Holdings vs. Axos Bank: Best Fee-Free Nonprofit Banking Guide

When you’re buying snacks for volunteers, juggling grant requirements, or wrangling spreadsheets for your board, the last thing your nonprofit needs is a banking platform that slows you down—or charges you for the privilege. That’s why choosing the right bank can be a gamechanger for impact-driven organizations. Here’s a deep dive into how Holdings stacks up against Axos Bank, with every insight and instruction tuned for the nonprofit world.

The Nonprofit Reality: Why Banking Details Matter

Every penny in your nonprofit’s account might be earmarked for a specific project or purpose. Whether you’re a growing organization juggling recurring grants or a grassroots group operating with a lean team, you need accounts that don’t nickel-and-dime your mission. You want real returns on your reserves, zero fees to sap your impact, and tools to track every dollar—by fund, grant, or campaign.

That’s exactly what Holdings was built to provide. Still, there’s no such thing as “one size fits all” in the sector, so let’s lay out the facts.

At a Glance: Holdings vs. Axos Bank

If your nonprofit is searching for an account where every dollar earns a healthy return and fund tracking is easy—Holdings is designed from the ground up for you.

Supporting the Full Nonprofit Spectrum

Nonprofits run the gamut—from a single-program startup with a part-time director to complex, multi-grant organizations with a full finance team. Holdings flexes to support both, providing:

• Segmentation without spreadsheets: Organize cash by grant, fund, or program without manual effort.

• Team spend without stress: Disperse cards with custom controls to board members, volunteers, or project leads.

• Easy bookkeeping: Get help from experts or plug into your own system—your call.

• Compatibility, not competition: Use Holdings to “upgrade” your financial workflow, not replace what already works.

A Closer Look at Holdings

What does real nonprofit support look like in a bank account?

Zero Fees, Ever

No monthly maintenance charges, no overdraft, and no wire/ACH fees. That means every donation, grant, and earned dollar actually goes to your mission—not your bank.

Real Returns, Always

Every balance in every account earns 2% APY, with no hoops, no caps, and no hidden requirements. That’s real, passive income that supports your programs without extra fundraising.

Instant Segmentation

Open as many virtual accounts as you want—instantly split funds by program, grant, campaign, or time period. For compliance or board reporting, every account is tracked and audit-ready.

Spend Controls for the Whole Team

Issue debit and virtual cards to staff and volunteers. Restrict by purpose, set spending limits, and get real-time visibility. Policies are built-in, making safe delegation easy.

Expense Management Made for Nonprofits

Track purchases by grant or program automatically. Approve expenses with a click, upload receipts from a phone, and sync clean data back into your books.

Integrated Bookkeeping

Optional bookkeeping services mean you’ll never fall behind, even if you lose your bookkeeper (or never had one). Holdings can also sync directly with existing accounting solutions.

Axos Bank: What’s on Offer for Nonprofits?

Axos Bank is an online-first option that appeals to organizations seeking traditional checking and simple digital features. Here’s what you get:

Fee-Free Structure

No monthly fees and a friendly digital portal.

Interest, But Lower

A nonprofit money market earns just 0.20% APY—significantly less than what Holdings pays out. Most checking services don’t earn interest at all.

Limited Cash Handling

Axos Bank does not support cash deposits—a challenge if your organization accepts donations at events or deals with physical currency through daily operations.

Accounting Sync

You can connect to QuickBooks, but the workflow is more “add-on” than built-in. Manual intervention may be required to keep everything in sync.

Loan Access

If your nonprofit is interested in traditional lines of credit or loans, Axos offers business financing—a consideration for capital-driven organizations.

Where Holdings Truly Shines for Nonprofits

• Consistent 2% APY on every balance, not limited to certain accounts or balance minimums.

• Simplicity and Clarity: No confusing fees or restrictions—what you see is what you get.

• Real Nonprofit Tools: Virtual accounts for grants, integrated spend management, and customizable team access.

• Hands-Off Compliance: Automated reporting, audit-ready statements, and records stored securely in the cloud.

• Human Support: Full bookkeeping packages or just the banking tools you love. Holdings is flexible by design.

What If You Have (or Love) QuickBooks or Sage Intacct?

Great—you don’t have to give them up. Holdings integrates directly with leading accounting software, making it easy to sync transactions, map grants, and maintain clarity for your board or funders.

If you outgrow spreadsheets (or never want another one), you can leverage the built-in Holdings accounting tools. Or, if you want to keep your system but supercharge cash and expense control, Holdings becomes your add-on—never a forced full replacement.

Expense Management That Supports Your Staff and Volunteers

Your staff, board members, and volunteers are the heartbeat of your mission. But the classic “buy what you need, then wait for reimbursement” culture causes headaches for everyone.

Holdings fixes this by letting you:

1. Issue virtual or physical cards for specific programs, events, or grants.

2. Set controls and budgets in advance—no surprise overspending.

3. Track transactions in real time from any device.

4. Upload photos of receipts instantly.

5. Approve or flag expenses with a click.

No more weaving through multiple platforms or building expense reports in Excel. Holdings automates the entire process—saving time for teams at any scale.

Bookkeeping Help When You Need It (Not Just When You Can Afford It)

No in-house bookkeeper? No problem. Holdings provides optional, affordable bookkeeping as a subscription—think “add expert support only when you need it.” This can include catch-up services, automation, and advice—all with nonprofit audit and compliance in mind.

If you already have a team or a favorite bookkeeper, you don’t have to switch. Holdings can be just the banking nerve center your team needs.

Handling Cash Shouldn’t Be a Hassle

Many banks are going cashless, but nonprofits know that bake sales, event revenue, and cash donations haven’t disappeared.

• Holdings supports cash deposits at more than 55,000+ Allpoint® ATMs.

• Quickly moves funds into and out of the right virtual accounts.

• Zero deposit or handling fees—so every dollar counts.

By contrast, Axos Bank does not currently support cash deposits, which can complicate operations for organizations that do any in-person fundraising.

Turn Compliance Into a Breeze, Not a Burden

Holdings doesn’t just support easy reporting—it practically automates it:

• Segment funds instantly for each restriction, grant, or campaign.

• Generate reports and dashboards that align with your auditor’s expectations.

• Store supporting documentation and receipts matched to each transaction.

• Prepare for annual audits in hours, not weeks.

The time saved on administrative compliance can be reallocated to your mission—whether it’s running programs, supporting communities, or leading advocacy efforts.

Safety, Security, and Peace of Mind

Holdings uses industry-leading security practices and meets SOC standards. All deposits are insured up to $3 million (that’s 12 times many standard online banks).

This means you can manage large government contracts, one-time gifts, and ongoing reserves—without worrying about coverage or security gaps.

Team Spending—Modern P-Cards for Mission-Driven Work

Remember when purchase cards (P-cards) meant risk? Holdings takes a modern approach, letting you empower your team without losing control:

• Assign cards to specific events, volunteer teams, or project managers.

• Set granular spending caps and program limits.

• Pause or deactivate cards instantly.

• Review spending across programs in one dashboard.

Empowering your team responsibly has never been clearer—or safer.

Instructions: How to Set Up Holdings for Your Nonprofit

1. Apply for a nonprofit account at Holdings (the application is simple and made for 501(c)(3)s of all sizes).

2. Once approved, open unlimited virtual accounts—just name each by grant, program, or fund.

3. Add debit or virtual cards for specific staff and volunteers.

4. Set custom limits and spending policies by user, card, or fund.

5. Connect Holdings to your accounting system for seamless recordkeeping. If you don’t use accounting software, rely on Holdings’ built-in tools.

6. Use the cloud dashboard to view all activity, transactions, and balances. Export summary reports for your board or auditor at any time.

7. Enable expense management for your team. Every purchase can be uploaded, categorized, and tracked—receipts included.

Reality check: Many of these steps happen automatically or are “set and forget” processes, lightening the load for your already-busy staff.

Who Benefits Most From Holdings?

• Grassroots Orgs: Just get started with one account and scale as grants and programs grow.

• Growing Nonprofits: Manage growing complexity, especially when tracking multiple designated funds or government contracts.

• CFO-Led Organizations: Integrate with Intacct, QuickBooks, or Xero to maintain sophisticated workflows without losing nonprofit controls.

• Volunteer-Driven Teams: Empower those closest to your programs to spend within boundaries—no more waiting weeks for reimbursement.

• Orgs Without Finance Staff: Use built-in bookkeeping and expense tools. Catch up, stay clean, and focus on serving, not sorting receipts.

When Might Axos Bank Suit Your Nonprofit?

Axos Bank is a fit for organizations with simple needs, such as:

• Digital-only operations, no cash donations or deposits needed.

• Prioritizing free incoming wire transfers.

• Interested in business financing, like loans or credit lines.

• Existing QuickBooks users who are comfortable with manual syncing.

• Comfortable with a “set and forget” checking account, basic bill pay, and low-touch operations.

Fees and Limits: Head-to-Head

Holdings

• No fees, ever: No monthly, transaction, or maintenance charges.

• No wire/ACH or transfer fees.

• Unlimited free money movement.

• No minimum balance required.

• All balances earn 2% APY, no caps or tiers.

Axos Bank

• No monthly fees.

• Outgoing wire transfer fees apply.

• No support for cash deposits.

• Money market account earns 0.20% APY (limited, not for checking).

• Manual tiered interest for savings only.

• Loan and line of credit options (nonprofits must qualify).

The Holdings Difference, Summed Up

Nonprofits are often asked to do much with little. Holdings is the rare banking platform that understands the need for every dollar to count—for every check to be tracked by fund, every card tied to a program, and every balance to grow without effort.

Whether you need to segment grant funds, empower volunteer leaders, or ensure the board always sees clear, audit-ready numbers, Holdings has built its tools to work with you—not against you. And if you need to layer in advanced accounting or connect to favorite apps, that’s fully supported.

Ready for Simpler, Smarter Nonprofit Finance?

If you’re tired of sweating every deduction, manually sorting receipts, or wrangling spreadsheets to track restricted funds, Holdings could be the breath of fresh air your organization deserves.

Getting started is a breeze, and you can scale up or down as your mission expands or contracts. You can use just the banking tools, just the expense management, or lean on full bookkeeping support. That’s real flexibility—no switching costs, just more control.

Still Have Questions? We’re Here for You

Holdings is more than a digital platform—it’s a support system. Whether you’re exploring a new direction, mapping out funds for the next grant cycle, or just want to make audit season less stressful, our team is always ready to guide you.

Every nonprofit is unique. With Holdings, your finance workflows can be too.

Start Now: Bring Your Nonprofit Finance Into Focus

Take control, earn more, and spend less time on compliance—all while making mission the star of your show. Ready to experience nonprofit banking the way it should be? Set up a Holdings account and get back to what matters most: doing more good.