Quontic Bank Review – High-Yield Savings, Online
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Quontic Bank offers unique financial products that attract investors with high CD rates, bank savings, and different account options.
9/10
Cost
8/10
Features
9/10
Ease of Use
9/10
Services
9/10
For most of us, going to a bank means taking the phone from our pocket and making the most of high savings rates. If you are like me, you prefer online banking, and if you are looking for the right combination of high rates and low fees, Quontic Bank is worth considering.
Quontic Bank offers unique financial products that attract investors with high CD rates, bank savings, and different account options. In this Quontic Bank review, we help you understand its products and see how the bank stacks up.
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What is Quontic Bank?
Quontic Bank is a digital bank headquartered in New York. It offers savings, checking, and CD products across all 50 states. In addition to competitive interest rates, it offers solid customer benefits. In December 2020, it became the first bank to offer a Bitcoin rewards debit card, but it has stopped this service since 2023.
The bank offers a streamlined digital experience that makes signing up for its banking products quick and easy. It also has an extensive ATM network of 90,000 ATMs nationwide and three branches in New York City.
How does Quontic Bank work?
To open an account with Quontic Bank, head to the website and click on “Get started”.
You will then have to select whether you want to open a checking account, online savings account, money market account, or a certificate of deposit.
Based on your selection, you will be redirected to a new page where you will be asked to fill in your personal details. This includes your name, email address, phone number, date of birth, and Social Security Number.
It only takes a few minutes to fill out the application, and at the end, you will be asked to fund the account. You will have to fund the checking account with at least $100 and the CD with at least $500. The account could be funded with your current Quontic account, or you can make an ACH transfer from a different bank. It is also possible to add money through the mobile app, wire transfer, mail a check, or make a direct deposit.
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- Business loans focused on the needs of busy professionals.
- Terms up to 12 years.
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Quontic Bank features
Savings accounts
Quontic offers two types of savings accounts to choose from. A Quontic Bank High Yield Savings account has an APY of 4.50%. It is certainly competitive as compared to many other savings accounts. If you want to open a savings account, you will need to deposit at least $100, and it has no monthly service fees. You can also get access to over 90,000 surcharge-free ATMs. In this account, your interest will be compounded daily and credited monthly.
Checking accounts
Qountic offers two types of checking accounts- Cash Rewards Checking and High-Interest Checking. The Cash Rewards Checking account is ideal for frequent debit card users. The 1% cash back you earn on eligible debit card purchases will be credited to the account at the beginning of a statement cycle.
A high-interest checking account has minimum activity requirements; if you meet them, you will earn up to 1.10% on all the balances, but if you do not meet the requirements, you earn 0.01% annual percentage yield (APY) to all the balances. To meet the requirements, you need to make a minimum of 10 qualifying point-of-sale debit transactions amounting to $10 or more in every statement cycle. The interest will be compounded every day and is credited monthly. The checking accounts require a $100 minimum opening deposit but no monthly service fees.
Money market accounts
You can open a money market account and get a 5.00% APY on all the balance tiers. The interest will be compounded every day and credited monthly. Again, you need to make a minimum deposit of $100 to open an account, and there are zero monthly fees you need to worry about. You will get a debit card and checks with the account, and if you make over six pre-authorized transactions in one billing cycle, you will have to pay a penalty of $10.
Certificate of Deposit
With Quontic certificates of deposits, you get five terms to choose from, ranging from six months to five years, and you will have to deposit at least $500 to open a CD. You earn interest from the day you open the account, and it is compounded daily but paid once in the statement cycle. You get a 10-day grace period to renew the CD or withdraw; if you do not take action, the bank will renew it automatically for a new term. It has an early penalty withdrawal, which is the full interest earned in case of a term of up to 12 months, and an entire year's interest in terms ranging from one year to two years. The bank will charge two full years of interest in more than two years.
Access on the go
Since Quontic is a digitally focused bank, it offers mobile and online banking options. You can access your account 24/7, transfer funds, send money, and check e-statements. You can also visit in person if you live near one of its three branches in New York. The mobile app is available on Android and iOS.
How much does Quontic Bank cost?
Quontic Bank does not charge monthly maintenance or overdraft fees for its accounts. However, CDs have a minimum deposit requirement and an early withdrawal penalty.
You also have a $10 transaction fee on every withdrawal or transaction over the given six for your account's pre-authorized withdrawals, transfers, or similar transactions in a statement cycle. A dormant account has a $5 monthly fee.
Affordable Loans by BHG Money
- Approval in as few as 24 hours
- Calculate your payment without impact on credit score.
- Business loans focused on the needs of busy professionals.
- Terms up to 12 years.
- Business loans typically range from $20,000 to $250,000.
Who should use Quontic Bank?
- Those comfortable with online banking. If your idea of banking is about opening an app on your phone and making a quick transaction, this online-only bank is ideal.
- Those who seek high APY. If you are looking for a bank to earn high APY on your money, Quontic Bank is worth consideration. You can earn high interest with an APY as high as 4.50%. Additionally, the interest is compounded daily.
Who shouldn't use Quontic Bank?
- Those who like an in-person banking experience. If you like to head to your bank's physical branch, Quontic Bank is not a good option.
- Those who do not use debit cards frequently. Quontic Bank’s checking account is only attractive if you use a debit card regularly. The account also has a minimum activity requirement, and if you do not meet that, you only earn 0.01% annual percentage yield.
Pros and cons
Pros
- Competitive interest rates
- Access to over 90,000 surcharge-free ATMs
- No monthly fees
Cons
- Limited branch access
- No special offers on CD
- Checking account is not suitable if you aren’t a frequent debit card user
- No customer support on weekends
Quontic Bank vs. competitors
Bank | Offerings | Minimum deposit | Fees | APY on savings account | ATMs |
Quontic Bank | Savings accounts, checking accounts, money market accounts, and CDs | $ 100 | $ 0 | 4.50% | 90,000 |
Ally | Checking accounts, savings accounts, loans, credit cards, investments and more | $ 0 | $ 0 | 4.20% | 43,000 |
CIT | Checking accounts, savings accounts, money market accounts, and CDs | $ 100 | $ 0 | 0.25% - 5.00% | - |
Capital One | Savings accounts, checking accounts, CDs, IRA, investments and more | $ 0 | $ 0 | 4.25% | 70,000 |
Ally
Quontic and Ally offer competitive rates, but Quontic offers a slightly higher APY than Ally. Ally also charges a few more fees than Quontic. Since both are digital-only banks, Quontic offers easy access to customers with its 90,000 fee-free ATMs, while Ally has only 43,000 ATMs.
CIT
CIT scores over Quontic in its competitive APY, which is 0.25% - 5.00%, and has the same minimum deposit requirement of $100. However, the one drawback of CIT is that it does not have an ATM network or physical branches since it is an online-only bank. You will be reimbursed with ATM fees up to $30 per month. If you want a higher APY and can do without ATM access, you can consider CIT.
Capital One
Capital One is a financial institution with 900 physical branches, making it ideal for those who prefer to visit the bank in person. It also has no monthly maintenance and no minimum balance requirement, which is where it scores over Quontic Bank. However, it has a lower APY than Quontic, and if you are only interested in the interest, Quontic will pay you more.
Is Quontic a legitimate bank?
It is natural to have doubts when you are looking at banks but Quontic Bank is a legitimate bank and an FDIC-insured bank. Hence, even if the bank fails, your money up to $250,000 is safe under insurance coverage.
What is the maximum withdrawal amount for Quontic Bank?
With Quontic Bank, you can withdraw a maximum of $500 per day.
How much money will I need to open an account with Quontic Bank?
If you open a CD with Quontic Bank, you will have to deposit at least $500 and if you open a savings, high-interest checking, cash rewards checking, or money market account, you need to deposit $100.
The bottom line
Quontic Bank offers several features that customers expect from an online bank. Besides the 24/7 access to banking, it also has a large ATM network and offers high APY on its high-interest checking account and high-yield savings account. However, if you are looking for an in-person bank, Quontic may not be a good choice. Apart from that, it is worth a consideration.
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Writer
Vandita Jadeja is a financial writer and editorial assistant at Joywallet. She loves to read and write about money and brings 7 years of experience from the financial industry. She loves coffee, mountains and sunsets.
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