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Quontic Bank Review 2024

Updated January 2, 2024
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At a glance

Best money market account
4.7
Rating: 4.7 stars out of 5
Bankrate Score
Caret Down Icon

CDs

Rating: 4 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 4.9 stars out of 5

MMA

Rating: 5 stars out of 5

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
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/7/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/7/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
5.25
%
APY
APY
Info Icon
As of 10/7/2024
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

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

  • Checkmark Icon

    Quontic pays competitive rates on deposit products.

  • Checkmark Icon

    Savings accounts require just $100 to open.

  • Checkmark Icon

    Customers have access to more than 90,000 fee-free ATMs nationwide.

  • Checkmark Icon

    Money can be transferred using Apple Pay, Google Pay, Samsung Pay and Zelle.

  • Checkmark Icon

    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.

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Quontic Bank banking products

4.9
/5
Rating: 4.9 stars out of 5
See methodology Compare savings rates
SCORE BREAKDOWN
APY offering:
4.50%
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance for APY:
$100.00
Rating: 4 stars out of 5
4/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info Icon
FEATURES
Invest Rate Icon
4.50% APY
Info Icon
Savings Icon
$100 minimum balance for APY
Loan Icon
$100 minimum deposit to open

Quontic Bank savings overview

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.

Pros

  • Checkmark Icon

    A $100 deposit is all that is needed to open a High Yield Savings account.

  • Checkmark Icon

    There’s no monthly service fee.

  • Checkmark Icon

    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 Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon
Compare Offer
Sponsored Offer
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This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/7/2024
Rating: 4.9 stars out of 5
Info Icon
$0
Min balance for APY
Promoted offer:

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
Quontic Bank Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Most comparable
Popular Direct savings account
Popular Direct Logo
Member FDIC
Bankrate score
Rating: 4.8 stars out of 5
4.8
Info Icon
Read review
Search for or select a bank:
Caret Down Icon
Bankrate score
Info Icon
Read review
APY
Info Icon
4.50% 4.90%
Minimum balance for APY
$100.00 $100.00
Estimated earnings
Info Icon
$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.
  • 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
  • Popular Direct’s savings account earns a top-notch APY.
  • There’s no monthly service fee, and the minimum deposit to open the account is low.
    N/A
  • Once six transactions have been made per statement cycle, a $10 fee is charged for each additional one
  • The account does not come with an ATM card.
  • An early account closing fee of $25 is charged when you close the account within 180 days of opening it.
    N/A
APY offering:
4.50%
5/5
Info Icon
Minimum balance for APY:
$100.00
4/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Great
5/5
Info Icon
APY offering:
4.90%
5/5
Info Icon
Minimum balance for APY:
$100.00
4/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Bankrate does not currently track additional product details for this bank.

Quontic Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.