There are plenty of banks that will pay you cash back on your transactions...in dollars. But what if you'd prefer to receive your checking account rewards as crypto? Is that possible?
While it's becoming easier to earn cryptocurrency rewards for purchases made with a credit card, few U.S. banks are willing to hand out Bitcoin as a reward when using a checking account. But there's at least one bank today that offers a checking account that earns crypto rewards and we expect that number to grow over time.
Here’s a look at the current landscape of Bitcoin rewards checking accounts to help you maximize your crypto earnings from your everyday banking.
Best Overall: Quontic Bitcoin Rewards Checking Account
The Quontic Bitcoin Rewards Checking account is a low-fee checking account with Bitcoin rewards when using the account’s debit card. Once you’re up and running, you’ll earn 1.5% cash back rewards on debit card purchases in the form of Bitcoin.
The account requires a $500 minimum opening balance but has no monthly recurring fees, overdraft fees, or non-sufficient funds (NSF) fees. The account gives you free access to more than 90,000 ATMs and works with Apple Pay, Google Pay, and Zelle.
Cryptocurrency rewards are accrued daily through a partnership with NYDIG. Checking account balances are FDIC-insured, but NYDIG balances are not. Bitcoin is held at NYDIG until you’re ready to cash out in US dollars. There’s a 2% fee for turning your BTC back into USD.
Overall, this is a great way for debit card users to get Bitcoin exposure without much complexity. It works well for those new to crypto investing or major crypto fans who are looking to increase their exposure.
Runner Up: OnJuno
OnJuno touts itself as "Banking Meets Crypto" - and there are a lot of reasons for that.
They offer a Basic Checking account that has no monthly maintenance fees - which is normal. But then you get to the crypto-side of things.
With OnJuno, you can receive part of your paycheck in crypto. You can choose BTC, ETH, USDC, or a basket of currencies and you can have this deposited into a wallet of your choosing (yay hardware wallets).
Plus, if you opt to hold some of your savings in USDT, you can earn a 4% bonus. Interest payouts are sent out on a monthly basis and there are no transaction fees.
Best Bitcoin Rewards Checking Alternatives
If you're okay looking beyond Bitcoin rewards checking accounts, you may want to consider one of these cryptocurrency debit cards or credit cards as a Bitcoin rewards checking account alternative. Here are two popular options:
The Coinbase Card is a Visa debit card featuring cryptocurrency rewards. With no annual fee, you can earn up to 4% rewards in the form of cryptocurrency on every purchase. The only fees are for using an ATM, where you have to pay 2.5% for converting from a Coinbase wallet balance to dollars.
While the card is listed as coming soon on the Coinbase website, clicking on the get started link while signed into my Coinbase account allowed me to sign up for the card. After completing the signup process, you can fund and use the card online right away, paying with a linked Coinbase account balance.
The card is a prepaid debit card, not a credit card. You can deposit up to $9,999.99 on the card at any given time. No credit check is required for signup or approval.
As of this writing, rewards rates are 4% for Stellar Lumens, The Graph, Amp, or Rally. If you pick Bitcoin, Ethereum, Dai, or Dogecoin for rewards, you earn at a lower 1% rate.
BlockFi Credit Card
The BlockFi Visa Signature credit card offers 1.5% rewards on every purchase, paid in the supported cryptocurrency you choose. New customers earn 3.5% back for the first three months up to $100 in Bitcoin. And big spenders get 2% back, a slightly better rate, for any purchases after reaching $50,000 in combined annual spend.
If you have the card and trade with a BlockFi account, you earn 0.25% back on trades up to $500 per month. There’s no annual fee and no foreign transaction fees. That means globetrotting crypto enthusiasts can swipe, tap, or enter this card online for most purchases without worrying about any kinds of fees or added charges.
You can change your rewards currency any time in the month. Any of the supported currencies on BlockFi’s trading platform are eligible for crypto credit card rewards. That includes stablecoins too.
Pros & Cons Of Bitcoin Rewards Checking Accounts
The Bottom Line
Just like cryptocurrency rewards cards, Bitcoin rewards checking accounts can be a great way to earn crypto for purchases you would have made anyway. If you’re into digital currencies, any of these accounts could be a good fit for you.
Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. His work has been featured in online publications including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.