Quontic Bank Review 2024: High Interest Rates with Low Fees

Quotinc Bank is an online bank that offers several very attractive accounts. It has two checking accounts, one earns a high interest rate while the other earns cash back on debit card transactions. It also offers a savings and a money market account, both of which earn competitive interest rates.

At a Glance

• Quontic offers high interest rates with low fees.
• $100 minimum deposit to get started with most accounts.
• Wearable ring allows for contactless payments without having to pull out your phone.
• Several CD terms with competitive rates.

Who Should Use Quontic?

Quontic’s high-yield checking is good for those who keep a high balance in their account and frequently use a debit card, as you need at least 10 debit card transactions per month to qualify for the high APY.

The savings, money market, and CDs also have high interest rates with few fees. However, the CDs have higher than average early withdrawal penalties, so it’s not great for those who aren’t sure they can keep their funds in the CD for the whole term.

Alternatives to Quontic

Savings APY	4.70% APY	4.86% APY	3.75% APY
Minimum deposit	$100	$0	$0
Monthly Fees	$0	$0	$0
	Learn more	Learn more	Learn more

Who is Quontic?

Quontic Bank is an online bank that was founded in 2009 and is based in New York. They are certified as a Community Development Financial Institution (CDFI) which means that they offer mortgages to those who traditionally have a hard time qualifying for a mortgage, such as low-income families, immigrants, small business owners, and others.

It has two checking accounts; one is a high-yield checking, and the other offers cash back on debit card purchases. Checking account customers can also order a wearable ring that allows for contactless payment, without having to pull out your phone.

Go to Quontic Bank

Checking Accounts

Quontic Bank has two checking accounts with low fees and attractive features. For one, both accounts come with a wearable “pay ring.” It’s a literal ring you can wear and use to tap to pay.

There are also no monthly fees or overdraft fees, and you’ll have access to over 90,000 ATMs.

You’ll also have access to the Quontic Bank app that allows for remote check deposit, bill pay, account transfers, and Zelle.

High-Interest Checking

With the High-Interest Checking, you can earn 1.10% APY on all balances. To earn this rate, you’ll need to make at least ten qualifying debit card point-of-sale transactions of $10 or more per statement cycle. Even more convenient than using your phone or debit card to pay.

There is a $100 minimum deposit to get started.

Cash Rewards Checking

If you’d prefer cash back on your debit card spending, you can opt for the Cash Rewards Checking. You’ll get 1.00% cash back on all point-of-sale debit card transactions. You can earn up to $50 a month in cash back, which equates to $5,000 in spending.

Point-of-sale transactions are basically just purchases. Transactions that don’t qualify are ATM transactions, transferring funds, getting cash at a register over your purchase amount, etc. If you make a purchase online or in person, it’s likely a qualifying transaction.

There is a $100 minimum deposit to get started.

High Yield Savings Account

Quontic’s savings account earns 4.00% APY on all balances. There is no monthly fee, and a minimum deposit of $100 is required to open the account.

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Money Market Account

Quontic’s money market account is difficult to beat. First, it earns 4.75% APY on all balances. It also comes with a debit card and checks, plus it has no transaction limits.

There are no monthly fees or overdraft fees, and you’ll have access to over 90,000 ATMs.

CDs

Quontic also has several CDs that all earn competitive interest rates. They all have a $500 minimum to open.

• 6 month – 4.25% APY
• 12 month – 4.00% APY
• 24 months – 3.35% APY
• 36 months – 3.25% APY
• 60 months – 3.00% APY

As with most CDs, there are early withdrawal penalties. For CDs with terms under a year, the penalty is the full amount of interest that would have been earned. For example, a 6-month CD’s penalty would be six months of interest.

For CDs with terms between 12 and 23 months, the penalty is 12 months of interest. For CDs with terms of 2 years or greater, the penalty is two years of interest.

Mortgages

Besides bank accounts, Quontic also offers a variety of mortgages. In addition to conventional mortgages, they offer VA and FHA loans. They also have non-traditional mortgages, such as lite documentation loans, ITIN loans, and debt-service coverage ratio (DSCR) loans.

In addition to having non-traditional loans, they can also work with non-traditional borrowers, such as freelancers or non-U.S. citizens.

Customer Support

Quontic customer support can be reached through chat or phone. Customer service is 100% U.S.-based and is open Monday through Friday from 9 a.m. to 6 p.m. Eastern time. Mortgage customer service is open Monday through Friday from 8 a.m. to 5 p.m. Eastern time, and service for new loan inquiries is open Monday through Friday from 9 a.m. to 8 p.m. Eastern time.

Go to Quontic Bank

Quontic Alternatives

If Quontic Bank isn’t for you, there are certainly plenty of other banks available.

CIT Bank

CIT Bank is an online bank and is a division of First Citizens Bank. It offers a checking account, several savings accounts, a money market, and CDs.

The eChecking account earns 0.25% APY on balances under $25,000, which is less than Quontic, but it also doesn’t require a set number of debit card transactions to qualify for the interest rate.

It’s Platinum savings account earns 4.70% APY on balances over $5,000, and it has a $100 minimum opening deposit.

Here’s our full review of CIT Bank for more information.

Go to CIT Bank

Axos Bank

Axos Bank offers a Rewards Checking that can go as high as 3.30% APY. There are several hoops to jump through to earn this rate, including having direct deposit, using your debit card for at least ten monthly transactions, having a loan with Axos, and having both a managed portfolio and a self-directed trading account.

But it’s not all or nothing, each hoop adds a little more to the APY, so even if you can’t meet every requirement you can still earn a high APY on your checking.

It also offers several other checking accounts, savings accounts, a money market, and CDs.

Here’s our full review of Axos Bank for more information.

Go to Axos Bank

Discover

While Discover is best known for its credit cards, it actually has some pretty solid bank accounts, too. They offer a checking account, savings account, money market, and CDs. All with competitive rates and no monthly fees.

The checking account earns 1.00% cash back on debit card purchases, up to $30 a month. This is the same earn rate as Quontic but the maximum you can earn is less with Discover.

Here’s our full review of Discover’s Online Savings Account for more information.

Go to Discover