What type of bank is Quontic?

Quontic is a digital bank that offers competitive yields, making it a good choice for consumers who are looking for high rates and are comfortable with opening and managing their accounts entirely online.

How safe is Quontic Bank?

Quontic Bank is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.

Is Quontic Bank a legitimate bank?

Quontic Bank is federally chartered with the FDIC and is a well-established online bank that was established in 2009.

Quontic Bank Review 2024

At a glance

Best money market account

4.7

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

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

Quontic pays competitive rates on deposit products.
Savings accounts require just $100 to open.
Customers have access to more than 90,000 fee-free ATMs nationwide.
Money can be transferred using Apple Pay, Google Pay, Samsung Pay and Zelle.
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

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.50%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$100.00

4/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

4.50% APY

APY last updated between 5/6 and 5/12.

$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

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.

Cons

Once six transactions have been made per statement cycle, a $10 fee is charged for each additional one.

Rate history for Quontic Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quontic Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	4.50%	0.58%
04/30/2024	4.50%	0.58%
04/23/2024	4.50%	0.58%
04/16/2024	4.50%	0.58%
04/09/2024	4.50%	0.58%
04/02/2024	4.50%	0.58%
03/26/2024	4.50%	0.57%
03/19/2024	4.50%	0.57%
03/12/2024	4.50%	0.57%
03/05/2024	4.50%	0.57%
02/27/2024	4.50%	0.58%
02/20/2024	4.50%	0.58%
02/13/2024	4.50%	0.58%
02/06/2024	4.50%	0.58%
01/30/2024	4.50%	0.58%
01/23/2024	4.50%	0.58%
01/16/2024	4.50%	0.58%
01/09/2024	4.50%	0.58%
01/02/2024	4.50%	0.58%
12/26/2023	4.50%	0.57%
12/12/2023	4.50%	0.57%
12/05/2023	4.50%	0.57%
11/28/2023	4.50%	0.60%
11/21/2023	4.50%	0.60%
11/14/2023	4.50%	0.60%
11/07/2023	4.50%	0.60%
10/31/2023	4.50%	0.58%
10/24/2023	4.50%	0.58%
10/17/2023	4.50%	0.58%
10/10/2023	4.50%	0.58%
10/03/2023	4.50%	0.58%
09/26/2023	4.50%	0.57%
09/19/2023	4.50%	0.57%
09/12/2023	4.50%	0.57%
09/05/2023	4.50%	0.57%
08/29/2023	4.50%	0.54%
08/22/2023	4.50%	0.54%
08/15/2023	4.50%	0.54%
08/08/2023	4.50%	0.54%
08/01/2023	4.25%	0.54%
07/25/2023	4.25%	0.54%
07/18/2023	4.25%	0.54%
07/11/2023	4.25%	0.54%
07/04/2023	4.25%	0.54%
06/27/2023	4.25%	0.49%
06/20/2023	4.25%	0.49%
06/13/2023	4.25%	0.49%
06/06/2023	4.25%	0.49%
05/30/2023	4.25%	0.47%
05/23/2023	4.05%	0.47%
05/16/2023	4.05%	0.47%

Compare Offer

Quontic Bank CD overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.

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 one year of earned interest, according to the bank's website.

Pros

Quontic pays competitive rates on the five CD terms it offers.
Only $500 is needed to open a CD.

Cons

Some banks have lower minimum deposit requirements.
Quontic Bank’s early withdrawal penalties are higher than those of some other banks.

Rate history for Quontic Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 5/6 and 5/12.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quontic Bank APY APY last updated between 5/6 and 5/12. APY last updated between 5/6 and 5/12	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	4.30%	1.42%
04/30/2024	4.30%	1.42%
04/23/2024	4.30%	1.42%
04/16/2024	4.30%	1.42%
04/09/2024	4.30%	1.42%
04/02/2024	4.30%	1.42%
03/26/2024	4.30%	1.43%
03/19/2024	4.30%	1.43%
03/12/2024	4.30%	1.43%
02/27/2024	4.30%	1.42%
02/20/2024	4.30%	1.42%
02/13/2024	4.30%	1.42%
02/06/2024	4.30%	1.42%
01/30/2024	4.30%	1.43%
01/23/2024	4.30%	1.43%
01/16/2024	4.30%	1.43%
01/09/2024	4.30%	1.43%
01/02/2024	4.30%	1.43%
12/26/2023	4.30%	1.43%
12/12/2023	4.30%	1.43%
12/05/2023	4.30%	1.43%
11/28/2023	4.30%	1.45%
11/21/2023	4.30%	1.45%
11/14/2023	4.30%	1.45%
11/07/2023	4.30%	1.45%
10/31/2023	4.30%	1.46%
10/24/2023	4.30%	1.46%
10/17/2023	4.30%	1.46%
10/10/2023	4.30%	1.46%
10/03/2023	4.30%	1.46%
09/26/2023	4.30%	1.43%
09/19/2023	4.30%	1.43%
09/12/2023	4.30%	1.43%
09/05/2023	4.30%	1.43%
08/29/2023	4.30%	1.38%
08/22/2023	4.30%	1.38%
08/15/2023	4.30%	1.38%
08/08/2023	4.30%	1.38%
08/01/2023	4.30%	1.38%
07/25/2023	4.30%	1.35%
07/18/2023	4.30%	1.35%
07/11/2023	4.30%	1.35%
07/04/2023	4.30%	1.35%
06/27/2023	4.30%	1.33%
06/20/2023	4.30%	1.33%
06/13/2023	4.30%	1.33%
06/06/2023	4.30%	1.33%
05/30/2023	4.30%	1.31%
05/23/2023	4.30%	1.31%
05/16/2023	4.30%	1.31%

Compare Offer

Quontic Bank money market overview

The Quontic Money Market account offers a competitive APY, which applies to all balance tiers. Only $100 is needed to open an account. The account offers a debit card and check-writing privileges.

Like the bank’s savings account, the Money Market account has a limit of six withdrawals per month, which is typical for non-checking accounts, with each withdrawal after that incurring a $10 fee.

Quontic Bank was selected as the bank offering the best money market account as part of the 2024 Bankrate Awards.

Pros

Only $100 is required to open an account.
The account earns a competitive rate.
There is no monthly fee.
Account holders get a free debit card along with check-writing privileges.

Cons

There’s a $10 excessive transaction fee.

4.6

Bankrate Score

Compare top checking rates

Quontic Bank checking overview

Quontic’s High Interest Checking Account offers free access to more than 90,000 ATMs across the country. The minimum opening deposit is $100, and the yield is competitive when 10 qualifying debit card transactions of $10 or more are made each statement cycle.

There’s no monthly fee for the account. The bank also doesn’t charge fees for money orders, cashier’s checks, overdrafts and incoming wire transfers.

In addition to a debit card, Quontic checking account customers can choose to receive a wearable payment ring that can be used to make debit purchases at merchants that accept contactless payments.

Quontic also offers a Cash Rewards Checking Account that pays 1 percent cash back on eligible debit card purchases. The bank formerly had a Bitcoin Rewards Checking Account, which is no longer offered.

Pros

Generous ATM access is provided.
The High Interest Checking Account earns a competitive yield.
Neither checking account charges any monthly fees.
A wearable payment ring provides the option to make contactless payments.
Neither of the checking accounts charge overdraft fees.

Cons

A minimum $100 deposit is required to open an account; other banks offer lower balance requirements.
Not making the qualifying transactions for the High Interest Checking Account results in a rock-bottom yield.

Compare 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

Quontic is a digital bank that offers competitive yields, making it a good choice for consumers who are looking for high rates and are comfortable with opening and managing their accounts entirely online.
Quontic Bank is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.
Quontic Bank is federally chartered with the FDIC and is a well-established online bank that was established in 2009.

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.

Quontic Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Quontic Bank

Quontic Bank banking products

Quontic Bank savings overview

Pros

Cons

Rate history for Quontic Bank's Savings account

Quontic Bank CD overview

Pros

Cons

Rate history for Quontic Bank's CD accounts

Quontic Bank money market overview

Pros

Cons

Quontic Bank checking overview

Pros

Cons

Bank fees

About Quontic Bank

Customer experience

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

Quontic Bank FAQs

What type of bank is Quontic?

How safe is Quontic Bank?

Is Quontic Bank a legitimate bank?

Review methodology

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