Which Bank Account is Best for Youth Sports Teams?

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In researching the best way to set up a team bank account for a youth sports team, we spoke to several banks and found out which accounts each bank offers to teams, as well as the terms and conditions of those accounts.

The relationship between sports teams and bank accounts is not an ideal one, as many of the fees require monthly balances or transactions throughout the entire year, while most sports teams operate on a seasonal basis.

With that said, here are the pros and cons of each of the four banks we talked to: Bank of America, US Bank, Wells Fargo, and Citibank. Keep in mind, your mileage may vary and banks change their pricing all the time.

Bank Of America

Bank of America offers the “Business Fundamentals” account to youth sports teams looking to set up a bank account in the team’s name. The team will be listed as an associated unincorporated non-business. Here are the pros and cons of this account:

Bank of America Pros:

  • Online banking
  • Multiple people can sign for the account
  • Debit/credit card available (but separate application)

Bank of America Cons:

  • $100 opening deposit
  • Monthly banking fee – Differs from state to state, but expect around $15 if requirements to waive fee aren’t met

How to Get Fees Waived:

To waive the monthly banking fee, the account must meet one of the following requirements:

  • Minimum daily balance of $3,000 during the month
  • Average daily balance of $5,000 during the month
  • If you have an organization with multiple accounts with Bank of America (perhaps one for each team), maintain a minimum daily balance of $15,000 during the month
  • Spend at least $250 on the team debit or credit card

With online banking, multiple signers, and the ability to apply for a team debit or credit card, Bank of America’s “Business Fundamentals” account can be a good option for youth sports teams. However, it can be difficult for teams to meet the requirements to waive the monthly banking fee, especially when outside of their season.

US Bank

US Bank offers the “US Bank Silver Business Package” to clubs and teams with no monthly charge. While the account does have a few restrictions, no monthly management fee makes this an enticing option for youth sports teams.

US Bank Pros

  • No monthly fees
  • Online Banking
  • Team Debit Card
  • No minimum balance required


US Bank Cons

  • $100 opening deposit
  • Only 30 deposits per month allowed
  • Only one owner and one signer with limited access allowed on account
    This offering from US Bank is enticing for teams who want a basic bank account with no fees. However, larger organizations may run into an issue with only 30 deposits allowed per month if you’re collecting a lot of player dues by check. Finally, it’s unfortunate that the account only allows one owner and one signer, as this limited access does not make easy the financial transparency and flexibility that many teams strive for.

Wells Fargo

Wells Fargo offers two options for your youth sports banking needs. First, their “Simple Business Checking” account, and secondly, their “Business Choice Checking” account. The two accounts differ in their fees and restrictions, but you can upgrade or downgrade if you realize the other account may better suit your team’s needs.

Wells Fargo Pros

  • Minimum deposit is just $25
  • Monthly management fee is waived for the first two months
  • Online Banking
  • Team Debit Card
  • Easy to switch between Simple Business & Business Choice account

Wells Fargo Cons

  • Monthly banking fee – $10/month for Simple Business, $14/month for Business Choice
  • Limit on transactions – 50 transactions/month for Simple Business, 200 transactions/month for Business Choice
  • $0.50 per transaction after this transaction limit is met
  • Limit on cash deposits
  • $3,000 in cash deposits/month for Simple Business, $7,500 in cash deposits/month for Business Choice
  • $0.30 per $100 cash deposited after deposit limit is met

Ways to Waive Monthly Banking Fee

  • Use business debit card at least 10 times/month
  • Maintain a $500 average ledger balance for the Simple Business account; maintain a $7,500 average ledger balance for the Business Choice account

Wells Fargo’s offerings make it easy for a youth sports team or organization to get up and going with a team bank account without many up-front costs. The accounts do come with a monthly fee, but the requirements to waive these fees are relatively easy to achieve compared to some other banks. Finally, keep in mind that there are transaction limits, so you may have to monitor how often your account is being used each month.


Citibank offers the Small Business Streamlined Checking account to youth sports organizations looking to open an account. This account offers a lot of transparency as it allows many different people in the organization to have access to the account. However, Citibank does not operate in all states, so you have to make sure there is a branch near you.

Citibank Pros

  • No initial deposit
  • Multiple signers on the account (up to 99)
  • Online banking
  • Non-signers can have online access


Citibank Cons

  • Monthly banking fee – approximately $17
  • Transaction limit – 250/month
  • Limited locations
  • Difficult to waive monthly banking fee

How to Waive Monthly Banking Fee:

  • Must have average daily ledger balance of at least $5,000

While the transparency of the account is attractive, the limited locations and monthly banking fee can make the Streamlined Checking account a tough sell for many youth sports teams. However, if you’re in an area where Citibank does business and maintain a high monthly balance, Citibank may be worth a look.

Open A Bank Account Online With Snap! Spend

Snap! Spend’s digital bank account has everything you need to manage your team or club finances. Snap! Spend helps you budget for expenses, track player dues, accept online payments, and track spending all integrated with your digital bank account.