Quontic Bank Review: Checking, Savings and CDs

Quontic Bank has a strong lineup of deposit accounts and doesn't charge monthly fees.
Written by Spencer Tierney
Senior writer
Profile photo of Yuliya Goldshteyn
Assigning Editor
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Quontic Bank
Learn more

at Quontic Bank, Member FDIC

  • Savings
  • Certificates of deposit
  • Checking
  • Customer experience
  • Overdraft fees

Overall institution rating

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. It is recognized as a community development bank based in New York City, though its offerings are available nationwide.

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

Pros

  • No monthly fees.
  • Competitive rates on savings accounts and CDs.
  • Large, free, nationwide ATM network.
  • Competitive rewards checking accounts.

Cons

  • No overdraft protection program.
  • No cash deposit.
  • No branch access.
  • Limited customer support phone hours.

Full review

Savings

Quontic High Yield Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.50%
With $0 min. balance for APY
Bonus
N/A
Learn more

at Quontic Bank

Quontic’s savings account gets high marks for its rate of 4.50% annual percentage yield, no monthly fee and low minimum opening requirement of $100. Interest gets compounded daily and credited monthly. Quontic claims that opening an account can take three minutes.

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 Bank CD
Quontic Bank CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
1-year APY
4.50%
3-year APY
4.40%
5-year APY
4.30%
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 5.05% APY, and two-year CDs have a yield of 4.50% 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.)

  • 6-month CD: 5.05% APY.

  • 1-year CD: 4.50% APY.

  • 2-year CD: 4.50% APY.

  • 3-year CD: 4.40% APY.

  • 5-year CD: 4.30% APY.

Checking

Quontic High Interest Checking
Quontic High Interest Checking

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.10%
With $0.01 min. balance for APY
Bonus
N/A

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’s other checking account: Quontic Bank’s Cash Rewards checking offers 1.5% cash back on eligible debit card purchases. You need at least $100 to open an account and there is no monthly fee.

Customer experience

3.5

NerdWallet rating 

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 3.3 stars for Android devices and 4.5 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

3.5

NerdWallet rating 

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.

How does Quontic Bank compare?

Chime Checking Account
Chime Checking Account

Deposits are FDIC Insured

NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

4.5

/5

Monthly fee 

$0

Monthly fee 

$0

Monthly fee 

$0

APY 

0.50%

With $0 min. balance for APY

APY 

N/A

APY 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Bonus 

$360

Up to $360 per year. See website for details.

Bonus 

N/A

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at SoFi Bank, N.A.

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at Discover® Bank

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at Chime®

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