Up until recent years, there was no such thing as a crypto-friendly bank! Much has changed thanks to the ongoing adoption we’re seeing in the crypto industry, and you now have many options to choose from when it comes to crypto-friendly banks.
It’s worth noting that around half of UK banks do not support crypto in any way, including allowing customers to deal with third-party crypto exchanges – so read our guide before doing anything else!
CryptoWallet.com is a crypto neobank that offers IBANs which is powered by your crypto funds. With your crypto-powered IBAN, you can also make bank trasnafers uisng your cryptos – currently available in the SEPA zone (including UK and EEA region). You can also buy cryptos and sell cryptos instantly using your IBAN.
With our Crypto card, you can spend 800+ cryptos directly from your crypto wallet, without selling your cryptos in advance, or topping up your crypto card separetly. The CW crypto card offers real-time crypto conversion, no monthly fees, or minimum balance requrements.
Top crypto friendly banks and Neobanks
Think of this guide as crypto friendly banks UK: a complete guide. You’ll learn ten different options, as well as why those options are attractive and how to measure them against the competition. Ready to dive into crypto friendly UK banks? Let’s get started!
CryptoWallet.com
First up is our own solution, CryptoWallet.com. We’re a revolutionary crypto neobank seeking to bring crypto to the same level of adoption as fiat currencies like the pound sterling or the US dollar.
We offer:
- A crypto card with direct spending of over 800 cryptos (the most on the market)
- The lowest crypto card fees in the market
- Onramp/offramp services for crypto businesses
- Crypto-powered IBANs that let you pay rent and bills in crypto
- Crypto cashback with every purchase
- Staking rewards, referral program, and much more
Revolut
Revolut is an internationally popular fintech company that allows users to store and manage funds and even swap between fiat currencies at will, saving money when travelling abroad. Simple improvements like allowing users to freeze a bank card when lost or change their card PIN from their phone without having to visit a bank in person and wait days for action to be taken have all helped catapult Revolut to success.
The company also allows crypto purchases – however, unlike CryptoWallet.com and many other solutions, users can’t send crypto to and from Revolut wallets, creating a kind of closed loop system where the crypto is for in-platform speculative gains only.
WireX
WireX is a strong contender for a crypto friendly bank UK, as it supports 59 cryptocurrencies as well as its own crypto card.
Wirex markets itself as a Web3 money app that offers staking and earning opportunities, and it supports USD and GBP fiat currencies.
Monzo
Monzo is a UK online bank that offers free current and joint accounts to users. Users can also invest in crypto via integrations with exchanges like Coinbase, although leading exchange Binance is not supported due to UK regulatory restrictions.
However, Monzo only supports deposits to exchanges for buying crypto, and users cannot buy crypto directly on the Monzo exchange.
NatWest
NatWest is a major retail and commercial bank headquartered in London. As a traditional bank, it offers mortgages, credit cards, current accounts, and related services.
NatWest doesn’t directly offer cryptocurrency trading via its online or mobile banking apps. However, it is still considered a crypto-friendly bank, as users can easily transfer funds from their account to an FCA-licensed exchange like Coinbase and buy crypto on that exchange without fear of the bank freezing their funds.
Royal Bank of Scotland
The RBS is a crypto friendly bank that supports GBP transfers to and from licensed exchanges like Coinbase or CryptoWallet.com.
RBS is one of the UK’s largest banks and is headquartered in Edinburgh, with 700 branches throughout the UK.
Nationwide
Nationwide bank is crypto friendly in the sense that it allows customers to deal in cryptocurrency on third-party exchanges licensed by the FCA. However, the bank did freeze credit card purchases of crypto recently and indefinitely, so users should be aware that this option is no longer available to them.
TSB
TSB users can make GBP deposits to and from licensed exchanges to buy crypto there, such as CryptoWallet.com. TSB did halt crypto support in 2021, although users can now once again enjoy the support of the bank for dealing with third-party crypto providers.
Barclays
Barclays is a major bank in the UK that supports crypto, although again, not directly. The bank did partner with Coinbase in 2019, but cancelled the partnership before it was fully realized. However, users can still use their accounts to transfer money to and from crypto exchanges, and credit and debit card purchases are both allowed.
Xace
Xace is a lesser-known bank that allows crypto purchases with third-party exchanges, including debit and credit card purchases. With Xace wrapping up our list of top 10 crypto friendly banks, it’s time to learn how exactly to evaluate such a bank!
What to Look for When Choosing the Best Crypto-Friendly Banks?
There are a number of factors to consider when evaluating crypto-friendly banks UK. They are:
- Ability to hold both cryptos and fiat funds
- Crypto cards to spend fiat and cryptos
- Integration with cryptocurrency exchanges or wallets
- Crypto-powered banking services
- Options to buy and sell cryptos with credit and debit cards
- Transaction fees and monthly fees
It’s worth noting that while many banks are crypto friendly, it’s extremely rare for a bank to allow both crypto and fiat to be held or spent directly, or to support crypto cards or crypto banking services. In fact, only one bank on this list has those features!
The Best Crypto-Friendly Neo Bank
“Crypto friendly” simply means the bank won’t freeze your account for trying to buy crypto on a third-party exchange.
If you’re looking for a bank that actually supports crypto in a meaningful way, CryptoWallet.com is really the only answer, bridging the gap between traditional and modern financial services as a neobank that does it all.
CryptoWallet.com allows you to spend crypto, hold it, invest it, earn it, and manage crypto just like you would fiat currency, all with some of the lowest fees around.
Sign up to a free CryptoWallet.com account here!
FAQs
What is a Crypto Neo Bank?
A crypto neobank is an online bank that directly supports the buying and selling of crypto as well as other banking services like crypto debit/credit card, fiat support, IBAN, and crypto loans.
Is crypto legal in the UK?
Yes, crypto is legal in the UK and regulated by the UK’s financial regulator, the FCA.
Do banks accept cryptocurrencies in the UK?
No, typically banks do not accept cryptocurrencies in the UK, although some banks now support crypto-related transactions such as making deposits to crypto exchanges or receiving money from selling cryptos.
However, crypto neo banks like CryptoWallet.com offers various service to buy, sell, and spend cryptos directly with a crypto debit card. Moreover, you can also have a crypto-powered IBAN that allows you to make crypto-powered bank transfers in the UK and EEA regions.
