I'm on the board of a non-profit (501(c)3), and we're saving up for a capital project. We're located in a very rural area with limited banking options. We've been trying to find somewhere to park the funds until we've raised enough for the project. It seems that most of the current "high yield" (over 2%) savings accounts are geared toward individuals.Does anyone know whether there are any online savings accounts (must be FDIC insured) that will work with a non-profit? We're trying to avoid CD's, just in case we need to tap the funds for some other unanticipated expense (and our local bank is paying under 1% even for their 5-year CD's!), but we'd like to do better than the 0.1% (yes, really) that the local bank is paying, as we feel as though we're leaving a lot of money (close to $1000 at this point) on the table every year.
We've been trying to find somewhere to park the funds until we've raised enough for the project. It seems that most of the current "high yield" (over 2%) savings accounts are geared toward individuals.Why do you say that the online accounts are geared towards individuals? Have you been told that a non-profit cannot use these accounts by someone? We have most of our assets in a trust, and have had no problem using online banks for savings.Perhaps you could make a few calls to the online banks to see how they would recommend that you proceed.
Yes, our Treasurer was directed (when trying to create an account on-line) to call the bank's Customer Service number. When he did so, he was told that because the bank doesn't have a physical presence in our area, they couldn't allow him to open an account.
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