Quontic Bank Review 2024

Quontic Bank logo

Quontic Bank


Millennial Money rating

Expert Take

Quontic is an innovative digital bank with competitive interest rates and an easy-to-use mobile banking app.


  • Low fees
  • Competitive Interest Rates
  • Large ATM Network


  • No branch locations
  • No credit cards

Quontic Bank logo

Learn more

at Quontic.com

Quontic Bank is an online bank that started as a community bank in New York City. The bank’s main focuses remain on the community and innovation, even though they now service the entire US.

Quontic bank has merged the benefits of a community bank, a neobank, and a FinTech company into one financial institution.

Quontic Bank Features

While Quontic is not a full-service bank, they still offer accounts with many of the features that make a great bank account. Here are some things you can look forward to when banking with Quontic Bank.

  • Online banking – With no physical branches to visit, Quontic offers a strong online banking portal through which you can carry out all your banking activities.
  • Mobile app – Complementing their online banking services is a mobile banking app available for both Apple and Android devices. You have access to a complete range of banking services in the palm of your hand.
  • FDIC insured – While Quontic is an online bank, it is still a member of the FDIC. Your money is insured for up to $250,000.
  • Account options – At Quontic, you’ll find a range of deposit accounts that include different types of savings and checking.
  • Mortgages – As a lender, Quontic offers different types of mortgages. The aim is to ensure that as many people as possible can obtain financing to purchase a home.

Quontic Bank Accounts

Quontic bank offers a good selection of bank accounts. They are very much on par with what you would find at any other bank – with some key differences worth noting.

Checking Accounts

Quontic offers three different types of checking accounts to choose from right now. Each of these accounts has its own set of perks and features. Choosing the account that best fits your financial requirements and aspirations is easier than ever.

Bitcoin Rewards Checking Account

  • Minimum opening deposit: $500
  • Rewards: 1.5%
  • Monthly fee: $0

The Bitcoin Rewards Checking account rewards you with Bitcoin when making qualifying purchases. The rewards rate is 1.5% of purchases made with the account debit card. Rewards accrue in US Dollars and are then used to purchase the equivalent in bitcoin at 4 PM GMT the following day.

Any earned bitcoins are held in an NYDIG account. NYDIG charges a 2% fee should you want to exchange earned bitcoins for dollars. It is worth noting that the account is not available nationwide yet. However, Quontic will be rolling it out to more states.

The account has no monthly fee and no overdraft or NSF fees either. The account also comes with a debit card, which will be shipped to you after you’ve opened and funded the account.

Cash Rewards Checking Account

  • Minimum opening deposit: $100
  • Rewards: 1.5%
  • Monthly service fee: $0

The Cash Rewards Checking account is a checking account that offers a 1.5% cash back on eligible debit card purchases. Qualifying purchases include most POS debit card transactions. Bear in mind that there are a few exceptions that Quontic lists in their terms and conditions.

There are several options for funding your account, including via ACH transfer, wire transfer, direct deposit, remote check deposit, and mail-in check. You can withdraw money just like any other checking account, including via the account’s debit card.

High-Interest Checking Account

  • Minimum opening deposit: $100
  • Rewards: 1.10% APY (Annual Percentage Yield)
  • Monthly fee: $0

The High-Interest Checking Account comes with a high APY that’s more common in high-yield savings accounts than checking accounts. You’ll need to make ten qualifying point-of-sale transactions per month to get this rate. Otherwise, the rate will drop to 0.01%.

There are no monthly or overdraft fees, and transactions are not limited like with a savings account. The account includes features such as bill pay, receipt tracking, and wallet integration, including Apple Pay, Google Pay, Zelle, and others.

A Pay Ring which allows you to approve POS contactless transactions comes with this account too.

Savings Accounts

Quontic also offers a selection of savings accounts that feature great interest rates. While there is only one traditional savings account on offer, you can still save your money differently to ensure you make the most out of your savings.

High Yield Savings

  • Monthly fee: $0
  • Interest rate: 2.05% APY
  • Minimum opening deposit: $100

The High Yield Savings account is an online savings account with a higher-than-usual APY rate of 2.05%. The rate is applicable on all balances of up to $999,999.99 and is compounded daily and credited monthly.

Like many other high-yield savings accounts, this account has a transaction limit of six per month. A $10 access fee is applicable on transactions above this limit. The account comes with no monthly fees, and statements, checks, and money orders are free. You won’t be charged for overdrafts and NSFs, either.

Money Market Account

  • Monthly fee: $0
  • Interest rate: 2.00% APY
  • Minimum opening deposit: $100

Money Market accounts behave like a savings-checking account hybrid. The APY rate is 2.00% – slightly lower than what’s available with the High Yield Savings account. You also get a debit card, allowing you to make free cash withdrawals from any network ATM.

It’s worth noting that withdrawals and transfers are limited to six per statement cycle. Anything over and above this limit carries a $10 charge per transaction.

Certificates of Deposit

  • Monthly fee: $0
  • Interest rate: Up to 3.20% APY
  • Minimum opening deposit: $500

Quontic offers CDs with terms that range between six months and five years. CD rates max out at 3.20%, the rate applicable on five-year CDs. As expected, shorter terms attract lower rates. Interest is compounded daily and credited monthly – helping you ensure you get the most out of the APY rate.

The minimum amount required to open a CD account is $500, and you can open a CD online in minutes. There is a grace period of 10 days, which kicks off upon the maturity date. Remember that you may need to pay an early withdrawal penalty should you withdraw before the maturity date. Consider opening a CD ladder if you want to take advantage of the great rates but don’t want all of your money locked in for extended periods.


While Quontic does not offer staples such as credit cards and auto loans, it has a strong mortgage offering. As mentioned earlier, Quontic is certified CDFI (Community Development Financial Institutions). As such, you can expect a more inclusive application process. Some features are flexible documentation requirements, a loan officer to help you through the application, and many other perks.

Quontic offers several different mortgages for purchasing a home. As the bank is CDFI, you can expect flexible requirements for loan amounts that go up to $3,000,000.

Aside from conventional loans, the bank also offers FHA (Federal Housing Administration) and VA (Veteran Affairs) mortgages. Loans are available in all states, and the bank employs a multilingual sales team to ensure all customers are serviced as efficiently as possible.

Quontic also offers mortgage refinancing and wholesale mortgages. Mortgage refinancing allows customers to lower their monthly payments, get cash-outs, or save money for future expenses. On the other hand, wholesale mortgages open the door for approved brokers and real estate investors to leverage Quontic’s offerings and reach even more people.


Quotonic takes its security seriously, with an entire page on its website dedicated to providing information on the topic.

As a bank, deposits are FDIC-insured up to $250,000, putting your mind at rest that your money is safe should something happen to the bank. You can also enable Touch ID and multifactor authentication to help you increase the security of your accounts. Eligible accounts also include Mastercard ID Theft Protection.

The bank also offers a security policy and privacy statements if you’re concerned about security. Both can help you better understand how your data is being processed and what security measures are in place.

Pricing and Fees

Quontic’s mission statement is to be as inclusive as possible. Charging low fees is one of the most straightforward means to that end. In fact, at the beginning of 2022, they lowered their fees even further, making their accounts some of the most affordable.

None of the accounts on offer charge monthly fees, and opening the accounts is free too. The minimum opening deposit varies between $100 and $500, depending on the account type.

ATM withdrawals are free from all network ATMs in over 90,000 locations. Quontic’s ATM network includes AllPoint, MoneyPass, Sum, and select Citibank ATM locations.

Pros and Cons

While Quontic has a lot of pros, just like everything else, it is not perfect. We all have different financial requirements and goals. Not everything that might be considered a con will negatively impact you. Knowing the bank’s strengths and weaknesses is important to decide if it’s the right financial institution for you.


  • Innovative accounts – From checking cashback accounts to savings with a seriously competitive APY rate, Quontic offers some of the most innovative accounts.
  • Generous APY (Annual Percentage Yield) rates – Quontic offers competitive rates on all eligible accounts, helping you make more money on your savings and checking accounts.
  • Low fees – With no monthly maintenance fees, no overdraft fees, and most other fees waived, banking at Quontic can be very affordable.
  • Large ATM network – With over 90,000 fee-free ATMs, you’ll have more options than ever to withdraw cash without paying a fee.


  • No branch locations – As Quontic is an online bank, there are no branches to visit. There are loan offices in New York and Florida, however.
  • No credit cards – Unfortunately, no credit cards are on offer at the moment.
  • Limited account selection – Quontic does not have the large selection of accounts you’ll find at bigger banks.
  • Deposit requirements – Accounts have an opening deposit requirement that ranges between $100 and $500.

Alternatives to Quontic Bank

If you’re still unsure if Quontic is the right bank for you, here are some alternatives you might want to consider before making your final decision.

While what Quontic offers is pretty unique, others do offer similar products and services, including:

  • Ally Bank: Ally Bank offers higher-than-average interest rates and consistently makes its way onto lists of top banks. It’s a fully online bank with a range of products and services comparable to traditional banks.
  • SoFi: SoFi is a digital bank. They offer bank accounts, loans, and investment options, including IPO investing, fractional shares, and crypto. They also offer small business financing.

Frequently Asked Questions

Is Quontic a legit bank?

Yes, Quontic is a legit bank and is also FDIC insured. Furthermore, it is also a BBB-accredited business, an Equal Housing Lender, and a member of the CDFI Fund.

Is Quontic bank an online bank?

Quontic is an online bank that doesn’t have traditional branches. However, the bank has loan offices in New York and Florida.

Who started Quontic Bank?

Quontic bank was founded by Steven Schall in New York.

How many branches does Quontic Bank have?

While Quontic does not have traditional branches, it has loan offices. There are four loan offices in total, three of which are in New York, while the fourth is in Miami, Florida.

Does Quontic Bank have overdraft protection?

Yes, Quontic offers overdraft protection; however, this is an opt-in service. Quontic does not charge for most overdrafts – but that doesn’t mean they won’t in the future.

How long has Quontic Bank been around?

Quontic Bank was founded in 2009 after Steven Schnall bought Golden First Bank and renamed it Quontic Bank.

Does Quontic Bank have an app?

Yes, Quontic Bank has an app for both Apple and Android devices that you can download from the App Store or Google Play Store.

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