10 Best Savings Accounts for Crypto (High Yield)

Dated March, 2018:
Although fiat is not a topic of interest to the die hards of crypto, it is an interest of mine for multiple reasons. Vesting into high yield savings account is a conservative way to preserve capital during rising rate climates. It also enables liquidity should you require emergency cash upfront without the headaches of paying fees for canceling CDs early. I have a staunch belief in conservatizing risk; Therefore, my motif to cross channel new school investments with old enabled me to research ways to increase my yield while lessening risk. In my opinion, savings accounts with higher rates than average enable you to have a fixed rate of interest on your cash, which you can use to buy more crypto if the markets are down. If for whatever reason one just needs to allocate large chunks of cash for a rainy day fund or for portfolio reasons, holding them in savings accounts lessens the impact of inflation. My criteria for finding out the best savings accounts in America was as follows:

Rising rates - Does this bank have a history of rising interest rates?
High yields - Does this bank have higher than average interest rates?
Name brand - Does this bank have name recognition
Liquidity - Is this bank liquid and does it have good financials?
States and TOS - Which state is this bank incorporated and key TOS if applicable
Monthly fees - What type of fees does this bank charge?
Minimum deposits - Does this bank require an initial minimum deposit, and minimum balance?
Reviews - What is the general consensus of this bank?
*Most of my data comes from preliminary information from https://depositaccounts.com and https://research.fdic.gov/bankfind Before applying for any depository account, please do your own additional research.

This is by no means a comprehensive analysis, but simply a preliminary observation. After a bit of digging, I found 9 banks which I felt were the best. I will rank them in order of best to least, and a few reasons why. All of these banks are member FDIC insured meaning that deposits of the same type are insured for up to $250,000 federally by the US government. Only one of these banks has dual insurance due to the location of their bank.

It is ultimately your responsibility to do more digging and decide which ones fit your goals. Banks can potentially rearrange their financials to hide negative results. It is your responsibility to review any citations or warnings a bank may receive from the FDIC, and to review their financials directly from FDIC.gov You can also do preliminary research at DepositAccounts.com

*Note: Due to rising rate environment, rates will slowly increase throughout 2018 and beyond. Deposit rates in savings institutions might increase relative to banks' interest in products offered. Currently the rates may be higher than what is stated on this blog.


Salem Five Direct - 1.85% APY
  • $100 minimum deposit 
  • No minimum balance or monthly fees
  • FDIC & DIF Insured 
  • Online banking only with mobile app
  • Affiliated with MasterCard and Visa ATMs
  • No fees for Allpoint ATMs
  • Rate increase? Yes for new customers
  • Incorporated in Massachusetts 
Dollar Savings Direct - 1.80% APY 
  • $0 minimum deposit 
  • No minimum balance or monthly fees
  • Online banking only linked to any checking account 
  • Rate increase? Yes 
  • A division of Emigrant Savings Bank
  • Incorporated in New York 
CITBank - 1.55% APY
  • $100 minimum deposit 
  • No minimum balance or monthly fees
  • Online banking only 
  • Incorporated in New York 
  • Subsidiaries incorporated or nexused in California
Synchrony Bank - 1.55% APY 
  • $0 minimum deposit
  • No minimum balance or monthly fees
  • Online banking only
  • Rate increase? Yes
  • Incorporated in Utah
Barclays - 1.50% APY
  • $0 minimum deposit
  • No minimum balance or monthly fees
  • Online banking only
  • Rate increase? Yes 
  • Incorporated in Delaware
I am currently a customer of Barclays with their Dream Account (currently not available for new customers). I have experienced great customer service whenever I have phoned them for any questions. Although ACH transfers are a tad slow at 5 days, I am pleased with their deposit account thus far.
Marcus by Goldman Sachs - 1.50% APY
  • $1 minimum deposit 
  • No minimum balance or monthly fees 
  • Online banking only 
  • Rate increase? Yes 
  • Incorporated in New York 
  • Online accounts backed by Salt Lake City Branch
Discover - 1.50% APY
  • $0 minimum deposit 
  • No minimum balance or monthly fees
  • Affiliated with over 60,000 no-fee ATMs
  • Rate increase? Yes 
  • Incorporated in Delaware
Enter Offer Code NW318 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus by 04/16/18. Maximum bonus eligibility is $200. 
Sallie Mae Money Market - 1.50% APY
  • $0 minimum deposit
  • No minimum balance or monthly fees 
  • Allows check writing 
  • Rate increase? Yes 
  • Incorporated in Delaware 
American Express - 1.45% APY
  • $0 minimum deposit
  • No minimum balance or monthly fees 
  • Online banking only 
  • Rate increase? Yes 
  • Incorporated in New York 
Ally Bank - 1.45% APY
  • $0 minimum deposit
  • No minimum balance or monthly fees
  • Online banking only
  • Rate increase? Yes 
  • Incorporated in Utah 
My rankings: 

1. Discover
  • High liquidity, great income and returns, stability

2. Marcus by Goldman Sachs
  • High liquidity, good income, great ratios, and increasing rates for their accounts

3. Ally Bank
  • A stable bank that is only increasing

4. Salem Five Direct 
  • It is top 4 because of its dual insurance. As a DIF member, any deposits over $250,000 are insured, and for different account types too. Although be wary of it's technology incapabilities and potentially poor customer service. I would only use Salem Five if I had deposits greater than $250,000.                
  • Potentially less liquid than the other major banks on this list.

5. Synchrony
  • A decent bank that is only getting better
  • Cons: Their credit cards do not approve of any Cryptocurrency purchases

6. Barclays 
  • Has been a stable bank for me with lower overhead with 0 real estate and increasing rate deposit accounts 

7. American Express
  • AMEX could arguably be higher, but due to their increasing focus on loans as opposed to deposits, their risk is higher 
  • It virtually has low to no risk due to their operations shifting from deposits to loans with an already high capitalization rate to offset any chance for higher than normal deposit increases
  • Their advertising budget might account for lower deposit spends versus higher loan spends
  • In short, they are liquid to provide service to depositors 

8. Sally Mae
  •  A virtually good bank account to open

9. CIT Bank
  • Higher than normal risk due to loan for loss allowances being high and still being $50 million lower than their non-secured loans

10. SavingsDirect 
  • I personally would not touch Savings Direct

Winner: Community America Credit Union
Continue reading for more

In short, with the lowest cap banks having the highest rates, it shows that when looking for longevity and liquidity, choosing the larger cap banks is the way to go. Of course, if you have money to spend you can ladder small positions in either Salem Five Direct first, or DollarSavingsDirect second. However, I don't think you would want the headaches of scaleability issues with either bank. If it were me, I would choose Discover, then Marcus, and then AMEX because I have a moderate risk tolerance. Synchrony and Ally bank are sleepers in my opinion for sure. And Barclays has always been good to me so far. I don't have any experience with Sally Mae, but I hear they operate well.

Keep in mind that the smallest banks: Salem Five Direct and DollarSavingsDirect have the highest yields to attract more depositors. According to their reviews, with a lot of liquidity complaints, deposits may be at risk of illiquidity and business corruption.  The more stable banks with name recognition have the best medium of yields and liquidity. Whereas the other lesser known but growing banks have the same type of yields with mid-capitalization and are growing in recognition.


Other Mentions: 

Credit Unions are depository institutions that are consumer-first, and usually are geared
more towards communities. They usually have a lot of incentives to make sure customers
stay loyal and are also usually backed by credit union agencies with the same protections
one would get with the FDIC. For example, Community America, a credit union based in Kansas,
is backed by the NCUA.

Community America Credit Union has a 4% high yield savings account for members with checking accounts for up to $1,500. CACU is my favorite among the list out of all of these rankings because they have the best customer service, fast and free transactions, seamless Coinbase withdrawals, and great dividends with their profit payouts.

  • Has to have $250 direct deposit and 15 transactions or 
  • 25 transactions and be enrolled in e-statements.

They also have something called "profit payout" which is a return of all profits back to stakeholders in the form of dividends. 
  • For 2017, they returned $8 million in profits back to all account holders respective to their balances in each account
  • They currently offer 1% cash back for all debit card purchases linked to a checking account - Limited to the first $500 of monthly purchases
Kasasa is an affiliation of community banks or credit unions with over-archingly similar bank products, aside from variable APYs on bank-to-bank basis.

  • They allow cashback or rewards bonuses for debit card purchases, direct deposits, log-ins, e-statements, and more.

Credit Unions tend to be smaller, but more community-centric. Because they are backed by national credit agencies, they also protect users while giving awesome customer service. I personally phoned a local CACU bank and asked what their stance on Cryptocurrencies were. She assured me that they had customers that seamlessly purchased Crypto via Coinbase without a hitch. 

You can download the pros and cons of each bank here
Or download a TXT version of the file here

Do you agree with my rankings? Comment below with your current rankings with 1 being the highest and 10 being the lowest.

BONUS: Directly after writing this article, I found a high yield savings institution based in San Francisco, California; called BEAM. They are early stages and are currently allowing sign ups for early access. They claim to provide 2 to 4% yields for customers - essentially usurping big banking institutions that take advantage of floating rates with customers' deposits. Their is no guarantee that they will open, as some start ups sometimes shut down operations due to constraints. However, it is a good opportunity for sure. Click here to get in line.

Edit: I received word from them that the bank they will use to back their deposits will be Evolve Bank, based in Memphis, Tennessee and established in 1925. They are a small cap bank with $500 Million in capitalization. Due to receiving a quick response from the Beam team, and late at night too, I have a good feeling about this new start up. They told me that they will begin rolling out some early applicants late this March, 2018, and then more throughout the year. The more you refer people, the quicker you will move up the roster for roll outs.

 Get Beam Banking


Disclaimer: These are unbiased opinions with no paid sponsorship and affiliates. Any affiliate codes were scoured by me on the web and provided for user experience. You are responsible for doing your own research and re-clarifying each banks' revolving terms of use. Refer to https://www.depositaccounts.com by cross checking each bank at https://research.fdic.gov/bankfind for more information.
10 Best Savings Accounts for Crypto (High Yield) 10 Best Savings Accounts for Crypto (High Yield) Reviewed by Dividend Raptor on 11:46 PM Rating: 5

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