Quontic Bank Review [2022]: Earn 3.20% APY With No Fees

Last Updated on November 23, 2022 by Harrison Brown
8.5Expert Score
Bottom Line
If you're looking for a top-rated full-service online bank, Quontic Bank is worth considering. In this review, we'll take a closer look at the products and services offered by this institution and see how they stack up against the competition. Quontic Bank offers a wide range of savings, checking, and CD products that are sure to appeal to a variety of consumers. So, whether you're in the market for a new bank or just want to compare rates, read on for our take on Quontic Bank!
Features
8
Fees
9
Customer Support
8.5
Pros
  • High APY rates
  • No monthly fees
  • 90,000+ ATM locations
Cons
  • No physical locations
  • Limited support
  • No cash deposits

Overview

Monthly Fee:$0.00/mo
Minimum Opening Deposit:$100
APY:3.20%
Free Debit Card:Yes
Direct Deposit:Not Required
Account Fees:None
In-Network ATM Access:90,000+ Locations
Out Of Network ATM Access:$3 per time

Who Is It For?

  • People who don't mind not having physical bank locations.
  • Crypto enthusiasts that would like to option to earn crypto when making purchases with a debit card.
  • People who prefer a higher APY earnings rate on their checking and savings accounts and are okay with not having a bank teller.

Pros & Cons

Quontic Bank Pros & Cons

Pros
  • High-Interest APY Rates: Quontic offers some of the highest-interest APY rates on checking and savings accounts since it's an online-only bank.
  • No Monthly Fees: There are no monthly fees associated with any of Quontic's products.
  • Ability To Earn Crypto: Quontic's Bitcoin Rewards Checking account offers unlimited 1.5% cash back in crypto when you make purchases with its debit card.
  • ATM Locations: With over 90,000+ ATM locations, you won't have to worry about finding a place to get cash when you need it.
Cons
  • No Physical Locations: Quontic has no physical bank locations, so you'll have to do your banking online or through the mobile app.
  • No Cash Deposits: Quontic doesn't accept cash deposits, so you'll need to find another way to deposit cash like using a more traditional bank account with physical locations.
  • Limited Support: Quontic bank only offers live support Monday – Friday from 9:00 AM – 6:00 PM (EST), so there is no 24/7 live support.

Checking Accounts

Quontic Bank Checking Accounts

Bitcoin Rewards Checking

The Bitcoin Rewards Checking account from Quontic Bank is one of the most unique checking accounts available. With this account, you'll earn unlimited 1.5% cash back in crypto when you make purchases with your debit card. Plus, there are no monthly fees.

The account is only available in select U.S. states, and there is a $500 minimum opening deposit. With this account, you can directly redeem your crypto in your account for cash or let it remain in BTC, so it can hopefully grow over time.

Quontic Bitcoin Rewards Checking member fdic

APY: 0.00%
Cashback Rate: 1.50%
Monthly Fees: $0.00/mo
We may receive compensation for links clicked on this post.

Cash Rewards Checking

If you're not interested in earning crypto, Quontic offers a Cash Rewards Checking account that earns unlimited cash back on debit card purchases. This account has no monthly fees.

You'll earn 1.50% cash back on all qualifying debit card purchases and a $100 minimum opening deposit.

Quontic Cash Rewards Checking member fdic

APY: 0.00%
Cashback Rate: 1.50%
Monthly Fees: $0.00/mo
We may receive compensation for links clicked on this post.

High-Interest Checking

For those who want to earn a high-interest rate on their checking account, Quontic offers a checking account that comes with a 1.10% APY. There are no monthly fees or service charges associated with the account.

However, there is a $100 minimum opening deposit, and you must charge the debit card at least $10 per month to keep this APY. Otherwise, your APY will be reduced to 0.01%.

Quontic High-Interest Checking member fdic

APY: 1.10%
Minimum Deposit: $100
Monthly Fees: $0.00/mo
We may receive compensation for links clicked on this post.

Savings Accounts

Quontic Bank Savings Accounts

High Yield Savings

Quontic's High Yield Savings account offers a competitive interest rate of 3.20% APY. There are no monthly fees, and the minimums deposit is $100 to open an account.

It's important to remember you can only withdraw 6 times per payment cycle when you use this savings account.

Quontic High-Yield Savings member fdic

APY: 3.20%
Minimum Deposit: $100
Monthly Fees:
$0.00/mo
We may receive compensation for links clicked on this post.

Money Market

For those who want to earn a higher interest rate on their savings, Quontic offers a Money Market Savings account that comes with a tiered interest rate. The current APY for this account is 3.00%.

Like the high-yield savings account, you can only withdraw 6 times per payment cycle.

Quontic Money Market member fdic

APY: 3.00%
Minimum Deposit: $100
Monthly Fees: $0.00/mo
We may receive compensation for links clicked on this post.

CD Account

Quontic also offers a CD account that has a current APY of 4.45% for a 5-year CD, which is around 5x the national average. This account has a $500 minimum opening deposit, and you can choose terms ranging from 6 to 60 months.

There is a penalty for early withdrawals, so make sure you understand the terms before opening this account.

Quontic CD member fdic

APY: 3.25-4.45%
Early Withdraw Fees: Yes
Monthly Fees: $0.00/mo
We may receive compensation for links clicked on this post.

Fees

Quontic Bank Fees

Monthly Fees:$0/mo
ATM Fee: In-Network$0.00
ATM Fee: Out-Of-Network$3.00 per use
Incoming Wire$0.00
Cash Deposits:N/A
Foreign Transaction Fees:0.00%
Overdraft Fees:$0.00
Debit Card Replacement Fee:$0.00
Money Order Fee:$0.00

Support

Quontic Bank Support

Customer service hours are Monday – Friday from 9:00 AM to 6:00 PM (EST).

Email

customerservice@quonticbank.com

Phone

800-908-6600

Compare

How Does Quontic Bank Compare?

Pros
Cons
Sofi Logo
SoFi Bank
SIGN UP
Pros
Zero fees or account minimums
Banking, loans, & More All In One
Sign-up bonus (Currently at $300)
Cons
No physical locations
Need direct deposit to get 3.00% APY
Live support can be slow
CIT Bank Logo
CIT Bank
SIGN UP
Pros
Zero monthly fees
High APY savings account (3.25% APY)
Free ATM reimbursements (Up to $30/mo)
Cons
No physical locations
No ATM network
Mobile check deposits sometimes take a while to clear
Fifth Third Bank Logo
Fifth Third Bank
SIGN UP
Pros
Has physical branches
Highest sign-up bonus ($250)
24/7 live support
Cons
Only available in 11 states
Some accounts don't earn high-interest
Service fees can be high

Quontic Vs SoFi Bank

SoFi is a popular online bank that offers several financial products, including checking and savings accounts, personal loans, and investing products. SoFi has no monthly fees or minimum balance requirements on its checking and savings accounts. You can also earn up to $300 in cash bonuses when you open a new account and meet certain deposit requirements. If you want an all-in-one banking platform, we recommend SoFi.

However, if you want the highest savings rates and don't mind having different accounts for credit cards, loans, and more, we recommend Quontic Bank.

Quontic Vs CIT Bank

CIT Bank is another online bank that offers several financial products, including checking, savings, and CD accounts. CIT Bank has no monthly fees and it offers higher interest rates than Quontic Bank. If you are looking for a better savings product, we recommend CIT Bank since it offers higher APYs with no limits on withdrawals.

However, if you want a debit card that earns cash back, Quontic Bank is your best choice since CIT bank does not have a cashback debit card.

Quontic Vs Fifth Third Bank

Fifth Third Bank is a brick-and-mortar bank with over 1400 locations in the Midwest and Southeast regions of the United States. Fifth Third offers several checking and savings products, personal loans, and credit cards.

However, it has no cashback debit cards or high-yield savings accounts. If you are looking for a more traditional bank with physical locations, we recommend Fifth Third Bank. However, if you are looking for higher interest rates and cashback on your debit card purchases, we recommend Quontic Bank.

Final Word

Is Quontic Bank For You?

If you're looking for a top-rated full-service online bank, Quontic Bank is definitely worth considering. With high APY rates, no monthly fees, and the ability to earn crypto with its Bitcoin Rewards Checking account, Quontic offers value to its customers. However, it's important to remember that Quontic has no physical bank locations and only offers limited customer support hours. So, if you're okay with doing your banking online or through the mobile app and don't mind not having 24/7 live support, Quontic is a great option!

FAQ

Quontic Bank FAQ

Is Quontic A Legit Bank?

Yes, Quontic is a legitimate bank that has been FDIC insured since 2009. Your accounts are insured up to $250,000 per depositor.

How does Quontic Earn Money?

Quontic earns cash by taking interest from loans and other banking fees. Since it's an online-only bank, it can maintain a much higher APY than most traditional banks.

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