Quontic Bank Review 2024

Checking

Two top checking accounts are available through Quontic: Cash Rewards Checking and High Interest Checking.

The Quontic Bank Cash Rewards Checking account offers , which includes anything outside of ATM withdrawals and peer-to-peer payments. Any cash back earned is paid and credited to your account at the start of each statement cycle.

The Quontic Bank High Interest Checking account offers up to 1.10% on all balances, which is a very competitive return for a checking account. In order to meet the requirements to earn interest, customers must make at least 10 qualifying point-of-sale debit transactions of $10 or more each statement cycle.

If you meet the minimum activity requirements for the High Interest Checking account, you earn up to 1.10% on all balances: $0–$150,000, $150,000.01–$1,000,000 and more than $1,000,000. If the minimum qualifying activity is not met, then 0.01% APY applies to all balances. Quontic may change the tiers that apply to this account at any time without notice. Interest is compounded daily and credited monthly.

The High Interest Checking and Cash Rewards Checking accounts each have a $100 minimum deposit requirement, and neither has a monthly service fee. Quontic says you can open either of these checking accounts within three minutes.

To open an account, you’ll need to gather basic contact information, your Social Security number and your date of birth.

Accounts can be funded with an existing Quontic account or via ACH transfer from another bank account. You can also mail a check to Quontic. You can add money to your account via the bank’s mobile app, direct deposit, ACH, wire transfer or by mailing a check. Customers have access to more than 90,000 surcharge-free ATMs.

Savings

Consumers have two different savings account options at Quontic.

The Quontic Bank High Yield Savings account pays 4.50% APY, which is over 10 times the national average savings rate, according to data from the FDIC. And it’s very competitive compared to what you can earn from other top-paying savings accounts.

To open an account, you’ll need to deposit a minimum of $100. There are no monthly service fees, and customers have access to more than 90,000 surcharge-free ATMs.

Interest is compounded on a daily basis and credited on a monthly basis.

Money Market Account

The Quontic Bank Money Market Account pays a 5.00% annual percentage yield applies to all balance tiers, which are identified as $0.01–$4,999.99, $5,000.00–$149,999.99 and balances over $149,999.99. Interest is compounded daily and credited monthly.

It takes a minimum of $100 to open an account, making this one of the best money market accounts overall. And, as with Quontic’s other banking products, there are no monthly service fees.

This account comes with a Quontic debit card and checks. But if you make more than six pre-authorized transactions in a billing cycle, Quontic may penalize you with a $10 fee. As with its other banking products, account holders have access to more than 90,000 surcharge-free ATMs.

CDs

Quontic offers competitive certificates of deposit (CDs) across five terms, from six months to 60 months (five years). Opening a Quontic Bank Certificate of Deposit requires a minimum deposit of $500.

Here are the current rates for Quontic’s CDs:

These rates are competitive with the best CD rates. It only takes a few minutes to open a CD account online with Quontic. And you can fund the account by transferring funds from another bank, by ACH transfer, wire transfer, mail or with an existing Quontic account.

CD account holders start earning interest the day the account is opened. It’s compounded daily and paid once per statement cycle.

When it’s time for your CD to mature, Quontic will send a notice. You then have a 10-day grace period to either withdraw or renew your CD. The bank also offers the option of closing your account and opening a new one within that grace period. If you fail to take action, Quontic will automatically renew your CD for another term.

There is a penalty for early withdrawal. For terms up to 12 months, the penalty is equal to the full interest earned. One full year of interest will be charged for terms of 12 months to 24 months. For terms of more than 24 months, the bank charges a full two years’ interest.

Quontic’s streamlined digital experience makes it quick and easy to sign up for its banking products, and there are no monthly service fees on any of its accounts.

This bank offers an extensive ATM network as well, with access to more than 90,000 surcharge-free ATMs across the country. That makes it easy to access money from nearly anywhere. Customers in New York City also have access to the bank’s Astoria branch.

One more feature that makes Quontic stand out from many other financial institutions is its designation as a Community Development Financial Institution. It lends to economically disadvantaged individuals and communities, along with gig workers and small business owners.

Because it’s a digitally focused bank, Quontic offers both online and mobile banking options. Both options offer 24/7 account access with the ability to transfer funds between banks, receive and check e-statements and send money using Zelle. The mobile app is available on iOS and Android devices. Customers who live near Quontic’s sole branch in New York City can bank in person.

Quontic proudly charges no monthly maintenance fees on any of its accounts and eliminated or lowered most other fees. Here is its current menu of fees customers may pay:

Quontic Bank offers the features you may expect and want from a digital bank: 24/7 access to online and mobile banking, a nice selection of banking products, a large ATM network, easy-to-open accounts and low fees. In addition, it provides several options for reaching customer service, including live chat, phone, email and an online form.

Quontic offers very competitive yields on its High Interest Checking account, High Yield Savings account, CDs and Money Market accounts, and it was named one of Forbes Advisor’s Best Online Banks Of 2024.

However, Quontic has limited branch access. Those seeking in-person banking who live outside of New York City may want to consider other options.

Quontic vs. Ally

Quontic and Ally have highly competitive rate structures, but Ally does have a few more fees than Quontic, most notably an excessive transaction fee for money market accounts. Both are digital-only banks, but Quontic offers nearly double the number of fee-free ATMs, making it the more accessible bank for customers.

Quontic vs. Bank of America

As a digital bank, Quontic is able to offer much higher interest rates on its savings products and lower fees compared to the traditional, brick-and-mortar Bank of America. Most Bank of America accounts involve a monthly service fee, although fees can often be waived by completing qualifying activities. If you need to speak with someone in person, Bank of America has branches nationwide to serve you.

Quontic vs. Discover® Bank

Discover® Bank offers competitive rates, but it lacks the range of account options. The Bank is revamping its checking account with cashback debit, so customers can only sign up for a waiting list. While Discover’s interest rates are high, the bank also requires higher minimum deposits on CDs.

Quontic Bank offers low- or fee-free accounts with higher interest rates than many other digital banks, especially on its money market accounts. In addition to being FDIC-insured, Quontic’s status as a CDFI makes it an attractive option for small businesses and underserved communities. With 90,000 fee-free ATM locations nationwide, it offers wide access for account holders regardless of location.