Quontic Bank Review: Checking, Savings and CDs

Quontic Bank offers high-interest accounts and excellent ATM access, but its overdraft fee is relatively steep.
Spencer TierneyMar 25, 2021

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Overall bank rating

Quontic Bank

at Quontic Bank, Member FDIC

  • Checking

  • CD rates

  • Savings

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

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. Established as a community development bank based in New York City, Quontic expanded its offering to be online and nationwide.

 

Best for: Customers who want high-interest accounts in one place, do their banking mostly online, and don’t need weekend customer support or overdraft protection programs.

Pros

  • High rates on savings and CDs.
  • Rewards and high-interest checking available.
  • Free access to over 90,000 ATMs in the U.S.
  • No monthly fees on any accounts.

Cons

  • $35 overdraft fee and no daily fee limit.
  • $10 inactivity fee charged after a year for checking accounts.
  • Only one branch available; in New York City.
  • No cash deposit option for non-New York City customers.

Full review

Quontic High Interest Checking

at Quontic Bank, Member FDIC

4.0

NerdWallet rating 

at Quontic Bank, Member FDIC

Monthly Fee

$0

APY

1.01%

With $0.01 minimum balance

Quontic Bank has three checking account options, each with an enticing benefit: high interest, cash rewards and bitcoin rewards. The cash rewards and high-interest checking have no monthly fees, a low minimum opening deposit of $100, and no ATM fees from the bank. Quontic offers free access to over 90,000 ATMs through shared networks such as Allpoint and MoneyPass. High-interest checking has a rate of 1.01% APY on balances up to $150,000 (and 0.35% APY on balances between $150,000.01 and $1 million) if you make 10 debit card purchases monthly; otherwise, the rate is 0.01% APY.

Ready to compare? See our picks for high-interest accounts

Quontic checking has two downsides. There’s a monthly inactivity fee of $10 that kicks in after a year if your account has had no transactions. And cash deposits are accepted only at the Quontic branch and ATM in New York, so for most customers, there’s no way to add cash to accounts.

For cryptocurrency enthusiasts in 18 states, the bitcoin rewards checking offers a chance to buy bitcoin. It works like this: for every qualifying debit card purchase, 1.5% gets collected in U.S. dollars and used for a monthly purchase of bitcoin stored for you. Quontic partners with a third-party company that charges a 2% fee when you redeem bitcoin into cash. (Want to know how this account could affect your taxes? Read our explainer on tax rules for bitcoin.) The account isn’t available nationwide given certain restrictions.

Quontic Bank CD

at Quontic Bank, Member FDIC

4.0

NerdWallet rating 

at Quontic Bank, Member FDIC

1-year APY

0.60%

3-year APY

1.00%

5-year APY

1.11%

Minimum Deposit

$500

Quontic’s CDs shine with top 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 0.55% APY, and two-year CDs have a yield of 0.75% APY.

See more: NerdWallet’s best CD rates this month

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.)

Quontic High Yield Savings

at Quontic Bank, Member FDIC

4.5

NerdWallet rating 

at Quontic Bank, Member FDIC

APY

0.55%

With $0 minimum balance

Quontic’s savings account gets high marks for a rate of 0.55% annual percentage yield, no monthly fee and a low minimum opening requirement of $100. Interest gets compounded daily and credited monthly. Quontic claims that opening an account can take three minutes. The account’s rate isn’t the highest available, but it’s competitive.

Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

Quontic offers two additional savings accounts: Drawbridge Savings for people who want the bank to donate to a COVID-19 relief fund on their behalf and a money market account with ATM and check-writing capabilities.

Banking experience

3.5

NerdWallet rating 

You can get customer support by phone and online chat, but hours for both are limited to 9 a.m. to 5 p.m. Eastern time on weekdays. You can also email, and for New York City residents, visit Quontic Bank’s one bank branch in Queens. But for most, Quontic bank accounts are meant to be used without branch access.

Quontic’s apps have a standard offering of features including transfers, mobile check deposit, and an ATM locator, as well as Touch ID for logging in. But Quontic Bank doesn’t have budgeting or savings tools like some online banks do. The mobile apps get 3.4 stars for Android devices and 4.5 stars for Apple devices, though this isn’t based on many user reviews.

Overdraft fees

2.5

NerdWallet rating 

If a transaction puts your balance in the red, the bank charges a $35 overdraft fee per instance, and there’s no daily fee cap. But there’s no extended overdraft fee if a balance remains negative for multiple days.

Quontic also doesn’t offer any alternative programs to avoid overdrafts that many banks do, such as linked transfers between savings and checking or overdraft lines of credit. These programs can be helpful if a paycheck hasn’t arrived yet and you need an important bill payment to go through.

Quontic High Interest Checking

at Quontic Bank, Member FDIC

4.0

NerdWallet rating 

at Quontic Bank, Member FDIC

Monthly Fee

$0

APY

1.01%

With $0.01 minimum balance

Quontic Bank has three checking account options, each with an enticing benefit: high interest, cash rewards and bitcoin rewards. The cash rewards and high-interest checking have no monthly fees, a low minimum opening deposit of $100, and no ATM fees from the bank. Quontic offers free access to over 90,000 ATMs through shared networks such as Allpoint and MoneyPass. High-interest checking has a rate of 1.01% APY on balances up to $150,000 (and 0.35% APY on balances between $150,000.01 and $1 million) if you make 10 debit card purchases monthly; otherwise, the rate is 0.01% APY.

Ready to compare? See our picks for high-interest accounts

Quontic checking has two downsides. There’s a monthly inactivity fee of $10 that kicks in after a year if your account has had no transactions. And cash deposits are accepted only at the Quontic branch and ATM in New York, so for most customers, there’s no way to add cash to accounts.

For cryptocurrency enthusiasts in 18 states, the bitcoin rewards checking offers a chance to buy bitcoin. It works like this: for every qualifying debit card purchase, 1.5% gets collected in U.S. dollars and used for a monthly purchase of bitcoin stored for you. Quontic partners with a third-party company that charges a 2% fee when you redeem bitcoin into cash. (Want to know how this account could affect your taxes? Read our explainer on tax rules for bitcoin.) The account isn’t available nationwide given certain restrictions.

How does Quontic Bank compare?

Deposits are FDIC Insured

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Monthly Fee

$0

Monthly Fee

$0

Monthly Fee

$0

APY

1.01%

With $0.01 minimum balance

APY

N/A

APY

0.10%

With $2,500 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Frequently asked questions