Quontic Bank Review: Checking, Savings and CDs

Quontic Bank has a strong lineup of deposit accounts and doesn't charge monthly fees.
Spencer Tierney
By Spencer Tierney 

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Overall bank rating

Quontic Bank
  • Savings
  • CD rates
  • Checking
  • Banking experience
  • Overdraft fees


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.


  • High rates on savings and CDs.
  • High-interest checking, in addition to options for cash back or Bitcoin rewards checking.
  • Free access to over 90,000 ATMs.
  • No monthly fees.
  • No overdraft fees.


  • No branches.
  • No weekend customer support hours.
  • Does not accept cash deposits.

Full review

Quontic High Yield Savings
Quontic High Yield Savings


Member FDIC


 NerdWallet rating 
With $0 min. balance for APY

Quontic’s savings account gets high marks for its rate of 4.25% 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

Quontic Bank CD
Quontic Bank CD


Member FDIC


 NerdWallet rating 
1-year APY
3-year APY
5-year APY
Minimum deposit

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 3.75% APY, and two-year CDs have a yield of 4.40% 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 Interest Checking
Quontic High Interest Checking


Member FDIC


 NerdWallet rating 
Monthly fee
With $0.01 min. balance for APY

Quontic Bank has three checking account options, each with an enticing benefit: high interest, cash rewards and Bitcoin 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 accounts: 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.

For cryptocurrency enthusiasts, Bitcoin Rewards Checking offers a chance to buy Bitcoin, though this account isn't available in every state. The account works like this: For every qualifying debit card purchase, 1.5% gets collected in U.S. dollars. It is used to purchase Bitcoin on your behalf from a third-party company on the next business day. That company 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 crypto.) There is no monthly service fee, but the minimum opening deposit is $500.

Banking experience


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


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.


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