Taking advantage of the highest interest rate offerings out there can help you get the most out of the funds you park in a deposit account.
But managing accounts across multiple banks simply to get the absolute best interest rates out there can be a challenge.
Quontic Bank provides bank accounts with competitive yields that won’t require you to manage multiple banking platforms. Instead, you can reap the rewards of competitive yields without the hassle of switching between separate banking institutions.
Sound enticing? Quontic Bank could be the right fit for your situation. Let’s take a closer look.
- Competitive APYs for savings, checking, and CDs
- Earn up to 1.5% back in cash or Bitcoin
- Only one physical branch location in New York City
What Is Quontic Bank?
Quontic Bank was founded in 2009 to provide an online banking experience across the nation. Plus, a brick-and-mortar location in New York City.
The savings and checking products offered by the bank provide high interest rates and enticing rewards opportunities for their customers.
Additionally, Quontic Bank is a Community Development Financial Institution. With that, it provides home loan products to underserved communities. The goal is to help people to achieve their goal of homeownership with fair home loan and mortgage refinancing options.
What Does It Offer?
Quontic Bank has some unique product offerings. Here are the features that stand out.
Stellar Checking Account Options
It would be a challenge to find a bank with more robust checking account options. With Quontic Bank, you can choose from three checking accounts that each offer useful options.
The first option is the high-yield checking account. Right now, you can earn up to 1.01% on balances of up to $100,000 if you make at least 10 qualifying transactions each month. That’s a very competitive option that will allow you to put the funds in your checking account to work.
Next up is the cash rewards checking. Through this account, you’ll earn 1.5% cash back on your purchases. No matter how much you spend, 1.5% cash back can help you stretch your dollars further.
Finally, Quontic Bank offers a unique Bitcoin checking account. With that, you will earn 1.5% in Bitcoin for all purchases you make. The downside is that the minimum account balance is $500, which is considerably higher than the minimum account balance of $100 for the high-yield checking and cash rewards checking accounts.
Competitive APY On Savings Accounts
Quontic Bank offers a savings account with a competitive APY. Right now, you can earn 0.55% on the balance in your savings account. However, you’ll need to meet the minimum opening account balance of $100.
Importantly, the interest rate is compounded daily. But you won’t see this boost to your savings until the end of the statement cycle. Each month, you’ll receive the interest your account has earned. Additionally, you’ll find competitive rates with Quontic Bank’s money market account.
You can currently earn:
- Balances $0 to $4,999.99: 0.30% APY
- Balances $5,000 to $149,999.99: 0.35% APY
- Balances of $150,000 or more: 0.40% APY
Worthwhile CD Rates
As a final way to earn, you can tap into relatively high interest rates through Quontic Bank’s certificate of deposit (CD. You’ll be able to earn up to 0.75% on a 12-month CD right now. The minimum deposit is $500.
The competitive rates and multiple term options could be the perfect opportunity for you to build your very own CD ladder. Want to learn how to create a CD ladder to help you grow your funds in a low-risk way? Check out our full guide.
Are There Any Fees?
You won’t run into any monthly fees with the checking accounts, savings accounts, or money market accounts offered by Quontic Bank. The company also offers free-free ATM access at over 28,000 Moneypass ATMs (withdrawals only unless you happen to live near its New York city branch).
However, there are a variety of transaction fees that you may encounter. The worst offender is a hefty $35 overdraft fee. While it’s always a good idea to avoid overdrafts, that’s even more important with Quontic. To learn more about overdraft fees and how to avoid them, check out our guide.
A few small fees include a $5 Activity Statement fee, a $10 Cashier’s check fee, a $4 Money order fee, a $10 dormant account fee for each month, a penalty for early withdrawal of a CD, and more.
How Do I Contact Quontic Bank?
If you need to get in contact with Quontic Bank, there are a couple of options for you.
You can send an email to firstname.lastname@example.org or use the chatbox on their website. If you want to have a live conversation, then you can call 1-800-908-6600 for general inquiries or 1-855-226-5287 for online banking and mobile support.
Customer service representatives are available on Monday through Friday from 9 AM to 6 PM EST.
How Does Quontic Bank Compare?
As a whole, Quontic Bank offers a robust selection of stand-out checking account options. Plus, its other offerings include a worthwhile savings account,
money market account, and certificate of deposit (CD). With that, it’s a great option if you want to have all of your banking needs served in a single place with reasonably competitive rates.
If you’re only looking for one particular product, such as high-yield savings, you may be able to get better interest with a different bank. It’s rare to to find a bank that’s also able to offer all three options, but there are a few examples such as Axos Bank and Radius Bank (now Lending Club). Here’s how the three banks compare:
Checking Cash Back Rewards
How Do I Open An Account?
Want to open an account? Start by heading to Quontic Bank’s website and select “open an account.” At that point, you can choose between the checking account options, savings account, money market account, and certificates of deposit.
You’ll start by filling out a short application. It should only take a few minutes to complete. At the end, you’ll need to fund your checking account with a minimum of $100. Keep in mind that the minimum opening balance is higher for the Bitcoin checking account and CD at $500.
Is It Safe And Secure?
Quontic Bank offers FDIC insurance on its accounts for at least $250,000. With that, you can feel secure keeping your funds with this financial institution.
Is It Worth It?
Quontic Bank offers a wide selection of products that can help you take care of most of your banking needs. You won’t have to juggle multiple banking platforms to get a solid banking experience for each account.
If you want to keep things simple without forgoing the opportunity to put your funds to work, then Quontic Bank is a great option. But if you want the absolute best APY for each of your deposit accounts, you may need to piece multiple bank accounts together to make it happen.
The biggest flaw with Quonitc Bank is the fees that you could run across as you use your account, especially its overdraft fee. Want to explore your free checking account options? Check out our favorites here.
Quontic Bank Features
One branch, located in New York City (Astoria)
90,000+ fee-free ATMs that are part of the Moneypass ATM network
Monday – Friday, 9 AM to 6 PM (EST)