BankProv Review 2024

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Written By
G. Dautovic
August 17, 2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

BankProv is a future-ready commercial banking service and the rebrand of Provident Bank. It offers various innovative services catering to individual and corporate customers. Some of the niche markets this bank does business in include cryptocurrencies, renewable energy, and financial technology (fintech).

Online BankProv reviews are varied, which may confuse prospective clients. In truth, this bank isn't for everyone, so keep reading to learn whether a BankProv account would be the right choice for you.

Minimum deposit requirement:

Monthly fee of $50 waived for the 1st month

Open Account

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Small business checking account
$50 (waived for the 1st month)
Free in-network
Checking Account APY:
pros thumb up Strengths
  • Unlimited deposit insurance
  • Personalized market expertise
  • $0 Deposit requirement
pros thumb up Weaknesses
  • Wire transfer fees
  • Absence of branch locations except in New Hampshire and Massachusetts

BankProv Overview

BankProv banking services cater to both individuals and businesses and they provide 100% insurance for all funds deposited in USD. They also give their clients the option to choose among several business plan types depending on the client's exact needs. 

BankProv Account Options

BankProv’s business checking account isn't significantly different from any other. The major difference is the possibility for you to bank with Bitcoin or Ethereum deposits, in addition to USD. 

Opening an Account

You can open an account online by providing basic personal and business information. Once your account is open, you can start depositing money conveniently. Plus, you can keep track of your finances and monitor your account activity with the BankProv app anytime, anywhere.

You'll need to provide the following information to open an account:

  • Full name
  • Date of birth
  • Phone number and email address
  • Occupation
  • Mailing address
  • Driver's license or passport
  • Social Security number

Account Features 

BankProv has various banking solutions its clients find very useful:

Deposit Insurance to the Last Cent

One of the most significant benefits for BankProv clients is funds insurance. Since the FDIC (Federal Deposit Insurance Corporation) insures amounts up to $250,000, BankProv insures any surplus funds via the DIF (Depositors Insurance Fund). That said, your money will be well-protected at BankProv.

Crypto-Friendly Banking

The company allows you to bank in USD and cryptocurrencies (Bitcoin and Ethereum). Thus, you benefit from superior flexibility in money transfers and account management. Also, BankProv offers crypto loans backed by Ethereum

Payment Options

You can choose from several payment options as a BankProv client, some of the most popular being:

  • Wire transfers
  • ACH money transfers and electronic payments
  • ProvXchange, which allows bank clients to transfer money between their accounts and those of other BankProv customers.  

API Banking Suite

Another useful BankProv product is the API banking suite, offering easy money transfers, account management, and improved business productivity.

BankProv Deposits and Withdrawals

You'll need to deposit at least $1,000 to open an account, which can only be done via wire transfer. And like most banks, BankProv charges a fee for this service, which is $30 per transfer. 


BankProv charges different fees depending on the product. These range from $0 to $5,000 per plan per month. 

Specifically, the bank charges the following monthly fees for individual plans:

  1. Classic Business – $0
  2. Small Business – $50
  3. Commercial – $150
  4. ProvX – $500
  5. ProvX + – $1,000
  6. ProvX Partner – $5,000

Also, note that the BankProv fee for zero-balance personal accounts is $10 monthly.

BankProv Interest Rates

The interest rate depends on the amount of money you have in your savings account. The more you have, the higher the annual percentage yield (APY) is. Please refer to the following table for the details: 

Amount Range

APY Rate
$0 – $49,999 0%
$50,000 – $249,999 0.75%
$250,000 + 1.15%

So, although BankProv interest rates are on the high side, they don't apply for accounts with balances below $50,000. 

BankProv Mobile App

The BankProv mobile app offers personal and business banking services on iOS and Android that are as easy to use as its desktop platform. With it, you can access your accounts and bank securely 24/7. You can view your balance, deposit checks, send money, transfer funds, and pay bills from anywhere.

While writing our BankProv review, we found that the user experience ranks high among the app's users. 

BankProv Customer Service

You can contact the bank's customer service team via:

  • Chat
  • Email
  • Phone
  • Contact form

Moreover, you can go to the bank's physical offices if you live in Massachusetts or New Hampshire. If you live elsewhere and make a phone call, the system will direct you to a member of the desired branch. The customer service center's phone number is 877-487-297. 

Besides BankProv customer service assistance, clients benefit from 24/7 self-service telephone banking (800-815-7056). The list of available services includes:

  • Transfers
  • Check status
  • Cleared checks
  • Balance inquiries
  • Recent transactions
  • Interest information

BankProv Pros and Cons

With everything we know about BankProv, we can point out its strengths and weaknesses. 


The principal benefits BankProv users enjoy are:

  • Crypto banking and lending
  • Above-average APY for savings above $50,000
  • Several plans catering to different individual and business clients
  • Money insurance through the DIF and FDIC, whatever the amount

Clients also benefit from a dedicated relationship manager throughout their time with BankProv. Thus, they get help as their business grows and changes.


Some of the biggest BankProv drawbacks are:

  • Wire transfer fees of $30 per transaction
  • No APY (interest earnings) for savings amounts under $50,000
  • Physical branches only in New Hampshire and Massachusetts

Who Would Benefit the Most From a BankProv Account?

Now that we’ve introduced the BankProv pros and cons and account details, let's summarize who this bank is best for.

Individual and crypto traders should find the bank's services very useful. Furthermore, startups and small and medium-sized companies will find a reliable partner that assists them in their business. 

On the other hand, customers who don't use cryptocurrencies might be better off with another bank. Also, BankProv shouldn't be among the shortlisted options for clients who don’t have a steady income because of its zero-balance fees. 

BankProv User Reviews

We have to point out that only a handful of BankProv online user reviews are available. Thus, we can't take the existing user reviews of the bank as conclusive.


All things considered, BankProv should be the right fit for businesspeople with steady and growing businesses. BankProv insurance, which protects all your funds, is one of its most significant benefits. People working with cryptocurrencies should find the bank's services especially convenient. 

One potential downside, which shouldn't be a dealbreaker, is the lack of brick-and-mortar branches, except in Massachusetts and New Hampshire. Also, making deposits is possible only via wire transfer, which costs $30 per transaction.


  • Attractive APY
  • 24/7 account access
  • Unlimited deposit insurance
  • Personalized market expertise
  • Crypto-backed lending options
  • No monthly fee for the Classic Business plan


  • Wire transfer fees
  • Absence of branch locations except in New Hampshire and Massachusetts

You may be also interested in:


What are BankProv rates?


BankProv has a tiered APY rate policy. Interest rates start for amounts over $50,000: 0.75% for deposits amounting to $250,000 and 1.15% for those over that.

What is BankProv crypto?


BankProv is an online bank offering cryptocurrency services. Its clients can do business in Ethereum and Bitcoin, and crypto loans are based on the former. 

What do BankProv business checking products entail?


BankProv has several business checking products on offer. The basic Classic Business plan, for example, doesn’t come with a monthly fee. The Commercial Plan, which costs $150 monthly, offers a $500,000 balance for half the monthly fee and domestic wire transfers for $25. Based on BankProv reviews, users of the ProvX Partner plan pay a $5,000 monthly fee but benefit from up to 100 free outgoing domestic wires per month.