Quontic Bank Review 2024

Quontic Bank Overview

Quontic Bank started making waves in the world of digital-only banking back in 2009, when it was first established in New York. This online FDIC-approved financial institution has a worldwide network of over 90,000 surcharge-free ATMs. What’s more, Quontic is one of the 3% of banks with a Community Development Financial Institution (CDFI) designation.

While researching for our review, we learned about its mission to provide fair banking services and loans to underprivileged customers. People of color, low-income families, immigrants, small business owners, and anyone unable to work with traditional banks can find a solution with Quontic.

Quontic Bank offers different types of accounts: Checking, savings, money market, and certificates of deposit, without monthly fees. The bank made a huge breakthrough when it launched its Bitcoin Rewards Checking program. Those who are dreaming of being homeowners can reach their real estate goals with Quontic’s unique mortgage programs.

Quontic Bank Savings Accounts

Quontic Bank offers three types of savings accounts: High Yield Savings, Money Market, and Certificates of Deposit. With a yield higher than the national average, no service fees, and a flat fee of only $100 to open them, Quontic Bank has a tempting offer for new users.

Those with short-term saving goals or emergency funds usually go for high yield savings accounts, because accounts with higher interest rates accrue more value within shorter timeframes. However, even these accounts have their downsides, the biggest of which is the customary limited number of withdrawals before you’re hit with a fee.

If you want to watch your money grow while earning interest, the terms Quontic bank offers to newly-registered users sound great: Its high-yield savings account boasts an APY that’s much higher than the national average - 4.00%. On top of that, your interest is compounded daily, and will be added to your account every month at the end of your statement cycle.

Most customer reviews praise the simplicity of opening a high yield savings account here. For starters, you’ll need to deposit the initial $100 and follow the easy online registration process that lasts three minutes tops. You’ll be asked to provide your name, address, date of birth, Social Security number, and valid government-issued ID for identification purposes.

You can transfer funds onto your account for the first time from your existing Quontic account or any external one using ACH or Plaid’s technology.

As mentioned, high-yield savings accounts have a limited number of withdrawals, and the bank allows six of them per statement cycle. If you exceed that number, you’ll have to pay a flat fee of $10 for every extra transaction. On the bright side, there aren’t any minimum daily balance, overdraft, or monthly service fees.

Once you get up and running, you’ll get access to mobile and online banking on the web platform and mobile app for Android and iOS devices. There’s no need to worry about your safety, as the bank and all its accounts are FDIC-insured: You and your money will be fully protected from unauthorized activity.

Money Market accounts (MMA) are often the first choice for those who want to earn interest on their savings and have their money easily accessible at the same time. MMAs are an excellent option because they offer check and debit card privileges, along with high interest rates.

This is one of the most popular online savings accounts with a very high APY. You can earn 4.75% APY, and it applies to all balances. The interest is compounded daily and credited monthly at the end of each statement cycle.

Even though you’ll get to use the debit card with your account, do not exceed the allowed six withdrawals. If you do, you’ll have to pay a $10 fee for each new payout using automatic or telephonic transfers, checks, and debit card transactions.

Other features are pretty much the same as those you get with a high yield savings account, and there’s no minimum account balance, which is a big plus, as MMAs often require it. As a customer, you’ll have access to more than 90,000 surcharge-free ATMs, out of which 55,000 are located outside of the US.

Quontic Bank Money Market customers often emphasize that the account is FDIC-insured and includes advanced security monitoring features. On top of that, clients are pleased with the top-notch mobile app and web dashboard, lack of hidden fees, and no-frills banking experience.

Quontic Bank Certificates of Deposit

Those looking for safe and conservative investment options for long-term savings should go for Quontic Bank Certificates of Deposit (CD). They offer much higher interest rates: Quontic Bank’s proposal goes up to 5.30%, depending on the length of time you agree to lock your funds.

If you leave your balance untouched for six months, your CD can earn 4.25% APY. One-year FDIC-insured CDs have a yield of 4.00% APY; if your funds are stored for two years, your interest rate will be 3.35%, and if your funds are stored for three years, your interest rate will be 3.25%; .

Aside from the lucrative CD rates, the good news is that you’ll have to deposit just $500 to open the account - relatively low compared to other banks. However, the penalties for withdrawing before the maturity date can go anywhere from the equal amount of interest for the entire length of the stated term, up to a full two years’ interest.

Remember that you’re not allowed to add additional funds to your CD once it’s been opened and that you have to maintain a minimum balance of $500 to secure the assigned APY.

Here’s what happens when your CD matures: The bank will send you a notice asking you to withdraw your savings, renew your CD under the same terms, or close it and open a new one with different terms. If you decide to withdraw your money, the funds will be available within 10 days after the maturity date.

If you do not contact the bank within the assigned period, your CD will be automatically renewed for yet another term, and you’ll get a confirmation email.

Quontic Bank Checking Accounts

The bank provides additional banking options to its growing base of customers. Aside from mortgage programs, you can open checking accounts. There are three options here:

1. High-Interest Checking
2. Cash Rewards Checking
3. Bitcoin Rewards Checking

Quontic Bank High-Interest Checking Account

As is the standard, this account has a no-frills registration process that will require only three minutes of your time and a minimum of $100 to fund your account. Without any monthly fees and ATM fees from the bank, you won’t have a hard time meeting the benchmark of at least ten qualifying point of sale transactions of $10 or more.

Once you do, you’ll be able to take advantage of your 1.10% APY and 1.09% interest rate on balances up to $150,000. It also applies to balances between $150,000.01 and $1,000,000, as well as above $1,000,000. If you don’t meet the criteria, your APY will be only 0.01%.

Once you complete the minimal paperwork and have your login details, you’ll get a debit card you can use without fees on more than 90,000 ATMs through shared networks such as Allpoint and MoneyPass. 

Other Checking Accounts

There are also some other checking account options available at Quontic Bank:

Cash Rewards Checking Account

Earning while shopping is another benefit of a checking account with Quontic Bank. Its Cash Rewards Checking will reward shoppers for their everyday qualifying point-of-sale (POS) transactions with 1.50% cash back at the beginning of each statement cycle. As with other Quontic accounts, you have to deposit a minimum of $100 to get started, but there aren’t minimum daily balance requirements or monthly maintenance fees.

Bitcoin Rewards Checking Account

A few years back, the company introduced its first-of-its-kind Bitcoin Rewards Checking account in select states in the US. With a minimum deposit of $500, you can earn Bitcoin every time you swipe your card.

Here’s how: Whenever you make a qualified POS transaction using your Quontic debit card, 1.5% of it will accrue in US dollars and be used for buying Bitcoins on your behalf the next day. However, to redeem your Bitcoin into cash, both crypto enthusiasts and crypto beginners must pay a 2% fee to NYDIG, the company powering this type of account.