Quontic Bank Review for 2024


If you’re shopping for an online bank with a variety of products, no monthly service fees, and interest earning checking accounts, Quontic Bank delivers. Our Quontic review evaluates the variety of checking and savings accounts.

Plus, we will explore the bank’s history, from a brick-and-mortar bank with New York City branch offices to an online only bank serving consumers in all 50 states. Which Quontic products are right for you?

Quontic Bank

Quontic Bank Overview

Quontic originated in 2009 as a local bank in New York City, with a mission to serve underbanked and unbanked populations. In 2015, the U.S. Treasury deemed Quontic a Community Development Financial Institution, an honor held by only 3% of all U.S. banks.

As the only all-digital CDFI bank in the U.S., Quontic provides a variety of mortgage products to members in under-served communities across the country.

Quontic differs from many other fintechs or neobanks in several ways.

  • Originated as a community bank
  • Dedicated to serving under- and unbanked groups as a CDFI member
  • Offers a cash rewards account
  • Has a virtual location in the metaverse
  • Provides a wearable payment device for digital transactions

If these features pique your attention, continue reading our Quontic Review for all the details. Quontic also receives high marks from across the Web. It was placed on the Forbes Advisor list of Best Online Banks for 2023, and earned a rating of 4.5 stars or higher from top personal finance websites.

Get started with Quontic on Quontic’s secure website

Quontic Locations

Quontic no longer has a New York City branch. However, it’s one of few banks with a virtual branch in the Decentraland outpost of the metaverse. Users can access the virtual branch without a VR headset, interact with Quontic employees, earn NFTs, explore products, and more – all as an exclusive, custom avatar. In addition to its virtual presence, Quontic is accessible online or through the mobile app.

Quontic Bank Savings Account Review

The Quontic High Yield Savings account currently offers 4.50% APY on all balance tiers. Interest is compounded daily, so your money can grow faster. There is no minimum direct deposit amount required.

You’ll pay no monthly maintenance fees and no overdraft fees should your savings account go into the negative. However, if you make more than 6 transactions per month, you’ll pay a $10 excess transaction fee for each transfer, check, draft, debit, or similar transaction.

The account requires a $100 minimum deposit to open the account. You can fund the account from an existing Quontic account, or via ACH from another bank.

Earnings from a Quontic High Yield Savings vs. a Traditional Savings Accounts

A Quontic savings account offers a hefty 4.50% annual percentage yield to customers right now. The average U.S. savings account right now offers just 0.39% APY. This national average includes rates from high yield savings accounts like Quontic. Traditional banks typically offer much lower interest rates.

For instance, right now, Chase Bank offers just 0.01% APY, with interest compounded monthly. Interest earned on your savings account is compounded daily, which means your money can grow even faster.

Quontic Bank CD Accounts

Quontic Bank offers certificates of deposit in a variety of terms, with yields as high as 4.75% APY. As with other Quontic deposit accounts, money held in CDs is FDIC insured.

CD account rates and terms are as follows:

  • 6 months: 3.75% APY
  • 24 months: 4.4% APY
  • 3 years or 5 years: 4.3% APY

CDs require a deposit of at least $500 to open, which is half of what many other online banks with similar CD rates require. Quontic indicates that withdrawals before the CD matures may be subject to penalties.

Compare CD Rates

Let’s compare CD rates between Quontic and other top-rated online banks with certificates of deposit for similar terms.

Capital One 360, the online and mobile banking option from Capital One, offers CDs with terms ranging from 6 months to 60 months, or five years. The 60-month CD has an APY of 4.1%, putting it slightly behind Quontic’s offerings. However, the two banks have comparable 36-month CDs, both with APYs of 4.3%.

CIT Bank, a renowned online bank, caters to a wide range of customers with competitive savings products and a focus on long-term financial growth.

CIT Bank requires a minimum opening deposit of only $1,000 for CDs, comparable to Quontic. It offers terms from 6 months to 5 years. However, the APY is notably higher than Quontic’s, reaching up to 5.00% for select terms.

Quontic Money Market Account

If you want high interest rates combined with the flexibility to withdraw your money without fees or penalties, consider a Quontic Bank money market account.

This account compares favorably to other money market accounts when it comes to interest rates, offering a higher APY than top-ranked TIAA, Ally Bank, and Discover Bank, all rated as the best money market accounts by Crediful. The Quontic money market account also has a low minimum deposit of just $100. Once you’ve opened the account, there’s no minimum balance requirement.

This account delivers competitive rates with an APY of 5.00%, with no monthly maintenance fees.

The drawback? You are only allowed six transfers or withdrawals per statement cycle. This may feel limiting, but it can help you remain disciplined in your saving and also save you money on excess transaction fees you might experience with a regular Quontic high yield savings account.

Compare Savings Accounts

Interest rates are higher than the national average for all savings products, with no monthly fees. All accounts are FDIC insured up to $250,000 per account holder, per account ownership category.

If you’re looking to earn the highest interest rate at Quontic, have at least $500 to invest, and don’t mind keeping your money tied up for six months or more, consider parking your cash in a Quontic CD.

Otherwise, you can choose between a high APY of 4.50% with a high yield savings account, or 5.00% with a money market account. If you feel you can be disciplined enough to avoid excess transaction fees, a high yield savings account is the clear winner for competitive rates.

Both the money market account and savings account have no monthly fees and a $100 minimum deposit. Both accounts also come with a Quontic debit card that you can use for purchases online and in stores, or to withdraw money at any of 90,000+ surcharge free ATMs across the U.S.

Quontic Bank Checking Accounts Overview

As a digital bank that focuses on underserved communities, Quontic offers checking accounts that require no credit check to open, no monthly fees, and a low minimum opening deposit. Quontic Bank has two checking accounts to choose from; a high interest checking account and a rewards checking account.

Which option is best for you? It depends on how often you plan to use your Quontic debit card for purchases and the types of rewards you prefer. We lay out all the details below.

Quontic Bank Cash Rewards Checking Account

Not many banks offer rewards checking accounts, especially with no monthly fee. Quontic’s Cash Rewards checking delivers 1% cash back on all qualifying debit card transactions, which include point-of-sale purchases in stores and online.

The 1% cash back is paid at the start of your statement cycle. You’ll need just $100 to open this account.

Quontic Bank High Interest Checking Account

Quontic checking account customers might prefer high interest checking in lieu of cash back rewards. If that sounds like you, look into opening a high interest checking account with no monthly service fee, no overdraft fees, and no insufficient funds fees, either.

You’ll need to make at least 10 qualifying debit card purchases of at least $10 per statement cycle to cash in on the 1.10% annual percentage yield.

While there is no minimum balance requirement, you’ll need at least $100 to open your account.

Get started with Quontic on Quontic’s secure website

Compare Checking Accounts

All three Quontic bank accounts come with a debit card and a Quontic Pay Ring, an innovative way to make contactless payments at the point-of-sale. You’ll also get free access to more than 90,000 ATMs across the U.S.

You can set up direct deposit to any of your Quontic accounts. But the bank doesn’t seem to offer any capabilities to get paid up to two days early, a feature offered by many other top online banks.

However, if you’re looking for bank accounts with competitive rates, robust online banking capabilities, and no monthly service fees, any of these three accounts can work for you.

More Banking Products from Quontic Bank

In addition to a wide array of checking and savings options with competitive rates, Quontic offers a variety of mortgages. Quontic loan offices specialize in helping those typically under-served in the mortgage industry, including self-employed home buyers, non-US citizens, first-time buyers, and real estate investors.

Quontic Customer Service

Quontic Bank offers customers three easy ways to get in touch with a customer service representative. There is an integrated chat box in the app and on the website. You can enter your phone number and receive a call from a Quontic representative. Or you can speak with someone directly through your computer.

Bank Experience

Those looking for an exclusively online banking experience won’t be disappointed in Quontic. The website and app are both robust and easy to use. You can open an account online in under three minutes.

The app is available in the Google Play Store or Apple’s App store. Quontic’s mobile banking experience gives you a few added capabilities over the desktop experience, enabling you to turn your debit card on or off for security, remote check deposit, and connections to a digital wallet.

How to Open a Quontic Account

You can open a Quontic bank account online or in the app. Visit the Quontic.com home page and click “Open an account.” You’ll be prompted to choose what kind of account you’d like.

You’ll need to fund your account through an ACH transfer from an external account or from an existing Quontic account. Take note of the minimum deposits required for the various account types.

None of the Quontic accounts have a monthly service fee, which can save you money compared to traditional banks.

How to Withdraw Money from an Account with Quontic

You can withdraw money from Quontic checking, savings, and Quontic bank money market accounts with no fees at any one of the 90,000+ ATMs in Quontic’s network. That includes ATMs at Citi branch locations. You can also request cash back with your debit card purchases at stores that allow it.

Finally, you can use Zelle to send money to another checking or savings account, or you can initiate an external transfer to another bank.

Get started with Quontic on Quontic’s secure website

Frequently Asked Questions

Is Quontic Bank legit?

Yes, Quontic Bank is a legitimate bank. It is FDIC-insured, meaning that customer deposits are protected up to $250,000. Additionally, its status as a U.S. Treasury designated Community Development Financial Institution (CDFI) further establishes Quontic as a credible bank committed to serving low-income communities. This designation adds an extra layer of oversight and responsibility, enhancing its credibility.

Is Quontic Bank safe?

Yes, as a Member FDIC bank, all deposits made by Quontic customers are insured up to $250,000 per depositor. This federal insurance serves as a significant safety net for customers and their funds. The bank also adheres to federal regulations and guidelines to maintain financial stability and secure operations.

Does Quontic Bank have any branches?

As a digital bank only, Quontic no longer has local branches. However, its banking services are available in all 50 states and easily accessible online or through the mobile app.

What do I need to open an account at Quontic Bank?

To open an account at Quontic, you’ll need your name, address, email, social security number, and an external bank account or existing Quontic bank account to fund your new account.

Dawn Allcot
Meet the author

Dawn Allot is a personal finance writer and content marketing expert specializing in finance, travel, real estate, and technology. In addition to her work at Crediful, Dawn regularly writes for Bankrate, GoBankingRates, and The Balance.