- No monthly maintenance fees on savings accounts.
- Free nationwide ATM network.
- High-yield bank accounts, including a competitive rewards checking.
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Updated March 15, 2024
In a nutshell
Quontic Bank started in New York City as a community bank but is now a digital bank with nationwide offerings.
- The bank has been a Community Development Financial Institution (CDFI) by the U.S. Treasury.
- Quontic focuses mostly on banking products, although it also offers home loans.
- One notable offering is a ring that acts as your bank card.
Quontic Bank overview
Pros:
Cons:
- No bank branch access.
- No cash deposits.
- No overdraft protection.
Quontic Bank’s banking products
Checking
Quontic Bank has two main checking account options, each with an open deposit requirement of $100. The accounts give you access to a free nationwide network of ATMs, but you can’t deposit cash into your account. The only way to fund accounts is through remote check deposit, direct deposit and ACH. There is also no overdraft protection or process on these accounts.
The High Interest Checking account features a 1.10% APY, which is much higher than the average interest-bearing checking account rate of 0.07% APY reported by the FDIC in January 2024. However, you must make at least 10 qualifying debit card purchases each month to receive that high rate. Otherwise, you only get a 0.01% APY.
Simple and reliable APY
Quontic High Interest Checking
Simple and reliable APY
Quontic High Interest Checking
APY*
1.10%
Min. deposit
$100
Monthly fee
$0
Quontic Bank’s other checking option is the Cash Rewards Checking account, which offers 1% cash back on eligible debit card purchases, but doesn’t offer a yield.
Quontic Cash Rewards Checking
Quontic Cash Rewards Checking
APY*
N/A
Min. deposit
$100
Monthly fee
$0
Bonus
GET 1.00% CASH BACK ON ALL
ELIGIBLE DEBIT CARD PURCHASES1
Savings
As with the checking accounts, you need a $100 opening deposit to access the High Yield Savings product Quontic offers. As of this writing, the High Yield Savings account has a 4.5% APY, which is significantly higher than the 0.46% reported by the FDIC in January. Interest is compounded daily, meaning your previous day’s yield is included in the next computation. Additionally, there are no monthly maintenance fees.
Financial tools
Quontic High Yield Savings
Financial tools
Quontic High Yield Savings
APY*
4.50%
Monthly fee
$0
Min. deposit
$100
CDs
Quontic’s CD product is straightforward. You must deposit at least $500 to open a CD, and you can choose terms of six months or two, three or five years. As of this writing, the best CD rate offered by Quontic is on its six-month CD, which has a 5.05% APY. The five-year CD has a 4.3% APY, which is still relatively high, especially when compared to the national average of 1.39% APY, as reported by the FDIC in January 2024. If you withdraw money before maturity, you’ll be subject to penalties.
| Quontic CD's | APY* | Min. deposit | Term |
|---|---|---|---|
Quontic 6-Month CD | 5.05% | $500 | 6 months |
Quontic 1 year CD | 5.30% | $500 | 1 years |
Quontic 2 year CD | 4.50% | $500 | 2 years |
Quontic 3 year CD | 4.40% | $500 | 3 years |
Quontic 5 Year CD | 4.30% | $500 | 5 years |
Money Market Account (MMA)
The Money Market Account at Quontic Bank is one of the highest available, at 5.00% APY. The APY is earned on the daily account balance, and, like many other products, you need at least $100 to open the account. However, there are limits on this account, which functions more as a savings account. You are limited to six transfers and withdrawals per statement cycle.
Quontic Money Market Account
Quontic Money Market Account
APY*
5.00%
Min. deposit
$100
Monthly fee
$0
Min. balance to earn APY
$0
Other banking products
Besides checking and savings products, Quontic only offers mortgages. As expected, Quontic offers a variety of traditional mortgages. However, the bank also provides access to nontraditional forms of financing, including self-employed borrowers and foreign nationals. The designation as a CDFI allows Quontic Bank to take a different approach to many mortgage products.
Quontic Bank’s customer experience
Quontic Bank hasn’t been included in major ratings like the J.D. Power & Associates study. However, it is accredited by the Better Business Bureau (BBB) and has an A+ rating.
Even with this A+ BBB rating, the customer reviews on the site average at 1.13 out of five stars. However, the rating likely comes from the closed complaints, of which there were 21 in the last three years, with seven in the last 12 months.
No complaints against Quontic Bank were reported by the Consumer Protection Financial Bureau (CFPB) in the last three years.
Though the bank has a high BBB rating and few complaints, a recent enforcement action against Quontic Bank was taken in October 2023 by the Office of the Comptroller of the Currency, claiming that regulatory concerns from 2018 were unaddressed. In July 2023, the bank also recently agreed with the Philadelphia Fed to not make capital distributions or pay dividends without regulatory consent.
How does Quontic Bank compare?
Quontic vs. CIT
CIT offers competitive yields, but to access high rates, you need to have a higher balance. Quontic Bank doesn’t require the same amounts of money to access the best available rates.
Quontic vs. Ally
Both Ally and Quontic offer competitive yields on savings and CD products. However, Quontic’s checking APY is much higher. However, Ally offers a wider variety of financial products and services.
Quontic vs. Axos
Axos Bank shines with its high-yield Rewards Checking, which is higher than many other yield-bearing checking accounts. However, Axos has a tiered system, while Quontic doesn’t. Additionally, Axos offers access to more loan and investment choices, while Quontic focuses on savings and mortgages.
Methodology
By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.
Frequently asked questions (FAQs)
Is Quontic Bank FDIC insured?
Yes, Quontic Bank is FDIC insured. Your deposits held at this bank are insured for up to $250,000.
Is Quontic Bank a good or bad bank?
Whether Quontic Bank is good or bad depends on your experience and your financial needs. The customer reviews at the BBB indicate that some consumers have had a poor experience. Some of the enforcement actions against Quontic might also give some customers pause. However, if you’re interested in a simple product that has the potential to provide a high yield, it might meet your needs.
Is Quontic Bank a good bank for beginners?
Some consumers might like Quontic Bank for beginning lessons in handling checking and savings accounts. There’s no overdraft program, so users don’t have to worry about incurring those fees. However, beginners looking for personal loans or investing won’t find that at Quontic.
Who owns Quontic Bank?
Quontic Bank is a privately-held company that isn’t listed on a public stock exchange.
*As of March 14th, 2024.
AP Buyline’s content is created independently of The Associated Press newsroom. We might earn commissions from links in this content. Learn more about our policies and terms here.