Quontic Bank: CDFI With Low Fees and High APYs

High-yield checking is the star of this New York-based bank.

Quontic Bank traces its roots to 2009, when it was named Golden First Bank. The bank became a community development financial institution in 2016. In 2018, rebranded itself as Quontic, the Adaptive Digital Bank. Only about 2% of institutions nationwide earn the U.S. Treasury CDFI designation, which is awarded to institutions that successfully assist low-income customers.

Quontic Bank is now almost exclusively an online institution, headquartered in Manhattan. The bank offers standard deposit accounts, including checking, savings, money market and CD accounts, in addition to mortgages.

Here’s a quick look at what you’ll find in this Quontic Bank review:

Who Is Quontic Bank Best For? 

Quontic Bank is best for customers seeking high yields and no fees, which is a broad target audience. Here are some of the most compelling pros of the bank, along with some areas that could use improvement.

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  • High annual percentage yields on most accounts, particularly the checking accounts
  • No fees on most accounts
  • Wide range of mortgages available
  • Live chat available online during business hours


  • One single branch in Astoria, New York, plus three additional loan offices 
  • Limited information on website
  • Savings APY not as high as online competitors
  • High minimum on its High-Yield Savings account

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Who Might Want To Choose Quontic Bank?

If you’re searching for a checking account with a high APY, Quontic Bank should be near the top of your list. You’ll have to look far and wide for a checking account that can top the 1.50% APY on the bank’s High-Yield Checking account, although that rate does require qualifying activities. The bank’s line of CDs also offers high rates, and most deposit accounts come with no fees.

Related: Best CD Rates and Accounts of 2020

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Who Might Want To Skip QuonticBank?

Quontic Bank is not a good option for customers looking for physical branches, as the bank only has a single option in Astoria, New York. The bank’s website is lacking some key account information as well, so Quontic might not be the best choice if you’re not comfortable navigating the ins-and-outs of an online bank and doing your legwork — either via calling customer service or using the live chat feature.

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Check Out: 9 Best New Bank Promotions and Bonuses

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Types of Accounts Available

One of the main strengths of Quontic Bank is its diverse range of product types. Here’s an overview of all of the types of accounts available at Quontic Bank. 

Quontic Bank Accounts
Account APY Fees
Checking  1.50% $0
Savings 0.01%-0.50% $0-$10
Money Market 1.40%-1.60%  $0
CDs 1.20%-1.50%  $0
Loans Variable Variable

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Quontic Bank Checking Accounts

Quontic Bank offers two checking accounts, High-Interest Checking and Cash Rewards Checking. Both require a minimum deposit of $100 and can be opened online in a few minutes. Neither account has any monthly maintenance fees. 

For both checking accounts, ATM withdrawals are surcharge-free at over 90,000 ATMs, including the following: 

  • AllPoint Network ATMs
  • MoneyPass Network ATMs
  • SUM program ATMs
  • Citibank ATMs located in various retail stores, such as Target, Walgreens, Speedway, Safeway, Winn Dixie, CVS, Kroger, Winn Dixie and Circle K

Both accounts are straightforward in terms of what they offer. With the High-Interest Checking account, you’ll earn a 1.50% APY as long as you make at least 15 qualifying point-of-sale debit transactions per month and keep your account balance under $1,000,000.01. Otherwise, you’ll earn an APY of just 0.01%. 

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With the Cash Rewards Checking account, you can earn the same 1.50% rate, but it comes in the form of cash back to your account on point-of-sale transactions, rather than as an interest payment. 


  • No monthly maintenance fees
  • High 1.50% APY with High-Yield Checking
  • Great cash-back rate of 1.50% on Cash Rewards Checking
  • Large surcharge-free ATM network


  • Cash Rewards Checking not currently available on its website

See: Best Checking Accounts of 2020

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Quontic Bank Savings Accounts

You can choose from two savings accounts at Quontic Bank: the Drawbridge Savings account and the High-Yield Savings account. 

The Drawbridge Savings account has no service fees and offers a 0.50% APY on balances of up to $250,000. Balances above $250,000 earn just 0.01%. A $100 minimum is required to open the account. Interest is compounded daily and paid monthly. 

The High-Yield Savings account pays the same 0.50% APY — as long as you maintain a $10,000 balance. Every month your account dips below this threshold, you’ll face a $10 service fee. 

As with the bank’s checking accounts, the Quontic Bank Savings account offers surcharge-free access to over 90,000 ATMs. Certain transactions exceeding six per month or statement cycle incur a $10 excess transaction fee. This applies to all excess preauthorized withdrawals, automatic or telephonic transfers, checks and debit card transactions, among others. 

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  • No fees for Drawbridge Savings
  • Vast surcharge-free ATM network


  • High minimum of $10,000 to avoid $10 monthly fee with High-Yield Savings
  • $10 excess transaction fee

Compare: Best Savings Accounts of 2020

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Quontic Bank Money Market Accounts

Quontic’s single Money Market account requires $100 to open and has no monthly service fees. Interest is paid in three tiers: 

  • $0-$4,999.99: 1.40% APY
  • $5,000-$149,999.99: 1.50% APY
  • $150,000 and up: 1.60% APY

As with the bank’s checking and savings accounts, the Quontic Bank Money Market account offers surcharge-free ATM access at over 90,000 terminals. The account also has the same $10 excess transaction fee for certain withdrawals exceeding six per month. 


  • High APY
  • No fees
  • Low minimum opening balance
  • Free ATM access at over 90,000 locations


  • $150,000 required to earn top yield

Learn: Money Market Accounts vs. Savings Accounts: What’s the Difference?

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Quontic Bank CDs

Quontic Bank offers a slim lineup of CDs, but all pay high yields. Terms are available for one, two, three, four or five years. A minimum of $500 is required to open any CD. Rates are as follows:

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  • 12 months: 1.20% APY
  • 24 months: 1.25% APY
  • 36 months: 1.50% APY
  • 48 months: 1.50% APY
  • 60 months: 1.50% APY

Interest is compounded daily and credited monthly. Upon maturity, CDs automatically renew. A 10-day grace period is allowed during which you can withdraw your funds without penalty. Otherwise, an early withdrawal penalty will apply.

Quontic Bank’s early withdrawal penalties are notably high, equaling the entire amount of interest for terms of less than 12 months, one full year of interest for maturities from 12 months to under 24 months, and two full years of interest for maturities of 24 months or more.  


  • No fees
  • Low $500 minimum balance
  • High APYs across the board


  • Steep early withdrawal penalties

Read Next: The Ultimate Guide to Certificates of Deposit

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Quontic Bank Loans

Quontic Bank offers eight types of mortgage loans in the following categories:

  • Owner-occupied
  • Investment properties
  • Condo & co-op
  • Federal Housing Administration
  • Veterans Affairs
  • Reverse mortgage
  • Foreign national
  • Commercial
  • Wholesale

Quontic’s owner-occupied mortgages are community development loans, which do not require income verification. These types of loans make getting a mortgage easier for self-employed individuals or those without enough income documentation to qualify for a traditional mortgage. 

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  • Wide range of mortgages available


  • No vehicle or personal loans available

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Quontic bank
How To Bank with Quontic Bank

You can open most accounts online with Quontic Bank in about three minutes. You’ll need to provide basic personal and identifying information before choosing the type of account you’d like. Specifically, the account application asks for your name, email address and phone number. The bank will then send a confirmation code to your email before requesting personal identification, such as your driver’s license or state ID, and funding information from your existing bank.

You can also contact the bank at 800-908-6600 from 8:30 a.m. to 5 p.m. ET Monday through Thursday or 8:30 a.m. to 6 p.m. ET Friday. 

Find Out: How To Open a Bank Account Online

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Online & Mobile Banking

You can manage your Quontic Bank accounts either online or via the bank’s mobile app. Account features you can access on both the online and mobile platforms include: 

  • 24/7 account access
  • Bill pay
  • Funds transfer to both internal and external accounts
  • Account balance
  • Account activity, including processed checks
  • ATM finder
  • eStatement activation
  • Zelle money transfers

Apps are available on Google Play and the App Store.

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Quontic Bank doesn’t publish its fee schedule online, so you’ll have to get it directly from the bank when you open an account. For the most part, Quontic is a low-fee institution, with most of its checking, savings, money market and CD accounts being fee-free. A $10 monthly fee does apply to the bank’s High-Yield Savings account, but that also drops to $0 if you keep at least $10,000 in the account. 

Quontic charges a very high early withdrawal penalty on its CDs. In many cases, if you cash out your CD early, you’ll owe the entire amount of interest you’ve earned. Additionally, a $10 excess transaction fee applies for certain withdrawals over six per month from the bank’s checking, savings and money market accounts.

See: 13 Banking Fees You Should Never Pay

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Availability of Funds

You can access your money at Quontic via online transfer, debit card purchases or ATM withdrawals. 

ATM withdrawals are surcharge-free at over 90,000 terminals across various networks. Limits and withdrawal restrictions are provided when you open an account and are not available on the bank’s website.

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Is Quontic Bank Right for You?

Overall, Quontic Bank succeeds in its mission to provide high-yielding deposit accounts with low fees. Of particular note is Quontic’s High-Yield Checking account. It pays triple the amount the bank’s own High-Yield Savings account pays, which is where most banks offer their highest deposit account yields. 

The main drawbacks of Quontic include its high CD early withdrawal penalty and its lack of information about fees and additional services on its website. With better disclosures, the bank might have a broader appeal to the do-it-yourself saver.

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More Bank Reviews

This content is not provided by Quontic Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Quontic Bank.

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About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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Quontic Bank: CDFI With Low Fees and High APYs
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