Quontic Bank Review: Digital-First Bank Offering Excellent Rates and No-Fee Deposit Accounts

GOBankingRates Score

4.5
Quick Take: If you're searching for a bank with high annual percentage yields, Quontic Bank should be near the top of your list. The bank's line of CDs also offers excellent rates, and most deposit accounts come with no fees.
  • Rates
    5.0
  • Fees
    5.0
  • Opening Deposit Requirements
    4.0
  • Accessibility
    4.0
How did we calculate this?

Pros

  • High APYs across all accounts
  • No monthly service fees on most accounts
  • Access to more than 90,000 surcharge-free ATMs
  • Live chat available during business hours

Cons

  • Limited number of branches

Overview of Quontic Bank

Headquartered in New York, 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 financial institution.

Quontic has the U.S. Treasury Community Development Financial Institution or CDFI designation, which is given to banks that successfully assist low-income customers. Though customers don’t have access to a large branch network, they do have access to a network of more than 90,000 surcharge-free ATMs across the nation.

Quontic Bank Checking Accounts

Quontic Bank offers three checking accounts: High Interest Checking, Cash Rewards Checking and  Bitcoin Rewards Checking. The High Interest and Cash Rewards accounts both have minimum deposits of $100, while Bitcoin Rewards has a minimum opening deposit of $500. None of the accounts charge monthly service fees.

With the High Interest Checking account, you get an outstanding 1.01% APY on the portion of the daily balances up to $150,000 when you make at least 10 qualifying debit card point of sale transactions of $10 or more per statement cycle. For any balance, the APY is 0.01%. Once you reach balances between $150,000 to $1,000,000, the APY reaches between 0.45% to 1.01%. A balance above $1,000,000, however, only offers a 0.45% APY. No minimum balance is required.

The Cash Rewards Checking account pays up to 1.50% cash back on all eligible debit card purchases. The Bitcoin Rewards account works similarly, except customers get 1.50% Bitcoin back on all eligible debit card purchases.

Quontic Bank Savings Accounts

Quontic Bank offers a single savings account: High Yield Savings. Interest is compounded daily and paid monthly, a common feature of the best savings accounts.

The APY on this account is % — much higher than the industry average, and one of the reasons why it was named one of the Best Savings Accounts of 2022 by GOBankingRates. The minimum opening deposit is $100, and there is no monthly service fee. As with most savings accounts, customers are limited to six withdrawals per statement cycle. There is no excess transaction fee for any transactions beyond this.

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, with an APY of % for all three tiers – balances under $5,000; $5,000 to $149,999; and $150,000 and higher. GOBankingRates has ranked Quontic’s money market account as one of the Best Money Market Accounts of 2022.

Quontic Bank CD Rates

Quontic Bank offers a slim lineup of CDs, but all pay very high yields that are comparable to the best CD rates. GOBankingRates named the bank as having one of the Best CD Accounts of 2022. Terms range from six months to five years. A minimum deposit of $500 is required to open any certificate of deposit at Quontic.

APYs are as follows: % for 6-month CDs; % for 1-year CDs; %  for 2-year CDs; % for 3-year CDs; and 0% for 5-year CDs. 

Best Features of Quontic Bank

See how GOBankingRates surveyed Quontic Bank’s features in its annual review.

Rates

The interest rates paid on deposit accounts at Quontic Bank are among the best in the industry, with APYs ranging as high as 1.01% for interest checking and 0% for CDs.

Fees

Most deposit accounts come with $0 fees, including checking and savings.

Opening Deposit Requirements

You won’t find any $0 minimum deposits at Quontic, which might not appeal to younger customers who are opening their first bank accounts. The bank’s checking, savings and money market accounts all have a $100 minimum opening deposit. For CDs, the minimum opening deposit is $500.

Accessibility

Quontic is a digital bank with no physical branches, so it’s best for customers who are comfortable with managing their accounts online and in the mobile app.

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 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 $0 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 7,200 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 with the Gold Checking Package account. Quontic Bank’s checking accounts are fee-free and offer much higher interest rates.

Final Take

Quontic Bank succeeds in its mission to provide high-yield deposit accounts and $0 fees on many features. The bank is a good fit for customers 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.

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?
    • No, Quontic is a digital bank only. The digital-first approach allows the bank to offer better rates, rewards and $0 fees by lowering the overall overhead expense.
  • 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 will not charge a fee.

Vance Cariaga contributed to the reporting for this article.

This article was updated on Jan. 25, 2022 to reflect Quontic Bank’s fee updates.

This article was updated on July 25, 2022, to reflect Quontic Bank’s current APY.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 3, 2022.

Editorial Note: 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

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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