Quontic Bank Review 2020

Published June 2020 by Adrian D. Garcia

AT A GLANCE
3.9

Bankrate Score

bank-logo

High APYs

Low Minimum Balance

Top CD rates

  • Savings
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    3.3
  • MMAs
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    4.3
  • CDs
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    3.6
  • Checking
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    0.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Overall

    3.9

    Bankrate Score

    Quontic Bank offers personal and business banking in the New York City area as well as some products online.

    What we like

    • Quontic has one of the top nationally available one-year CDs.

    • Decent interest rates on money market accounts.

    • Fairly low $100 deposit to open a savings account.

    • Access to tens of thousands of free ATMs nationwide.

    What we don't

    • Quontic has limited branch access.

    • Budgeting tools are very limited.

    • Access to checking product is limited.

    Savings accounts

    3.3

    Bankrate Score

    The Quontic Regular savings account offers a yield that’s a little more than 15 times the national average, but you need to have a balance of at least $250,000 to earn it. You need to keep only $100 in the Regular Savings account to avoid the $3 maintenance fee. Interest on the Regular Savings account compounds daily.

    Quontic Bank also offers a junior savings account that doesn’t have a monthly fee.

    What we like

    • Interest compounds daily.

    • You only have to keep $100 in the Regular Savings account in order to avoid the $3 maintenance fee.

    • You can get a Quontic Bank Debit MasterCard for your savings account.

    What we don't

    • Must maintain a balance of at least $250,000 to get the highest APY.

    • Balances between $100 and $24,999.99 earn only five times the national average APY.

    Money market accounts

    4.3

    Bankrate Score

    The Quontic Money Market account has one of the highest APYs available. But in order to get the APY, which is more than 10 times the national average, you need to have a balance of at least $100,000. There is a $500 minimum to open a Quontic Money Market account. Even balances below $5,000 earn a competitive yield around eight times the national average.

    The Money Market account has check-writing privileges plus a free order of checks and a debit card. The Money Market account is available in all 50 states.

    What we like

    • Only $500 is required to open the Quontic Money Market account.

    • Money Market account has high APY on balances of at least $100,000.

    • Balances between $5,000 and $99,999.99 earn a competitive APY.

    • Account comes with a debit card, check-writing privileges and a free order of checks.

    What we don't

    • You need at least $100,000 to get the highest yield.

    • Quontic Bank's website doesn’t have many details about the account.

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Quontic Bank gives customers access to a few traditional CDs. There’s also the option to open a CD for a trust. The minimum deposit required to open an account is relatively low, and rates are competitive. Quontic Bank currently offers one of the top nationally available one-year CDs.

    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

    • Interest is compounded daily and credited monthly.

    • CD yields are competitive.

    What we don't

    • Few CD terms are offered to customers.

    • No special CDs are available.

    • Early withdrawal penalties are harsh.

    Checking accounts

    0.0

    Bankrate Score

    The Amplify Interest Checking account isn’t currently available. But if you’re applying for a loan, a loan officer can provide you with an application.

    The account is interest-bearing. However, when we reviewed Quontic Bank, the financial institution wasn't allowing clients to sign up for this account. Because access to the product was limited, we did not issue a score for this category.

    What we like

    What we don't

    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.

    There are only a couple dozen reviews on the bank’s app in the App Store, but reviewers score the mobile app favorably. Its Google Play app scores somewhat lower, but it has even fewer reviews. Regardless, you will have access to mobile banking staples, like the ability to deposit a check and pay your bills.

    While you can’t reach a bank representative on the phone 24/7, you can reach someone seven days a week from 8:30 a.m. until 5:30 p.m. Eastern.

    About Quontic Bank

    Quontic Bank was formed in 2009 after real estate investor and developer Steven Schnall purchased the struggling Golden First Bank. Quontic is headquartered in New York City and has operations in Florida and New York. The financial institution reported nearly $400 million in assets in 2018.

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia Twitter Created with Sketch. @ADRIANDGARCIA

    Adrian D. Garcia joined Bankrate as a data reporter in 2018. Adrian previously spent four years covering business, trends and other news stories for Denverite.com, the Fort Collins Coloradoan and other news organizations in Colorado. He graduated with a journalism degree from the University of Colorado Boulder in 2014. He participated in ProPublica's inaugural summer data institute in 2016 and the SABEW Goldschmidt Data Immersion Training in 2019.