The 9 Best Crypto-Friendly Banks (Expert Reviewed)

Looking for a crypto-friendly bank? In this guide, we’ll walk through the best options for individuals and businesses based on factors like fees, security, and interest rewards! 

Quick Look: The 9 Best Crypto-Friendly Banks 

• Ally Bank 
• Juno 
• Monzo 
• Revolut
• Wirex
• Coinbase 
• Mercury 
• BankProv
• Cash App 

Ally Bank

Ally Bank is a traditional bank that offers high interest rates and transparent fees. While Ally Bank does not offer support for crypto transactions, it does have an integration with Coinbase and allows users to invest in crypto funds like Grayscale Bitcoin Trust. 

Pros

• FDIC insured! 
• Coinbase integration 
• APYs over 4% on fiat savings at the time of writing — significantly higher than other banks!
• A wide range of investment options — including crypto funds like GBTC (Grayscale Bitcoin Trust) 

Cons

• Does not support direct cryptocurrency transactions within its platform.
• Does not support cash deposits

Juno 

Juno is a financial technology platform that supports cash and cryptocurrency! The platform is known for offering generous benefits to users — like 5% cashback rewards and 5% interest on deposits up to $250,000. 

It’s important to note that Juno is a financial technology company, not a bank. Juno partners with Evolve Bank and Trust to offer banking services. 

Pros

• Buy cryptocurrencies on more than 20 chains! 
• 5% interest up to $250,000! 
• 5% cashback rewards 
• Add cash with ACH and wire transfers  
• Receive part (or all) of your paycheck in crypto! 

Cons

• Fees on debit/credit card deposits

Monzo

Monzo is a mobile digital bank based in the United Kingdom. While Monzo doesn’t support crypto trading, the bank does allow you to integrate your exchange accounts to get a view of your crypto portfolio and quickly deposit funds to your cryptocurrency exchanges. 

Pros

• Supports faster payments and deposits to cryptocurrency exchanges!
• Monitor your crypto holdings through the Monzo app! 
• Financial Services Compensation Scheme protects deposits up to £85,000 per account.

Cons

• Only available for UK residents 
• Direct crypto trading is not offered within the Monzo platform.
• Overdraft fees as high as 19-39%.

Revolut

Revolut is a fintech company that offers the ability to trade 30+ cryptocurrencies. While Revolut is not a bank, it does offer a debit card, interest rewards, and free overseas transfers! 

Pros

• Revolut’s prepaid debit card allows you to spend cryptocurrency for purchases! 
• While Revolut is based in the UK, it is available in the US, UK, Australia, and more countries around the world! 
• 2.29% savings interest for standard customers, and higher rates for higher tier customers. 
• Free overseas trading! 

Cons

• Does not allow you to transfer your cryptocurrency off the platform. 
• No insurance on deposits. 
• 2% fees on out of network ATM withdrawal, 5% fee on ATM withdrawal over $200

Wirex

Wirex is a cryptocurrency exchange that supports cryptocurrencies and fiat currencies. Wirex’s generous debit card rewards make it a great option for anyone looking for a banking alternative!  

Pros

• Up to 8% cashback rewards and card transactions, 0% global exchange fees
• Earn up to 16% APY on various cryptocurrencies! 
• Support for 30+ cryptocurrencies! 

Cons

• Funds stored in Wirex are not FDIC-insured! 
• Because Wirex is not a bank, it does not offer many of the services that traditional banks offer! 
• Wirex has faced criticism for slow customer support. 

Coinbase 

While Coinbase is a cryptocurrency exchange, the platform has rolled out features to partially replace traditional banking services. Today, Coinbase allows users to directly deposit their paychecks and spend using the Coinbase debit card! 

Pros

• One of the world’s largest and most trusted cryptocurrency exchanges! 
• Earn up to 9.22% rewards on Coinbase Earn! 
• Rotating cashback rewards on the Coinbase Card! 
• Easily buy hundreds of cryptocurrencies! 
• Support for 200+ cryptocurrencies! 

Cons

• Because Coinbase is not a bank, your funds are not FDIC-insured. 
• Does not offer many of the features that traditional banks offer — such as loans.
• In the past, Coinbase has faced criticism due to slow customer service.

Mercury 

Mercury provides banking services for thousands of Web3 companies — including Phantom and Rarible. Mercury offers easy onboarding to crypto companies and the ability to make transfers through ACH, check, and wire transactions. 

It’s important to note that Mercury is technically not a bank. Mercury is a financial technology platform that works with regulated partner banks. 

Pros

• Mercury’s bank partnerships allow the platform to offer 20x the normal amount of FDIC protection! 
• Free domestic and international wire transfers! 
• No monthly fees or transaction fees! 
• Prepaid debit cards and cash back bonuses available! 

Cons 

• Mercury is designed for businesses — not individuals! 
  

BankProv

While BankProv (previously known as Provident Bank) has been around for more than 200 years, the company has recently rebranded itself as a crypto and tech-friendly commercial bank. BankProv is a great choice for crypto business bank accounts. 

Pros

• Allows users to convert cryptocurrency to fiat 
• Offers accounts for cryptocurrency businesses that are compliant with crypto regulations 
• 100% of your BankProv deposits are insured! 

Cons

• No interest on deposits under $50,000 
• More tailored towards businesses than individuals 

Cash App 

While Cash App started off as a payments application, it’s now considered a full-service financial platform. Cash App allows users to receive a debit card, receive direct deposits and ACH transfers, and buy Bitcoin with just a click! 

Pros

• Cash App allows users to easily buy and sell BTC! 
• Funds in Cash App are FDIC insured up to $250,000! 
• Up to 4.5% APY on Cash App savings! 

Cons

• Only supports BTC, not other cryptocurrencies. 
• Relatively high fees on crypto transactions — as high as 3% for small transactions! 

How to pick a crypto-friendly bank 

Consider the following factors when choosing a crypto-friendly bank. 

• Support for both fiat and cryptocurrencies: Managing all funds in one place can simplify your finances.
• Crypto cards and spending options: A bank that offers crypto debit cards can make spending cryptocurrency easier. 
• Integration with crypto exchanges and wallets: Connect with your wallets and exchanges so you can easily transfer your crypto and make transactions. 
• Crypto-powered banking services: Look for additional features like crypto-backed loans or earning rewards on crypto holdings.
• Fees and charges: Be mindful of transaction fees and any monthly account charges.

Pros and cons of crypto-friendly banks

Let’s walk through some of the pros and cons of crypto-friendly banks. 

Pros

• Simplifies entering the crypto market
• Easier conversion of crypto to fiat currency
• Supports innovations in the blockchain ecosystem
• Convenient mobile banking options

Cons

• Exposure to the volatility of crypto markets
• Potentially higher fees for crypto services
• May lack some advanced features found in dedicated crypto wallets and DeFi platforms

Can I start a cryptocurrency bank account with a debit card?

Yes, many crypto-friendly banks and financial platforms offer debit cards that can be used for both fiat and cryptocurrency transactions, enhancing the ease of accessing and spending your digital assets.

In addition, cryptocurrency exchanges like Coinbase and Gemini offer crypto debit cards for users that come with spending rewards. 

Are major banks crypto friendly? 

If you’re using a major bank like Wells Fargo, Bank of America, or Chase, you may be wondering whether your bank is crypto-friendly. 

It’s important to remember that these major banks do not allow their customers to buy cryptocurrency using their bank-issued credit cards. However, they typically support transferring money into or out of cryptocurrency exchanges. 

Remember, many crypto investors use these banks without issues.

However, according to Jordan Bass — CoinLedger’s Director of Tax Strategy and owner of the crypto accounting firm Taxing Cryptocurrency — you should be cautious if you’re dealing with large sums of money. 

‘If you’re transferring thousands of dollars to an exchange like Coinbase, it’s unlikely to cause issues,’ said Bass. ‘However, if you’re transferring millions of dollars of profits from cryptocurrency trading to your bank account, it’s advisable that you build a relationship with a personal banker that understands your situation to prevent potential issues.’ 

Can I use DeFi as a substitute for banks? 

Many cryptocurrency investors who are frustrated with the traditional financial system have advocated for turning to decentralized finance instead of using banks. 

At this time, DeFi does have advantages over traditional banks. While bank transactions may take several days to process, DeFi transactions are typically finalized in an instant. 

However, it’s important to note that traditional banks come with advantages — such as access to ATMs, FDIC insurance up to $250,000, and tight regulations to protect customer funds, among other things.