Devote: The Best High-Yield Savings Account for Churches and Ministries
Churches and ministries in the U.S. are waking up to a surprising fact: they could be earning tens or even hundreds of thousands of dollars in free money each year, simply by moving their cash into a high-yield savings account (HYSA). With interest rates riding steady, the days of leaving millions in a bank account earning almost nothing should be over. In this article, we’ll explore why Devote’s HYSA is emerging as the top choice for medium and large churches, and how it helps ministries be better stewards of their funds. We’ll cover what HYSAs are, how much cash churches typically hold (and how much interest they’re missing), the power of fund “buckets” for transparency, and a case study of a church that transformed its finances with Devote. We’ll also compare Devote’s standout features. From market-leading APY and massive FDIC insurance to unlimited sub-accounts and QuickBooks automation that make it a trusted, mission-aligned financial partner for ministries.
Why Most Churches Miss Out on Free Interest Income
High-yield savings accounts (HYSAs) are simply savings accounts that pay much higher interest rates than the typical bank offers. Traditional savings accounts at big banks have an average interest rate around 0.4% or less, meaning your money barely grows. In fact, a $1,000 deposit in a typical 0.4% account earns only about $4 in a year. By contrast, few high-yield accounts today offer ~3% APY, which is roughly 8× more interest than the national average.
For example, as of mid-2025 some of the best personal HYSAs pay around 4–5.0% APY. Even certain faith-based credit unions promote rates like 5.00% APY , but often only on small balances (e.g. up to $5,000) before dropping to near-zero for larger amounts. Unfortunately, most churches still keep their reserves in standard bank accounts or basic money market accounts that often pay under 1% interest. Big commercial banks especially are notorious for low rates, many still offer 0.01%–0.25% APY on savings for nonprofits. In practical terms, that’s almost no return at all.
A typical big bank pays almost nothing in interest, whereas Devote’s high-yield savings offers a dramatically higher return. In this example from Devote’s platform, a $3 million balance at 3.00% APY would earn about $67,500 in a year, money that can go back into ministry.
Switching to a high-yield account is one of the easiest “wins” for church finances. It requires no fundraising, just moving existing funds to a better environment. Higher interest is essentially free income for your ministry’s mission. As financial author George Kamel quipped, traditional savings grow as slowly “as a middle school boy,” while “plenty of high-yield savings accounts offer rates over 3%... nearly 8 times more” than average banks. The key is finding an account that not only offers top-tier yield but is also tailored for nonprofits, which is where Devote shines.
How Much Idle Cash Churches Hold – And What It’s Costing Them
It might come as a surprise, but many churches sit on substantial cash reserves that are often not working for them. Recent studies show that churches (especially medium and large ones) typically keep several months’ worth of operating expenses in cash reserves. In a 2023 survey of nearly 300 churches, the average church had about 30 weeks of cash on hand in reserves (roughly 7–8 months). Very small churches tended to have even more saved (average ~49 weeks), while megachurches averaged around 19 weeks of reserves. Financial experts generally recommend at least 13 weeks (a quarter’s worth) of reserves for stability, and many churches wisely maintain far more.
The problem is how those reserves are stored. According to an analysis of 300,000 nonprofit financial filings, an astonishing number of organizations keep their funds in accounts paying minimal or zero interest. This happens because most banks offer “incredibly low interest” on standard checking and savings. Often far below even the prevailing Fed rates. For nonprofits (including churches) that don’t proactively seek higher-yield options, the result is a huge missed opportunity. Collectively, U.S. nonprofits are losing billions of dollars in interest earnings each year by storing money in low-yield bank accounts. In other words, money that could be supporting ministry is left on the table.
How big is the gap? Consider a single church with, say, $5 million in reserves (not unusual for a medium-large church). In an average bank account at ~0.1% interest, that $5M might earn only about $5,000 a year, essentially negligible. But in a high-yield account at, for example, 3% APY, that same money would earn $150,000 or more annually. About 30x what it would earn at a typical big bank (Chase or Bank of America at 0.01% APY.) Multiply that difference across tens of thousands of churches nationwide, and it truly amounts to billions in unearned interest that could be fueling ministry work.
Simply put, many churches have God’s provision already in their accounts, but it’s not yielding fruit because it’s in the wrong “soil.” By moving from a 0.1% account to a 3% account, a church can instantly create new revenue without asking members for a dime. This is why savvy church finance leaders are now “requesting an increase in the interest rate on their bank’s accounts” or shifting funds to better vehicles. As CPA Tim Samuel advises, “strategically managing cash flow” means keeping only what you need for 1–2 weeks of expenses in checking, and putting the rest in interest-bearing accounts. Yet, too many churches haven’t made this shift. Often out of habit, lack of awareness, or concerns about complexity.
Buckets Bring Biblical Clarity to Your Finances
Beyond yield, another challenge for church finances is transparency and trust. Church boards, auditors, and donors all want to know that funds are allocated and used as intended. This is where segmented fund “buckets” come in. This is the practice of dividing money into categories (operating reserve, building fund, missions fund, etc.) within your accounts. Adopting a “bucket approach” provides what we might call biblical clarity to church finances. It echoes the principle of “storehouses” in scripture. Ensuring each gift is set aside for its purpose, much like Joseph storing grain for specific needs.
According to nonprofit investment advisors, segregating funds by their designated use makes the organization’s financial position much clearer to all stakeholders. Instead of one big pool of money where things get blurry, you have labeled buckets for each major purpose. This clarity builds confidence with your board and finance team and with donors. When a donor gives to the “Missions Fund,” and you actually have a Missions sub-account, they can rest assured those dollars are earmarked properly. It “maintains transparency regarding the allocation and utilization of funds,” which fosters accountability and trust. For auditors, segmented funds also mean easier tracking and reporting. Essentially audit-readiness by design, since every dollar has a clear home.
Leading church financial consultants outline common fund buckets for large churches:
Operating Reserves – for day-to-day stability (e.g. a reserve equal to a few months of expenses).
Capital Expenditure Reserve – savings for building projects, facility upgrades, major repairs
Long-Term or Endowment Funds – investments set aside for future security or unforeseen needs.
Designated/Restricted Funds – monies given or set aside for specific projects or ministries (missions, benevolence, etc.).
By organizing accounts this way, churches gain ease of understanding of their finances. It becomes obvious how much is available for each purpose. Decision-making improves because leadership can see which “bucket” has surplus or shortfall and act accordingly. In short, “by segregating funds according to their use, the financial position becomes clearer” and it’s easier for everyone to comprehend the church’s resources. This clarity is not just good accounting; it’s good stewardship. It shows donors and members that the church handles money “worthy of the Lord” with integrity, planning, and openness.
Devote’s approach is heavily influenced by this bucket philosophy. In fact, Devote’s platform allows ministries to create unlimited sub-accounts for different funds or grants. Each sub-account acts like a digital “envelope” or bucket, with its own balance and tracking. This means a church can keep, for example, its General Fund, Building Fund, Missions Fund, and Emergency Reserve all under one roof but clearly partitioned. Such structure not only brings peace of mind internally, but also makes reporting to the congregation straightforward. You can show that “$X is in our building fund earning interest, $Y in our missions account…” and so on. It’s a modern tool that delivers age-old biblical wisdom: “Be diligent to know the state of your flocks and herds,” in this case, know the state of each fund.
Case Study: A 2,000-Member Church Unlocks $200,000 in New Income
To see how these concepts translate into real impact, let’s look at a (hypothetical but realistic) case study based off of real customers. First Community Church is a medium-large congregation with about 2,400 attendees. Thanks to years of faithful giving, they had accumulated roughly $7 million in reserve funds (for operations, building, and rainy day needs). However, all that money sat in a standard checking and savings at a national bank, earning around 0.1% interest. Essentially, the church was getting almost nothing (around $7,000 a year) from these reserves. Meanwhile, inflation and missed opportunities meant the funds were actually losing value over time.
In 2024, the church board, led by CFO Jane Doe, decided it was time to be more intentional with God’s money. They learned about Devote’s nonprofit-focused high-yield account and were impressed by its features. The church opened a Devote High-Yield Savings Account and transferred $7M of its reserves, keeping only a small amount in their spending account for weekly expenses. Immediately, the difference was dramatic. At Devote’s current rate (around 3.00% APY), that $7M started earning roughly $210,000 per year in interest, compared to the previous $7k! This was like finding a new revenue stream for ministry. The senior pastor joked that “the bank was the biggest donor we never had.” In essence, by switching to a higher yield, the church unlocked six figures of additional income annually. Money now available for missions, staffing, or community outreach that had cost nothing extra to generate.
Equally important was how Devote helped streamline their financial management. Using Devote’s built-in tools, First Community Church segmented that single account into more than five sub-accounts (buckets):
General Operating Fund – for regular budget and operating reserves (about $2M of the total).
Building Fund – reserved for a planned future campus expansion ($3M).
Missions & Outreach Fund – designated gifts and budget for missions ($500k).
Emergency Reserve – a contingency fund for disaster or major repairs ($1M).
Designated Gifts Funds – a few more sub-accounts for various restricted donations (scholarships, benevolence, etc., totaling $500k).
Devote’s platform made it easy to set up these buckets and transfer money between them with a few clicks. All $7M was still FDIC-insured via Devote’s sweep network, so the church’s entire balance was protected far above normal FDIC limits. Each bucket earned the same high interest rate, and monthly statements showed interest accrued per sub-account, which thrilled the finance committee. Transparency went through the roof. At any given moment, Jane could open the Devote dashboard and see, for instance, that the Building Fund bucket had $3,045,000 (including interest earned) and the Missions Fund $510,000, etc. This granular visibility improved audit readiness and donor confidence. When the church reported finances at the annual meeting, they could clearly communicate how much was in each fund and even how much interest those funds had earned for kingdom work.
Another game-changer was Devote’s integration of corporate cards and bookkeeping automation. The church had about a dozen staff members who needed to make purchases (pastoral staff, department heads, etc.), and previously they either shared one credit card or did reimbursements. Leading to a lot of manual accounting. Devote provided the church with a set of Devote Cards (Visa corporate cards) for their team. They issued physical cards with custom spending limits for employees in each ministry department. For example, the youth pastor got a card linked to the Youth Ministry budget (a subset of the General Fund), and the missions director’s card was tied to the Missions Fund bucket. Every transaction on these cards was automatically categorized and synced to QuickBooks in real time. No one had to spend hours coding transactions or matching receipts. They simply uploaded a photo of the receipt, and Devote’s system logged it to the right fund and account. The platform can even tag expenses by grant or program via those sub-accounts, which is perfect for churches that receive specific grants or have restricted gifts.
The result? The finance office estimated they saved around 10–15 hours of manual work each month thanks to Devote’s automation (in line with other nonprofits who save an average of 13 hours/month). Bookkeeping that used to take days now took minutes, freeing the church administrator to focus on higher-level financial planning and ministry. Furthermore, the Devote Card’s controls gave greater oversight: they could set spending caps and category restrictions for each card (for instance, the missions card could only be used at certain vendors or for travel, etc.). This prevented misuse and aligned spending with the church’s budget intentions. All transactions flowed into a central expense management dashboard, making expense approvals and audits painless.
After a year of using Devote, First Community Church saw tangible benefits: over $200k in new interest income, a far smoother audit with no findings (the auditors appreciated the clear bucketed accounts), and a happier finance team with much less data entry to do. Donors responded positively too. One major donor said it gave him confidence to increase his giving, knowing the church was maximizing every dollar and managing funds with modern transparency. What’s more, the church’s leadership felt aligned with their stewardship values: they were no longer the servant who buried the talent in the ground, but rather the faithful stewards putting resources to work (Matthew 25:27). In short, Devote helped this church turn idle assets into active ministry fuel, while also bringing order and clarity to their financial house.
The Most Trusted HYSA Built for Ministries
Why is Devote emerging as “the” high-yield savings account for churches and ministries? In one word: it’s built for you. Unlike generic banks or fintechs, Devote was designed exclusively for nonprofits and faith-based organizations. It combines the best perks of a high-yield account with features tailored to church needs. Let’s break down Devote’s standout features and see how it compares to other options:
💰 Highest Yields for Nonprofits: Devote offers a very competitive interest rate (3.00% APY) on all balances. This is significantly higher than what most banks or credit unions offer nonprofits. (Many church accounts at big banks start at just 0.01–0.25%, and even specialized nonprofit accounts often max out around 0.5–1.5% for larger balances.) In fact, in a comparison of top options, Devote’s rate outpaced others like Atmos Financial (up to 1.45% APY) and Axos Bank (~0.61% APY) by a wide margin. Your ministry’s money grows faster with Devote.
🏦 Unparalleled FDIC Insurance (Up to $50 Million): One worry with moving to a high-yield or online account is insurance limits, typical FDIC coverage is $250,000 per bank, which many churches exceed. Devote solves this via a sweep network of banking partners. Funds are FDIC-insured up to $50,000,000 (yes, 50 million) per organization. That means even the largest megachurch or denominational fund can keep tens of millions safe and insured. By contrast, keeping $5M in one bank would leave $4.75M unprotected (unless you juggle multiple bank accounts). With Devote, you don’t have to split funds across banks, you get both high yield and complete peace of mind that every dollar is federally insured.
🗂️ Unlimited Fund “Buckets” (Sub-Accounts): As discussed, Devote enables unlimited sub-accounts within your main account to track designated funds, reserves, and programs separately. This is a game-changer for churches. Few banks offer anything similar without opening multiple accounts. With Devote, you log into one dashboard and see all your buckets, each earning interest and each with its own balance. Want to add a new fund for a youth center project? It takes seconds to create a sub-account. This segmentation greatly improves internal controls, transparency, and donor reporting. Devote essentially gives you an integrated fund accounting system at no extra cost.
💳 Integrated Corporate Cards and Expense Management: Devote doesn’t have to be just a savings account, it’s part of a broader financial platform. Ministries can get the Devote Corporate Card for staff, which links directly to your Devote funds at no cost. You can issue unlimited cards (physical or virtual) with custom spending limits and category restrictions per card. Every purchase data flows into Devote’s system, where you can upload receipts and tag expenses to the appropriate fund. The platform then syncs transactions to your ERP in real time, eliminating manual data entry. Essentially, Devote provides a full spend management solution alongside the HYSA. This is a unique benefit you won’t get with a normal bank account. (In fact, NerdWallet recently rated the Devote Card as “the best spend management platform for nonprofits)
🧮 QuickBooks and Accounting Automation: Churches often struggle with bookkeeping workload. Devote was built to ease that burden. As noted, it auto-categorizes and syncs transactions to the ERP) It also can track sales tax for exemption purposes on purchases, a small but handy feature for churches. The time savings are significant: nonprofits using Devote report saving dozens of hours per quarter on bookkeeping and reconciliations. For a church finance team, this means fewer late nights with spreadsheets and more time for analysis and mission-focused planning.
💵 No Fees, No Minimums: Unlike some banks that charge monthly fees or require hefty minimum balances for business accounts, Devote’s account comes with no monthly fees and no minimum balance requirements. There are zero fees to open and maintain the HYSA, and no sneaky charges. This is crucial for stewardship, you shouldn’t have to pay to access your own money. Every dollar can go toward ministry, not bank fees.
🤝 Mission-Aligned and Trusted: Devote isn’t a secular bank adding a veneer of service to churches; it’s a mission-driven company built by people who understand nonprofits and ministries. Their branding and approach are faith-friendly and nonprofit-first. This values alignment matters, you get modern fintech innovation without compromising on the values and service ethos that ministries expect. In terms of credibility, beyond Devote’s own references, independent sources are taking note: NerdWallet’s experts specifically evaluated nonprofit cards and named Devote as a top choice, and other financial advisors have begun recommending Devote for churches. With dozens of churches already using it across 20+ states, it’s quickly building a track record in the faith community. In short, Devote can rightly be called “the most trusted HYSA built for ministries” because that’s been its focus from day one.
To illustrate the difference: If we compare Devote vs. a typical bank vs. a credit union for a large church’s savings:
Big Bank XYZ: 0.05% APY, $250k FDIC cap, one generic account (no sub-accounts), $15 monthly fee (waived if balance $5k+), no specialized nonprofit tools.
Faithful Credit Union: 5% APY on first $5k, then 0.10% on rest; $250k NCUA insurance (with maybe a bit extra via private insurance); might allow multiple savings accounts but no integrated view; no tech integration (manual accounting); no fees if minimum balance kept.
Devote: ~3.0% APY on all funds, $50M FDIC coverage, unlimited sub-accounts, no fees, plus cards & software that automate your workflow.
For a church with millions in reserve, Devote clearly provides the best overall value. High yield across the full balance, extreme insurance protection, and features that actually reduce work and improve oversight. It’s not just a new account; it’s like an upgrade to your whole financial operations.
Conclusion: Stepping Into Financial Wisdom and Opportunity
The Bible teaches us to be wise stewards and to “make the most of every opportunity” (Eph 5:16). In today’s context, higher interest rates are a providential opportunity for churches, a chance to earn more from what we already have. Most churches have cash sitting idle in low-yield accounts, which is akin to the servant who hid the talent in the ground. But by leveraging tools like Devote’s high-yield savings, ministries can put those “talents” to work and multiply them for the Kingdom.
Devote stands out as a turnkey solution for this moment: it offers the yield that churches need, the safety they demand, and the financial clarity and efficiency that builds trust. Medium and large churches with significant reserves can especially benefit. The difference for them is often six or seven figures of new income over a few years. But even smaller ministries can gain peace of mind knowing every dollar is earning and every expense is tracked.
In summary, Devote’s HYSA helps churches stop missing out on free interest income, brings biblical clarity through fund buckets, and saves time through modern automation, all while aligning with the heart and mission of ministry. As one church finance director said after switching, “I feel like we’ve been gifted extra resources. It’s like getting an additional large donation every year, just by stewarding our money smarter.” It’s time for more churches to experience this empowerment. By moving to a high-yield, high-trust platform like Devote, your church can multiply the blessings of its reserves and focus on what truly matters: the ministry and people those funds are meant to serve.
