Banking

Quontic bank review: Earn high interest rates and choose from three rewards checking accounts

  • Quontic pays high rates on savings, checking, CDs, and money market accounts.
  • You can choose from high-yield, cash-back, or Bitcoin rewards checking accounts.
  • There’s also a savings account that lets you donate interest to businesses struggling during the pandemic.
  • See Insider’s picks for the best high-yield savings accounts »

This post was last reviewed and updated on  July 28, 2021. 

Overall bank rating

Pros and cons

Savings

Annual Percentage Yield (APY)

0.55% APY

  • Pros & Cons
  • Details

  • Pros
    • High APY
    • No monthly service fees
    Cons
    • $100 minimum opening deposit
    • Interest compounded daily, paid monthly
    • FDIC insured

    Quontic High Yield Savings is a good savings account with a high rate and no monthly service fees. But if you want a savings account with more robust features, like savings buckets or automatic savings tools, you may want to look elsewhere.

    Quontic also offers a high-yield Drawbridge Savings Account. Earn a high interest rate, then donate the interest earned to the #BeTheDrawbridge fund. This program provides grants to small business owners in New York City who need help staying afloat during the COVID-19 pandemic.

    Checking

    Annual Percentage Yield (APY)

    0.01%-1.01% APY

  • Pros & Cons
  • Details

  • Pros
    • High APY
    • No monthly service fees
    • No out-of-network ATM fees
    Cons
    • $100 minimum opening deposit
    • $35 overdraft fee
    • Doesn’t reimburse any fees charged by out-of-network ATM providers
    • Over 90,000 free ATMs
    • Earn the highest rate by making at least 10 debit card purchases each month and maintaining a balance of $100,000 or less; otherwise, earn 0.01% APY
    • Interest compounded daily, paid monthly
    • FDIC insured


    Read Our Review
    Read Our ReviewA looong arrow, pointing right

    If you’re looking for a high-yield checking account, Quontic High Interest Checking is a good choice. Some high-interest

    checking accounts
    only pay interest on balances up to a certain amount, but Quontic pays a high rate on your entire balance. Just be sure you can qualify for the high rate by making at least 10 debit card purchases every month, that are at least $10.

    Quontic has some other strong rewards checking accounts, too. Cash Back Rewards Checking pays up to 1.50% cash back. Bitcoin Rewards Checking lets you earn Bitcoin, which you can exchange for cash later if you prefer. Bitcoin Rewards is only available in certain states right now, though.

    CD

    Annual Percentage Yield (APY)

    0.55% to 1.11% APY

  • Pros & Cons
  • Details

  • Pros
    • Competitive APY
    • $500 opening deposit
    Cons
    • Limited term options
    • High early withdrawal penalties
    • Term lengths: 6 months, 1 year, 2 years, 3 years, 5 years
    • Early withdrawal penalties: All interest earned for terms under 1 year, 1 year of interest for 1-year terms, 2 years of interest for terms of 2 years or longer
    • Interest compounded daily, paid monthly
    • FDIC insured

    Quontic pays competitive rates on CDs, but it doesn’t have many term options to choose from. It could be a good fit if you want a 6-month, 1-year, 2-year, 3-year, or 5-year CD. Quontic charges high penalties if you need to withdraw money before your term ends. If you’re worried you’ll need to make an early withdrawal, you may prefer to open a CD with a bank that charges lower fees, or even to open a no-penalty CD.

    Money market

    Annual Percentage Yield (APY)

    0.30% to 0.40% APY

  • Pros & Cons
  • Details

  • Pros
    • Competitive APY
    • $100 minimum opening deposit
    • No monthly service fees
    • Includes a debit card and paper checks
    • No out-of-network ATM fees
    Cons
    • Lower APY on lower balances
    • Doesn’t reimburse any fees charged by out-of-network ATM providers
    • Over 90,000 free ATMs
    • Tiered APY system; earn a higher APY on higher balances
    • Interest compounded daily, paid monthly
    • FDIC insured

    The Quontic Money Market Account pays competitive rates overall, but you’ll only earn the best rate if you have at least $150,000 in your account.

    Money market accounts are similar to savings accounts, except the former makes it easier to access your money. Money market accounts usually send you either a debit card or paper checks so you can spend money without transferring funds to a checking account first. The Quontic Money Market Account sends you both a debit card and paper checks. It could be a useful emergency fund so you can tap into savings instantly.

    How does Quontic work?

    Quontic is primarily an online bank, but it does have branches in New York (Manhattan and Astoria). It also has loan offices in New York and Miami.

    You can use 28,000 MoneyPass ATMs around the US for free. Quontic won’t charge you for using an out-of-network machine, but the ATM provider might.

    Quontic does have a mobile app, but there aren’t many online reviews yet. So far, the app has 4.6 out of 5 stars in the Apple store, and 3.4 out of 5 stars in the Google Play store.

    To contact Quontic customer support, call or chat online Monday through Friday, 9:00 a.m. to 6:00 p.m. ET.

    Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.

    Is Quontic trustworthy?

    The Better Business Bureau gives Quontic an A+ in trustworthiness. A good BBB score indicates a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.

    Quontic doesn’t have any recent public scandals. Between its clear history and strong BBB grade, you may decide you’re comfortable banking with Quontic.

    How Quontic compares to similar banks

    We’ve compared Quontic to two other banks with

    high-yield savings accounts
    and rewards checking accounts: Discover and Axos.

    Quontic review vs. Discover review

    Quontic and Discover have comparable high-yield savings accounts. If you want a cash-back checking account, you have potential to earn more with Quontic. Discover it® Cash Back pays 1% cash back on up to $3,000 in purchases every month, while Quontic Cash Rewards Checking offers 1.5% cash back on up to $2,000 in purchases per day.

    But you may prefer Discover if you’re more comfortable using a big-name bank. Discover’s mobile app has tens of thousands of Google Play reviews and millions of Apple reviews, with great scores overall. Discover also offers 24/7 live customer support.

    Quontic review vs. Axos Bank review

    Quontic and Axos both have good high-yield checking accounts, but you’ll need $250 to open an Axos High Yield Savings Account

    If you want a high-yield checking account, you may prefer Axos. You have the potential to earn a higher rate, as long as you meet the criteria. You’ll probably like Quontic better for a cash-back checking account, though. The Axos CashBack Checking Account only offers 1% cash back, and it drops to 0.50% if your average daily balance falls below $1,500.

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