Can\u2019t I just use my personal account?<\/h3>
You and your group are separate entities. To safeguard both, it\u2019s wise to manage your organization\u2019s funds separately. This is practical, as you won\u2019t have to sort through personal and business transactions when tracking your group\u2019s finances or in the event of an audit. And considering that charities must keep financial records for up to 10 years, it\u2019s a good idea to keep things organized for easy reference.<\/p>
Compare bank accounts for nonprofits and community organizations<\/h3>
| Account<\/th> | Monthly fee<\/th> | Transactions<\/th> | Deposits<\/th> | Other<\/th><\/tr><\/thead> | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TD Community Plan<\/strong><\/td> $1.95<\/p><\/td> 5<\/p><\/td> 15 items, $2,500 cash<\/td> | Monthly fee rebate with $5,000+ balance, available in CAD and USD<\/td><\/tr> | TD Community Plus Plan<\/strong><\/td> | $4.95<\/p><\/td> 30<\/p><\/td> 30 items, $5,000 cash<\/td> | Monthly fee rebate with $10,000+ balance, available in CAD and USD<\/td><\/tr> | CIBC Not-for-Profit Operating Account<\/strong><\/td> | $4<\/td> | 30<\/td> | $5,000 cash, $500 coin, 30 cheques<\/td> | Monthly fee rebate with $5,000+ balance<\/td><\/tr> | Royal Business Community Account<\/strong><\/td> | $3.75<\/td> | 10 debits, 5 credits<\/td> | 10 items<\/td> | Link an eligible RBC Business card to your Petro-Canada card to save 3\u00a2\/L<\/td><\/tr> | Scotia Basic Business Account<\/strong> | (large charitable organizations)<\/p><\/td> $10.95<\/td> | 50% off (registered charities), 35% off (community groups)<\/td> | $1-$5 per item<\/td> | Monthly fee waived with $8,000+ balance, available in CAD and USD<\/td><\/tr> | Scotia Community Account Plan<\/strong> | (small charitable organizations)<\/p><\/td> $3<\/td> | 10<\/td> | 10 items, $2,500 cash<\/td> | No deposit fees on payment processing, can get funds the next day with Chase Merchant Services<\/td><\/tr> | BMO Community Account<\/strong><\/td> | $2.50<\/td> | 20 (including 5 in-branch deposits)<\/td> | 25 items, $2,500 cash, $250 coin<\/td> | Monthly fee waived with $5,000+ balance<\/td><\/tr><\/tbody><\/table> | Information last verified May 22, 2024.<\/em><\/small><\/p> |