Checking account customers can earn competitive interest or cash back on debit card purchases with Quontic Bank.

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Quontic Bank started as a community bank in New York, but it now operates primarily as an online bank.

Quontic offers some of the market's most competitive rates on savings accounts, money market accounts, and CDs, all with minimal fees and cutting-edge digital tools. But is Quontic the right fit for your full financial life? Let's dive in.

About Quontic Bank 

Founded in 2009, Quontic Bank began as a community bank in New York but has since transitioned to a primarily online bank with a nationwide reach. 

Quontic offers a full suite of deposit accounts, including high-yield savings, interest-earning checking, money market accounts, and CDs. It stands out for its consistently competitive interest rates, minimal fees, and tech-forward approach, including a mobile app with high user ratings.

As a certified Community Development Financial Institution (CDFI), Quontic is also committed to serving underbanked communities and promoting financial inclusion. 

However, the bank has limited physical branches and customer service hours, making it best suited for consumers comfortable with managing their finances digitally.

Quontic Bank accounts

Quontic offers two types of checking accounts, a high-yield savings account, a money market account, and CDs. Across all accounts, Quontic offers competitive interest rates and has relatively low fees.

Quontic High Yield Savings Account

Quontic's high-yield savings account a standout offering, with a highly competitive 4.50% APY  This rate applies to all balance tiers with no minimums, allowing you to maximize your earnings on every dollar saved.

The account has no monthly maintenance fees and only requires a $100 minimum deposit to open. You can easily manage your account online or through Quontic's top-rated mobile app, which allows for mobile check deposit.

While the account does offer an ATM card upon request, it's important to note that Quontic does not reimburse out-of-network ATM fees. 

The account is also subject to a $10 fee per transaction after six transactions per statement cycle, so it's best used for savings rather than frequent withdrawals.

Quontic Checking Accounts

Quontic offers two unique checking account options, both with no monthly maintenance fees and the potential to earn rewards.

The High Interest Checking account is ideal for those who use their debit card frequently and want to earn interest on their checking funds.

For those who prefer cash back, the Cash Rewards Checking account provides a straightforward way to earn rewards on everyday spending. Let's take a closer look. 

Both checking accounts require a $100 minimum deposit to open and come with a free debit card, mobile banking access, online bill pay, and access to over 90,000 fee-free ATMs nationwide. 

Quontic also offers a unique "payment ring" for contactless transactions, reflecting the bank's tech-forward approach.

One potential drawback is that Quontic does not reimburse out-of-network ATM fees, so you'll want to stick to in-network ATMs to avoid charges. But with a wide ATM network and robust digital tools, this may not be an issue for most customers.

Quontic CDs

For those looking to earn guaranteed returns over a set term, Quontic's CDs offer competitive rates with a low $500 minimum deposit. 

Terms range from 3 months to 5 years, with APYs as high as 5.05% on the 6-month CD.

Quontic's CD rates consistently rank among the highest available, especially on shorter terms. The 12-month CD at 4.50% APY and the 24-month CD at 4.50% APY are particularly strong options for those looking to balance a higher yield with a more flexible term.

One important factor to consider is Quontic's early withdrawal penalties, which are steep compared to some competitors. 

For CDs with terms under 12 months, the penalty is equal to the full interest earned over the term. For 12-24 month CDs, the penalty is one year's interest, and for terms over 24 months, it's two years' interest.

These penalties are significantly higher than many online banks, so it's crucial to be confident in your ability to keep the funds in the CD for the full term. However, for those able to do so, Quontic's CDs offer a secure way to earn top-tier returns on your savings.

Quontic Money Market Account

Quontic's money market account is another compelling option for savers, offering a competitive 5.00% APY with a low $100 minimum deposit. 

This APY actually exceeds that of Quontic's High Yield Savings account, making it an attractive choice for those seeking to maximize their earnings.

The account has no monthly maintenance fees or minimum balance requirements, providing a low-cost way to grow your savings. It also offers check-writing privileges and a debit card for ATM access, providing more flexibility than a traditional savings account.

Like Quontic's other accounts, there are no reimbursements for out-of-network ATM fees. The account also has a $10 excessive transaction fee for each transaction over six per statement cycle, so it's best suited for those who don't need frequent access to their funds.

Is Quontic good to bank with?

Overall, Quontic checks the boxes most people look for in an online bank.

The bank's savings, money market, and CD accounts consistently offer some of the most competitive rates on the market, with minimal fees and low minimum deposits. This makes Quontic a strong option for savers looking to maximize their earnings without the costs and balance requirements of traditional banks.

However, Quontic does have some limitations. The bank has very few physical branches, all located in New York, so in-person banking is not an option for most customers. Customer service hours are also limited to weekdays, which could be an issue for those who need weekend support.

Overall, Quontic Bank is an excellent fit for digital-native savers who prioritize earning potential and are comfortable managing their finances online. The bank's competitive rates, minimal fees, and digital tools make it a top choice in the online banking space.

However, those who value in-person banking, 24/7 customer support, or a one-stop-shop for all their financial needs may prefer a more traditional bank. 

Quontic Bank fees

Quontic has almost no fees, including:

• No monthly maintenance fees
• No overdraft fees
• No minimum balance fees
• No electronic statement fees
• No cashier’s check or money order fees

Keep in mind that many no-fee banks advertise a lack of monthly account maintenance fees, but you may still face some less common fees.    

Many no-fee banks advertise a lack of monthly fees, but you may still face some less common fees.

Quontic is transparent about the fees it charges. You may be charged a $5 monthly fee for a dormant account, $20 for a stop payment, $25 for an outgoing domestic wire transfer, and $35 for an outgoing international wire transfer.

Quontic Bank customer experience

One downside to Quontic is that the bank does not have weekend customer service hours. You can contact customer service between Monday and Friday from 9:00 a.m. - 6:00 p.m. EST via phone or online chat.

Quontic has a 4.2/5 5 rating on Trustpilot, a consumer review platform. That’s higher than many other comparable accounts. Reviews for Quontic’s mobile app are also great. The bank’s app has a 4.8/ 5 rating on the Apple App Store and a 4.7/5 on Google Play.

How to open a Quontic bank account

To open a Quontic bank account for either checking or savings, you’ll need a $100 minimum deposit. You can deposit this money via ACH transfer or a connection to another account via Plaid.    

The actual account opening can take less than three minutes, according to Quontic. You can complete an online application with your contact information and Social Security number.
 

How we rated this bank 

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 
 

• Interest rates: Quontic Bank stands out for its competitive interest rates across its savings account, money market account, and CDs. The High Interest Checking account also offers a solid APY, though there are requirements to earn the highest rate. The Cash Rewards Checking account's 1.00% cash back on eligible debit card purchases is another attractive feature.
• Fees: The bank's fee structure is favorable, with no monthly maintenance fees, overdraft fees, or minimum balance fees on any accounts. 
• Requirements: Quontic Bank has relatively low minimum deposits for most accounts, making them accessible to a wide range of customers. The $500 minimum deposit for CDs is slightly higher than some competitors, but still reasonable.
• Product mix: Quontic Bank's product mix includes essential account types like savings, checking, money market, and CDs. However, the bank lacks additional products like credit cards, loans, or investment services.
• Customer service: Quontic Bank can improve in this area, with limited hours and no weekend availability. However, the bank's 4.2/5 rating on Trustpilot suggests that customers are generally satisfied with the service they receive.
• Digital experience: This is a strong point, with digital account opening, a user-friendly mobile app, and tech-forward features like a wearable payment ring. The high mobile app ratings on both the Apple App Store and Google Play further demonstrate the bank's commitment to providing a seamless digital banking experience.
• ATM & branch access While Quontic Bank offers access to a large network of fee-free ATMs, the few physical branch locations and lack of reimbursements for out-of-network ATM fees may be drawbacks for some customers. 

Bottom line

Overall, Quontic Bank has a lot to offer savers looking to earn high interest rates, whether that’s in a high-yield savings account, money market account, or CDs.

Checking customers can also earn relatively high interest rates or rewards, though doing so isn’t as straightforward.

In either case, Quontic customers can avoid many fees other banks charge. Those looking for more of a full-service bank with robust customer support might be better served elsewhere.    

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.