Quontic Bank is a New York-based digital bank founded in 2009. This bank offers four types of banking products with competitive interest rates across the board. Customers can open checking accounts, savings accounts, money market accounts (MMAs), and certificates of deposit (CDs).

Quontic offers a suite of traditional mortgages, such as conventional and FHA loans, as well as nontraditional mortgages such as bank statement loans and foreign national loans. It also offers mortgage refinancing for current homeowners.

Quontic’s product offerings

Quontic currently offers the following products and account options:

• High-interest checking: Quontic’s high-interest checking account currently offers an annual percentage yield (APY) of over 1% on all balance tiers when you make at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle. If you don’t meet the qualifying transactions requirement, you’ll earn 0.01% on your balance. You’ll need to make a minimum deposit amount of $100 to open a Quontic checking account. Once your account is open, interest will be compounded daily and paid monthly.

• Cash rewards checking: Quontic previously offered a Bitcoin Rewards Checking account, but it was replaced with the Quontic Cash Rewards Checking Account. This account rewards users with 1% cash back on all eligible debit card purchases to earn up to $50 in cash back per statement cycle. The minimum amount needed to open this account is $100.

• High-yield savings account: Quontic’s high-yield savings account is currently boasting a high APY of 4.50% with no monthly service fees and a $100 minimum balance to get started. Interest on this account is compounded daily and credited to your account monthly.

• Money market account: For an even higher savings rate, Quontic offers an online money market account with a 5.00% APY. This account comes with a free debit card and check-writing privileges. Like Quontic’s other deposit accounts, this one also requires a $100 minimum opening deposit.

• Certificates of deposit: Quontic Bank’s CD terms range from 3 months (which currently offers a competitive rate of 5.50% APY) up to 60 months. At $500, the minimum amount needed to open a CD is slightly higher than some of Quontic’s other accounts, but some of these CD rates are well above 5%. Making a withdrawal from your Quontic CD before it reaches its maturity date will result in an early withdrawal penalty of up to two years' worth of interest, depending on your CD term.

• Mortgages: Quontic offers loans for home purchases and loans for current homeowners who hope to secure a more favorable rate through mortgage refinancing. Quontic also offers mortgages geared toward foreign nationals, self-employed individuals, and real estate investors.

Account fees

Here’s a closer look at the account and transaction fees Quontic customers can expect to pay:

High-interest checking account fee: $0

High-yield savings account fee: $0

Overdraft fee: $0

ATM fee: $0

Outgoing wire transfer fee (domestic): $25

Incoming wire transfer fee: $0

Outgoing wire transfer fee (foreign): $35

Returned deposited item: $10

Dormant account fee: $5 per month

Account research fee: $20 per hour

Account reconciliation: $30 per hour

Pros and cons of Quontic Bank

There are a few major pros and cons customers should note before banking with Quontic.

Pros:

• No overdraft or monthly maintenance fees: Quontic doesn’t require any monthly fees for account maintenance, and it also doesn’t charge customers overdraft fees.

• Sizeable network of free ATMs: Quontic offers an ATM network with over 90,000 locations where you can withdraw funds from your bank account free of charge.

• Rewards checking: Quontic’s most basic checking account option is a rewards account that allows users to earn interest on their checking account balance, which could be a major perk for customers who want to give their bank account a boost.

Cons:

• Limited product offering: Quontic currently offers two checking account options, two savings account options, and CDs. It does not offer any credit cards, personal loans, auto loans, retirement accounts, or kids' bank accounts.

• No physical branches: Quontic is an online-only bank with a few loan offices, but no physical branches for customers to visit and open or manage their accounts.

• No cash deposits: Quontic does not accept cash deposits to fund your account. Instead, you’ll need to transfer money from your existing Quontic account, transfer money from an external account via ACH, or use a third-party app.

Customer support and mobile banking experience

Quontic customers can reach a service representative via telephone, Monday through Friday from 9 a.m. to 6 p.m. ET. It also offers a live chat feature on its website and an audio call feature that customers can access right from their computer.

Quontic’s mobile app is available for Apple and Android users on the App Store and Google Play. It has a rating of 4.8 and 4.7, respectively.

Customers can use the app to check account balances, deposit checks, pay bills, view payment activity, set up account notifications, monitor their credit score, and more.

Social and environmental impact

Quontic supports local and national organizations like City Harvest, Eden Reforestation Projects, Give Directly, and the UN’s World Food Program USA.

In its annual community impact report, Quontic reports planting 3,996 trees, providing 3,470 meals for children, and 588 nights of safe shelter for people in poverty.

In 2015, Quontic was awarded the title of Certified Community Development Financial Institution (CDFI), which is a government designation given to specialized organizations that provide financial services in low-income communities and to people who lack access to financing.

Frequently asked questions (FAQs)

1. How long has Quontic Bank been around?

Quontic Bank was first established as a community bank in 2009.

2. Is Quontic Bank a real bank?

Yes, Quontic is a member FDIC-insured online bank.

3. Does Quontic Bank have physical locations?

Quontic Bank has a few loan offices around the country, but it does not have physical branches for in-person banking.