Quontic Bank review 2024: Savings, checking, and CDs

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Quontic Bank started as a community bank in New York, but it now operates primarily as an online bank.

In this review, we’ll look at Quontic’s bank offerings, including its savings, checking accounts, and CDs. We’ll also discuss Quontic’s fees, customer service, and overall suitability as an online bank.

Quontic Bank accounts

Quontic offers two types of checking accounts, a high-yield savings account, a money market account, and CDs. Across all accounts, Quontic offers competitive interest rates and has relatively low fees.

Quontic High Yield Savings Account

Quontic's high-yield savings account offers a competitive interest rate and no monthly maintenance fees. Currently, it offers 4.50% APY, more than eight times the national average.

This savings account requires a $100 minimum deposit to open, and there’s no minimum balance requirement. Other key features include FDIC insurance and an ATM card upon request.

Quontic Checking Accounts

Quontic offers two types of online checking accounts, both with attractive offerings and minimal fees.

Both checking accounts have no monthly service fees and no minimum balance requirements. You’ll also get a free debit card, mobile banking access, bill pay, and over 90,000 fee-free ATMs in Quontic’s network.

Quontic CDs

Quontic also offers CDs with terms ranging from six months to five years. All CDs require a $500 minimum initial deposit.   
There also are no monthly maintenance fees. You can renew your CD or withdraw the principal and earned interest upon maturity.

Keep in mind these CDs have stiff penalties compared to competitors. It might not be the best option if you’re not confident in your ability to keep your money within a CD for the full term.

Early withdrawal penalties for CD terms up to 12 months are equal to full interest for that term. For CDs with terms between 1-2 years the penalty is one year’s interest, for CDs with terms over two years the penalty is two years’ interest.

Quontic Money Market Account

Quontic also offers a competitive money market account with no monthly maintenance fees. This money market account currently pays a higher interest rate — 5.00% APY — than Quontic's savings account. The money market account offers debit card access and check-writing capabilities, while the savings account doesn't.

This might tip the scales in favor of the money market account over its savings account. However some people may prefer the more limited access to funds within a savings account to avoid overspending.

The money market account requires a $100 minimum initial deposit.

Is Quontic good to bank with?

Overall, Quontic checks the boxes most people look for in an online bank. It offers robust digital tools, no monthly fees, competitive interest rates, and FDIC insurance.

Quontic does fall slightly short of a few rivals regarding minimum initial deposits. If you can’t (or don’t want to) deposit $100, you may be able to find other options elsewhere.

Plus, some competitors reimburse account holders for out-of-network ATM fees. Quontic currently doesn't provide ATM fee reimbursements but does offer a network of over 90,000 fee-free ATMs. If you’re comfortable using an online bank, then Quontic could be right for you.

The bank is very tech-forward — for example, it offers a wearable payment ring to make contactless payments. Quontic is also a certified Community Financial Development Institution (CFDI), or a “specialized organization that provides financial services in low-income communities and to people who lack access to financing,” according to the U.S. Department of the Treasury.

Quontic Bank fees

Quontic has almost no fees, including:

• No monthly maintenance fees
• No overdraft fees
• No minimum balance fees
• No electronic statement fees
• No cashier’s check or money order fees

Keep in mind that many no-fee banks advertise a lack of monthly account maintenance fees, but you may still face some less common fees.    

Many no-fee banks advertise a lack of monthly fees, but you may still face some less common fees.

Quontic is transparent about the fees it charges. You may be charged a $5 monthly fee for a dormant account, $20 for a stop payment, $25 for an outgoing domestic wire transfer, and $35 for an outgoing international wire transfer.

Quontic Bank customer experience

One downside to Quontic is that the bank does not have weekend customer service hours. You can contact customer service between Monday and Friday from 9:00 a.m. - 6:00 p.m. EST via phone or online chat.

Quontic has a 4.2/5 5 rating on Trustpilot, a consumer review platform. That’s higher than many other comparable accounts. Reviews for Quontic’s mobile app are also great. The bank’s app has a 4.8/ 5 rating on the Apple App Store and a 4.7/5 on Google Play.

How to open a Quontic bank account

To open a Quontic bank account for either checking or savings, you’ll need a $100 minimum deposit. You can deposit this money via ACH transfer or a connection to another account via Plaid.    

The actual account opening can take less than three minutes, according to Quontic. You can complete an online application with your contact information and Social Security number.
 

How we rated this bank 

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 
 

• Interest rates: Quontic Bank stands out for its competitive interest rates across its savings account, money market account, and CDs. The High Interest Checking account also offers a solid APY, though there are requirements to earn the highest rate. The Cash Rewards Checking account's 1.00% cash back on eligible debit card purchases is another attractive feature.
• Fees: The bank's fee structure is favorable, with no monthly maintenance fees, overdraft fees, or minimum balance fees on any accounts. 
• Requirements: Quontic Bank has relatively low minimum deposits for most accounts, making them accessible to a wide range of customers. The $500 minimum deposit for CDs is slightly higher than some competitors, but still reasonable.
• Product mix: Quontic Bank's product mix includes essential account types like savings, checking, money market, and CDs. However, the bank lacks additional products like credit cards, loans, or investment services.
• Customer service: Quontic Bank can improve in this area, with limited hours and no weekend availability. However, the bank's 4.2/5 rating on Trustpilot suggests that customers are generally satisfied with the service they receive.
• Digital experience: This is a strong point, with digital account opening, a user-friendly mobile app, and tech-forward features like a wearable payment ring. The high mobile app ratings on both the Apple App Store and Google Play further demonstrate the bank's commitment to providing a seamless digital banking experience.
• ATM & branch access While Quontic Bank offers access to a large network of fee-free ATMs, the few physical branch locations and lack of reimbursements for out-of-network ATM fees may be drawbacks for some customers. 

Bottom line

Overall, Quontic Bank has a lot to offer savers looking to earn high interest rates, whether that’s in a high-yield savings account, money market account, or CDs.

Checking customers can also earn relatively high interest rates or rewards, though doing so isn’t as straightforward.

In either case, Quontic customers can avoid many fees other banks charge. Those looking for more of a full-service bank with robust customer support might be better served elsewhere.    

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.