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Crypto investing has been gaining traction in the UK over the last few years but finding a Crypto-friendly bank in the UK isn’t that common. Unfortunately, not every UK bank has adjusted to customer demand. With some of the UK’s most popular high street banks are unwilling to allow their customers to buy crypto using credit and debit cards and making the process of withdrawing from cryptocurrency exchanges a major hassle.
If you’ve ever found your UK bank account flagged for a crypto-related payment, you will understand why it’s important to find a crypto-friendly bank you can trust. This is why we have created this article and have compiled a list of the best crypto-friendly banks in the UK for 2023. Plus, we’ll also explain which UK banks are worth avoiding to help you make an informed decision.
5 Best UK Crypto-Friendly Banks for UK Investors
Although we can’t say which are the best crypto-friendly banks, certain ones are certainly worth avoiding. Most banks are friendly towards customers using their accounts to buy and receive crypto (through transfers, withdrawals from exchanges, and credit and debit cards). However, there will still be banks that block and flag payments, requiring UK customers to contact them to resolve the issue.
Newer challenger banks such as Revolut are more pro-crypto than older, traditional banks such as Lloyds. So, it may be worth considering opening a separate, crypto-friendly account purely for buying digital currencies and withdrawing funds from cryptocurrency exchanges. The last thing you’d want is for your day-to-day bank accounts to be disrupted.
Here is our list of the best crypto-friendly banks in the UK for 2023. We have tried and tested the majority of these banks. However, if you have personally had a positive or negative experience with any of these UK banks, please let us know in the comments below.
If you’re completely new to investing, you should check out our guide on buying Bitcoin in the UK or the best crypto wallets for UK investors. Let’s get started.
1. Revolut
Revolut is an app-based challenger bank and, naturally, a UK crypto-friendly bank. Not only can customers trade stocks and shares through their accounts, but Revolut is also completely positive towards crypto assets.
In the past, crypto exchanges (such as Binance) have suspended GBP Deposits or Withdrawals. However, with Revolut, you can use alternative fiat currencies such as US Dollars or Euros.
If you want to learn more, check out our Revolut review and video tutorial.
Is Revolut a Crypto-Friendly Bank?
Revolut is an account we have personally used since purchasing our first crypto on Coinbase in 2017. We initially started using Revolut to avoid foreign currency exchange fees and lower transaction fees.
Since then, we have never experienced issues with buying digital assets or withdrawing funds. However, we have had to verify our transaction history with Revolut. Resulting in them closing one of our accounts.
Although Revolut allows you to buy digital currencies within their three account types (Standard, Premium and Metal), this isn’t something we have personally done. However, we have used and would recommend Revolut as a gateway to deposit and withdraw funds to and from crypto exchanges.
- Does Revolut Debit Card Allow Crypto Purchases? Yes!
- Does Revolut Credit Card Allow Crypto Purchases? N/A
- Does Revolut Allow Crypto Deposits/Withdrawals via Bank Transfer? Yes!
- Is Revolut a Binance Friendly Bank? Yes! In fact, you can use their Euro, USD, or GBP Accounts!
- Is Revolut a Coinbase Friendly Bank? Yes!
2. Nuri Bank
Nuri is a German-based bank formerly known as Bitwala, which was founded in 2013 by three founders, Ben, Joerg and Jan and is available. Now rebranded as Nuri, they currently have over 300,000 bank account holders and are available for EEA residents (including Switzerland and the UK).
With Nuri, users can access a full German bank account and manage, save and grow their money. Invest in cryptocurrencies, create savings plans, and receive interest payments directly from your bank with the Bitcoin Interest Account. They’ll even have access to a free (zero fee) Nuri debit card with unlimited free atm withdrawals.
Please note: Nuri filed for insolvency on Tuesday, August 9th, 2022. More details are here.
Is Nuri a Crypto-Friendly Bank?
Nuri is a new account for us, and we have yet to try and make purchases with their card, which we’ve just received through the post today! However, Nuri is certainly crypto-friendly because you can purchase Bitcoin and Ether directly in the app. Plus, you can sell your crypto to euros for instant spending on their visa debit card.
- Does Nuri Debit Card Allow Crypto Purchases? Yes!
- Does Nuri Credit Card Allow Crypto Purchases? N/A
- Does Nuri Allow Crypto Deposits/Withdrawals via Bank Transfer? Unknown as yet
- Is Nuri a Binance-Friendly Bank? Unknown as yet
- Is Nuri a Coinbase Friendly Bank? Unknown as yet
3. Royal Bank of Scotland (RBS) & NatWest
The Royal Bank of Scotland (which also owns NatWest) supports customers wanting to buy and sell through cryptocurrency exchanges. Customers usually don’t have any problems buying crypto with their credit/debit cards or direct transfers to wallets or exchanges.
However, RBS naturally flags a few exchanges they consider as high risk. So make sure you try using the big-name crypto exchanges instead of the less popular ones.
RBS has a comprehensive list of crypto FAQs which can be found here.
Is RBS & Natwest a Crypto-Friendly Bank?
We have never used RBS or Natwest to purchase crypto, so we have no personal experience. However, the feedback we have received has definitely been mixed. We would not recommend opening up a Natwest bank account if you’re a crypto investor. However, if you already have an account, you might be lucky as they seem to work with some exchanges such as eToro.
Some of the crypto community have reported that they were stopped from buying crypto directly but were able to via bank transfer.
- Does RBS & Natwest Debit Card Allow Crypto Purchases? Mixed Feedback
- Does RBS & Natwest Credit Card Allow Crypto Purchases? Mixed Feedback
- Does RBS & Natwest Allow Crypto Deposits/Withdrawals via Bank Transfer? Yes
- Is RBS & Natwest a Binance Friendly Bank? Maybe
- Is RBS & Natwest a Coinbase Friendly Bank? Maybe
4. Monzo
Monzo is another challenger online bank similar to Revolut (they don’t have branches) and is equally known as being crypto-friendly. However, you are unable to buy crypto directly within the app.
Although, as is the case with every bank wanting to adhere to FCA regulations, they will block payments to and from any crypto exchanges they consider high-risk. For example, after The Financial Conduct Authority issued a consumer warning on Binance, they stopped payments to the crypto trading platform.
You can use a range of other cryptocurrency exchanges as part of your personal banking services with Monzo.
Is Monzo a Crypto-Friendly Bank?
We have personally never had a negative experience using Monzo, and when speaking with the crypto community, most crypto investors use Monzo as a means to fund their accounts without any major issues. However, this may depend on which exchange you use, and you may have issues transferring funds from cryptocurrency trading platforms such as Binance.
- Does Monzo Debit Card Allow Crypto Purchases? Mixed Feedback
- Does Monzo Credit Card Allow Crypto Purchases? Mixed Feedback
- Does Monzo Allow Crypto Deposits/Withdrawals via Bank Transfer? Yes!
- Is Monzo Binance Friendly Bank? No
- Is Monzo Coinbase Friendly Bank? Yes!
5. Nationwide Building Society
Generally speaking, Nationwide is also crypto-friendly. In the banking system, all banks have systems to prevent unusual payments or anything they suspect is fraud. So, there’s a chance a payment might be stopped.
However, there are no known issues when paying from a Nationwide account or sending transactions from a cryptocurrency exchange into customers’ accounts in the UK. For example, Nationwide restrict debit and credit card payment made to Binance. However, you can still withdraw money from Binance into your Nationwide account.
Also, Coinbase has stated in the past that they will no longer be accepting deposits from Nationwide bank.
Is Nationwide a Crypto-Friendly Bank?
Although we hold a Nationwide bank account which we use for services such as their travel insurance, we don’t use Nationwide when it comes to crypto. As you cannot use the likes of Coinbase or Binance with Nationwide or use credit cards for payments, it has only just made the cut of cryptocurrency-friendly banks.
- Does Nationwide Debit Card Allow Crypto Purchases? Yes!
- Does Nationwide Credit Card Allow Crypto Purchases? No
- Does Nationwide Allow Crypto Deposits/Withdrawals via Bank Transfer? Yes
- Is Nationwide Binance Friendly Bank? No
- Is Nationwide Coinbase Friendly Bank? No
Which UK Banks are NOT Crypto-friendly?
Naturally, not every UK bank will be friendly towards cryptocurrency. Some have maintained a level of scepticism, even hostility, towards cryptocurrencies. However, with demand ever increasing, it will only be a matter of time before these traditional banks will want to make money from crypto themselves.
Until that day comes, we’ve compiled a list of some of the banks to avoid when it comes to crypto-related transactions;
1. Lloyds Bank
Before the global financial crash and recession of 2008, Lloyds Bank and TSB were one bank. Now they’re two separate financial institutions, and Lloyds (Lloyds Banking Group, which includes Halifax, Bank of Scotland and MBNA) has blocked credit payments to crypto exchanges since 2018. With debit cards, these payments sometimes work and sometimes don’t.
Is Lloyds a Crypto-Friendly Bank?
Overall, we wouldn’t say that Lloyds is a crypto-friendly bank. There are definitely better alternatives to making cryptocurrency transactions. However, contacting Lloyds customer services is recommended to see if they will let a payment through. Unfortunately, this doesn’t always work.
2. HSBC
The UK’s biggest bank HSBC has been less than supportive of the crypto industry. Even going as far as banning customers from trading MicroStrategy’s shares.
As they state, “The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies“.
Is HSBC a Crypto-Friendly Bank?
We personally have closed our accounts with HSBC due to their stance on cryptocurrency transactions. HSBC would probably be one of the worst banks for UK crypto investors. Avoid!
3. TSB
TSB (once part of Lloyds TSB) previously allowed deposits, payments and withdrawals from cryptocurrency exchanges. However, in June 2021, TSB announced that they were blocking their 5.4 million British banking customers from buying cryptocurrencies because of fears that the trading platforms are huge fraud risks.
Is TSB a Crypto-Friendly Bank?
Although TSB used to be a crypto-friendly bank in the UK, it is no longer the case. After banning any crypto-related transactions for their clients, TSB is a bank we advise crypto investors to avoid.
4. Starling Bank
Starling Bank doesn’t have a policy against cryptocurrencies. However, the international payment provider they work with doesn’t support the purchase of crypto through the credit and debit cards they issue. Plus, other systems and policies seem to prevent the buying, selling and exchanging of crypto.
Is Starling a Crypto-Friendly Bank?
We personally do have a Starling account, although we have not used this for crypto purchases. There seem to be mixed reviews regarding people’s experience with Starling. However, there do appear to be some grey areas about buying, selling and exchanging from their payment provider, which hopefully they can resolve in the future.
5. Barclays
A few years ago, Barclays partnered with Coinbase in what was meant to be an exciting venture into cryptocurrencies. However, that was cancelled in 2019.
They also stopped debit card purchases and credit card transactions with Binance due to regulatory uncertainty regarding this crypto exchange in the UK.
Although Barclays state that they allow clients to purchase cryptocurrency, some customers have reported blocked payments and even closed or frozen accounts.
Is Barclays a Crypto-Friendly Bank?
We would not recommend Barclays bank for crypto investors. From the feedback we have received, Barclays is not crypto-friendly. If you’re looking for Bitcoin-friendly banks in the UK, there are plenty more to choose from. Unfortunately, traditional banks such as Barclays are slow to change.
6. Santander
Although Santander does allow you to interact with some crypto platforms, they have set limits for their customers. The current restrictions allow Santander customers a transaction limit of £1,000 for individual transactions and a total limit of £3,000 over a 30-day rolling period.