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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

CDs

Rating: 3.8 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

  • Low Min Balance
  • High APY
Sponsored offers
Info

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

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 5/27/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 5/27/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
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

    Quontic pays competitive rates on deposit products.

  • Checkmark

    Savings accounts require just $100 to open.

  • Checkmark

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

  • Checkmark

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

  • Checkmark

    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
Minimum balance to earn interest:
$100.00
Rating: 4 stars out of 5
4/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info
FEATURES
Invest Rate
4.50% APY
Info
Loan
$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

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

  • Checkmark

    There’s no monthly service fee.

  • Checkmark

    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
    National average APY
    How do we get this data?
    Info
Compare Offer
Sponsored Offer
Info

This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.25
%
APY
APY
Info
As of 5/27/2024
Rating: 4.4 stars out of 5
Info
$1
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

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.

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.

How does Quontic Bank compare to other banks? Quontic Bank vs. Discover Bank

Quontic Bank and Discover Bank are both online banks that are known for deposit accounts that earn high yields, charge no monthly service fees and often require low minimum opening deposits. Both offer high-yield savings accounts as well as checking accounts that earn 1 percent cash back on qualifying debit purchases. Quontic also offers an interest-bearing checking account, which Discover does not.

Both banks offer CDs that pay competitive yields, although Discover’s CDs come in a considerably broader range of terms. Both Quontic and Discover also offer money market accounts that earn high APYs, although Quontic’s account requires a significantly lower minimum opening deposit.

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.