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BankProv is the digital arm of The Provident Bank. This crypto-friendly bank promises low fees and for deposited funds to be cleared and available within 24 hours.

BankProv only exists online as a digital bank, and its function is a bank for cryptocurrencies and digital currencies. The Provident Bank is a traditional commercial bank that helps to back and ensure all of BankProv customers. They have branches in Massachusetts and New Hampshire and are the 10th-oldest bank in the United States. The company describes itself as “a full-service community” bank focused on customer privacy. 

Although BankProv enables cryptocurrency business operations and loans, it is a traditional financial institution. It is not in any way a decentralized cryptocurrency platform. The primary function of BankProv is to help cryptocurrency investors leverage their crypto-assets in order to build crypto-based businesses. 

BankProv customers have access to several cryptocurrency services, including:

  • Lending
  • Business Banking
  • Cash Management

Several of the main draws of BankProv is that they offer unlimited deposit insurance for account balances up to $250,000. And with $50,000 or more, users earn interest in APY. They also do not charge monthly service fees or have any minimum balance requirements.

*The Provident Bank is not affiliated with Provident Bank, a bank with services based in New Jersey and Pennsylvania residents.
Cryptocurrency Banking
  • Fraud Protection and Security
  • Secure Cash Vault Services
  • Bitcoin ATM
  • Crypto-friendly “armored couriers” in the US for secure deposits
  • Quick and Easy Transfers
  • Savings accounts with unlimited deposits

API Banking: APIs function is to allow different apps and platforms to communicate with one another. APIs are essential for BankProv to interact with other cryptocurrency platforms. They also function to keep information sharing secure when sending and receiving money.

FDCI & DIF Insurance: BankProv insures 100% of all deposits with Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

ProvXchange Network: Account Management

  • 24/7 access to personal accounts
  • Real-time transfers between other BankProv customers -any time of the day.
  • Counterparty: a feature to manage counterparties with whom you frequently trade.
Crypto and Blockchain Lending

A major draw to BankProv is that they support crypto-based businesses and crypto-backed lending. Essentially, this bank aims to offer all the same services as a traditional bank and financial institution, except for cryptocurrency-based firms and investors.

BankProv offers crypto-backed lines of credit and lines of credit backed by Ether and the Ethereum network.

Lines of credit are available for companies that are backed by Ether or Bitcoin. Funds can be used to help expand operations. Other examples for loans are cryptocurrency-mining-tool, such as equipment loans.

Crypto-backed loans offered by BankProv are an asset-based facility. These loans are linked to the dollar value of the cryptocurrency. That dollar value is then pledged as collateral.

Depositors Insurance Fund

A benefit of BankProv is that they offer deposit insurance. They can do this as a branch of Provident Bank, which has provided full insurance for deposits since 1934. Provident Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The FDIC insures each depositor to a minimum of $250,000, while the DIF insures the remaining balance.

DIF Insurance Explained

The DIF is a private insurance fund. The insurance covers all deposits that are above FDIC limits at Massachusetts-chartered savings and cooperative banks. The DIF has provided insurance for deposits since 1934. All banks that are DIF members are also members of the FDIC. However, but not all FDIC member banks are DIF banks. The FDIC insures depositors to a minimum of $250,000. After $250,000, insurance is covered by FDIC.

FDIC is a government entity and is backed by the U.S. government. In contrast, DIF is a private organization. DIF individually holds over $270 million in assets and $100 million in reinsurance.

DIF insurance covers the following deposits:

  • Savings accounts
  • Checking and NOW accounts
  • Certificates of deposit (CDs)
  • Bank money market accounts
  • IRA deposit accounts
Bank Accounts

APR is the “annual rate” charged for earning or borrowing money from financial institutions. On the other hand, APY considers compounding interest. When there is greater compounding interest, there is a greater difference between APR and APY.

BankProv offers APY (compounding interest), which is more attractive on accounts with higher balances. Moreover, accounts totaling less than $50,000 deposits do not earn any interest.  The only product BankProv offers is a high-yield savings account.

Accounts with balances over $250,000 earn a 0.50% APY.

Interest Rates

Interest rates earned in BankProv savings accounts are broken into the following tiers:

  • $0.00–$49,999.99 = 0.00% APY
  • $50,000.00–$249,999.99 = 0.25% APY
  • $250,000.00 Or More = 0.50% APY
Deposits, Withdrawals & Fees
  • In order to open an account, a minimum of $1,000 is required.
  • Wire transfers are the only option for fiat currency.
  • No monthly services fees.
Opening Accounts

Despite the fact that BankProv is online-only, you will still need to go through KYC measures. To open an account, new applicants must provide the following information:

  • First and last name
  • Personal email address
  • Primary phone number
  • Home or mailing address
  • Date of birth
  • Social security number
  • Occupation
  • Driver’s license or passport information
Useful Information
BankProv Privacy

If you are looking for a way to leverage your cryptocurrencies anonymously, BankProv is certainly not offering that option. Essentially, BankProv offers cryptocurrency holders a way to leverage their assets while providing the backing and security of a traditional financial institution (aka, Provident Bank).

As a result, this means that BankProv must comply with the standards and regulations of traditional financial initiations.

BankProv may share your private information for any of the following reasons, as stated in their privacy policy:

  • Disclose account numbers, social security numbers, or any credit or transaction information to marketing partners based on the conditions of the client’s agreement.
  • BankProv maintains written contracts with all of its partners, which require them to treat personal information in a confidential manner and compliance with all state and federal regulations.
  • In the case that BankProv conducts business with other companies or institutions, customer information may be shared.
  • When applicable to US laws, they may also provide information to regulatory authorities, consumer reporting agencies, and law enforcement agencies.
  • Based on the agreements between BankProve and customers, BankProv may sell or exchange customer information to any agencies outside the company, so long as all requirements of the state and US federal regulations have been adhered to.
Customer Demographic

BankProv is the digital arm of Provident Bank. Because of this partnership, BankProv can offer cryptocurrency investors many financial services, all of which are backed by the USD. As a traditional financial institution, they also provide deposit insurance for the customer’s total balance -in the form of FDIC and DIF.

There are several limitations with BankProv. Customers must comply with US federal KYC policies, accounts are only fundable with wire transfers, and those who keep less than $50,000 will not benefit from APY interest yields.

In essence, this is a bank for those who operate mid to large cryptocurrency-based businesses. BankProv is a great option for those who have high account balances (over $50,000). The services offered for building crypto-based businesses are also very appealing.

There are no fees to use BankProv, aside from wire transfers. However, if you are an individual or small business and wish to make this your primary business account, your transaction fees will rack up quickly.


So, for those who plan to leverage BankProv’s cryptocurrency lending services, they offer many great features. But for those who have more minor needs, BankProv is not ideal.