Crypto Friendly Banks
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Curious about which banks are crypto-friendly and which are not? Keep reading to learn which banks are open to a future on the blockchain.
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Many people see crypto as a threat to the traditional financial industry.
But surprisingly, some banks are crypto-friendly. Some big banks even allow you to buy digital assets.
Whether you're looking to switch banks or want to know if your bank has any crypto integrations, this guide will break down your options.
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Best Crypto-Friendly Banks in the USA
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Though each bank has a different relationship with the crypto space, these are the banks that allow their clients to transact with crypto and cryptocurrency exchanges. The below banks are in the U.S.; if you're looking for international banks, you'll find them further down.
1. Quontic
Quontic is a New York-based digital bank offering the first ever Bitcoin Rewards checking account.
Instead of cashback, you get 1.5% Bitcoin on all eligible debit card purchases. This gives you a chance to earn crypto and for the value to appreciate.
You get all the features of a traditional bank account, including mobile check deposits, online bill pay, and electronic transfers. Plus, get free access to over 90,000 ATMs.
The opening minimum is $500. There is no minimum daily balance requirement. Your Bitcoin rewards will never expire as long as you keep the account open.
Bitcoin Rewards Checking
- Get 1.5% Bitcoin on All Eligible Debit Card Purchases
- $500 minimum opening deposit
High Yield Savings - 4.25% APY
- 4.25% APY
- $100 minimum opening deposit
- No monthly service fees
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
CD Rates - Up to 4.75% APY
- $500 minimum opening deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 6 Months | 5.05% APY |
| 1 Year | 5.15% APY |
| 2 Years | 4.50% APY |
| 3 Years | 4.40% APY |
| 5 Years | 4.30% APY |
Money Market Account - Up to 4.75% APY
- Earn 4.75% Annual Percentage Yield
- No monthly maintenance or overdraft fees
- $100 minimum deposit required to open an account
2. Ally
Ally is an online bank that provides a range of financial services, including traditional banking, auto, and home financing, investing, corporate finance, and business-to-business lending.
Ally customers can easily link their account to Coinbase, where they'll be able to make crypto purchases directly with their debit cards. Credit card purchases may also be possible, but they'll incur fees that you could otherwise avoid.
They've even put together this helpful guide for crypto beginners.
Chase Secure Banking℠ - $100 Bonus
- New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
- Set up direct deposit and you may get your money up to two business days early-exclusively for Chase Secure Banking℠ customers.
- No minimum deposit to open an account and get started.
- No overdraft fees with a Chase debit card that helps you stay within your balance.
- Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
- JPMorgan Chase Bank, N.A. Member FDIC.
- Pay bills, cash checks and send money with Zelle® all for a $4.95 monthly service fee.
- Bank from anywhere with access to more than 16,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase Online℠.
3. Bank of America
Bank of America is one of the largest banks in the U.S., and has shown itself to be friendly to crypto, though it doesn't currently allow its users to invest in it directly.
Through one of its subsidiaries, Merrill Edge, an electronic trading platform launched in 2010, Bank of America customers can invest in ETFs (exchange-traded funds) that provide exposure to the cryptocurrency market.
One example of a blockchain ETF available on Merrill Edge is First Trust Indxx Innovative Transaction & Process Fund (LEGR), which tracks companies involved in technology related to crypto such as AMD, Baidu, IBM, Micron Technology, and Oracle.
In 2021, Bank of America also named Mark Donoghue to the position of head of digital trading, which will deal with questions related to investments in digital assets.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
4. Chase
JPMorgan Chase is a multinational investment bank with headquarters in New York City. Chase offers a range of banking services for businesses and individuals, including checking and savings accounts, home loans, credit cards, auto financing, and investing services.
Chase Bank allows users to connect to the Coinbase exchange to buy and sell cryptocurrencies.
In February 2021, JPMorgan embraced blockchain technology with the creation of JPM Coin to facilitate international payments.
In August 2021, JPMorgan launched a Bitcoin fund available to all of its wealth management clients. The Grayscale and Osprey Funds are available across its various wealth management platforms, while the NYDIG fund is only open to private banking clients.
5. Goldman Sachs
Goldman Sachs, an NYC-based multinational investment bank, has a mixed history with cryptocurrency trading.
Back in 2017, they planned to offer the ability to trade crypto. However, they paused it in 2018 due to concerns about the future of crypto regulation in the U.S.
In 2021, their crypto trading desk is back open. They support the trading of Bitcoin futures, in addition to considering the possibility of offering a Bitcoin ETF as part of their U.S. Global Markets division.
As of 2022, Goldman Sachs is offering interested clients access to Ethereum funds issued by Galaxy Digital with a minimum deposit of $250,000, according to SEC filing.[1]
6. Morgan Stanley
Morgan Stanley, another NYC-based multinational investment bank based, has started offering wealth management clients access to Bitcoin-related funds in 2021.
The three funds include the Galaxy Institutional Bitcoin Fund LP, the Galaxy Bitcoin Fund LP, and the FS NYDIG Select Fund.
As part of their wealth management services, Morgan Stanley provides clients with a variety of services and tools, including access to financial advisors and a range of investing options.
7. USAA
Texas-based USAA, or United Services Automobile Association, is a full-service financial institution for service members of United States Armed Forces and their families.
They offer insurance, credit cards, and auto loans as well as traditional banking services.
Not only is USAA the first major bank to invest in a cryptocurrency exchange (Coinbase), Coinbase members can also monitor their crypto balance directly through the USAA app.[2]
Best International Crypto-Friendly Banks
Cryptocurrency is a worldwide phenomenon, and banks big and small around the globe have started showing support for crypto and blockchain technology.
Here's a look at some of the banks based outside the U.S. that are crypto-friendly.
1. Bankera (UK)
Bankera is a relatively new company offering a "bank account alternative" tied to the cryptocurrency exchange SpectroCoin.
They offer personal IBANs (International Bank Account Number) to their customers that allow them to withdraw and receive funds from their SpectroCoin accounts.
Bankera also allows users to convert Bitcoin to EUR and load it onto their own debit cards. They offer other banking services such as loans and interbank foreign exchange as well.
Availability: Globally, except for U.S., Iran, North Korea, Belarus, and Russia.[3]
2. Nuri (Germany)
Formerly known as Bitwala, Nuri is a modern bank headquartered in Berlin, Germany, that has made cryptocurrency a major part of their platform.
They offer German IBANs, and support SEPA transfers and international payments through their app and desktop site.
By using Nuri for their banking, users can keep their crypto and their cash all in one place.
Availability: European Economic Area, including Switzerland and U.K. (full list of supported countries here)
3. Change (Estonia)
Change is a relatively small bank that was started after a round of investments in 2016 with the goal of making investing more accessible.
They offer crypto trading services as well as investment options in a range of traditional assets such as stocks, gold, indices, and commodities.
Change users also get a "crypto-friendly" Visa debit card
Availability: European Economic Area, including Iceland, Liechtenstein, and Norway (full list of supported countries here)
4. Fidor Bank (Germany)
Fidor Bank is online bank founded in Germany in 2009 and is now available in certain other countries in Europe.
They offer banking services to businesses and individuals, and thanks to a partnership with the cryptocurrency exchange Kraken, users can access their crypto wallets directly through their bank account dashboards.
Availability: European Economic Area/EU/EFTA
5. Revolut (UK)
As one of the newest banks on this list, Revolut was founded in the UK in 2015, and expanded to the U.S. in 2020.
They offer a variety of banking services as well as the ability to purchase Bitcoin right through their own app.
Availability: European Economic Area, Australia, Singapore, Switzerland, Japan, the United Kingdom, and the United States[4]
6. Worldcore (Czech Republic)
Worldcore, a bank in the Czech Republic founded in 2015, offers its users the ability to spend via debit and virtual cards in a range of currencies, including crypto. This makes it easier than ever to spend your crypto out in the real world.
Availability: European Economic Area
Bottom Line
There are still plenty of banks out there that are distrusting of crypto, but the trend seems clear.
As more and more people incorporate crypto into their everyday lives, be it investing or spending, or other aspects of Web3 like DAOs and NFTs, it's likely that more banks will come to accept it as a part of their future business model.
If you're looking for a crypto-friendly bank today, whether in the U.S. or abroad, you've got plenty of options to choose from, and soon enough, you'll probably have even more.
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
References
- ^ Securities and Exchange Commission. Notice of Exempt Offering of Securities, Retrieved 3/13/2022
- ^ Coinbase. How does USAA's Coinbase integration work?, Retrieved 3/13/2022
- ^ Bankera. Is Bankera available globally?, Retrieved 3/13/2022
- ^ Revolut. What countries are supported?, Retrieved 3/13/2022
Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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