Quontic Bank Review 2024
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
The high-yield savings account, money market account and certificates of (CDs) from Quontic Bank are known for their competitive rates and lack of fees. The digital bank also offers a cash-back checking account as well as an interest-bearing checking account that pays a competitive yield.
Highlights
- High APY
- Low Min Balance
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Overall
Quontic Bank is an online bank headquartered in New York known for innovation and paying competitive rates. It offers a range of deposit accounts as well as mortgages. Those looking for in-branch banking will need to look elsewhere, however.
Pros
-
Quontic pays competitive rates on deposit products.
-
Savings accounts require just $100 to open.
-
Customers have access to more than 90,000 fee-free ATMs nationwide.
-
Money can be transferred using Apple Pay, Google Pay, Samsung Pay and Zelle.
-
Many fees are waived, including overdraft fees and incoming wire transfer fees.
Cons
-
Quontic has five loan offices but no bank branches.
-
While Quontic’s savings account rate is competitive, higher yields can be found elsewhere.
Quontic Bank banking products
APY last updated between 9/30 and 10/6.
Quontic Bank savings overview
The initial deposit to fund the account must be made by electronic transfer, either through ACH transfer or with Plaid. Withdrawals are limited to six per month, with a $10 fee imposed for each additional withdrawal over the maximum.
Pros
-
A $100 deposit is all that is needed to open a High Yield Savings account.
-
There’s no monthly service fee.
-
The APY is well above the national average.
Cons
-
Once six transactions have been made per statement cycle, a $10 fee is charged for each additional one.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Quontic BankAPYAPY last updated between 9/30 and 10/6.APYAPY last updated between 9/30 and 10/6.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | None |
Non-sufficient funds fee | None |
Monthly maintenance fee | None |
Out-of-network ATM fee | None |
Excessive transaction fee | $10 for each transaction that exceeds six per statement cycle |
Customer experience
Large ATM network. Quontic Bank earns top marks for its generous ATM network, with more than 90,000 free ATMs nationwide. Many of its fee-free ATMs are located in supermarkets and retailers, such as Target, Walgreens and Kroger.
Mobile app. Quontic’s app offers mobile banking staples, like depositing checks and paying bills. The app has received 4.8 stars in the App Store and 4.5 stars on Google Play.
Contactless payments. Checking customers can order a wearable payment ring in addition to a debit card, for those interested in making contactless payments.
Customer service. Customer service hours are 9 a.m. to 6 p.m. Eastern time Monday through Friday. The bank’s website also features a chat function for customer inquiries.
About Quontic Bank
Quontic Bank is a digital bank that was founded in 2009 when New York-based Golden First Bank, a small troubled thrift, was purchased by real estate investor and developer Steve Schnall. The bank has been designated by the U.S. Treasury as a Community Development Financial Institution (CDFI) for focusing its lending on low-income individuals and small businesses.
Quontic offers a high-yield savings account, money market account and CDs that earn competitive rates, require low minimum deposits and don’t charge monthly service fees. It also offers a high-yielding checking account and a cash-back checking account.
How Quontic Bank compares to other banks
Compare different account types offered by Quontic Bank. Annual percentage yields (APYs) shown were updated between Sept. 30, 2024 and Oct. 6, 2024.
Selected bank
Quontic Bank savings account
Bankrate score
4.9
Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Popular Direct savings account
Bankrate score
4.8
Bankrate Savings rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
---|---|---|
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Sept. 30, 2024 and Oct. 6, 2024.
|
||
4.50% | 4.90% | |
Minimum balance for APY
|
||
$100.00 | $100.00 | |
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
|
||
$2,250 | $2,450 | |
Quontic’s High Yield Savings account offers a yield that’s much higher than the national average. With a minimum of just $100 to open an account, it’s accessible to most savers, and there is no monthly service fee. The initial deposit to fund the account must be made by electronic transfer, either through ACH transfer or with Plaid. Withdrawals are limited to six per month, with a $10 fee imposed for each additional withdrawal over the maximum. | Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included. | |
|
|
N/A
|
|
|
N/A
|
APY offering:
4.50%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$100.00
4/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.90%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$100.00
4/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
Bankrate does not currently track additional product details for this bank.
|
Quontic Bank FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
Thank you for sharing your experience with Bankrate