Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Quontic Banking

Andrew Omalley Andrew Omalley Last update:

 

Quontic is a digital bank that offers its customers a host of deposit accounts without asking them to meet high minimum deposit limits. The bank has its headquarters in New York City and it has built a good reputation for offering competitive rates.

There is a lot of great compatibility with Quontic when it comes to managing your account on both desktop and mobile devices. This Quontic review will look at all of the key aspects associated with using this as your bank.

Promotions

  • High APY rates across key account types
  • No monthly service fees
  • Quick sign up process

Quontic Account Types

Quontic offers a range of both checking and savings account options for its customers. This provides people with a flexible range of options that can be assessed depending on their particular needs and preferences. Here is a look at the main account types that are available to you through Quontic:

High-Interest Checking*

The high-interest checking account at Quontic allows you to get an APY of 1.01% APY on the Portion of Daily Balances up to $150,000 for a deposit minimum of just $100. APY earned is based on the portion of the daily balance within the specified tiers. In order to qualify for the higher rate, you need to make 10 debit card point of sale transactions* of $10 or more per statement cycle required to earn the maximum APY on the portion of the account daily balance tier.

Account Type Key Features
High-Interest Checking
  • No monthly service fees
  • A minimum opening balance of $100 required
  • 90,000+ ATMs Across the Nation

 

Account Daily Balance Portion Qualifying Debit Card Transaction Interest Rate APY
$0 – $150,000 Yes 1.00% 1.01%
$150,000.01 – $1,000,000 Yes 0.35% 1.01% – 0.45%
$1,000,000.01 – and above Yes 0.00% 0.45% – 0.00%
Any Balance No 0.01% 0.01%

High Yield Savings*

The high yield savings account allows you to earn a 0.55% APY on your funds. The interest will compound on a daily basis and credit to your account on a monthly basis. There are no monthly service fees to consider. The APY rates on this account are better than what you will get with a lot of Quontic’s competitors. Excess transaction fee may apply.

Account Type Key Features
High Yield Savings
  • No monthly service fee
  • A minimum opening balance of $100 required
  • APY of 0.75%

 

Cash Rewards Checking*

This type of checking account gives you 1.5% cashback on Qualifying point of sale (POS) debit card transactions¹. This cashback will be paid to you on a monthly basis, with the funds getting deposited to your account at the start of the new monthly billing cycle.

You will only need to deposit at least $100 in order to open this type of account. You will also get access to more than 90,000 ATMs across the United States. There are no monthly service fees when you sign up for this account.

Account Type Key Features
Cash Rewards Checking
  • No monthly service fee
  • A minimum opening balance of $100 required
  • Qualifying point of sale (POS) debit card transactions*

*The following activities are not considered qualifying POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts. Rates are subject to change without notice. Fees could reduce earnings. You can ask for details.

Money Market**

The money market account at Quontic allows you to earn up to 0.60% APY on your funds. The APY is dependant on the balance of your account’s daily balance.

  • Daily Balance $0 – $4,999.99 will earn 0.40% APY
  • Daily Balance $5,000 – %149,999.99 will earn 0.50% APY
  • Daily Balance $150,000+ will earn 0.60% APY

The minimum opening account balance for a money market account is $100. Excess transaction fee may apply.

Account Type Key Features
Money Market
  • No monthly service fee
  • A minimum opening balance of $100 required
  • APY up to 0.60%

 

Certificates of Deposit

The certificates of deposit (CDs) options at Quontic allow you to earn an APY of up to 1.11%. There is a need to deposit at least $500 if you are looking to put your money into CDs. If you try to withdraw your funds earlier than the maturity date, there are penalties that you will need to pay. The APY will vary depending on what term length you choose for the CDs. The term lengths start at six months and go up to five years.

Account Type Key Features
Certificates of Deposit
  • Terms between six months and five years
  • Minimum investment of $500
  • APY of up to 0.50%

**Additional terms, conditions, fees & exclusions may apply. If the account is closed before interest and/or bonus is credited, accrued interest and/or bonus may be forfeited for that statement cycle. Fees could reduce earnings. Rates are subject to change without notice.

CD Rates

Duration 6 Months 1 Year 2 Years 3 Years 5 Years
APY 0.55% 0.60% 0.95% 1.10% 1.20%

 

What is Quontic account best for?

Quontic is best for those people who are looking for a convenient and low-cost way to conduct their banking. It also is an ideal choice for those people who are looking for the bets APYs, as well as a myriad of account options.

 

Overdraft fees

Quontic has announced that as of January 1st, 2022 it is removing a total of 12 bank fees – including the $35 overdraft fee!

This should be considered great news to all existing and future members.

 

Opening an account at Quontic

The process of opening an account at Quontic is very straightforward. While it only has a single physical branch in the United States, everything can be easily completed online. This saves people a lot of time and energy as they do not have to go somewhere in person in order to get started with a new account.

The online process only takes less than three minutes to complete and you will then be good to go. You can add funds to your account using a wide range of different payment options and you can start earning interest on your funds straight away.

 

Pros and Cons

Quontic has a lot going for it, which is why a lot of people are now using it to conduct their banking rather than going with more traditional banks. As Quontic mainly operates online, there is a much easier process involved with choosing and setting up an account.

No matter what type of account you choose, you will complete the signup process in no more than three minutes. This allows you to avoid wasting time filling out drawn-out paperwork and waiting for your account to be opened.

The APYs that are available across the various checking and savings accounts are also very good in an overall sense. You also get free access to more than 90,000 ATMs across the United States. Finally, there is a low-cost structure in place at Quontic as none of the accounts charge you a monthly fee of using them.

In terms of cons, there is only one physical Quontic branch, so if you like in-person banking then you might want to look elsewhere. The overdraft fee is also a bit high and there is no daily cap on these charges. However, there is little else not to like about the Quontic offering.

 

Comparison to similar bank accounts

Ally (online savings account) NationWide Banking 
Link to review  Link to review
APY: Up to 0.50% APY: Up to 0.90%
Minimum balance: $0 Minimum balance: $100
Benefits:

  • No M. Fees.
  • Access to 42K+ free ATMs
  • Very good APYs
Benefits:

  • 80K+ ATMs.
  • Cost-effective.
  • Low barrier to entry.

 

Get my rate

Disclaimer: Your information is securely stored on your account and customer records once your new account is opened. Federal law requires that all financial institutions obtain, verify, and record personal information that identifies each person who opens an account.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.