What type of bank is Quontic?

Quontic is a digital bank that offers competitive yields, making it a good choice for consumers who are looking for high rates and are comfortable with opening and managing their accounts entirely online.

How safe is Quontic Bank?

Quontic Bank is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.

Is Quontic Bank a legitimate bank?

Quontic Bank is federally chartered with the FDIC and is a well-established online bank that was established in 2009.

Quontic Bank Review 2024

At a glance

Best money market account

4.7

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

The high-yield savings account, money market account and certificates of (CDs) from Quontic Bank are known for their competitive rates and lack of fees. The digital bank also offers a cash-back checking account as well as an interest-bearing checking account that pays a competitive yield.

Highlights

High APY
Low Min Balance

Overall

Quontic Bank is an online bank headquartered in New York known for innovation and paying competitive rates. It offers a range of deposit accounts as well as mortgages. Those looking for in-branch banking will need to look elsewhere, however.

Pros

Quontic pays competitive rates on deposit products.
Savings accounts require just $100 to open.
Customers have access to more than 90,000 fee-free ATMs nationwide.
Money can be transferred using Apple Pay, Google Pay, Samsung Pay and Zelle.
Many fees are waived, including overdraft fees and incoming wire transfer fees.

Cons

Quontic has five loan offices but no bank branches.
While Quontic’s savings account rate is competitive, higher yields can be found elsewhere.

We want to know what you think about Quontic Bank

Do you have experience with Quontic Bank? Let us know your thoughts.

Quontic Bank banking products

5.0

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.50%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

4.50% APY

APY last updated between 7/9 and 7/15.

$100 minimum deposit to open

Quontic Bank savings overview

Quontic’s High Yield Savings account offers a yield that’s much higher than the national average. With a minimum of just $100 to open an account, it’s accessible to most savers, and there is no monthly service fee.

The initial deposit to fund the account must be made by electronic transfer, either through ACH transfer or with Plaid. Withdrawals are limited to six per month, with a $10 fee imposed for each additional withdrawal over the maximum.

Pros

A $100 deposit is all that is needed to open a High Yield Savings account.
There’s no monthly service fee.
The APY is well above the national average.

Cons

Once six transactions have been made per statement cycle, a $10 fee is charged for each additional one.

Rate history for Quontic Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 7/9 and 7/15.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 7/9 and 7/15.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quontic Bank APY APY last updated between 7/9 and 7/15. APY last updated between 7/9 and 7/15	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	4.50%	0.58%
05/07/2024	4.50%	0.59%
04/02/2024	4.50%	0.58%
03/05/2024	4.50%	0.57%
01/02/2024	4.50%	0.58%
12/05/2023	4.50%	0.57%
11/07/2023	4.50%	0.60%
10/03/2023	4.50%	0.58%
09/05/2023	4.50%	0.57%
08/08/2023	4.50%	0.54%
08/01/2023	4.25%	0.54%
07/18/2023	4.25%	0.53%

Compare Offer

Quontic Bank CD overview

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive.

An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to one year of earned interest, according to the bank's website.

Pros

Quontic pays competitive rates on the five CD terms it offers.
Only $500 is needed to open a CD.

Cons

Some banks have lower minimum deposit requirements.
Quontic Bank’s early withdrawal penalties are higher than those of some other banks.

Rate history for Quontic Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 7/9 and 7/15.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Quontic Bank

APY

APY last updated between 7/9 and 7/15.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Quontic Bank APY APY last updated between 7/9 and 7/15. APY last updated between 7/9 and 7/15	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	4.30%	1.41%
06/04/2024	4.30%	1.43%
04/02/2024	4.30%	1.42%
03/12/2024	4.30%	1.43%
02/06/2024	4.30%	1.42%
12/05/2023	4.30%	1.43%
11/07/2023	4.30%	1.45%
10/03/2023	4.30%	1.46%
09/05/2023	4.30%	1.43%
08/01/2023	4.30%	1.38%
07/18/2023	4.30%	1.36%

Compare Offer

Quontic Bank money market overview

The Quontic Money Market account offers a competitive APY, which applies to all balance tiers. Only $100 is needed to open an account. The account offers a debit card and check-writing privileges.

Like the bank’s savings account, the Money Market account has a limit of six withdrawals per month, which is typical for non-checking accounts, with each withdrawal after that incurring a $10 fee.

Quontic Bank was selected as the bank offering the best money market account as part of the 2024 Bankrate Awards.

Pros

Only $100 is required to open an account.
The account earns a competitive rate.
There is no monthly fee.
Account holders get a free debit card along with check-writing privileges.

Cons

There’s a $10 excessive transaction fee.

4.6

Bankrate Score

Compare top checking rates

Quontic Bank checking overview

Quontic’s High Interest Checking Account offers free access to more than 90,000 ATMs across the country. The minimum opening deposit is $100, and the yield is competitive when 10 qualifying debit card transactions of $10 or more are made each statement cycle.

There’s no monthly fee for the account. The bank also doesn’t charge fees for money orders, cashier’s checks, overdrafts and incoming wire transfers.

In addition to a debit card, Quontic checking account customers can choose to receive a wearable payment ring that can be used to make debit purchases at merchants that accept contactless payments.

Quontic also offers a Cash Rewards Checking Account that pays 1 percent cash back on eligible debit card purchases. The bank formerly had a Bitcoin Rewards Checking Account, which is no longer offered.

Pros

Generous ATM access is provided.
The High Interest Checking Account earns a competitive yield.
Neither checking account charges any monthly fees.
A wearable payment ring provides the option to make contactless payments.
Neither of the checking accounts charge overdraft fees.

Cons

A minimum $100 deposit is required to open an account; other banks offer lower balance requirements.
Not making the qualifying transactions for the High Interest Checking Account results in a rock-bottom yield.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Monthly maintenance fee	None
Out-of-network ATM fee	None
Excessive transaction fee	$10 for each transaction that exceeds six per statement cycle

Customer experience

Large ATM network. Quontic Bank earns top marks for its generous ATM network, with more than 90,000 free ATMs nationwide. Many of its fee-free ATMs are located in supermarkets and retailers, such as Target, Walgreens and Kroger.

Mobile app. Quontic’s app offers mobile banking staples, like depositing checks and paying bills. The app has received 4.8 stars in the App Store and 4.5 stars on Google Play.

Contactless payments. Checking customers can order a wearable payment ring in addition to a debit card, for those interested in making contactless payments.

Customer service. Customer service hours are 9 a.m. to 6 p.m. Eastern time Monday through Friday. The bank’s website also features a chat function for customer inquiries.

About Quontic Bank

Quontic Bank is a digital bank that was founded in 2009 when New York-based Golden First Bank, a small troubled thrift, was purchased by real estate investor and developer Steve Schnall. The bank has been designated by the U.S. Treasury as a Community Development Financial Institution (CDFI) for focusing its lending on low-income individuals and small businesses.

Quontic offers a high-yield savings account, money market account and CDs that earn competitive rates, require low minimum deposits and don’t charge monthly service fees. It also offers a high-yielding checking account and a cash-back checking account.

How Quontic Bank compares to other banks

Compare different account types offered by Quontic Bank. Annual percentage yields (APYs) shown were updated between July 9, 2024 and July 15, 2024.

Selected bank Quontic Bank savings account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Popular Direct savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 9, 2024 and July 15, 2024.
4.50%	5.05%
Minimum balance for APY
$100.00	$100.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,125	$1,263

Quontic’s High Yield Savings account offers a yield that’s much higher than the national average. With a minimum of just $100 to open an account, it’s accessible to most savers, and there is no monthly service fee. The initial deposit to fund the account must be made by electronic transfer, either through ACH transfer or with Plaid. Withdrawals are limited to six per month, with a $10 fee imposed for each additional withdrawal over the maximum.	Popular Direct’s high-yield savings account earns a rate that’s tough to beat, and the $100 minimum required opening deposit is manageable. The account allows for mobile check deposit, although an ATM card is not included.

A $100 deposit is all that is needed to open a High Yield Savings account There’s no monthly service fee The APY is well above the national average	Popular Direct’s savings account earns a top-notch APY. There’s no monthly service fee, and the minimum deposit to open the account is low.	N/A
Once six transactions have been made per statement cycle, a $10 fee is charged for each additional one	The account does not come with an ATM card. An early account closing fee of $25 is charged when you close the account within 180 days of opening it.	N/A

APY offering: 4.50% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 5.05% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Quontic Bank CD Member FDIC Bankrate score Rating: 4 stars out of 5 4.0 Bankrate CD rating = 4.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Barclays Bank CD Member FDIC Bankrate score Rating: 4.8 stars out of 5 4.8 Bankrate CD rating = 4.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 9, 2024 and July 15, 2024.
4.50%	5.00%
Minimum deposit
$500.00	$0.00
Term
1 yr	1 yr

Quontic Bank offers five terms of CDs, ranging from six months to five years, that require $500 to open. The rates for all five terms are very competitive. An early withdrawal penalty applies if money is withdrawn before the CD matures. The penalty for the bank’s one-year CD, for example, is equal to one year of earned interest, according to the bank's website.	Barclays offers competitive yields on many of its CDs and doesn’t require a minimum opening deposit. But you’ll have to deposit some money within 14 days of opening the CD to maintain the account.

Quontic pays competitive rates on the five CD terms it offers Only $500 is needed to open a CD	Barclays doesn’t have a minimum deposit requirement. Barclays offers a competitive yield. Interest on Barclays CDs compounds daily. Offers a 14-day grace period in which funds can be withdrawn from the CD without penalties.	N/A
Some banks have lower minimum deposit requirements Quontic Bank’s early withdrawal penalties are higher than those of some other banks	Barclays doesn’t have competitive yields on CDs with terms under a year. The bank does not offer any special CDs, such as bump-up or step-up CDs.	N/A

APY offering: 4.50% - 1 yr 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Poor 1/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 5.00% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Quontic Bank money market account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Money Market rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Sallie Mae Bank money market account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Money Market rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 9, 2024 and July 15, 2024.
0.85%	4.65%
Minimum balance for APY
$100.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$213	$1,163

The Quontic Money Market account offers a competitive APY, which applies to all balance tiers. Only $100 is needed to open an account. The account offers a debit card and check-writing privileges. Like the bank’s savings account, the Money Market account has a limit of six withdrawals per month, which is typical for non-checking accounts, with each withdrawal after that incurring a $10 fee. Quontic Bank was selected as the bank offering the best money market account as part of the 2024 Bankrate Awards.	Sallie Mae Bank offers a competitive yield on its High-Yield Savings Account. You don’t need a minimum opening deposit to open this account and the bank doesn’t charge a monthly service fee.

Only $100 is required to open an account The account earns a competitive rate There is no monthly fee Account holders get a free debit card along with check-writing privileges	You don’t need to make a minimum opening deposit. Sallie Mae Bank currently offers a competitive yield on its High-Yield Savings Account. Transfers are free.	N/A
There’s a $10 excessive transaction fee	Some other online banks offer a higher yield on their savings accounts.	N/A

APY offering: 0.85% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Great 5/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 4.65% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Subpar 2/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Learn more: The best banks of 2024

Quontic Bank FAQs

Quontic is a digital bank that offers competitive yields, making it a good choice for consumers who are looking for high rates and are comfortable with opening and managing their accounts entirely online.
Quontic Bank is a member of the Federal Deposit Insurance Corp. (FDIC), which insures up to $250,000 per account type, per depositor.
Quontic Bank is federally chartered with the FDIC and is a well-established online bank that was established in 2009.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Quontic Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Quontic Bank

Quontic Bank banking products

Quontic Bank savings overview

Pros

Cons

Rate history for Quontic Bank's Savings account

Quontic Bank CD overview

Pros

Cons

Rate history for Quontic Bank's CD accounts

Quontic Bank money market overview

Pros

Cons

Quontic Bank checking overview

Pros

Cons

Bank fees

Customer experience

About Quontic Bank

How Quontic Bank compares to other banks

Quontic Bank FAQs

What type of bank is Quontic?

How safe is Quontic Bank?

Is Quontic Bank a legitimate bank?

Review methodology

Up next