7 Best Crypto-Friendly Banks in the US

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Cryptocurrencies can be risky investments. Please read our terms of service and risk warning for more information.

Since Satoshi made the first one in 2009, cryptocurrencies have upset the world of traditional finance. Due to the fact that they were not controlled by a central authority, many governments and financial institutions saw them as the enemy and banned them from most or all of their domains.

That was then. Now, the case is different. And, while some traditional banks and governments continue to be skeptical of blockchain technology, many others have realized that it can work 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 is run in partnership with NYDIG, a Bitcoin company that helps institutions with crypto services. 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 giant in the banking sector, 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. But through Merrill Edge, one of its subsidiaries, it offers crypto banking services to its customers. Merrill Edge is a digital payment company that lets people buy ETFs (exchange-traded funds) that are backed by cryptocurrencies. bankBank is a popular bank in the US with both physical and online branches. It was started in New York in 1799. Because it is one of the most trusted banks in the country, it now has assets worth trillions of dollars.

Chase Bank, like many other big US banks, has a wide range of investment options, from checking and savings accounts to Certificates of Deposit. 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, customers of JPMorgan Chase Bank can link their bank accounts to the Coinbase and Gemini cryptocurrency exchanges without any trouble. These partnerships started in May 2020 and served as the pacesetters for other financial institutions in the US and beyond. So, people who use these exchanges can easily move USD in and out of their accounts by going straight to their bank.

In August 2021, Chase Bank also started a Bitcoin fund, which shows that it is becoming more interested in products that use blockchain. 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. Institutional investors are the only ones who can use it, and it speeds 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 support.

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 implied, a Bitcoin ATM is an automated teller machine that allows users to buy and sell bitcoin directly. BankProv supports 51 Bitcoin ATMs (BTMs) across 33 states in the United States. 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 offered through a partnership with Anchorage Digital and strengthens BankProv's position as one of the best crypto banks in the US.

API Banking Services

API stands for "application programming interface." It is a way for different programs to talk to each other based on a set of instructions. feature, you can trade and buy cryptocurrency with your cryptocurrency wallet or exchange while still being connected to 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 the rare trifecta of a high savings rate, low maintenance fees, and no minimum balance requirement. 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 doesn't directly support crypto trading, but it does offer crypto-inclusive funds like the Grayscale Bitcoin Trust (GBTC) and the ProShares Bitcoin Strategy ETF (BITO) that give you access to crypto assets.

Also, Ally Bank customers can easily link their bank cards to the Coinbase cryptocurrency exchange. From there, they can make cryptocurrency transactions without any problems. Ally Bank supports wire transfers into and out of Coinbase accounts in addition to bank card transactions.

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 banks for crypto because it works with Coinbase and has ETFs that include crypto.

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.

USAA's platform has more benefits than just low car insurance rates, like a program to help you get a new car, an accident forgiveness program, and a program called SafePilot Telematics. 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.

Because of this partnership, it is easy to connect the USAA app and website to Coinbase accounts. So, you can use your USAA app to check your Coinbase balance, keep track of your cryptocurrency transactions, and move money from fiat to cryptocurrency. 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 was started in 2019, with the goal of being where crypto and banking meet. 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 a partnership with a bank, Juno offers two high-interest checking accounts (called "basic" and "metal") that don't require a minimum deposit and pay up to 1.2% APY. The main difference between the basic and metal checking accounts is that you earn higher interest rates with the metal checking account.

As with most US banks, deposits on Juno are insured by the 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 fees 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 little 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. Cashback rewards are available at some stores across the country (up to 43 at last count) and show up 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

Even though Juno is not a bank in the traditional sense, it is one of the best ways for US citizens to use crypto banking.

Concluding Thoughts

There used to be a time when cryptocurrencies and traditional banking services couldn't work together. 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 covered in this article.

Trust Akpobome

Trust has been a freelance editor and writer for various publications in the last 2 years. His major interests are in the wild world of Blockchain, cryptocurrency, and the Metaverse.

We may receive compensation if you visit partners we recommend. Read our advertiser disclosurefor more information.

Cryptocurrencies can be risky investments. Please read our terms of service and risk warning for more information.

Since Satoshi made the first one in 2009, cryptocurrencies have upset the world of traditional finance. Due to the fact that they were not controlled by a central authority, many governments and financial institutions saw them as the enemy and banned them from most or all of their domains.

That was then. Now, the case is different. And, while some traditional banks and governments continue to be skeptical of blockchain technology, many others have realized that it can work 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 is run in partnership with NYDIG, a Bitcoin company that helps institutions with crypto services. 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 giant in the banking sector, 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. But through Merrill Edge, one of its subsidiaries, it offers crypto banking services to its customers. Merrill Edge is a digital payment company that lets people buy ETFs (exchange-traded funds) that are backed by cryptocurrencies. bankBank is a popular bank in the US with both physical and online branches. It was started in New York in 1799. Because it is one of the most trusted banks in the country, it now has assets worth trillions of dollars.

Chase Bank, like many other big US banks, has a wide range of investment options, from checking and savings accounts to Certificates of Deposit. 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, customers of JPMorgan Chase Bank can link their bank accounts to the Coinbase and Gemini cryptocurrency exchanges without any trouble. These partnerships started in May 2020 and served as the pacesetters for other financial institutions in the US and beyond. So, people who use these exchanges can easily move USD in and out of their accounts by going straight to their bank.

In August 2021, Chase Bank also started a Bitcoin fund, which shows that it is becoming more interested in products that use blockchain. 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. Institutional investors are the only ones who can use it, and it speeds 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 support.

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 implied, a Bitcoin ATM is an automated teller machine that allows users to buy and sell bitcoin directly. BankProv supports 51 Bitcoin ATMs (BTMs) across 33 states in the United States. 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 offered through a partnership with Anchorage Digital and strengthens BankProv's position as one of the best crypto banks in the US.

API Banking Services

API stands for "application programming interface." It is a way for different programs to talk to each other based on a set of instructions. feature, you can trade and buy cryptocurrency with your cryptocurrency wallet or exchange while still being connected to 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 the rare trifecta of a high savings rate, low maintenance fees, and no minimum balance requirement. 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 doesn't directly support crypto trading, but it does offer crypto-inclusive funds like the Grayscale Bitcoin Trust (GBTC) and the ProShares Bitcoin Strategy ETF (BITO) that give you access to crypto assets.

Also, Ally Bank customers can easily link their bank cards to the Coinbase cryptocurrency exchange. From there, they can make cryptocurrency transactions without any problems. Ally Bank supports wire transfers into and out of Coinbase accounts in addition to bank card transactions.

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 banks for crypto because it works with Coinbase and has ETFs that include crypto.

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.

USAA's platform has more benefits than just low car insurance rates, like a program to help you get a new car, an accident forgiveness program, and a program called SafePilot Telematics. 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.

Because of this partnership, it is easy to connect the USAA app and website to Coinbase accounts. So, you can use your USAA app to check your Coinbase balance, keep track of your cryptocurrency transactions, and move money from fiat to cryptocurrency. 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 was started in 2019, with the goal of being where crypto and banking meet. 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 a partnership with a bank, Juno offers two high-interest checking accounts (called "basic" and "metal") that don't require a minimum deposit and pay up to 1.2% APY. The main difference between the basic and metal checking accounts is that you earn higher interest rates with the metal checking account.

As with most US banks, deposits on Juno are insured by the 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 fees 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 little 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. Cashback rewards are available at some stores across the country (up to 43 at last count) and show up 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

Even though Juno is not a bank in the traditional sense, it is one of the best ways for US citizens to use crypto banking.

Concluding Thoughts

There used to be a time when cryptocurrencies and traditional banking services couldn't work together. 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 covered in this article.

Written by
Trust Akpobome