Quontic Bank review

Quontic is an online-only bank with competitive rates and few fees. While it has no branches, you can use more than 90,000 fee-free ATMs to access your funds and, of course, take advantage of its well-rated mobile app. And its savings product comes with a solid yield. 

It also offers home loans, but you’ll need to go elsewhere for personal or auto loans. Therefore, only consider the bank if you’re looking for basic accounts that will benefit your quotidian banking needs.

Account details and annual percentage yields (APYs) are accurate as of July 31, 2023.

Quontic Bank basics

• Checking accounts: High-Interest Checking, Cash Rewards Checking, Bitcoin Rewards Checking.
• Savings accounts: Quontic High Yield Savings.
• Money market account: Quontic Money Market Account. 
• Certificates of deposit (CDs): Quontic offers five CD terms running between six months and five years with a $500 minimum deposit requirement. 
• Other accounts: Quontic offers a huge range of mortgages, including those for veterans, self-employed borrowers and real estate investors.
• Bank branches or online only: Quontic is an online-only bank. Member FDIC.

Pros

• High yields: Quontic offers competitive savings and CD rates that stack up well with the highest rates in the industry.  
• Low minimums and fees: The checking accounts, the high-yield savings and the money market accounts have a minimum opening deposit of only $100 and there are no overdraft fees.  
• Bitcoin rewards: Cryptocurrency enthusiasts can tap the checking account option to earn Bitcoin, which is rather unique.  

Cons

• Online only: There are no brick-and-mortar branches of Quontic Bank. You can’t walk in and speak with someone about your finances face to face.
• Limited customer support hours: Live customer support hours for Quontic are Monday through Friday from 9 a.m. until 6 p.m. ET. If you need help over the weekend or after hours, you’ll have to wait.
• Cash deposits: It’s hard to deposit cash at an ATM. This can be a major drawback if you’re a small business owner or simply prefer cash.

About Quontic Bank

High APYs, online accessibility and lack of fees are all benefits of banking with Quontic. Your deposits are protected by the Federal Deposit Insurance Corporation (FDIC) and there are no overdraft fees, incoming wire transfer fees, monthly service fees or fees for cashier’s checks or money orders. 

Checking accounts

Quontic offers three checking accounts. For all of them, your checking account debit card is covered by Mastercard’s Zero Liability Protection, meaning that if your debit information is stolen, you won’t have to pay anything out of pocket (though you need to report it as soon as possible).  

• High-Interest Checking Account: With a $100 opening deposit, you can earn 1.10% APY when you make 10 qualifying debit card transactions each month (otherwise you’ll earn 0.01% APY). Qualifying transactions include in-person purchases of $10 or more. 
• Cash Rewards Checking Account: Earn 1% cash back on all of your eligible debit card purchases, up to $50 per statement, once you open this account with $100 minimum.  
• Bitcoin Rewards Checking Account: The Bitcoin Rewards Checking account lets you earn 1.50% cash back in the form of Bitcoin. There is a $500 minimum to open this account and it is not available in Hawaii or North Carolina. 

Savings accounts

The Quontic High Yield Savings account offers a 4.50% APY with no monthly service fees and only requires a minimum opening deposit of $100. If you can limit yourself to six transactions each month, however, the Money Market Account boasts 5.00% APY and has the same minimum deposit requirement and the same lack of fees. But, if you go over the limit of six transfers and withdrawals per statement cycle, you’ll be charged $10 for each “excessive” transaction. 

If you truly have no need to access your savings for a while and you have at least $500, consider a CD. The available terms are six months, one year, two years, three years and five years. All have competitive interest rates even when compared to the best CDs.  

Other accounts

Quontic has a plethora of mortgage options with home loans for purchase, refinance, secondary residences and rental properties. It works with the Veterans Administration (VA) and the Federal Housing Administration (FHA).

Even if you aren’t a U.S. citizen or you’re self employed, you may qualify for a mortgage loan at Quontic, which accepts alternative documentation to prove income and other financial status requirements.  

Access

As an online-only bank, Quontic focuses on providing a digital experience, but it has a network of more than 90,000 partner ATMs nationwide in case you need something tangible. 

The app for iPhone users has a 4.4-star rating in the Apple App Store and, for those on Android, the app earned a less stellar rating of 3.2 stars in the Google Play Store.

Besides making electronic transfers on the app, you can use a debit card associated with a Quontic checking account and, if you so wish, a ring. A unique account feature of any Quontic checking account is the Quontic Pay Ring, which is a wearable payment device. Users can make purchases with the tap of their ring rather than with the tap of a card.

How Quontic Bank stacks up

Quontic Bank vs. Ally

If you’re sure online-only banking is for you then you’ve probably already come across Ally in your research. Ally’s rates are generally competitive and it offers a more comprehensive set of banking products than Quontic: savings and checking accounts, credit cards, mortgages, investing and retirement funds.

Quontic Bank vs. Capital One 360

Capital One 360 is the online division of Capital One Bank. Its Performance Savings Account requires no minimum deposit, has no fees and provides a small yield. Capital One 360 CDs come in nine term options with varying rates that are comparable to Quontic, but they don’t have a minimum balance requirement, making them a good option if you’re looking to start smaller. 

Quontic Bank vs. Discover Bank

Discover can offer you competitive rates on deposit accounts, including Discover CDs, and 1% cash back on debit purchases up to $3,000 per month. See website for details. Banking here can be especially convenient if you already have a Discover credit card. 

Its accounts generally have no monthly fees, no minimum opening deposits and no insufficient funds fees. But, if you’re looking for any type of loan (other than a personal loan), consider other options as Discover does not yet offer such products.