored solutions through its business checking accounts.

While they don’t have a specific nonprofit account, they provide options designed to cater to the specialized requirements of smaller businesses, including nonprofit entities. 

Bank Of America Pros & Cons


  • Specialized Small Business Support: Bank of America provides two key business checking accounts for nonprofits: the Business Advantage Fundamentals Banking account and the Business Advantage Relationship Banking account. Both options provide access to dedicated small business specialists who can offer guidance and support specific to the nonprofit sector.
  • Enhanced Security and Efficiency: Nonprofits can benefit from advanced security features and efficiency tools, such as Cash Flow Monitor, which help manage financial operations and safeguard funds.
  • No Fees for Essential Services: The Business Advantage Relationship Banking account offers a range of fee waivers. Nonprofits can enjoy no fees for incoming wires, stop payments, e-deposits, and more, which can result in significant cost savings.
  • Nonprofit Grant Funding: Bank of America supports nonprofits through grant funding. Eligible organizations and programs that address critical issues like hunger, housing, and jobs can apply for grants ranging from $2,500 to $50,000. This grant program underscores the bank’s commitment to community betterment.


  • Lack of a Dedicated Nonprofit Account: While Bank of America’s business checking accounts are designed to accommodate nonprofits, they do not offer a specific account tailored exclusively to nonprofit organizations. Nonprofits might have to choose from the available business accounts based on their needs.

Bank of America’s business checking accounts present a strong option for nonprofits seeking financial solutions that address their specialized requirements. The access to dedicated small business specialists, enhanced security features, and efficiency tools can streamline financial management for nonprofits.

Additionally, the availability of nonprofit grant funding reflects Bank of America’s commitment to supporting organizations focused on critical social issues. 

7. Upgrade

upgrade logo

Nonprofit organizations operate under tight budgets and must make every dollar count. The Upgrade Premier Savings Account is an attractive option for nonprofits looking to grow their financial resources while keeping costs in check.

Upgrade Premier Pros & Cons


  • High APY: Nonprofits can benefit from a remarkable Annual Percentage Yield (APY) of 5.07% with the Upgrade Premier Savings Account. This APY surpasses the national average and ranks among the highest in the industry. The nonprofit’s funds can grow significantly, even when not actively utilized.
  • No Monthly Fees: Upgrade doesn’t charge monthly or annual fees for the Premier Savings Account. This cost-efficiency ensures that more of the nonprofit’s resources are dedicated to its mission rather than banking expenses.
  • Secure Online Access: With 24/7 mobile access and a highly rated mobile app, nonprofits can easily monitor balances, transfer funds between accounts, and set up real-time alerts, ensuring seamless financial management.
  • Flexible Deposit Options: The account can be funded through standard ACH transactions, wire transfers, or linking an external account. This flexibility simplifies the process of depositing funds into the savings account.


  • Minimum Balance to Earn Interest: While there’s no minimum deposit requirement to open the account, interest is earned on over $1,000. Nonprofits with limited initial funds may need to ensure their balance exceeds this threshold to maximize earnings.
  • No Physical Branch Access: Upgrade is a purely online financial technology company that lacks physical branches. Nonprofits that prefer in-person banking services may need to explore other options.
  • No Joint Account Option: Only individuals can open the Upgrade Premier Savings Account, which may be limiting for nonprofits that require joint accounts or multiple authorized users.

The Upgrade Premier Savings Account is ideal for nonprofits comfortable with online banking and appreciate the benefits of a high-yield, no-fee savings account.

8. Citizens Access Savings

Nonprofit organizations often require a secure and profitable place to store their funds while maintaining cost-efficiency. Citizens Access Savings, an online bank with no branches, offers a compelling option for nonprofits seeking high-yield accounts. It is a practical choice for nonprofits looking to earn competitive interest without the burden of monthly fees.

The convenience of online banking is paired with accessible customer service, ensuring that organizations have the support they need. With a low account opening requirement, even smaller nonprofits can take advantage of the benefits. 

Citizens Pros & Cons


  • High APY: Citizens Access provides a competitive Annual Percentage Yield (APY) on its savings account. This feature allows nonprofits to grow their savings at a rate that significantly benefits their mission.
  • No Monthly Fees: Nonprofits can appreciate the lack of monthly service fees, ensuring that more funds go toward their cause than banking expenses.
  • Accessible Customer Service: Citizens Access offers customer service via phone seven days a week, making it convenient for nonprofits to seek assistance when needed. Additionally, their website includes a chat function for quick support.
  • Low Account Opening Requirement: You only need a penny to open a new Citizens Access Savings account. This minimal requirement ensures accessibility for nonprofits of all sizes.


  • No Physical Branches or ATM Access: Citizens Access operates exclusively online, which means no physical branches or ATM access. Nonprofits requiring in-person banking services or ATM withdrawals may need to explore other options.
  • Limited Product Selection: While Citizens Access offers competitive savings options, it has a limited selection of products. Nonprofits seeking money markets or checking accounts may need to look elsewhere.

Citizens Access Savings offers a high-yield and low-cost banking solution for nonprofits, making it a viable choice for organizations aiming to maximize their financial resources while conducting most of their banking activities online.

9. Wysh

Wysh logo

Wysh’s innovative approach to savings and protection makes it a unique and promising option for nonprofit organizations looking to secure their financial future. Wysh introduces a groundbreaking concept that’s revolutionizing the world of savings and protection. This high-yield savings account combines the best of both worlds, offering a competitive 4.00% Annual Percentage Yield (APY) while including up to $10,000 in life insurance coverage. 

Wysh Pros & Cons


  • High-Yield Savings: Wysh boasts an impressive 4.00% APY, a rate ten times the national average. It means your nonprofit organization can maximize its savings while still having access to funds when needed.
  • Innovative Life Insurance Inclusion: Wysh is America’s first high-yield savings account with integrated life insurance. As you save, you unlock life insurance coverage, allowing nonprofits to secure their financial future and protect their interests.
  • No Minimums, No Additional Fees: Wysh takes a user-friendly approach with no minimum deposit requirements and zero additional fees. Nonprofits can start saving and earning interest without the burden of fees or high balance thresholds.
  • FDIC Insured: Funds held in your Wysh account are FDIC insured up to $250,000 through NBKC, providing peace of mind regarding the safety of your nonprofit’s savings.
  • No Medical Exam Required: Wysh simplifies the application process for life insurance. Unlike traditional life insurance policies, no medical exams or underwriting are needed. This makes coverage more accessible and convenient.
  • Digital Convenience: With mobile banking, Wysh offers the flexibility of digital transactions and on-the-go account management. The ease of mobile banking can streamline financial operations for nonprofit organizations.


  • Limited Life Insurance Coverage: Wysh’s innovative life insurance inclusion is unique, but the maximum coverage is capped at $10,000. Nonprofits with more extensive insurance needs might find this limit restrictive.

Wysh presents a compelling proposition for nonprofit organizations seeking to grow their savings while ensuring financial protection. Wysh simplifies the application process, eliminating the need for medical exams and underwriting, and provides digital convenience through mobile banking. 

High Yield Savings Account for Nonprofit

Best CD rates for Non Profit Organizations

When seeking the best CD rates for nonprofit organizations, Trybeem stands out as a competitive choice due to its specialized offerings tailored for nonprofits’ unique financial needs. Here’s why Trybeem might be the best option for your organization, followed by information on other institutions that also offer attractive CD rates for nonprofits.

Why Trybeem is a Top Choice of Best CD for Nonprofits

Trybeem distinguishes itself by providing CD rates that are not only competitive but also come with additional benefits that cater specifically to the needs of nonprofit organizations. Features might include:

  • Higher APYs on CDs: Trybeem often offers above-market interest rates on CDs to help nonprofits maximize their returns on reserves or designated funds.
  • Flexibility in terms: Understanding that nonprofits have varying cash flow needs, Trybeem might offer flexible terms on CDs, allowing organizations to choose durations that best suit their financial planning.
  • Specialized customer support: With a focus on nonprofit clients, Trybeem provides dedicated customer service teams that understand the specific challenges and needs of nonprofit financial management.

Other Institutions Offering Competitive CD Rates for Nonprofits

While Trybeem is an excellent option, it’s beneficial to compare offerings from other financial institutions as well. Some notable options include:

  1. Marcus by Goldman Sachs
    • APY: Offers CDs with rates such as 4.70% on a 13-month term.
    • Features: Provides high-yield CDs with low minimum deposit requirements, making it accessible for nonprofits of all sizes.
  2. Ally Bank
    • APY: Features a no-penalty 11-month CD at 4.00% APY.
    • Benefits: Allows withdrawal without penalty, offering flexibility for nonprofits that might need access to funds due to unforeseen circumstances.
  3. Live Oak Bank
    • APY: Known for competitive rates, such as 4.00% on certain terms.
    • Advantages: Besides attractive APYs, offers services tailored for business clients, including nonprofits, with excellent online banking facilities.
  4. Bluevine
    • APY: Offers a standout 2.00% APY on its business checking accounts, which can be beneficial in combination with CD investments.
    • Unique Selling Point: Zero monthly fees and high yields on checking accounts complement the benefits of CDs.


Nonprofit organizations are essential for addressing pressing societal challenges. Making sound financial decisions is crucial for their effective operation, and selecting the right bank account is a significant part of this process.

This is where a High Yield Savings Account For Nonprofit Organizations comes in. High-yield savings accounts are often an excellent choice for nonprofits, providing competitive annual percentage yields (APYs) that allow their funds to grow even when not actively used.

When choosing an account, several factors come into play, including monthly service fees, interest rates, digital banking tools, in-person services, and alignment with the organization’s values.

Beem’s High Yield Savings Account boasts an impressive 5.00% APY, helping nonprofits grow their savings substantially. It features flexible deposit options and transparency with no hidden fees. Axos Bank’s High Yield Savings Account offers a competitive APY with no monthly fees.

They have a substantial ATM network and an online banking platform, making financial management efficient for nonprofits. Barclays Bank provides a high-yield savings account with a robust 4.35% APY and no minimum deposit requirements.

They specialize in sustainable and impact investment solutions, making them an ideal choice for nonprofits focused on responsible investing.

Each bank tailors its offerings to meet nonprofit organizations’ financial needs. The decision should align with your organization’s requirements, values, and mission to maximize financial resources while effecting positive change.

When choosing the right account, carefully consider factors like accessibility, fees, and alignment with your organization’s values to ensure it serves as a valuable financial tool for your nonprofit’s mission.

Remember, choosing the best HYSA involves considering critical factors like interest rates, fees, minimum balance, and accessibility. Beem can help you find the best high-yield savings accounts to suit your needs.


Q. Can a nonprofit open a high-yield savings account?

A. Nonprofits can open high-yield savings accounts tailored to their unique financial needs.

Q. What type of bank account do nonprofits use?

A. Nonprofits often use high-yield savings accounts to maximize their funds.

Q. How much money can a nonprofit keep in their bank account?

A. The amount nonprofits can keep varies but can be substantial, depending on the account’s terms.

Q. How do I open a bank account for a nonprofit organization?

A. Opening a nonprofit bank account involves choosing a bank, providing required documentation, and meeting account criteria.

Q. Do I need a separate bank account for my nonprofit?

A. Yes, your nonprofit must have a separate bank account to maintain financial transparency and compliance.

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!



Picture of Allan Moses

Allan Moses

An editor and wordsmith by day, a singer and musician by night, Allan loves putting the fine in finesse with content curation. When he's not making dad jokes or having fun with puns, he's constantly looking to tell stories out of everything.


This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

How to Save Money From Salary?
How To Save Money From Salary?
Learn practical ways to save money directly from your income. Discover budgeting tricks, expense-cutting tactics, and intelligent savings habits suited to your salary level, allowing you to develop a solid financial foundation.
How to Save Money at Meijer
How To Save Money At Meijer?
Learn how to save money at Meijer using professional ideas and insider tactics. To get the most out of your Meijer shopping experience, let's look at ways to save money while enjoying everything Meijer offers.

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: