Pros
- Competitive rates offered on deposit products
- Low opening requirement of just $100 for savings accounts
- Access to over 90,000 fee-free ATMs across the country
- Convenient money transfers available through Google Pay, Apple Pay, Samsung Pay, and Zelle
Cons
- Limited physical presence
- Higher yield savings accounts may be available at other institutions
Quontic, a New York-based digital bank, stands out for its competitive yields, catering to consumers seeking high rates and preferring to handle their accounts solely through online channels. If the notion of “going to the bank” involves simply reaching for your phone and you’re seeking low fees and impressive savings rates, Quontic Bank might be an ideal match for you.
Banking Services
Savings
The Quontic Bank High Yield Savings account offers a noteworthy 4.50% APY, significantly exceeding the national average savings rate by over 10 times, as per FDIC data. This rate stands as highly competitive compared to other leading savings accounts. With a minimal $100 opening requirement, it’s easily accessible to most savers and boasts no monthly service fees. After six transactions in a statement cycle, a $10 fee is charged for each additional transaction
Checking
Quontic’s High Interest Checking Account provides unrestricted access to over 90,000 ATMs nationwide without any monthly service fees. To achieve a competitive yield of up to 1.10% on all balances, meeting the minimum requirement of 10 qualifying debit card transactions of $10 or more each statement cycle is essential. In the event of not meeting these activity criteria, a 0.01% APY applies to all balances. The tiered rates apply to balances ranging from $0 to $150,000, $150,000.01 to $1,000,000, and exceeding $1,000,000.
Quontic checking account holders have the option of not only a debit card but also a wearable payment ring, enabling them to make contactless debit purchases at supporting merchants. Additionally, Quontic provides a Cash Rewards Checking Account, offering a 1 percent cashback benefit on qualifying debit card transactions.
Certificate of Deposit
Quontic Bank provides a selection of five CD terms, spanning from six months to five years, all accessible with a $500 initial deposit. Should an early withdrawal occur before the CD matures, a penalty applies. For instance, the bank’s website states that the penalty for their one-year CD is equivalent to the interest for the entire term duration.
| CD Term | APY |
| 6 months | 5.05% APY |
| 12 months | 5.30% APY |
| 2 years | 4.50% APY |
| 3 years | 4.40% APY |
| 5 years | 4.30% APY |
Money Market
The Quontic Money Market account presents an attractive 5.00% APY, applicable to all balance tiers—ranging from $0.01 to $4,999.99, $5,000.00 to $149,999.99, and balances exceeding $149,999.99. Interest compounds on a daily basis and is credited monthly. Opening an account requires just $100 and provides access to a debit card along with check-writing privileges.
Quontic Bank is FDIC insured, bearing FDIC# 57807. This federal insurance ensures that banking products offered by Quontic Bank are safeguarded by the government, covering deposits of up to $250,000 per depositor within each account ownership category. This protection serves as a safety net for your funds in the unfortunate event of a bank failure.
Quontic Bank Fees
| Account research | $20/hr |
| Stop payment | $20 |
| Deposited Item Return | $10 |
| Account Reconciliation | $30 per hour |
| Outgoing Domestic Wire transfer (customers) | $25 plus correspondent |
| Outgoing Foreign Wire transfer (customers) | $35 plus correspondent |
| Legal levies and garnishments | $100 |
| Account Dormancy | $5 per month |
Customer Support
You can connect with a Customer Service Representative based in the U.S. via chat or voice. Customer service hours are 9 AM to 6 PM ET, Mondays to Fridays.
For Existing Bank Accounts:
- Call: 800-908-6600
For New Bank Accounts:
- Call: 800-908-6600
Bottomline
Quontic Bank stands out by offering low- or fee-free accounts with notably higher interest rates, particularly on its money market accounts, in comparison to many other digital banks. Its FDIC-insured status, combined with being a CDFI, makes it a compelling choice for small businesses and underserved communities. Moreover, with access to 90,000 fee-free ATM locations nationwide, it ensures extensive accessibility for account holders, irrespective of their location.
