Blog

Can a Nonprofit Organization Have a Savings Account?

The information provided below does not, and is not intended to, constitute legal advice. All information, content, and materials available on this page are for general informational purposes only.

 

Every organization needs ways to save money for sudden expenses or planned expansions – that includes nonprofits. Like any business entity, a nonprofit organization has to balance revenue, which typically comes in the form of donations, with expenses, such as payroll or advertising. These functions are typically taken care of with a commercial checking account. But when revenue falls, expenses could be paid using funds from a savings account.

Any individual or business that has to meet regular financial obligations can find a savings account useful. Not only do these accounts make it easy to put money away for a rainy day, but they can also make your money work for you by offering interest on the current account balance, similar to some of Customers Bank’s interest-bearing commercial checking accounts, like our Commercial Interest Checking Plus Account. Nonprofit organizations are no exception to this, which is why nonprofits use savings accounts just like any other business.

Customers Bank is proud to offer savings accounts for our nonprofit clients, plus a range of other banking and lending products and services. Fill out our online form below to connect with a Team Member and learn more about banking solutions for nonprofits offered at Customers Bank.

Banking Services for Nonprofit Organizations at Customers Bank

In addition to savings account options for nonprofit organizations, Customers Bank can provide a wealth of cash management services that optimize revenue flows, guard against fraud, improve productivity, and streamline the banking process. Our dedicated banking specialists bring extensive industry experience to every relationship, allowing us to provide individualized service to our nonprofit clients. Learn more about all our nonprofit banking solutions below.

  • ACH services – The Automated Clearing House (ACH) network allows businesses across every industry to quickly and securely move funds where they need to go. Our ACH services make it easy to pay employees through direct deposit, send electronic payments to vendors, process large numbers of transactions, and schedule future disbursements. Prevent errors, improve your cash flow, and ensure on-time payments with ACH services from Customers Bank. 
  • Positive Pay: In an effort to prevent fraud, Customers Bank offers Positive Pay services to all of our nonprofit clients. This electronic tool will compare all checks presented for payment against those that have been issued, then alert you to any suspicious activity. Each client with Positive Pay retains the ability to ultimately accept or deny a given transaction, so you’ll have full control over your organization’s money.
  • Lockbox services: Many nonprofit organizations accept payment in the form of mailed checks, which can require time to process. With lockbox services from Customers Bank, you can improve office productivity and ensure faster access to funds. Our services involve collecting checks and depositing them in your account quickly and efficiently, essentially doing away with the processing of accounts receivable. Online reports are automatically updated to reflect deposits, and exceptions for certain payments can be detailed in advance for more precise cash flow.
  • Online and mobile banking: Because you’ll enjoy around-the-clock access to our secure web server, you can easily view your nonprofit’s account information whenever you want. Our web-based tools make it simple to conduct a variety of transactions or examine your organization’s past and current banking activity in real-time. Set up payment schedules, view check images, scan deposits, or transfer funds, all at the push of a button.

Comprehensive Financial Services for Nonprofit Organizations

Thanks to our years of experience serving nonprofit clients, the team at Customers Bank stands ready to meet all of your organization’s financial needs. From checking and savings accounts that generate interest to banking services that help you manage your money, we offer a range of tools and services to all our nonprofit clients. Connect with a Team Member today to learn more!

 

All products and services are subject to approval.