The Best Crypto Friendly Banks to use in 2023 – MoneyMade

Robinhood

Robinhood might be a perplexing constituent of this list, namely because it’s not a bank at all—it’s a brokerage. However, cash deposits at Robinhood have up to $250,000 in FDIC insurance and are currently generating up to 3% APY (if you pay $5 per month for Robinhood Gold). That means you can set up your direct deposit, make money in your sleep, and spend it using a Robinhood debit card.

If it looks like a bank, walks like a bank, and talks like a bank? Well, it’s still not a bank—but it yields many of the benefits of a crypto-friendly bank. Having cash locked and loaded in a brokerage account lets you purchase stocks and crypto on command.

Crypto trading is easy using your idle cash in Robinhood with little wait time for settlement. That means you can take your pick of cryptocurrencies like BTC, SOL, USDC, and others—then transfer it out instantly after five days. You could send it to Robinhood’s new crypto wallet or another outside platform, crypto exchange, or hardware wallet.

That could be irredeemable for certain maximalists, especially since you can make instant transfers on other platforms. However, it’s still good as gold given Robinhood’s visibility in crypto and equities trading, plus the high interest rate you’ll pick up while sitting on cash.