Quontic Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.2

Bankrate Score

bank-logo

24/7 Customer Service

Low Minimum Balance

The digital bank is known for offering a range of deposit accounts without requiring steep minimum deposits.

  • Savings
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    3.9
  • MMAs
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    4.2
  • CDs
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    3.3
  • Checking
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.2

    Bankrate Score

    The online bank with headquarters in Manhattan is known for innovating and for paying competitive rates.

    What we like

    • Quontic offers competitive rates on its deposit products.

    • You only need to deposit $100 to open a savings account.

    • You can access tens of thousands of free ATMs nationwide.

    What we don't

    • Quontic has limited branch access.

    • Few CD terms are offered to customers.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The Quontic’s Drawbridge savings account offers a yield that’s higher than the national average. It’s accessible to most savers: You only need $100 to open the account. There is no monthly service fee either. With this account, "Quontic will match the monthly interest credited for each account and donate it to the #BeTheDrawbridge relief fund" to help small-business in the New York City area, according to the bank's website.

    Quontic also offers its High Yield Savings account, which pays a competitive yield higher than the Drawbridge account. At the time when Bankrate analyzed Quontic's savings account options, the High Yield Savings APY was much lower. Check Quontic's website to confirm the bank's current savings rates.

    What we like

    • You only have to deposit $100 to open the account.

    • There is no monthly service fee.

    What we don't

    Money market accounts

    4.2

    Bankrate Score

    The Quontic Money Market account offers a competitive APY. You only need to deposit $100 to open an account, but you have to keep a balance of at least $150,000 in order to earn the highest APY.

    The account doesn't charge a monthly fee.

    What we like

    • Only $100 is required to open the account.

    • The APY is competitive.

    • There is no monthly fee.

    What we don't

    • You need to keep at least $150,000 in the account to get the highest yield.

    CD rates

    3.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Quontic Bank’s minimum deposit required to open a 12-month CD was relatively low when Bankrate analyzed the product. Check Quontic's website to confirm its current CD rates.

    An early withdrawal penalty applies if you withdraw your savings from your CD before it matures. According to the bank's website, the penalty for the bank’s one-year CD is equal to the interest for the full length of the stated term.

    What we like

    • You only need $500 to open a CD.

    What we don't

    • Few CD terms are offered to customers.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    With the High Interest Checking Account, you will have free access to thousands of ATMs across the county and there is no monthly service fee. The yield is competitive as long as you make 15 qualifying debit card transactions.

    It doesn’t charge you for using out-of-network ATMs. Overdraft fees are steeper than what some other banks charge, however.

    What we like

    • You will have generous ATM access.

    • The yield is competitive.

    • There are no monthly fees charged.

    What we don't

    • The bank charges $35 per overdraft fee.

    • You need to deposit $100 to open an account — while not steep, you can find lower balance requirements elsewhere.

    Bank experience

    Quontic Bank earns top marks for its generous ATM network. As a bank customer, you’ll have access to tens of thousands of free ATMs nationwide.

    On the bank’s app, you will have access to mobile banking staples, like the ability to deposit a check and the ability to pay your bills.

    While you can’t reach a bank representative on the phone 24/7, you can reach someone on weekdays from 9:00 a.m. until 6 p.m. Eastern. You can also chat with a representative on the bank’s website.

    About Quontic Bank

    Quontic Bank is an innovative bank that began as Golden First Bank, a small troubled bank that Steven Schnall, a real estate investor and developer, purchased.

    Quontic’s headquarters are in New York City and it also has operations in Florida. It offers certificates of deposit, checking and savings accounts and a money market account.

    In 2020, Quontic Bank made a splash for launching a bitcoin rewards checking program.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.