Banking Bank Reviews

Quontic Bank Review: Multiple Ways to Earn High Yields

Quontic Bank’s high-yield checking and savings accounts pay competitive APY rates, plus the bank has unique features like the convenient Pay Ring.

Updated Aug. 7, 2024
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Quontic Bank

OUR VIEW

Quontic Bank offers a range of online bank accounts including high-yield savings, checking, and money market accounts. I particularly like the online savings account for earning significantly on your savings.

A checking account with Quontic pays an excellent APY, but only if you can make at least 10 debit card purchases per month of at least $10, which I know just wouldn’t work for me (probably because I’m attached to earning credit card rewards at this point).

Quontic Checking Account customers receive a free Pay Ring (which is an actual ring you wear), enabling easy contactless payments. I’m always the last to adopt new technology, but it does sound convenient, and on top of the ways you can earn more across a variety of accounts, Quontic could be a great option.

Pros

Competitive APY on checking, savings, and money market accounts
Convenient Pay Ring for contactless checking account purchases
Large network of fee-free ATMs nationwide

Cons

Strict debit card transaction requirements to earn high APY
Limited customer service (weekdays only)
How we evaluate products

Quontic Bank overview

Quontic, known as the adaptive digital bank, was founded as a community bank in 2009 but has grown to become a digital bank that offers its services nationwide. It was the first bank to offer a bitcoin rewards checking account.

Quontic is designated by the U.S. Treasury as a Community Development Financial Institution (CDFI), which means it provides financial services to people who generally lack access to financing. Less than 3% of banks carry the CDFI designation. This includes non-traditional mortgages as well as FHA and VA loans.

Quontic’s financial services include checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, and mortgage loans. Funds in your Quontic savings and accounts have FDIC insurance protecting you against loss of up to $250,000 per account per depositor in the event that Quontic.

Not only does Quontic offer a broad range of savings and checking accounts, but it also provides interest on your deposited funds at high rates. They’re not quite the highest in the country, but 4.50% on savings and 1.10% APY on checking is definitely competitive.

While Quontic was the first U.S. bank to offer bitcoin rewards on a checking account in 2020, it appears to have discontinued this service, so you’ll find basic cash-back rewards or interest-bearing accounts.

A Quontic innovation you might not see anywhere else (yet) is the Quontic Pay Ring. It’s a wearable ring available for free to Quontic checking account customers that you can use in place of your debit card wherever you see the contactless pay symbol.

Additionally, Quontic offers the usual digital payment solutions:

  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Zelle

Quontic High Interest Checking at a glance

Annual percentage yield (APY) 1.10% (as of 07/01/24)1
Minimum balance for APY None
Required transactions for APY 10 qualifying debit card transactions of $10 or more per statement cycle
Minimum deposit to open account $100
Monthly maintenance fees None
ATM access Yes, at over 90,000 surcharge-free ATMs nationwide
Transaction limits Up to $500 in withdrawals per day from ATMs

Up to $1,000 per day in debit card purchases

FDIC insured Yes

Quontic offers a high interest checking account, which is great because not all checking accounts pay any interest. There are a few alternatives that give you an even higher rate of return, but the requirements to earn the higher APYs may be more complicated or difficult to meet.

It’s common to have to make a minimum number of debit transactions or meet a minimum balance requirement in order to earn the maximum APY on checking. If there are too many hoops to jump through, you may be better off keeping more of your money in a high-yield savings account instead and not stressing over earning the higher APY in checking.

Quontic High Yield Savings at a glance

APY 4.50% (as of Mar. 27, 2024)2
Minimum balance for APY None
Minimum deposit to open account $100
Monthly maintenance fees None
ATM access Yes, if you request an ATM card
Transactions per month Up to 6 ($10 fee per additional transaction)
FDIC insured Yes

APY vs. APR
Note that APY isn’t the same as annual percentage rate (APR). APY is typically associated with earning interest, while APR is often associated with paying interest. Read our guide to learn more about APY vs. APR.

Who is Quontic best for?

Quontic is best for people who prefer an online banking experience. The overall customer support experience is pared down, with no customer support hours on weekends and no access to a live chat feature.

But similar to many online banks that have lower overhead costs, Quontic provides competitive rates on its interest-bearing accounts. This typically means higher dividends for you compared to what traditional banks offer.

If you’re like me and you prefer a digital banking experience (I have to chuckle when my parents continue to write paper checks for birthday gifts), Quontic may be the right fit. Since you can handle both your checking and your savings there, as well as add money market accounts or CDs if you wish, it’s a fairly comprehensive banking solution.

You might also consider Quontic for your mortgage lending, especially if you have a unique situation that requires a non-traditional loan. Maybe you’re self-employed like me, or have alternative income sources, which can make it a bit trickier to apply for a traditional home loan. That’s where a Quontic home loan could be beneficial.

Compare a Quontic High Yield Savings account to a traditional savings account

The Quontic High Yield Savings Account offers an APY of 4.50% (as of Mar. 27, 2024), which is significantly higher than the current average APY of 0.45% (as of 10/21/24) for a traditional savings account. Choosing a high-yield savings account is really a no-brainer compared to accounts that pay a pittance on your balance.

For example, if you deposited $5,000 into a high-yield savings account, here’s how it would perform if the APY remained the same for 10 years compared to a traditional, lower-APY savings account. (The traditional savings account APY was pulled from the FDIC National Rates and Rate Caps.)

Assume you aren’t making any additional deposits, and interest compounds daily:

Traditional savings account with 0.45% APY Example savings account with 3.00% APY
Initial balance $5,000 $5,000
After 1 year $5,022.50 $5,150
After 3 years $5,067.80 $5,463.64
After 10 years $5,229.61 $6,719.58

course, the longer you leave the savings in place, the more it grows. But you can definitely see how a high-yield savings account outperforms the old less-than-one-percent accounts, even within one year.

How to withdraw money from an account with Quontic

You can withdraw money from an account with Quontic by:

  • Transferring money to another bank account
  • Using an ATM
  • Writing a check (not applicable to High Yield Savings accounts)
  • Making a debit card purchase

Warning
Keep in mind that savings accounts are restricted to six withdrawals per month. Since it’s savings, this may not be an issue, but watch out so you don’t get that penalty fee for going over that limit.

Other Quontic fees

Although it’s helpful that Quontic doesn’t charge monthly account fees or overdraft fees, there are a few fees to be aware of.

Overdraft fee $0
Stop payment fee $20
ACH transfers $0
Incoming wire $0
Outgoing wire $25 domestic, $35 foreign
Dormant account $5 per month
Expedited card/Pay Ring fee $60.00
Return deposited item $10.00

Quontic customer service

You won’t find any in-person Quontic branches, other than some loan offices in Arizona, New York, and Florida. For the most part, Quontic is an online-only bank. But you can email the Quontic customer support team at info@quonticbank.com.

You can also a customer service member at this phone number if you have an existing mortgage: 1-855-300-7067

Otherwise, click through on the “Connect With Us” button on the Quontic help page to have a customer service representative contact you, or use the help section on its website

The customer service team is available Monday through Friday from 9 a.m. to 6 p.m. EST. (If you already have a loan with Quontic, customer service hours are 8 a.m. to 5 p.m. EST. New loan hours are 9 a.m. to 8 p.m. EST on weekdays.)

More banking products from Quontic

Apart from its High Interest Checking and High Yield Savings accounts, Quontic also offers:

  • Cash Rewards Checking
  • Money Market Account
  • Certificates of Deposit

Cash Rewards Checking

Cash Rewards Checking is a non-interest-bearing checking account that rewards account holders in cash back for qualifying point of sale (POS) debit card transactions.

Here’s how the rewards checking account works:

  • Offers 1.0% cash back for qualifying transactions (cash back is deposited into your checking account at the beginning of each statement cycle)
  • Doesn’t earn interest
  • Requires a $100 minimum deposit
  • Has no minimum daily balance requirement to earn rewards
  • Has no monthly service fees
  • Offers access to over 90,000 ATMs
  • Is FDIC insured

Money Market Account

Quontic Bank Money Market Account is a savings account that comes with a debit card and offers checks. Money market accounts work much like high-yield savings accounts.

Here’s how the money market account works:

  • Offers 5.00% (as of 07/01/24) APY
  • Requires a $100 minimum deposit
  • Limited to six monthly withdrawals (then costs $10 per additional withdrawal)
  • Offers a debit card with ATM access
  • Offers check-writing privileges
  • Has no monthly or overdraft fees
  • Has no minimum balance for APY
  • Is FDIC-insured

Certificates of Deposit

Quontic Bank CDs are savings accounts that lock in APY rates for a specific amount of time. As with any certificate of deposit, if you withdraw before the time is up — called the maturity date — you could be charged an early withdrawal penalty fee.

Here’s how Quontic CDs work:

  • Offers up to 5.10% (as of 07/01/24) APY
  • Requires a $500 minimum deposit
  • Offers 6-month to 60-month CD terms
  • Charges penalties of up to two years of interest on withdrawals before the maturity date
  • Doesn’t allow you to add additional funds once a CD has been opened

Tip
Note that Quontic CDs currently provide higher APYs for shorter periods of time. This may not always be the case, but as of July 31, 2024, the highest-earning CD is for 6 months, paying 5.10%. Plus, a secret window popped up as I was researching rates and offered a 3-month CD at 5.50% APY.

If I wanted to split up my savings a bit, I might go with a 6-month CD for part of the money and a high-yield savings account for the rest. This way I could earn high rates without tying up my money for too long. You don’t run as much risk that you’ll need to withdraw the money early.

Alternatives to Quontic

Some other online bank accounts have similar features to Quontic’s, so let’s see how they compare. (None of these offers the contactless Pay Ring, though.) Think about what you want to get out of your bank account — earnings on savings, the ability to pay with a debit card or ring, or other services — when deciding what’s best for you.

EverBank

For another option that rewards your savings with a high APY, EverBank is a great choice. The Performance℠ Savings account pays 5.05% APY with no monthly account fee or minimum balance. EverBank’s checking and money market accounts come with 80,000 fee-free ATMs as well.

EverBank’s checking account has an APY of 0.4%, which would earn you about $39 on a $10,000 balance. It’s not as high as Quontic’s high-yield checking account at 1.10% APY, but customer service is available 24/7, unlike Quontic which is more limited.

BMO Alto Online Savings Account

If your primary goal is maximizing what you earn on your savings, BMO Alto Online Savings fits the bill. You can earn 5.10% APY on your balance as of July 31, 2024. You get this with no minimum balance requirement, no minimum initial deposit (though you must fund the account within 90 days), zero fees, and unlimited withdrawals and transfers.

BMO also offers competitive rates on no-minimum-deposit CDs including a 5.10% APY for a six-month CD and 5.05% APY for a 12-month CD. However, there are limitations to the BMO Alto savings account: you don’t get a debit card or checks, and it doesn’t support Zelle transfers, unlike Quontic.

Upgrade Rewards Checking Plus

For attractive checking rewards, you might take a look at Upgrade Rewards Checking Plus. Instead of a high APY, this account rewards customers with up to 2.0% cash back on certain purchases and 1% back on all other purchases. It comes with no overdraft fees or monthly fees. However, you do need to receive at least $1,000 in monthly direct deposits to earn the full 2% cash back.

Along with the checking account, you can open a Performance Savings Account paying up to 5.21% APY.

FAQ

Is Quontic a legitimate bank?

Yes, Quontic is a legitimate bank that offers FDIC insurance on eligible accounts. Quontic provides a range of products and services:

  • High-interest checking accounts
  • Cash rewards checking accounts
  • High-yield savings accounts
  • Money market accounts
  • Certificates of deposit
  • Community development loans
  • Conventional loans
  • FHA loans
  • VA loans

Does Quontic Bank have overdraft protection?

Yes, Quontic Bank has overdraft protection, so you don’t need to worry about overdraft fees on applicable checking and savings accounts. Quontic doesn’t charge monthly maintenance fees either, and it lists a full schedule of fees online for increased transparency. Some fees you might incur are a $20 stop payment fee and $60 for an expedited card or Pay Ring.

Does Quontic Bank have an app?

Yes, Quontic Bank offers a mobile bank app for iOS and Android devices. You can download the app for compatible iPads and iPhones on the App Store, where it’s rated 4.8 stars out of 5. Compatible Android devices can download the app on Google Play, where the app also has 4.8 stars out of 5.

Bottom line

Quontic is a digital bank, which means it has no traditional, in-person branches, which is just fine with me, but if you prefer an in-person banking experience, this company isn’t for you.

You can enjoy benefits with Quontic such as no monthly maintenance or overdraft fees and the chance to earn a great APY on savings compared to traditional banks. Plus, get to the forefront of contactless payment technology with Quontic’s Pay Ring, which isn’t found with any other U.S. online banks.

Another reason you might bank with Quontic is if you want to support a Community Development Financial Institution (CDFI) that helps underserved customers receive non-traditional mortgage financing. But if Quontic doesn’t seem like the right fit for your banking needs, check out our list of the best banks for our top bank account recommendations.

Quontic Bank Benefits

  • Earn 4.50% (as of Mar. 27, 2024) APY2with this high yield savings account
  • Accrue an APY2 that’s over 14x3 higher than the national average
  • Your eligible deposit accounts are protected and Quontic is a member FDIC4
  • No monthly service or overdraft fees