Quontic Bank Review: High APYs and No Monthly Fees Add Up to Big Savings

GOBankingRates Score

Our take: If you're searching for a checking account with a high annual percentage yield, Quontic Bank should be near the top of your list. The bank's line of CDs also offers high rates, and most deposit accounts come with no fees.
  • Rates
  • Fees
  • Opening Deposit Requirements
  • Ease of Use
How did we calculate this?


  • High Interest Checking account earns 1.01% APY
  • No monthly service fees on most accounts
  • Access to more than 90,000 surcharge-free ATMs
  • Live chat available during business hours


  • Limited number of branches

About Quontic Bank

New York-based Quontic Bank was established in 2009 following the buyout of its predecessor, Golden First Bank. Quontic refers to itself as an “adaptive digital bank” and now operates almost exclusively as an online institution. The bank has the U.S. Treasury CDFI designation, awarded to institutions that successfully assist low-income customers.

Quontic Bank Products

Quontic Bank offers standard deposit accounts, including checking, savings, money market and CD accounts, in addition to mortgages.

Product Features
Checking Account
  • $100 minimum opening deposit
  • 1.01% APY
  • 1.50% cash back on debit card purchases
  • No monthly maintenance fee
Savings Account


  • $100 minimum opening deposit
  • APY: 0.50% on Drawbridge Savings, 0.55% on High Yield Savings
  • No monthly maintenance fee
Money Market Account
  • APY of up to 0.40%
  • $100 minimum opening deposit
  • Tiered interest rates
Certificates of Deposit
  • APY: 0.60% to 0.75%
  • Terms from six months to three years
  • $500 minimum opening deposit
    • Community Development Loan program available
    • FHA and VA loans
    • Loans for owner-occupied properties and foreign nationals

      Quontic Bank Checking Accounts

      Quontic Bank offers two checking accounts: High Interest Checking and Cash Rewards Checking. With the High Interest Checking account, you get a 1.01% APY on your balance. The Cash Rewards Checking account pays up to 1.50% cash back, comparable with the best checking accounts.


      • Earn up to 1.01% APY  or 1.50% cash back
      • Opening deposit: $100
      • Access to more than 90,000 surcharge-free ATMS


      • APY much higher than national average
      • No monthly maintenance fees
      • Large ATM network makes it easy to avoid ATM fees


      • Bank charges a dormant account fee of $10 per month

      Quontic Bank Savings Accounts

      You can choose from two savings accounts at Quontic Bank: Drawbridge Savings and High Yield Savings. Both earn daily compounded interest that is paid monthly, a common feature of the best savings accounts.


      • APY: 0.50% on Drawbridge Savings, 0.55% on High Yield Savings
      • Opening deposit: $100
      • Interest compounds daily


      • APY higher than national average
      • No monthly maintenance fees
      • Daily compounding interest grows money faster


      • Balances over $250,000 earn APY of only 0.01%

      Quontic Bank Money Market Account

      Quontic’s single money market account requires $100 to open and has no monthly service fees. Interest is paid in three tiers, depending on your account balance.  GOBankingRates has ranked Quontic’s money market account as one of the Best Money Market Accounts of 2021.


      • APY of up to 0.40%
      • Minimum opening deposit: $100
      • Tiered interest rates
      • No monthly maintenance fee


      • APY higher than national average
      • Access to account through more than 90,000 surcharge-free ATMs


      • Excessive check fee applies to money market accounts

      Quontic Bank CD Accounts

      Quontic Bank offers a slim lineup of CDs, but all pay high yields, comparable to the best CD rates. Terms of six months and one, two or three years are available. A minimum deposit of $500 is required to open any certificate of deposit at Quontic.


      • APY: 0.60% to 0.75%
      • Terms from six months to three years
      • Minimum deposit: $500


      • 12-month CD rate higher than the national average
      • No fees, aside from early withdrawal penalties


      • Early withdrawal penalties are steep 

      Banking Experience

      Banking at Quontic takes place primarily online, so it’s best for customers who are comfortable with managing their accounts online and in the mobile app.

      Customer Service

      Customers who need assistance can call customer service Monday through Friday from 9 a.m. until 6 p.m. EST.  Live chat is also available during these hours. Customers also have the option of sending a message to the bank through email or the bank’s online contact form.

      Accessibility and Branch Availability

      Quontic Bank has a branch and a home mortgage office in Astoria, New York, and loan offices in Miami and in Melville, New York. Loan offices also offer services for checking and savings accounts as well as business banking and loans. Another loan office in Flushing, New York, is due to open soon.

      Mobile and Digital Experience

      Quontic Bank’s mobile app gives customers convenient access to their accounts. You can transfer funds between accounts, send money via Zelle and locate surcharge-free ATMs. The app has a rating of 4.7 out of 5 on the App Store and 3.8 on Google Play.

      How To Open a Quontic Bank Account

      To open a Quontic account, click “Get Started” on the bank’s website. Follow the prompts to complete the online application. Here’s what you need to do:

      1. Give your basic information, including your name, email address and phone number.
      2. Verify your identity by providing your Social Security number and government-issued ID.
      3. Provide funding for the new account.

      You must be at least 18 years old and a U.S. citizen to open an account at Quontic Bank.

      Key Information

      Customer service number: 800-908-6600

      Routing number: 021473030

      Quontic Bank Fees

      Quontic Bank does not charge monthly maintenance fees for its accounts. However, you might face fees for the following items:

      • Overdraft: $35
      • Incoming wire transfer: $10 plus correspondent
      • Outgoing domestic wire transfer: $20 plus correspondent
      • Outgoing international wire transfer: $30 plus correspondent
      • Dormant account: $10 per month

      You can avoid paying these fees if you don’t use the services, keep your accounts active, and make sure you have sufficient funds on hand before making a purchase.

      Quontic Bank vs. Competitors

      Before opening an account, you’ll want to compare Quontic Bank’s offerings to those of other banks. Here’s a quick look:

      Bank Best For
      Quontic Bank High yields and low fees
      Wells Fargo Nationwide access to physical branches
      Bank of America Wide variety and number of products and services for meeting diverse financial needs
      U.S. Bank Customers with a U.S. Bank mortgage, loan or credit card who want to avoid checking account fees

      Quontic Bank vs. Wells Fargo

      Wells Fargo has more than 5,200 retail branches across the U.S., making it an excellent choice for customers who prefer in-person banking. However, Quontic offers much higher interest rates on its accounts.

      Quontic Bank vs. Bank of America

      Bank of America is a good choice for customers who want a wide range of products to choose from. This includes credit cards, auto loans, personal loans and investment products, which Quontic Bank does not currently offer. Quontic’s menu of products isn’t as comprehensive, but it offers a higher savings APY and fewer fees.

      Quontic Bank vs. US Bank

      U.S. Bank checking account customers who have a mortgage, loan or credit card with the bank can waive the monthly maintenance fee for the Gold Checking Package account. Quontic Bank’s checking accounts are fee-free and available in states not served by U.S. Bank branch locations.

      Final Take

      Quontic Bank succeeds in its mission to provide high-yield deposit accounts with low fees. The bank is a good fit for individuals who are comfortable with online banking and are willing to trade branch access for a high APY.

      If you’re in the market for a new checking or savings account, consider Quontic Bank to take advantage of its great rates. Or sign up for a Drawbridge Savings account to support grants for businesses affected by the economic downturn.

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        Editor’s Favorite

        Quontic Bank’s High Interest Checking account is worth a look because its APY of 1.01% is higher than what many other high-yield accounts offer. Use it as an emergency fund that won’t have the restrictions of a CD.

        Quontic Bank FAQ

        Here are the answers to some commonly asked questions about Quontic Bank.
        • Is Quontic Bank FDIC-insured?
          • Yes, Quontic is a member of the FDIC and deposits there are insured up to $250,000.
        • Does Quontic Bank have any branches?
          • Quontic Bank has one branch, along with a home mortgage office, in Astoria, New York. The bank also has loan offices in Miami and in Melville, New York.
        • Does Quontic Bank support Zelle?
          • Yes, Quontic lets customers use Zelle to send money. The bank does not charge its customers fees to use Zelle.
        • What is Quontic's overdraft policy?
          • If your balance drops below zero, Quontic Bank charges $35. This might come from a point-of-sale transaction, online purchase or check written from your account.
        • Does Quontic Bank offer free money for signing up for an account?
          • Quontic doesn't currently offer free money for signing up for an account. However, the high APYs and limited fees can help you save more money over time. Consider the potential savings, or check out other banks running promotions.

        Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 11, 2021.

        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.

        This article has been updated with additional reporting since its original publication.

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        About the Author

        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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