Quontic Bank Review 2023 — If pulling your phone out of your pocket is your idea of going to the bank, and you’re looking for cheap fees and high savings returns, Quontic Bank might be a good fit. The New York-based digital bank provides checking, savings, and CD products with low interest rates in all 50 states.
Despite the fact that many digital banks provide greater annual percentage yields (APYs) than traditional brick-and-mortar banks, Quontic is at the forefront of consumer advantages. Customers may earn bitcoin with its Bitcoin Rewards Checking account, which can be cashed in regularly. While the value of bitcoin might fluctuate, the choice distinguishes Quontic Bank from the competition. See how it compares to the competition below.
All rates and account details are accurate as of May 11, 2023.
Pros and cons
| Pros | Cons |
|---|---|
| Competitive rates on checking accounts, savings accounts and CDs | Limited branch access |
| Interest compounds daily | Doesn’t offer any special CD |
| Access to more than 90,000 surcharge-free ATMs | Need to meet certain qualifications for the highest checking or money market account rates |
Quontic Account Basics
Checking
Quontic offers three premium checking accounts: Cash Rewards Checking, High Interest Checking, and Bitcoin Rewards Checking.
The Quontic Bank Cash Rewards Checking account features everything except ATM withdrawals and peer-to-peer payments. At the start of each statement cycle, any cash back earned is paid and added to your account.
The Quontic Bank High Interest Checking account pays up to 1.10% on all balances, which is an excellent rate for a checking account. Customers must complete at least 10 qualifying point-of-sale debit transactions of $10 or more every statement cycle in order to earn interest.
If you fulfil the High Interest Checking account’s minimum activity requirements, you can earn up to 1.10% on all balances: $0-$150,000, $150,000.01-$1,000,000, and more than $1,000,000. If the required qualifying activity is not met, all balances earn 0.01% APY. Quontic has the right to alter the levels that apply to this account at any moment and without warning. Daily interest is compounded and credited monthly.
There is a $100 minimum deposit requirement for both the High Interest Checking and Cash Rewards Checking accounts, and neither has a monthly service charge. According to Quontic, you can open one of these checking accounts in three minutes.
Except for Hawaii and North Carolina, as well as Washington, D.C. and Puerto Rico, the Quontic Bank Bitcoin Rewards Checking account is accessible in every state in the United States. It gives bitcoin rewards in the amount of US dollars. To open the account, a $500 deposit is required. You have the option of storing your bitcoin with Quontic or redeeming it for US dollars up to once per month.
Because the dollar-to-bitcoin exchange rate varies, the value of the bitcoin in your account will vary as well. Furthermore, while Quontic’s Bitcoin Rewards Checking account and the funds in your account are FDIC-insured, the bitcoin (owned by NYDIG) is not. To redeem your bitcoin for cash, NYDIG charges a 2% fee.
You’ll need basic contact information, your Social Security number, and your date of birth to establish an account.
Accounts can be financed by ACH transfer from another bank account or with an existing Quontic account. You may also send Quontic a cheque. You may fund your account via the bank’s mobile app, direct deposit, ACH, wire transfer, or by mail. Customers may use over 90,000 surcharge-free ATMs.
Quontic Bank Review 2023 – Savings
Quontic offers two types of savings accounts to customers.
According to FDIC statistics, the Quontic Bank High Yield Savings account offers 4.25% APY, which is more than ten times the national average savings rate. And it’s highly competitive when compared to other high-paying savings accounts.
A minimum deposit of $100 is required to start an account. Customers pay no monthly subscription fees and get access to over 90,000 surcharge-free ATMs.
Daily interest is compounded and credited on a monthly basis.
Money Market Account
The Quontic Bank Money Market Account offers a 4.75% annual percentage yield on all balance tiers, which are $0.01-$4.999.99, $5,000.00-$149,999.99, and amounts greater than $149,999.99. Daily interest is compounded and credited monthly.
Opening an account requires a minimum deposit of $100, making this one of the finest money market accounts overall. There are no monthly service costs, as there are with Quontic’s other banking products.
This account includes a Quontic debit card as well as checks. However, if you make more than six pre-authorized transactions in a billing cycle, Quontic may charge you $10. Account customers, like those with other banking products, get access to over 90,000 surcharge-free ATMs.
CDs
Quontic provides cheap certificates of deposit (CDs) with maturities ranging from six months to five years. A $500 minimum deposit is required to open a Quontic Bank Certificate of Deposit.
Here are the current rates for Quontic’s CDs:
| CD Term | APY |
|---|---|
| 6 months | 3.75% APY |
| 12 months | 4.75% APY |
| 2 years | 4.40% APY |
| 3 years | 4.30% APY |
| 5 years | 4.30% APY |
These rates are competitive with the top CD rates on the market. It simply takes a few minutes to start a CD account with Quontic online. You can also fund the account by transferring monies from another bank, ACH transfer, wire transfer, mail, or with funds from an existing Quontic account.
CD holders begin receiving interest on the day the account is established. It is daily compounded and paid once every statement cycle.
Quontic will notify you when it is time for your CD to develop. After that, you have a 10-day grace period to remove or renew your CD. Within that grace period, the bank also allows you to close your account and start a new one. If you do not take action, Quontic will renew your CD for another period.
There is a penalty for withdrawing early. The penalty is equal to the whole interest earned for maturities of up to 12 months. For durations ranging from 12 to 24 months, a full year of interest will be charged. The bank charges two years’ interest on periods of more than 24 months.
Distinguishing Features
Quontic’s simplified digital experience makes signing up for its banking products quick and straightforward, and there are no monthly service fees on any of its accounts.
This bank also has a large ATM network, having access to over 90,000 surcharge-free ATMs around the country. This makes it simple to obtain funds from virtually any location. Customers in New York City can also visit the bank’s Astoria location.
However, one of the bank’s most differentiating features is its Bitcoin Rewards Checking account. Quontic became the first bank to provide a bitcoin rewards debit card in December 2020, allowing account members to collect bitcoin rewards on their everyday transactions.
Another element that distinguishes Quontic from other financial institutions is its classification as a Community Development Financial Institution. It makes loans to low-income individuals and communities, as well as gig workers and small company owners.
Access on the Go
Quontic, being a digitally focused bank, provides both online and mobile banking solutions. Both services include 24-hour account access, as well as the ability to move cash between banks, receive and review e-statements, and send money via Zelle. The iOS and Android versions of the mobile app are both available. Customers who reside near Quontic’s lone New York City location can bank in person.
Quontic Bank Fees
Quontic is happy to charge no monthly maintenance fees on any of its customers and has abolished or reduced the majority of other expenses. Customers can now pay the following fees:
| Quontic Bank Fees | |
|---|---|
| Account research | $20 per hour |
| Dormant account | $5 per month |
| Legal levies and garnishments | $100 |
| Stop payment | $20 |
| Wire transfer outgoing foreign (customers) | $35 plus correspondent |
| Wire transfer outgoing domestic (customers) | $25 plus correspondent |
| Returned item deposit | $10 |
| Account reconciliation | $30 per hour |
How Quontic Bank Stacks Up
Quontic Bank has all of the features you’d expect and desire from a digital bank: 24/7 access to online and mobile banking, a wide range of financial products, a huge ATM network, simple account opening, and cheap fees. Furthermore, it offers numerous ways to contact customer care, including live chat, phone, email, and an online form.
Quontic’s High Interest Checking account, High Yield Savings account, CDs, and Money Market accounts provide exceptionally competitive returns, and it was named one of Forbes Advisor’s Best Online Banks of 2023.
Quontic, on the other hand, has restricted branch access. Those who reside outside of New York City and wish to do their banking in person should look into alternative choices.
Quontic vs. Ally
Both Quontic and Ally offer relatively competitive rate structures, although Ally has a few extra fees than Quontic, the most notable of which being an exorbitant transaction cost for money market accounts. Both are digital-only banks, but Quontic has roughly twice as many fee-free ATMs as the other, making it the more accessible bank for clients.
| Feature | Quontic | Ally |
| ATMs | 90,000+ | 43,000+ |
| Interest checking APY | Quontic Bank High Interest Checkingup to 1.10% on all balances | Ally Bank Interest Checking0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more |
| Savings APY | Quontic Bank High Yield Savings4.25% | Ally Bank Online Savings Account3.75% |
| Money market APY | Quontic Bank Money Market Account4.75% | Ally Bank Money Market Account4.00% |
| Unique service | Bitcoin Rewards Checking | Savings buckets tools |
Quontic vs. Bank of America
Quontic, as a digital bank, can provide substantially greater interest rates on savings products and cheaper costs than traditional, brick-and-mortar Bank of America. The majority of Bank of America accounts include a monthly service fee, however these costs are sometimes avoided by performing qualifying activities. If you need to talk with someone in person, Bank of America offers locations countrywide.
| Feature | Quontic | Bank of America |
| Branches | 4 | 4,000 |
| Interest checking APY | Quontic Bank High Interest Checkingup to 1.10% on all balances1 | Bank of America Advantage Relationship Banking®Up to 0.02% |
| Savings APY | Quontic Bank High Yield Savings4.25% | Bank of America Advantage Savings0.01% |
| Minimum CD deposit | $500 | $1,000 |
Quontic vs. Discover
Discover Bank has competitive rates but a limited number of account alternatives. Customers may only sign up on a waiting list since the bank is overhauling its checking account with cashback debit. While Discover offers competitive interest rates, the bank also demands larger minimum deposits on CDs.
| Feature | Discover Bank | Quontic Bank |
| Checking accounts | Three | None |
| Savings APY | Quontic Bank High Yield Savings4.25% | Discover Bank Online Savings Account3.75% |
| Money market APY | Quontic Bank Money Market Account4.75% | Discover Money Market Account3.65% APY for balances under $100,000 and 3.70% APY for balances $100,000 and over |
| Minimum CD deposit | $500 | $2,500 |
Is Quontic Bank a Good Bank?
Quontic Bank has lower or no fees on its accounts and better interest rates than many other digital banks, particularly on its money market accounts. Quontic’s CDFI designation, in addition to being FDIC-insured, offers it an appealing alternative for small companies and underprivileged communities. With 90,000 fee-free ATM locations countrywide, it provides account customers with convenient access regardless of location.
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Frequently Asked Questions (FAQs)
Is Quontic Bank FDIC-insured?
Yes, Quontic Bank (FDIC # 57807) is FDIC insured. Quontic Bank’s banking products are federally insured up to $250,000 per depositor, per account ownership type. This safeguards your funds in the case of a bank failure.
Does Quontic Bank have any branches?
Yes, there is a Quontic branch and loan office in Astoria, New York. Its lending offices are located in Melville, New York, and Miami. It will shortly open a lending office in Flushing, New York.
What do I need in order to open an account at Quontic Bank?
To start a Quontic checking, savings, money market, or CD account, you’ll need your Social Security number, basic contact information, and date of birth.
What ATM networks does Quontic belong to?
Quontic provides surcharge-free ATM access at AllPoint, MoneyPass, SUM, and CitiBank ATMs in Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K locations.