Quontic Bank Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Quontic Bank is a digital bank with a strong lineup of rates and other features on its checking, savings, money market accounts and certificates of deposit. It is recognized as a community development bank based in New York City, though its offerings are available nationwide.
No monthly fees.
Competitive rates on savings accounts and CDs.
Large, free, nationwide ATM network.
Competitive rewards checking accounts.
No cash deposit.
No branch access.
Product reviews
Savings
Quontic’s savings account gets high marks for its rate of 3.20% annual percentage yield, no monthly fee and low minimum opening requirement of $100. Interest gets compounded daily and credited monthly.
Quontic also offers a money market account that comes with a debit card and earns a decent yield.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Certificates of deposit
Quontic’s CDs have solid rates across terms from six months to five years, and the opening minimum of $500 is relatively low compared to other online banks. The six-month CD earns 3.50% APY, and two-year CDs have a yield of 3.15% APY.
» COMPARE: See our list of the best CD rates
CDs are meant to remain untouched for a whole term, but if you need to withdraw early, Quontic’s penalty can be hefty: one to two years of interest. If a CD has less interest earned than the penalty amount, the original balance may be reduced. (Learn more about early withdrawal penalties.)
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.60% | $500 |
| 6 months | 3.50% | $500 |
| 1 year | 3.00% | $500 |
| 2 years | 3.15% | $500 |
| 3 years | 2.85% | $500 |
| 5 years | 2.75% | $500 |
Quontic Bank CD
Checking
Quontic Bank has two checking account options, each with an enticing benefit: high interest and cash rewards. High-interest checking has a rate of 1.10% on all balances if you make 10 monthly debit card purchases of at least $10; otherwise, the rate is 0.01% APY.
Ready to compare? See our picks for high-interest accounts
There are limits to the ways you can fund your account. Quontic customers can use remote check deposit, direct deposit and electronic transfers. But if you need to deposit cash, you’ll want to look at a different institution because Quontic does not accept cash deposits.
Quontic High Interest Checking
Customer experience & overdraft fees
Customer experience
You can get customer support by phone but hours are limited to 9 a.m. to 6 p.m. Eastern time on weekdays.
Quontic’s mobile app features include mobile check deposit and bill pay. The mobile apps get 4.8 stars for Android devices and 4.8 stars for Apple devices.
If you want to make an external ACH transfer from your Quontic account to another bank account, you will need initiate the transaction from the other institution.
Overdraft fees
Quontic does not charge overdraft or nonsufficient funds fees. To compare, some banks charge as much as $35 for each transaction that could put your balance in the red.
The bank will approve or deny overdraft transactions at their discretion. Either way, it won't charge you a fee. If it does approve a transaction that overdraws your account, you will be responsible for bringing your account positive.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
Frequently asked questions
Is Quontic Bank safe?
Yes, Quontic Bank is a member of the Federal Deposit Insurance Corp., so bank accounts are federally insured for up to $250,000 per person, per account ownership category.
» Want to learn more? See our explainer about FDIC insurance
Does Quontic Bank have any branches?
No. Quontic is an online-only bank.
What do I need to open an account at Quontic Bank?
You’ll need some personal information including your Social Security number, contact information, an external bank account for funding and $100 to open a checking or savings account. For CDs, you’ll need at least $500.