Quontic Bank
Quontic Bank Review: Checking, Savings and CDs
Quontic Bank has a strong lineup of deposit accounts and doesn’t charge monthly fees.
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The bottom line:
Quontic Bank is a digital bank with a strong lineup of rates and other features on its checking, savings, money market accounts and certificates of deposit. It is recognized as a community development bank based in New York City, though its offerings are available nationwide.
Best for: Customers who want high-interest accounts in one place, do their banking online and don’t need weekend customer support.
- No monthly fees.
- Competitive rates on savings accounts and CDs.
- Large, free, nationwide ATM network.
- Competitive rewards checking accounts.
- No overdraft protection program.
- No cash deposit.
- No branch access.
- Limited customer support phone hours.
Full review
Quontic Bank
Savings
Quontic’s savings account gets high marks for its rate of 3.85% annual percentage yield, no monthly fee and low minimum opening requirement of $100. Interest gets compounded daily and credited monthly. Quontic claims that opening an account can take three minutes.
Quontic also offers a money market account that comes with a debit card and earns a decent yield.
Certificates of deposit
Quontic Bank CD
1-year APY
4.00%
3-year APY
3.25%
5-year APY
3.00%
Minimum deposit
$500
Quontic’s CDs have solid rates across terms from six months to five years, and the opening minimum of $500 is relatively low compared to other online banks. The six-month CD earns 4.25% APY, and two-year CDs have a yield of 3.35% APY.
- 6-month CD: 4.25% APY.
- 1-year CD: 4.00% APY.
- 2-year CD: 3.35% APY.
- 3-year CD: 3.25% APY.
- 5-year CD: 3.00% APY.
Checking
Quontic High Interest Checking
Monthly fee
$0
APY
1.10%
With $0.01 min.
balance for APY
Bonus
N/A
Quontic Bank has two checking account options, each with an enticing benefit: high interest and cash rewards. High-interest checking has a rate of 1.10% on all balances if you make 10 monthly debit card purchases of at least $10; otherwise, the rate is 0.01% APY.
There are limits to the ways you can fund your account. Quontic customers can use remote check deposit, direct deposit and electronic transfers. But if you need to deposit cash, you’ll want to look at a different institution because Quontic does not accept cash deposits.
Quontic’s other checking account: Quontic Bank’s Cash Rewards checking offers 1.5% cash back on eligible debit card purchases. You need at least $100 to open an account and there is no monthly fee.
Customer experience
You can get customer support by phone but hours are limited to 9 a.m. to 6 p.m. Eastern time on weekdays.
Quontic’s mobile app features include mobile check deposit and bill pay. The mobile apps get 3.3 stars for Android devices and 4.5 stars for Apple devices.
If you want to make an external ACH transfer from your Quontic account to another bank account, you will need initiate the transaction from the other institution.
Overdraft fees
Quontic does not charge overdraft or nonsufficient funds fees. To compare, some banks charge as much as $35 for each transaction that could put your balance in the red.
The bank will approve or deny overdraft transactions at their discretion. Either way, it won’t charge you a fee. If it does approve a transaction that overdraws your account, you will be responsible for bringing your account positive.
How does Quontic Bank compare?
Monthly fee
$0
APY
0.50%
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
Monthly fee
$0
APY
N/A
Bonus
$360
Up to $360 per year. See website for details.
Yes, Quontic Bank is a member of the Federal Deposit Insurance Corp., so bank accounts are federally insured for up to $250,000 per person, per account ownership category.
No. Quontic is an online-only bank.
You’ll need some personal information including your Social Security number, contact information, an external bank account for funding and $100 to open a checking or savings account. For CDs or Bitcoin checking, you’ll need at least $500.
Spencer Tierney
Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.