Signature Bank Adds $2.5B in Non-Interest Bearing Deposits in Q4

These deposits are seen as a proxy for growth among crypto-industry clients.

AccessTimeIconJan 21, 2021 at 2:45 p.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC

New York-based Signature Bank has added $2.5 billion in non-interest bearing deposits in the fourth quarter 2020, falling just half a billion dollars shy of Silvergate’s $2.9 billion in new deposits from digital currency customers in Q4.

Cryptocurrency firms are often a rich source of low-cost deposits for the few banks that openly serve the sector. As such, analysts have paid close attention to non-interest bearing deposit growth at Signature. These deposits represent nearly 30% of total deposits at the bank.

  • Has Crypto Become Political?
    00:51
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    02:14
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    00:55
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    21:50
    How Fed's Interest Rate Decisions Could Affect Crypto
  • Total deposits increased at the bank quarter over quarter by $8.98 billion, with money market deposits representing the lion’s share.

    Signature’s average cost of deposits and average cost of funds for the fourth quarter of 2020 decreased by 66 and 69 basis points to 0.42% and 0.57%, respectively.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.