Quontic Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.7

Bankrate Score

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24/7 Customer Service

Low Minimum Balance

A digital bank, Quontic offers a range of deposit accounts with minimal minimum-deposit requirements.

  • Checking
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    4.4
  • Savings
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    5.0
  • MMAs
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    4.2
  • CDs
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    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

    Overall

    4.7

    Bankrate Score

    Quontic Bank is an online bank headquartered in New York known for innovation and paying competitive rates.

    What we like

    • Competitive rates on deposit products.

    • Savings accounts require just $100 to open.

    • Access to tens of thousands of free ATMs nationwide.

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

    What we don't

    • Quontic has five loan offices but no physical bank branches.

    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 Quontic’s 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 when you make 10 qualifying debit card transactions of $10 or more per statement cycle. Out-of-network ATMs are fee free.

    What we like

    • Generous ATM access.

    • Competitive yield.

    • No monthly fees.

    What we don't

    • A minimum $100 deposit is required to open an account; other banks offer lower balance requirements.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Quontic’s High Yield Savings account offers a yield that’s 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. With this account, Quontic will match the monthly interest credited for each account and donate it to the #BeTheDrawbridge relief fund, a campaign helps small-business owners in the New York City area.

    What we like

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

    • 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 an account.

    • Competitive rates.

    • No monthly fee.

    What we don't

    • To earn the highest yield a minimum balance of at $150,000 is required.

    CD rates

    4.8

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open.

    An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to the interest for the full length of the term, according to the bank's website.

    What we like

    • Quontic pays competitive rates on the five CD terms it offers.

    • Only $500 is needed to open a CD.

    What we don't

    • Some banks have lower minimum deposit requirements.

    • Quontic Bank’s CD penalties are higher than those of some other banks.

    Bank experience

    Quontic Bank earns top marks for its generous ATM network, with tens of thousands of free ATMs nationwide.

    Quontic’s app offers mobile banking staples, like depositing checks and paying bills.

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

    Headquartered in New York, Quontic offers certificates of deposit, and checking, savings and money market accounts.

    In 2020, Quontic Bank made a splash by launching a bitcoin rewards checking account, which is available in most states.

    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 banking 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. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also 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