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Best billing format for client for non-profit organizations

today we're discussing the five best banks for nonprofits not only are we going to compare the pros and cons of the top five services but we're also going to discuss what you'll need to open a bank account for a non-profit organization so before we get to our top five banks let's dive into what you are going to need to get your non-profit bank account set up the first thing that you need is your employer identification number or ein that's your tax id number the second thing is proof that your company is a non-profit and this can include documents like articles of organization charter and any other legally recognized document and finally you're going to need a government issued id and social security number for every single person in your company that will be able to make transactions on behalf of the company with that out of the way let's take a look at the top five best banks for non-profits number one novo novo isn't technically a bank it's an fdic insured platform that acts like a bank in many different ways but it might as well be the best bank possible for all kinds of non-profits but it is missing one crucial feature we'll start off with the positives though so this is a bank with almost no hidden fees at all there are next to no startup costs with this bank which is crucial for a lot of small non-profits it's also highly convenient and easy to use it's primarily a digital banking service although you can withdraw as much cash as you'd like from an atm for free their online support is next to none and so is their app but the one big downside is that novo lacks cash deposits and if that's something you need you might want to check out the next bank on our list but before that i'm going to mention real quick that there is a link in the description below for the banking services mention it is an affiliate link which means you get the best possible promotions available and we may make a commission as well smart nonprofits know they need to move quickly to grow so check out those links right away number two doesn't really need an introduction does it the great thing about it is it's vast network and you'll get support in almost every corner of the us if not the entire world it's more of a traditional bank and it's the go-to for most non-profits looking to open their first account they also arguably have more support for nonprofits especially when it comes to financing more than any other bank out there if the lack of cash deposits was a deal breaker for you when it came to novo then is by far the next best alternative to it number three blue vine blue vine isn't a traditional bank but a fica insured platform that acts similarly to a bank regardless opening a blue vine account can be great for your non-profit for starters blue vine has one of the best checking accounts you can open right now it has no monthly fees no transaction fees or any hidden charges there's a 1.5 apy on qualified balances up to 100 000 as long as you either spend 500 a month on your blue vine debit card or you receive 2 500 per month in customer payments directly into your account as for the downsides the lack of branches can be a pain sometimes and there are very high charges for cash deposits but still if you're going to go digital blue vine is a great option number four tiaa bank tiaa bank is another great option for nonprofits much like bluevine tiaa also gives you an annual percentage yield but unlike blue vines there are no minimum requirements you have to meet although the yield is a lot lower 0.1 percent versus 1.5 for blue vine it's still a great feature aside from that there are a few downsides for example if you want to waive financial fees you need to have a minimum balance of 5 000 you also need to make a minimum deposit of 1 500 to the start of the account overall tiaa can be a bit restrictive to say the least but it's still a great option number five axios another traditional bank axios doesn't offer apy or anything else like that but it does make it extremely easy for any non-profit to open a bank account there are no monthly fees minimum balances or minimum deposits and all atm fees are refunded however cash deposits can only be made at green dot locations and they're subject to a 4.95 fee per deposit overall this is still a pretty great balance between all of the banks we mentioned but axios isn't particularly good at any of its features it only tries to balance them so if you're not using cash in your non-profit novo is a great option for you but if you do have cash needs then a traditional banking service would probably fit you best now if you're going to have employees at your non-profit then you're going to need a payroll service you can trust check out the video on the screen that's going to walk you through gusto payroll and why it's such a great payroll service bye everyone i'll catch you guys on the next video