Quontic Bank Review 2021

Published August 2021 by Matthew Goldberg

AT A GLANCE
4.2

Bankrate Score

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24/7 Customer Service

Low Minimum Balance

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

  • Checking
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    4.4
  • Savings
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    3.9
  • MMAs
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    4.2
  • CDs
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    3.3
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.2

    Bankrate Score

    Quontic Bank is an online bank with its headquarters in Manhattan. It’s 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.

    • Apple Pay, Google Pay, Samsung Pay and Zelle are options for transferring money at Quontic Bank.

    What we don't

    • Quontic has limited branch access.

    Checking accounts

    4.4

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    With the High Interest Checking Account, you will have free access to more than 90,000 ATMs across the county and there is no monthly service fee. The yield is competitive as long as you make 10 qualifying debit card transactions.

    It doesn’t charge you for using out-of-network ATMs. Overdraft fees are $35, which is a little above the national average fee of $33.47, according to Bankrate’s 2020 checking account and ATM fee study.

    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.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    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. This campaign helps small-business owners in the New York City area.

    Quontic also offers its High Yield Savings account, which pays a slightly higher yield than the Drawbridge account. Check Quontic's website to confirm the bank's current savings rates.

    What we like

    • You only have to deposit $100 to open the Drawbridge Savings Account or the High Yield Savings account.

    • There is no monthly service fee.

    • Quontic matches the monthly interest you earn on its Drawbridge Savings account with a donation to its COVID-19 relief fund.

    What we don't

    • Balances above $250,000 earn a significantly lower APY with the Drawbridge Savings account. However, always stay within Federal Deposit Insurance Corp. (FDIC) limits and guidelines (which is $250,000 per depositor).

    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 offers five terms of CDs, ranging from six months to five years. You’ll need $500 to open any of these CDs.

    An early withdrawal penalty applies if you withdraw money 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

    • Quontic Bank offers most of the common CD terms.

    • You only need $500 to open a CD.

    What we don't

    • Some banks have lower minimum deposit requirements.

    • Quontic Bank’s CD penalties are higher than what some other banks charge.

    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 a.m. until 6 p.m. Eastern time. 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. 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. The account is available in most states, but not in every state.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth