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.
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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.
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® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 fees 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*
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.
U.S. Bank Smartly® Checking - Up to $450 Bonus
Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
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.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
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 2019, 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.
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]
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.
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.
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]
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)
Revolut (UK)
As one of the newest companies 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, New Zealand, Brazil, and the United States[4]
Worldcore (Czech Republic)
Worldcore, a Czech Republic-based licensed payment institution regulated by Czech National Bank, 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® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 fees 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*
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 7/28/2023
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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