Quontic Bank review 2023

Quontic Bank started as a community bank in 2009 in New York City and has since expanded into an online bank. As an FDIC-insured bank, Quontic is a designated Community Development Financial Institution (CDFI), which means it offers products and services to help people who may not have access to them through traditional banks. 

Due to its low fees and competitive interest rates, we’ve named this bank one of the best online banks. In fact, we believe Quontic Bank has the best checking account of 2023. 

That being said, everyone has their own needs when it comes to banking. We’ve provided a guide on Quontic’s products to see how it compares to some of the other best banks out there. 

• Access to ATMs: There are over 90,000 surcharge-free ATMs you can access throughout the US.
• No monthly fees: Customers aren’t charged anything simply for having their accounts open, with some exceptions. 
• Competitive interest rates: Most of their deposit accounts offer a high APY compared to other banks, especially their high-yield savings account.
• Fast account opening: Quontic bank claims you can open a bank account in as little as three minutes. 

• Limited customer support: Customers can only call the bank from 9 a.m.-6 p.m. Eastern Time on weekdays. 
• Some features not available: There is no cash deposit, overdraft protection, or branch access.

Quontic Bank offers many of the same products that you’d find with other banks, including savings, checking, and money market accounts.

Quontic offers a high-yield savings account with a current APY of 4.50%, one of the highest savings accounts rates we’ve seen. Plus, there are no monthly maintenance fees and no account minimums. You will need to make a $100 minimum opening deposit. While interest is compounded daily, you will receive your earnings monthly. 

Certificates of deposit, or CDs, are a great option to earn more interest as long as you don’t need to cash your deposit until the account matures. Quontic offers CDs with five term options, ranging from six months to five years. While some of the CD rates may not be as high as the current APY for their high-yield checking account, you are guaranteed to earn that amount as long as you keep your deposit for the agreed upon term. 

Besides, the rates are right up there with the best 1-year CD rates we’ve seen. Applicants need a minimum of $500 to open an account, and interest is compounded daily and deposited each statement cycle. 

Before your account matures, you’ll receive a notice and will have a 10-day grace period during which to either withdraw the funds, renew it to a new CD term, or let it automatically roll over to the same term. If you make an early withdrawal, you will face a penalty that depends on the CD term. 

• Cash Rewards Checking: You can earn up to 1.10% APY with this checking account, as long as you can make a minimum of 10 qualifying debit card purchases each statement cycle (typically a month). Otherwise, you will earn 0.01% APY. Whatever interest you earn is compounded daily and earnings are deposited into your checking account each month. You must deposit a minimum of $100 to open the Cash Rewards checking account. 
• High Interest Checking: Like the Cash Rewards checking account, you will need a minimum of $100 to open an account, but there are no monthly maintenance fees. Instead of earning interest on your account deposits, you will earn 1.00% cash back on every eligible debit card purchase, up to a maximum of $50 each statement cycle. Rewards are deposited into the checking account each month. 

A money market account is a type of savings account that tends to earn more interest. In Quontic’s case, you can earn 5.00% APY on your daily account balance. Interest, which compounds daily, is deposited into your account each month. Like other accounts, you will need an opening deposit of $100. Keep in mind that this account limits you to six withdrawals and transfers each month. 

Because it is an online bank, you won’t be able to access a branch, though that shouldn’t be a major issue if you’re not interested in banking in person. If you need customer support, you can call Quontic from 9 a.m to 6 p.m ET from Monday to Friday. Otherwise, you can log into your account online or through the mobile banking app 24/7.

Quontic Bank doesn’t charge monthly maintenance fees, nor does it charge for cashier’s checks, incoming wires, or money orders. Plus, you won’t be charged overdraft or nonsufficient fund fees, which makes the bank stand out among competitors that charge around $30 or more. However, the bank does charge several fees, including for outgoing wire transfers, returned deposits, and stop payment requests. 

Account holders can access their money online or through the bank’s mobile app. You can transfer money to and from accounts and make deposits using Zelle as well. If you need cash, you can access over 90,000 in-network ATMs (note that there may be third-party fees for out-of-network ATMs). 

Quontic Bank is a great fit for those who are looking for the highest interest rates in a savings or money market account, as well as competitive rates for CDs and checking accounts. Higher rates are a great way to earn some money back instead of letting it sit in an account. That means if you want to switch banks or open a new account to house your emergency fund, for example, you can know that you’ll earn some interest. 

However, if you’re looking for a bank with more offerings like personal loans and retirement accounts, you’re out of luck. Same goes for those who want the option of walking up to a brick and mortar location or being able to deposit cash. 

Quontic Bank is best for people who:

• Want a checking account that comes with rewards
• Are comfortable and may even prefer banking online
• Seek a high APY on deposit accounts like savings and CDs

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].