7 Best Crypto-Friendly Banks in the US

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Cryptocurrencies have disrupted the world of traditional finance ever since Satoshi introduced them in 2009. As a result of their decentralized nature, many governmental authorities and financial institutions identified them as the enemy, banning them from most or all of their domains.

That was then. Now, the case is different. And even though some traditional banks and governments still frown on blockchain technology, many others have realized that they can work with cryptocurrencies to achieve more robust financial stability for their customers.

This article will discuss seven of the best crypto-friendly banks. We will highlight what is unique about each of them, along with their merits and demerits. We will start with a summary and then dive deeper into each.

Summary

Quontic Bank: It offers 1.5% cashback in Bitcoin.

Bank of America: It allows users to invest in crypto-related funds.

JPMorgan Chase Bank: It is integrated with Coinbase and Gemini and has its own digital coin.

United Services Automobile Association: A direct investor of the Coinbase exchange.

BankProv: It is one of the banking sector’s foremost adherents of crypto-backed lending.

Ally Bank: It is linked to the Coinbase exchange and offers exposure to crypto ETFs.

Juno Bank: It offers the ability to convert your paycheck to crypto. It also gives generous crypto cashbacks.

Quontic Bank

Quontic bank has been around since 2009 and is an online bank with headquarters in New York. It started as a small bank named Golden First bank, with an asset worth of only about $24 Million. It has since grown into a banking giant present in all 50 states of the US, with a worth of almost half a Billion Dollars (in 2019).

One of the notable things about this bank is that it offers different types of accounts and financial instruments for its users. Customers can choose among three types of checking accounts, two different types of savings accounts and Certificate of Deposit (CD) accounts.

Quontic also excels with regard to asset security. The bank is registered with the FDIC (Federal Deposit Insurance Corporation) — the government-approved insurance agency of the US. Thus, each depositor is insured for up to $250,000 worth of assets.

Why Is It A Crypto-Friendly Bank?

Quontic offers three checking accounts, one of which is a Bitcoin rewards checking account. This account operates in partnership with NYDIG, a Bitcoin company that provides crypto services for institutions. Thus, qualified transactions get 1.5% cashback in USD, which the company uses to purchase Bitcoin the following day.

Here are some of the features of the Quontic Bitcoin rewards checking account:

  • It is available in all 50 US states.
  • Only online and in-store POS transactions qualify to receive rewards.
  • There is a 2% fee to redeem your BTC in cash.
  • The BTC received is not taxable. However, you may be taxed for selling or transferring it.
  • Your BTC rewards do not expire as long as you keep an account with the bank.
  • The minimum starting balance is $500.

Pros And Cons

Pros

  • It is a low-fee exchange. It doesn’t charge overdraft, monthly service, surcharge, or wire deposit fees.
  • It offers high savings interests in various categories.
  • It gives customers access to over 90,000 ATMs spread across the entire US.
  • It makes it easy to accumulate Bitcoin while avoiding much of the volatility risk.
  • It is a secure bank that the FDIC insures.
  • It allows users to lock and unlock their debit cards at will.

Cons

  • The minimum starting balance for its Bitcoin checking account is quite high at $500.
  • It charges $5 monthly for dormant accounts.
  • It has only a few physical branches.

Summary

The Quontic bank is one of the first US banks to offer its customers a Bitcoin rewards checking account. Therefore, it is our pick for the best Bitcoin-friendly bank.

Bank Of America

The Bank of America (BoA) is one of the United States’ largest and oldest banks. It has been around for over 200 years and has over $3 Trillion worth of assets under its control. As a banking sector giant, the bank also offers other features like individual retirement accounts, small business services funding, wealth management, and loans of different kinds.

The bank offers one checking account that comes in three levels, as well as three different savings accounts (one primary savings account and two children’s accounts). There are also two CD accounts. However, these savings accounts come with low interest compared to other banks.

Why Is It A Crypto-Friendly Bank

Bank of America doesn’t directly offer support for crypto assets. However, it provides crypto banking services for its customers through Merrill Edge, one of its subsidiaries. Merrill Edge is a digital payment company that exposes users to cryptocurrency-based ETFs (Exchange-traded funds).

Thus, you can invest in crypto-related ETFs like LEGR, which tracks the price changes of crypto-based companies like Oracle, Baidu, IBM, etc. You can also invest in crypto-based stocks like Coinbase and MicroStrategy through the Merrill Edge app.

Pros And Cons

Pros

  • It is a strong and secure bank that has been around for a long time.
  • It has over 4,000 physical locations all over the US. Therefore, you will almost always have a bank branch nearby.
  • It offers a low minimum deposit amount for its checking accounts, with as low as a $25 minimum deposit.
  • It offers three levels of checking accounts, each with its appeal.

Cons

  • It is not so fee-friendly. It charges an overdraft fee of $35, which can accumulate up to four times daily to accrue to $140.
  • It doesn’t offer a high savings rate for its accounts.
  • It has low transfer limits.

Summary

Even though the Bank of America does not directly support cryptocurrencies, crypto enthusiasts can still benefit from its security through Merrill Edge, its digital payment subsidiary platform.

JPMorgan Chase Bank

Chase bank is a popular bank in the US with both physical and online branches. It was founded in New York in 1799 and has now amassed trillions of dollars in asset value due to being one of the most trusted banking institutions nationwide.

Like many major banks in the US, Chase bank offers various investment products ranging from checking and savings accounts to Certificate of Deposit accounts. It also provides auto and mortgage loans, different credit cards, and other investment services. However, the interest it offers is meager compared to online banks.

Why Is It Crypto-Friendly

First, JPMorgan Chase Bank allows its customers to seamlessly link their bank accounts with the Coinbase and Gemini crypto exchanges. These partnershipsstarted in May 2020 and served as the pacesetters for other financial institutions in the US and beyond. Therefore, users of these exchanges can easily transfer USD in and out of their accounts directly from their bank.

In addition, Chase bank launched a Bitcoin fund in August 2021 as a further testament to its rising support for blockchain-related products. The fund was made in collaboration with NYDIG, a digital payment platform, and was made available to the bank’s wealthier customers. The bank also exposed its customers to five other crypto funds; four of them from the Grayscale investments company and the other one from Osprey Funds.

To cap it off, Chase bank created its own digital currency in early 2021. The coin, JPM, is a stablecoin pegged at a 1:1 value ratio for the assets under Chase bank’s control. It is only available to institutional investors and is for speeding up financial transactions on the JP Morgan platform.

Pros And Cons

Pros

  • It is one of the few US banks that links directly with a crypto exchange.
  • The FDIC insures it.
  • It has a wide range of financial products, including bonuses for beginners.
  • It has a massive physical presence with up to 4,700 branches across the US.
  • It offers excellent customer care support.

Cons

  • It is not available in all US states.
  • It does not offer retirement accounts.
  • Its savings accounts come with low interest rates.

Summary

Even though it once outspoke against digital assets through its CEO, JPMorgan Chase bank is now one of the foremost crypto-friendly banks in the United States.

BankProv

BankProv is the rebrand of Provident bank and is one of the foremost supporters of cryptocurrencies in the US financial system. It was initially launched in 1828 but experienced its rebrand in 2020, enabling it to grow beyond traditional banking and embrace innovative services like digital technology and renewable energy.

One of the most remarkable things about this bank is that it is one of the few banks with complete insurance protection for its customers, down to the last cent. Apart from being insured by the FDIC (up to $250,000 per customer), BankProv is also a member of the Depositors Insurance Fund (DIF). Thus, the latter insures any funds in excess of FDIC coverage.

Why Is It A Crypto-Friendly Bank?

BankProv is a haven for crypto traders who want a blend of traditional and digital banking services. Here are some of the crypto-friendly services it renders:

Bitcoin ATMs

As the name may have given out, a Bitcoin ATM is an Automated Teller Machine that allows users to buy and sell Bitcoin directly. BankProv services 51 BTMs (Bitcoin ATMs) in 33 states of the US. Customers can also request for BTM vaults to be placed in new areas.

Crypto-Backed Lending

BankProv directly supports crypto-backed lending using Ethereum and Bitcoin as the lending instruments. This service is provided through apartnership with Anchorage Digital and further cements BankProv’s position as one of the leading crypto banks in the US.

API Banking Services

API stands for Application Programming Interface and is a mechanism that allows various software to interact with one another based on a specific set of instructions. The API banking feature on BankProv enables you to trade crypto and make crypto purchases with your crypto wallet or exchange while still connected with your BankProv bank account.

Crypto Partnerships

Through the platform’s Banking-as-a-service (BAAS) feature, BankProv has created partnerships with various crypto establishments, including Etana custody, Rocketplace, Fortress Trust, CrossTower, etc.

Pros And Cons

Pros

  • Extensive crypto-friendly products.
  • An insurance package that fully covers your deposits.
  • Availability of market specialists for varied financial sectors.
  • Signing up on the platform is easy.

Cons

  • It charges high wire transfer fees.
  • It does not have many physical branches.

Summary

Like any other bank, BankProv has its shortcomings. Still, it is a very supportive bank for crypto companies and activities.

Ally Bank

Ally bank is a fully online bank that offers a rare trifecta of high savings rate, low maintenance fees, and no minimum balance required. It was established in 2009 as the online branch of Ally Financial Incorporated, a banking service provider that has been around since the 1920s.

Being a fully online bank, Ally bank supports various mobile deposit methods. You can set it up to directly receive your paychecks or make deposits with your smartphone through its eCheck deposit feature. The bank also supports Zelle payments as well as mail deposits.

Why Is It A Crypto-Friendly Bank?

Ally bank does not directly support crypto trading, but it offers exposure to crypto assets through crypto-inclusive funds like the Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF (BITO).

In addition, Ally bank allows its customers to easily link their bank cards with the Coinbase crypto exchange, from where they can seamlessly facilitate crypto transactions. In addition to bank card transactions, Ally bank supports wire transfers into and out of Coinbase accounts.

Pros And Cons

Pros

  • It offers competitive savings interest rates.
  • Even though it is an online bank, it offers a full range of financial products expected from a banking institution.
  • It doesn’t request a minimum balance. It also does not charge a monthly maintenance fee.
  • Its customer support team is readily accessible through live chat, email, and phone.

Cons

  • It does not have physical branches and does not accept cash deposits.

Summary

Ally bank is one of the best crypto-friendly banks because of its integration with Coinbase and its offer of crypto-inclusive ETFs.

USAA (United Services Automobile Association)

Don’t let the name fool you; the USAA is more than an automobile establishment. It started in 1922 as a car insurance provider for military personnel and has since grown into a full-fledged financial services provider for military citizens and their family members.

Apart from the low automobile insurance rates that USAA offers, the platform also provides additional benefits like car replacement assistance, an accident forgiveness program, and a SafePilot Telematics program. These features have made it the hub of customer satisfaction for automobile insurance in the US. But why is it a crypto bank, and how does it service crypto businesses? Consider below:

Why Is It A Crypto-Friendly Bank?

USAA is one of the direct investment partners of the Coinbase crypto exchange. This partnership started in 2015 when USAA and some other institutions and individuals raised $75 Million in an investment round for the then-young crypto exchange.

This partnership makes for easy integration of the USAA app and website interface with Coinbase accounts. Thus, you can check your Coinbase balance, monitor your cryptocurrency transactions, and perform fiat-to-crypto transfers from your USAA app. You can even link your credit or debit card to the exchange and make crypto payments easily.

Pros And Cons

Pros

  • It has low auto insurance rates.
  • It is an all-in-one platform for insurance, investment, and banking services.
  • It directly connects with the Coinbase exchange.
  • It doesn’t charge a monthly maintenance fee.
  • It has no minimum deposit required.

Cons

  • It is an exclusive service with strict membership requirements.
  • It has only a few branches in the US.

Summary

Even though USAA is a traditional insurance and banking system, its financial and platform support for Coinbase makes it one of the best crypto-friendly banks in modern times.

Juno Bank

Juno (formerly OnJuno) is another digital banking platform that deserves to be on this list. It is relatively a newcomer, having been established in 2019, with the aim of being the intersection between crypto and banking. Even though it is not technically a bank, it offers banking services for its customers in partnership with Evolve Bank and Trust, a Tennessee-based US bank.

Through its banking partner, Juno provides two high-interest checking accounts (basic and metal) with no minimum deposit requirement and up to 1.2% APY. The main difference between the basic and metal checking account is that you earn higher interest rates with the metal checking account.

As with most US banks, deposits on Juno are insured by FDIC up to a maximum of $250,000 per depositor. Also, it charges low fees and offers free access to about 80,000 ATMs in different locations in the country.

Why Is It A Crypto-Friendly Bank?

Several features make Juno a hot topic in any discussion regarding crypto banking. Some of them are:

Free Cryptocurrency Purchases

Yes, you read right! The Juno platform does not charge any fee for purchasing digital currencies. Through its Juno Pay feature, you can buy Bitcoin, Ethereum, USDC, Avalanche, and Stellar directly from your bank account. Supported payment methods are bank cards, Cash App, and Venmo.

Getting Paid In Crypto

Juno makes it easy for you to get paid in BTC, ETH, or a basket of other cryptocurrencies. All you need is your crypto wallet, an account with Juno, and as low as $100 to start with. Juno takes care of the process and can convert all or part of your paycheck into crypto, depending on your instructions. You could set this up automatically or manually, according to this article.

Generous Crypto Cashbacks

With your Juno debit card, you can get up to a 10% cashback reward when you make crypto purchases. The cashback rewards are available at select retail stores nationwide (up to 43 at last count) and reflect in the user’s account 15 days after the purchase.

Pros And Cons

Pros

  • It charges low fees.
  • Its deposits are insured.
  • Its crypto cashback rewards rate is one of the best in the crypto world.
  • It offers the opportunity to earn directly in crypto.
  • You can buy selected cryptocurrencies with zero fees.
  • It is tax-compliant.

Cons

  • It is not a physical bank.
  • It is only available in the US.

Summary

While it is not technically a bank, Juno provides one of the best crypto banking solutions for US citizens.

Concluding Thoughts

Gone are the days when cryptocurrencies existed in a mutually exclusive relationship with traditional banking services. Now, more and more financial institutions have merged crypto services with their operations. So, if you are a crypto loyalist but still want the security that traditional currencies offer, you can make your pick from the list of crypto-friendly banks we have treated in this article.

Written by
Trust Akpobome

Cryptocurrencies have disrupted the world of traditional finance ever since Satoshi introduced them in 2009. As a result of their decentralized nature, many governmental authorities and financial institutions identified them as the enemy, banning them from most or all of their domains.

That was then. Now, the case is different. And even though some traditional banks and governments still frown on blockchain technology, many others have realized that they can work with cryptocurrencies to achieve more robust financial stability for their customers.

This article will discuss seven of the best crypto-friendly banks. We will highlight what is unique about each of them, along with their merits and demerits. We will start with a summary and then dive deeper into each.

Summary

Quontic Bank: It offers 1.5% cashback in Bitcoin.

Bank of America: It allows users to invest in crypto-related funds.

JPMorgan Chase Bank: It is integrated with Coinbase and Gemini and has its own digital coin.

United Services Automobile Association: A direct investor of the Coinbase exchange.

BankProv: It is one of the banking sector’s foremost adherents of crypto-backed lending.

Ally Bank: It is linked to the Coinbase exchange and offers exposure to crypto ETFs.

Juno Bank: It offers the ability to convert your paycheck to crypto. It also gives generous crypto cashbacks.

Quontic Bank

Quontic bank has been around since 2009 and is an online bank with headquarters in New York. It started as a small bank named Golden First bank, with an asset worth of only about $24 Million. It has since grown into a banking giant present in all 50 states of the US, with a worth of almost half a Billion Dollars (in 2019).

One of the notable things about this bank is that it offers different types of accounts and financial instruments for its users. Customers can choose among three types of checking accounts, two different types of savings accounts and Certificate of Deposit (CD) accounts.

Quontic also excels with regard to asset security. The bank is registered with the FDIC (Federal Deposit Insurance Corporation) — the government-approved insurance agency of the US. Thus, each depositor is insured for up to $250,000 worth of assets.

Why Is It A Crypto-Friendly Bank?

Quontic offers three checking accounts, one of which is a Bitcoin rewards checking account. This account operates in partnership with NYDIG, a Bitcoin company that provides crypto services for institutions. Thus, qualified transactions get 1.5% cashback in USD, which the company uses to purchase Bitcoin the following day.

Here are some of the features of the Quontic Bitcoin rewards checking account:

  • It is available in all 50 US states.
  • Only online and in-store POS transactions qualify to receive rewards.
  • There is a 2% fee to redeem your BTC in cash.
  • The BTC received is not taxable. However, you may be taxed for selling or transferring it.
  • Your BTC rewards do not expire as long as you keep an account with the bank.
  • The minimum starting balance is $500.

Pros And Cons

Pros

  • It is a low-fee exchange. It doesn’t charge overdraft, monthly service, surcharge, or wire deposit fees.
  • It offers high savings interests in various categories.
  • It gives customers access to over 90,000 ATMs spread across the entire US.
  • It makes it easy to accumulate Bitcoin while avoiding much of the volatility risk.
  • It is a secure bank that the FDIC insures.
  • It allows users to lock and unlock their debit cards at will.

Cons

  • The minimum starting balance for its Bitcoin checking account is quite high at $500.
  • It charges $5 monthly for dormant accounts.
  • It has only a few physical branches.

Summary

The Quontic bank is one of the first US banks to offer its customers a Bitcoin rewards checking account. Therefore, it is our pick for the best Bitcoin-friendly bank.

Bank Of America

The Bank of America (BoA) is one of the United States’ largest and oldest banks. It has been around for over 200 years and has over $3 Trillion worth of assets under its control. As a banking sector giant, the bank also offers other features like individual retirement accounts, small business services funding, wealth management, and loans of different kinds.

The bank offers one checking account that comes in three levels, as well as three different savings accounts (one primary savings account and two children’s accounts). There are also two CD accounts. However, these savings accounts come with low interest compared to other banks.

Why Is It A Crypto-Friendly Bank

Bank of America doesn’t directly offer support for crypto assets. However, it provides crypto banking services for its customers through Merrill Edge, one of its subsidiaries. Merrill Edge is a digital payment company that exposes users to cryptocurrency-based ETFs (Exchange-traded funds).

Thus, you can invest in crypto-related ETFs like LEGR, which tracks the price changes of crypto-based companies like Oracle, Baidu, IBM, etc. You can also invest in crypto-based stocks like Coinbase and MicroStrategy through the Merrill Edge app.

Pros And Cons

Pros

  • It is a strong and secure bank that has been around for a long time.
  • It has over 4,000 physical locations all over the US. Therefore, you will almost always have a bank branch nearby.
  • It offers a low minimum deposit amount for its checking accounts, with as low as a $25 minimum deposit.
  • It offers three levels of checking accounts, each with its appeal.

Cons

  • It is not so fee-friendly. It charges an overdraft fee of $35, which can accumulate up to four times daily to accrue to $140.
  • It doesn’t offer a high savings rate for its accounts.
  • It has low transfer limits.

Summary

Even though the Bank of America does not directly support cryptocurrencies, crypto enthusiasts can still benefit from its security through Merrill Edge, its digital payment subsidiary platform.

JPMorgan Chase Bank

Chase bank is a popular bank in the US with both physical and online branches. It was founded in New York in 1799 and has now amassed trillions of dollars in asset value due to being one of the most trusted banking institutions nationwide.

Like many major banks in the US, Chase bank offers various investment products ranging from checking and savings accounts to Certificate of Deposit accounts. It also provides auto and mortgage loans, different credit cards, and other investment services. However, the interest it offers is meager compared to online banks.

Why Is It Crypto-Friendly

First, JPMorgan Chase Bank allows its customers to seamlessly link their bank accounts with the Coinbase and Gemini crypto exchanges. These partnershipsstarted in May 2020 and served as the pacesetters for other financial institutions in the US and beyond. Therefore, users of these exchanges can easily transfer USD in and out of their accounts directly from their bank.

In addition, Chase bank launched a Bitcoin fund in August 2021 as a further testament to its rising support for blockchain-related products. The fund was made in collaboration with NYDIG, a digital payment platform, and was made available to the bank’s wealthier customers. The bank also exposed its customers to five other crypto funds; four of them from the Grayscale investments company and the other one from Osprey Funds.

To cap it off, Chase bank created its own digital currency in early 2021. The coin, JPM, is a stablecoin pegged at a 1:1 value ratio for the assets under Chase bank’s control. It is only available to institutional investors and is for speeding up financial transactions on the JP Morgan platform.

Pros And Cons

Pros

  • It is one of the few US banks that links directly with a crypto exchange.
  • The FDIC insures it.
  • It has a wide range of financial products, including bonuses for beginners.
  • It has a massive physical presence with up to 4,700 branches across the US.
  • It offers excellent customer care support.

Cons

  • It is not available in all US states.
  • It does not offer retirement accounts.
  • Its savings accounts come with low interest rates.

Summary

Even though it once outspoke against digital assets through its CEO, JPMorgan Chase bank is now one of the foremost crypto-friendly banks in the United States.

BankProv

BankProv is the rebrand of Provident bank and is one of the foremost supporters of cryptocurrencies in the US financial system. It was initially launched in 1828 but experienced its rebrand in 2020, enabling it to grow beyond traditional banking and embrace innovative services like digital technology and renewable energy.

One of the most remarkable things about this bank is that it is one of the few banks with complete insurance protection for its customers, down to the last cent. Apart from being insured by the FDIC (up to $250,000 per customer), BankProv is also a member of the Depositors Insurance Fund (DIF). Thus, the latter insures any funds in excess of FDIC coverage.

Why Is It A Crypto-Friendly Bank?

BankProv is a haven for crypto traders who want a blend of traditional and digital banking services. Here are some of the crypto-friendly services it renders:

Bitcoin ATMs

As the name may have given out, a Bitcoin ATM is an Automated Teller Machine that allows users to buy and sell Bitcoin directly. BankProv services 51 BTMs (Bitcoin ATMs) in 33 states of the US. Customers can also request for BTM vaults to be placed in new areas.

Crypto-Backed Lending

BankProv directly supports crypto-backed lending using Ethereum and Bitcoin as the lending instruments. This service is provided through apartnership with Anchorage Digital and further cements BankProv’s position as one of the leading crypto banks in the US.

API Banking Services

API stands for Application Programming Interface and is a mechanism that allows various software to interact with one another based on a specific set of instructions. The API banking feature on BankProv enables you to trade crypto and make crypto purchases with your crypto wallet or exchange while still connected with your BankProv bank account.

Crypto Partnerships

Through the platform’s Banking-as-a-service (BAAS) feature, BankProv has created partnerships with various crypto establishments, including Etana custody, Rocketplace, Fortress Trust, CrossTower, etc.

Pros And Cons

Pros

  • Extensive crypto-friendly products.
  • An insurance package that fully covers your deposits.
  • Availability of market specialists for varied financial sectors.
  • Signing up on the platform is easy.

Cons

  • It charges high wire transfer fees.
  • It does not have many physical branches.

Summary

Like any other bank, BankProv has its shortcomings. Still, it is a very supportive bank for crypto companies and activities.

Ally Bank

Ally bank is a fully online bank that offers a rare trifecta of high savings rate, low maintenance fees, and no minimum balance required. It was established in 2009 as the online branch of Ally Financial Incorporated, a banking service provider that has been around since the 1920s.

Being a fully online bank, Ally bank supports various mobile deposit methods. You can set it up to directly receive your paychecks or make deposits with your smartphone through its eCheck deposit feature. The bank also supports Zelle payments as well as mail deposits.

Why Is It A Crypto-Friendly Bank?

Ally bank does not directly support crypto trading, but it offers exposure to crypto assets through crypto-inclusive funds like the Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF (BITO).

In addition, Ally bank allows its customers to easily link their bank cards with the Coinbase crypto exchange, from where they can seamlessly facilitate crypto transactions. In addition to bank card transactions, Ally bank supports wire transfers into and out of Coinbase accounts.

Pros And Cons

Pros

  • It offers competitive savings interest rates.
  • Even though it is an online bank, it offers a full range of financial products expected from a banking institution.
  • It doesn’t request a minimum balance. It also does not charge a monthly maintenance fee.
  • Its customer support team is readily accessible through live chat, email, and phone.

Cons

  • It does not have physical branches and does not accept cash deposits.

Summary

Ally bank is one of the best crypto-friendly banks because of its integration with Coinbase and its offer of crypto-inclusive ETFs.

USAA (United Services Automobile Association)

Don’t let the name fool you; the USAA is more than an automobile establishment. It started in 1922 as a car insurance provider for military personnel and has since grown into a full-fledged financial services provider for military citizens and their family members.

Apart from the low automobile insurance rates that USAA offers, the platform also provides additional benefits like car replacement assistance, an accident forgiveness program, and a SafePilot Telematics program. These features have made it the hub of customer satisfaction for automobile insurance in the US. But why is it a crypto bank, and how does it service crypto businesses? Consider below:

Why Is It A Crypto-Friendly Bank?

USAA is one of the direct investment partners of the Coinbase crypto exchange. This partnership started in 2015 when USAA and some other institutions and individuals raised $75 Million in an investment round for the then-young crypto exchange.

This partnership makes for easy integration of the USAA app and website interface with Coinbase accounts. Thus, you can check your Coinbase balance, monitor your cryptocurrency transactions, and perform fiat-to-crypto transfers from your USAA app. You can even link your credit or debit card to the exchange and make crypto payments easily.

Pros And Cons

Pros

  • It has low auto insurance rates.
  • It is an all-in-one platform for insurance, investment, and banking services.
  • It directly connects with the Coinbase exchange.
  • It doesn’t charge a monthly maintenance fee.
  • It has no minimum deposit required.

Cons

  • It is an exclusive service with strict membership requirements.
  • It has only a few branches in the US.

Summary

Even though USAA is a traditional insurance and banking system, its financial and platform support for Coinbase makes it one of the best crypto-friendly banks in modern times.

Juno Bank

Juno (formerly OnJuno) is another digital banking platform that deserves to be on this list. It is relatively a newcomer, having been established in 2019, with the aim of being the intersection between crypto and banking. Even though it is not technically a bank, it offers banking services for its customers in partnership with Evolve Bank and Trust, a Tennessee-based US bank.

Through its banking partner, Juno provides two high-interest checking accounts (basic and metal) with no minimum deposit requirement and up to 1.2% APY. The main difference between the basic and metal checking account is that you earn higher interest rates with the metal checking account.

As with most US banks, deposits on Juno are insured by FDIC up to a maximum of $250,000 per depositor. Also, it charges low fees and offers free access to about 80,000 ATMs in different locations in the country.

Why Is It A Crypto-Friendly Bank?

Several features make Juno a hot topic in any discussion regarding crypto banking. Some of them are:

Free Cryptocurrency Purchases

Yes, you read right! The Juno platform does not charge any fee for purchasing digital currencies. Through its Juno Pay feature, you can buy Bitcoin, Ethereum, USDC, Avalanche, and Stellar directly from your bank account. Supported payment methods are bank cards, Cash App, and Venmo.

Getting Paid In Crypto

Juno makes it easy for you to get paid in BTC, ETH, or a basket of other cryptocurrencies. All you need is your crypto wallet, an account with Juno, and as low as $100 to start with. Juno takes care of the process and can convert all or part of your paycheck into crypto, depending on your instructions. You could set this up automatically or manually, according to this article.

Generous Crypto Cashbacks

With your Juno debit card, you can get up to a 10% cashback reward when you make crypto purchases. The cashback rewards are available at select retail stores nationwide (up to 43 at last count) and reflect in the user’s account 15 days after the purchase.

Pros And Cons

Pros

  • It charges low fees.
  • Its deposits are insured.
  • Its crypto cashback rewards rate is one of the best in the crypto world.
  • It offers the opportunity to earn directly in crypto.
  • You can buy selected cryptocurrencies with zero fees.
  • It is tax-compliant.

Cons

  • It is not a physical bank.
  • It is only available in the US.

Summary

While it is not technically a bank, Juno provides one of the best crypto banking solutions for US citizens.

Concluding Thoughts

Gone are the days when cryptocurrencies existed in a mutually exclusive relationship with traditional banking services. Now, more and more financial institutions have merged crypto services with their operations. So, if you are a crypto loyalist but still want the security that traditional currencies offer, you can make your pick from the list of crypto-friendly banks we have treated in this article.

Written by
Trust Akpobome