If you’re looking for a new banking institution, you may want to consider Quontic Bank. When it comes to banking, there are a lot of different options to choose from. You can go with a big bank, a small bank, or an online-only bank. So which is the right one for you?
In this Quontic Bank review, we’ll take a look at what this institution has to offer and see if it’s the right fit for your needs. We’ll cover checking, savings, and CD accounts as well as some of the pros and cons of banking with Quontic.
Let’s get started!
About Quontic Bank
Quontic Bank is a New York-based bank that was founded in 2005. It has quickly grown to become one of the largest banks in the state, with over 300 employees and 3 locations. Quontic Bank is considered a community bank, which means that it focuses on meeting the needs of its local community.
One thing that sets Quontic Bank apart from other banks is its high money market rates. In fact, its rates are 36% higher than the national average. Quontic Bank also has a B+ health rating, which is good news for customers who are looking for a stable and reliable bank.
Quontic Bank is FDIC insured, so your money is safe and secure.
The banking industry has undergone a lot of changes in recent years. For one thing, the number of physical bank branches has been declining as more and more people move to online banking.
Another big change is the introduction of new products, such as checking and savings accounts that pay interest.
In the past, banks would offer these products to attract new customers, but they wouldn’t pay any interest in them. Nowadays, however, banks are offering higher rates of interest to stay competitive.
Quontic Checking Account
Quontic offers three checking account options: Cash Rewards Checking Account, High-Interest Checking Account, and Bitcoin Rewards Checking Account.
Let’s Discuss these accounts stepwise.
Quontic Cash Rewards Checking account
The Quontic Cash Rewards Checking account is a basic checking account that offers a few perks, such as 1.5% cashback on all eligible debit card purchases and no monthly maintenance fees.
The Money can be transferred to other Quontic Bank Accounts or to an external account Via ACH.
One thing to note is that the cashback rewards will only be paid and deposited into your checking account at the beginning of each new statement cycle. So if you’re looking for an account that offers immediate rewards, this may not be the right one for you.
However, if you’re okay with waiting until the beginning of each new statement cycle to receive your rewards, then the Quontic Cash Rewards Checking account could be a good fit for you.
Quontic High-Interest Checking
The Quontic High-Interest Checking account is a basic checking account that offers a higher interest rate than the Quontic Cash Rewards Checking account. This account also has no monthly maintenance fees.
The account can be opened with a minimum deposit of $100 and you can earn interest on your balance. The interest rate is 1.01% APY, on balances up to and including $150,000 provided you make at least 10 qualifying debit card point of sale transactions of $10 or more per statement cycle.
Here are the tabloids of the account.
|Account Daily Balance||Interest Rate||APY with Qualifying Activity|
|$0 – $150,000||1.00%||1.01%|
|$150,000.01 – $1,000,000||0.35%||1.01% – 0.45%|
|$1,000,000.01 – and above||0.00%||0.45% – 0.00%|
If you don’t meet the minimum debit card transaction requirement, the APY on your account will be 0.01%, which is below the national average.
Quontic Bitcoin Rewards Checking account
The Quontic Bitcoin Rewards Checking account is the first of its kind and comes with a variety of benefits. You can earn 1.5% back in Bitcoin on all eligible debit card purchases, with no overdraft or non-sufficient fund fees.
To qualify for the Bitcoin Rewards Checking account, you’ll need to make at least one Qualified Point of Sale (POS) purchase with your Quontic debit card each day. Qualifying purchase is defined as any transaction that is not in a pending status.
There is also no minimum opening deposit required, so it’s perfect for anyone looking to get started with Bitcoin. The account is available in select states, so be sure to check eligibility before applying.
Here are the Eligible States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
Spoiler alert: Quontic Bitcoin Rewards Checking account is not FIDC insured.
Now, let’s discuss the Pros and Cons of Quontic Bank Accounts
- Large ATM Network: Quontic has a large ATM network, so you’ll be able to access your funds when and where you need them.
- Competitive yield: The Quontic Bank accounts offer competitive yields, so you can earn more on your deposited funds.
- No monthly fees: You won’t have to worry about any monthly fees with the Quontic Bank checking or savings accounts.
- Bitcoin Rewards Checking accounts not available in all states: The Bitcoin Rewards Checking account is only available in select states.
- Minimum $100 deposit is required: You’ll need to deposit at least $100 to open a checking or savings account with Quontic Bank.
Quontic High Yield Savings account
The Quontic High Yield Savings account is a great option for those looking for a high yield savings account. The account has an APY that’s over 10x higher than the national average, and interest is compounded daily and credited to your account every month.
Currently, the rate of interest is 0.65% APY
You can open the account with a minimum deposit of $100 and there are no monthly service fees. The account also has a limit of 6 transfers and withdrawals per statement cycle.
However, if your transaction exceeds the limit, you may be charged a $10 excess transaction fee.
If you’re looking for a high yield savings account that offers a great interest rate and no monthly service fees, the Quontic High Yield Savings account is a great option.
Special Features: #BeTheDrawbridge is a campaign that aims to assist small-business owners in the New York City area by allowing Qontic to match the monthly interest credited for each account and donating it to the #BeTheDrawbridge relief fund.
- High APY: The Quontic High Yield Savings account offers an APY that’s over 10x higher than the national average.
- No monthly service fees: You won’t have to worry about any monthly service fees with the Quontic High Yield Savings account.
- Compounded daily: Interest is compounded daily and credited to your account every month.
- Transaction limit: There is a limit of 6 transfers and withdrawals per statement cycle.
- $10 excess transaction fee: If your transaction exceeds the limit, you may be charged a $10 excess transaction fee.
- Balances above $250,000 earn a significantly lower APY: Balances above $250,000 earn a significantly lower APY.
Quontic Certificate of Deposit
Certificates of deposit (CDs) are a great way to save money, and Quontic Bank offers some of the most competitive rates in the industry. You can choose from five different terms, ranging from six months to five years.
The Interest rate is up to 1.20%. You can open a CD with a minimum deposit of $500 and there is no monthly service fee.
Here are the current rates for Quontic Bank CDs:
And there’s no need to worry about your funds – they are FDIC insured up to $250,000.
Quontic Bank also offers a wide variety of CD terms to choose from, so you can find the one that best suits your needs.
Plus, you can start earning interest the day the account is opened. Just be sure to note the penalty for early withdrawal if you need to access your funds before the CD matures. Here are early withdrawal penalties Tables for the different CD terms:
How to fund a Certificate of Deposit (CD)?
The best way to fund a Certificate of Deposit (CD) is through electronic transfer from another bank account. This is the quickest and easiest way to get your funds into your CD.
You can also use Plaid’s technology to transfer money directly from your checking or savings account at Quontic Bank.
- Wide variety of CD terms: Quontic Bank offers a wide variety of CD terms, so you can find the one that best suits your needs.
- Competitive rates: Quontic Bank offers some of the most competitive rates in the industry.
- Start earning interest on day one: You can start earning interest the day the account is opened.
- No monthly service fees: You won’t have to worry about any monthly service fees with a Quontic Bank CD.
- FDIC insured: Your funds are FDIC insured up to $250,000.
- Lower minimum deposit requirements: You can open a CD with a minimum deposit of $500.
- Some banks have lower minimum deposit requirements.
Quontic Money Market account
The Quontic Money Market account is a great option for those who want to earn a higher interest rate on their savings. This account has a minimum opening deposit of $100 and a limit of 6 transfers and withdrawals per statement cycle.
The Interest rate varies and is based on the balance in the account.
Here are the current rates:
|Balances of $0.01 to $:4,999||0.40% APY|
|Balances of $5,000 to 1,49,9999||0.50% APY|
|Balances of $1,50,000 or more||0.60% APY|
This account also comes with debit card access and online banking. On top of that, this account has no monthly fees or minimum balance requirements.
However, there are some downsides to this account, if you make more than six pre-authorized withdrawals or transfers, Quontic may change your account to a transactional account.
Overall, the Quontic Money Market account is a great option for those looking for a higher yield on their savings. It has no monthly fees and minimum balance requirements, and
- Higher interest rate: The Quontic Money Market account offers a higher interest rate than most savings accounts.
- No monthly fees or minimum balance requirements: This account has no monthly fees or minimum balance requirements.
- Debit card access and online banking: You have access to a debit card and online banking with this account.
- Only $100 is required to open an account: The minimum opening deposit is only $100.
- Only six transfers and withdrawals per statement cycle: You are limited to six transfers and withdrawals per statement cycle with this account. If you make more than six pre-authorized withdrawals or transfers, your account may be changed to a transactional account.
- The highest yield starts only after $150,000: The highest yield on this account is only offered for balances of $150,000 or more.
Best Competitor of Quontic Bank?
Quontic Bank is a great bank, but it may not be the best fit for everyone. So, who is the best competitor of Quontic Bank?
Well, it really depends on what you are looking for in a bank. If you are looking for a bank with lower minimum deposit requirements, then your best option is probably a credit union.
Best competitor of Quontic Bank
However, the best close competition to Quontic Bank would be Ally Bank. Ally Bank offers a variety of products, including checking, savings, and CD accounts. They also have a wide variety of terms for their CDs, so you can find the one that best suits your needs. And, like Quontic Bank, Ally Bank has competitive interest rates.
Let’s do a head-to-head comparison of Quontic Bank and Ally Bank:
Saving Account>=Quontic Bank offers more competitive rates, no monthly service fees. Quontic Bank 0.65% APY while Ally Bank offers 0.500% APY so Ally falls a little short in this category.
Certificate of Deposit>= Quontic Bank offers a much wider variety of terms, starting at 3 months and going all the way up to 5 years. Ally Bank also offers a wide variety of terms, but the APY range is of Quontic Bank is 0.55% – 1.20% while Ally Bank only offers 0.15%-0.80%. Quontic Bank, therefore, wins this category.
Checking Accounts>= If you maintain balances above $1,50,000 Quontic Bank offers a much more competitive rate up to 1.01% APY, Ally falls short again with only 0.80% APY on their highest balance tier. However, if your balances are below $1,50,000 then Ally offers a better deal with 0.15% APY on their interest checking account while Quontic Bank offers only 0.01% APY. Ally Bank is the clear winner in this category for those with lower balances.
Overall, Quontic Bank is a great choice for those looking for a high yield on their savings account, especially if you have a balance of $1,50,000 or more. They also offer a wide variety of products, including checking and CD accounts. However, if you are looking for a bank with a lower minimum deposit requirement, then your best option is to ally Bank.
Quontic Bank Vs Discover bank
Quontic Bank and Discover bank offer a variety of products which include Checking, Savings, and CDs. The benefits and features of the two banks vary.
For example, Quontic Bank offers a High Yield Savings account with an APY of 0.65% while Discover bank’s rate is only 0.50%. However, Discover bank offers a 12-month CD APY of 0.70% while Quontic Bank’s rate is only 0.55%.
In terms of Checking accounts, Quontic Bank offers a High-Interest Checking account with an APY of up to 1.01%. Discover Bank does not interest in balances but offers 1% cashback on expenses done through Debit Card.
The Money Market account offers a higher APY at Quontic Bank with rates up to 0.60%. Discover Bank does not offer an APY of only 0.40%.
The differences in benefits and features between the two banks can be seen above. In general, Quontic Bank seems to offer better interest rates on its products. However, the products at Discover bank may be more beneficial for those that use their debit card often.
In conclusion, it is important to research the products and benefits offered by each bank to find the one that best suits your needs.
Pros & Cons Explained
Finally, let’s check the pros and cons of Quontic Bank
- Competitive rates on all accounts: Checking, Savings, and CDs Wide variety of terms available on CDs A checking account with an APY up to 1.01%
- Savings accounts require just $100 to open: Perfect for those who are looking to start saving.
- Apple Pay, Google Pay, Samsung Pay, and Zelle Available: so you can easily transfer money to and from your account.
- Access cash at 90,000+ surcharge-free ATMs: Withdraw and deposit funds without having to pay any extra fees.
- No physical bank branches: All interactions must be done through online or mobile banking.
- No other Bank Products such as personal loans, auto loans, or credit cards.
Who Is Best For Quontic Bank?
So, who is best for Quontic Bank? The bank seems to be most beneficial for those who are looking for a high yield on their savings account, especially if you have a balance of $1,50,000 or more. They also offer a wide variety of products, including checking and CD accounts. However, if you are looking for a bank with a lower minimum deposit requirement, then your best option is to ally Bank.
Quontic Bank Customer Service
If you have any questions or concerns, Quontic Bank customer service is available to help. You can contact them by phone, email. Below are the contact details:
Online & Mobile Banking Support:
Mortgage Loan Servicing:
Final Thought: Is Quontic Bank Worth It?
Quontic Bank(2022)Review: Checking, Savings, and CDs
So, is Quontic Bank worth it? If you’re looking for high-interest rates on your savings and CDs, want a bank that has no monthly fees and offers great customer rewards, then yes – Quontic Bank is definitely worth checking out. Just be aware of the $5 monthly inactivity fee if you don’t use your account regularly, and the lack of cash deposit options if you live outside of New York City.
Thanks for reading our review! Have you decided whether or not to switch banks yet? Let us know in the comments below.
Now let’s frequently ask questions about Quontic Bank.
Is Quontic a legitimate bank?
Quontic Bank is a legitimate bank. It is FDIC insured and offers a variety of products, including checking and CD accounts.
How do I send money to Quontic?
You can easily send money to Quontic Bank through online or mobile banking. All you need is the recipient’s bank routing number and account number. You can find this information on their website or your account statement.
What is a Quontic adaptive digital bank?
Quontic adaptive digital bank is a full-service, community-based commercial bank that offers Checking, Savings, and CDs with competitive interest rates. They also offer Apple Pay, Google Pay, Samsung Pay, and Zelle so you can easily transfer money to and from your account. In addition, Quontic Bank has no physical bank branches, so all interactions must be done through online or mobile banking.
How do I open an account with Quontic Bank?
To open an account with Quontic Bank, you will need to provide your personal information, including your Social Security number, date of birth, and contact information. You will also need to provide documentation stating your identity and residential address. You can find more information on their website.
Is Quontic Bank FDIC insured?
Quontic Bank is FDIC insured, which means that your deposits are protected up to $250,000 per account. This applies to each account holder, so if you have multiple accounts at Quontic, your deposits are protected up to $250,000 per account holder.
What is the minimum balance for a Quontic Bank savings account?
The minimum balance for a Quontic Bank Savings account is $100. However, if you have an average daily balance of $1,500 or more, you will receive an APY of 1.01%.
What is the interest rate for a Quontic Bank checking account?
The interest rate for a Quontic Bank checking account is 0.25%. However, if you have an average daily balance of $1,500 or more, you will receive an APY of 1.01%. So, if you are looking for a high yield on your checking account, Quontic Bank is a good option.