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Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Quontic Bank is an innovative online bank that offers competitive rates on its savings accounts and CDs. Its massive network of no-fee ATMs (totaling around 90,000) can help you when you need to withdraw cash, and its low minimums and no fees make its account accessible to all savers. If you like having all your bank accounts in one place, read on to see if Quontic Bank is the right place for your money.
Member FDIC.
Quontic
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
Quontic Bank offers high CD rates with low minimums and a variety of terms. While the bank doesn't offer 4-year CD terms, you can still build a CD ladder with shorter lengths, such as 6- and 12-month terms.
Pros
Innovative Bitcoin Rewards Checking account
Excellent customer service
No monthly maintenance fees
Cons
Missing some common CD terms
Checking accounts not ideal for infrequent debit card users
Quontic Bank savings account
Quontic Bank has a single savings account -- the Quontic High Yield Savings account.
Quontic High Yield Savings
The Quontic High Yield Savings account has a decent 4.00% APY with a low opening deposit requirement ($100). There are no monthly fees or ongoing balance requirements, nor are there any overdraft fees. Like other online-only savings accounts, you can't directly withdraw cash from this account, but electronic transfers enable you to quickly move money from Quontic Bank to another account.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Maximum six transactions per account statement cycle
A standout online savings account with one of the best APY's we've seen. The savings account also includes a debit card, which is a nice add-on for an account that already outshines many. Interest is compounded daily based on your posted account balance, which means your money will grow faster.
Quontic Bank offers traditional certificates of deposit (CDs) with a variety of terms.
Quontic Bank CDs
Quontic Bank offers CDs with terms ranging from 6 months to 5 years. It offers most of the terms one would expect, though it is missing a 4-year CD. Even without that rung, Quontic offers enough terms to build a long-term CD ladder. Its rates are pretty high, especially on its shorter-term CDs, and its minimum deposit is more affordable than what you see with some other top banks.
Rates as of Dec. 18, 2024
APY = Annual Percentage Yield
Quontic CD
Bottom Line
Quontic Bank offers CDs with terms ranging from six months to five years. It offers most of the terms one would expect, though it is missing a 4-year CD, so it may not be ideal for those hoping to build a CD ladder. Its rates are competitive, especially on its longer term CDs, and its minimum deposit is more affordable than what you see with some other top banks.
Quontic Bank offers two checking accounts, which are discussed in detail below.
Quontic High Interest Checking
The Quontic High Interest Checking account offers a competitive APY for a checking account (currently up to 1.10%). But you must make at least 10 debit card purchases of at least $10 per month to bump the account's normal 0.01% rate to the higher one. Like Quontic Bank's other checking accounts, it has a low opening deposit requirement ($100) with no monthly fees and a nationwide ATM network.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
High APY when you complete 10 or more qualifying debit card purchases each month
APY
up to 1.10%
Min. To Earn APY
$1
High checking APY
One of the highest APY for CDs and savings account
No monthly fees, overdraft, or NSF fees
Comes with a debit card
Large fee-free ATM network
Quontic Pay Ring: the nation's first wearable payment ring
Must meet monthly transaction requirements to earn higher interest tier
Limited CD terms
No physical branches
Quontic High Interest Checking earns one of the highest APYs among checking accounts. Unfortunately, you must make 10 qualifying debit card purchases of $10 or more each statement cycle to earn the highest interest tier. Still, the account is a good option to maximize savings beyond other deposit accounts. Plus, it has no monthly fees and access to fee-free ATMs.
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The Quontic Cash Rewards Checking account gives you a debit card that earns 1% back on everyday purchases. The account has no monthly fee or ongoing deposit requirements, though there is a small minimum opening deposit requirement ($100). It also includes a nationwide ATM network and offers online and mobile banking. Like its savings account, Quontic Bank doesn't charge overdraft fees to its Cash Rewards Checking account customers.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
0.00%
Min. To Earn APY
N/A
1% cash back on eligible debit card purchases
No monthly fees, overdraft, or NSF fees
Large fee-free ATM network
Quontic Pay Ring: the nation's first wearable payment ring
Must meet monthly transaction requirements to earn higher interest tier
Limited CD terms
No physical branches
Quontic is an online bank but has over 90,000 fee-free ATMs. With the Quontic Cash Rewards there are no monthly fees, minimum balance requirements, no overdraft, or NSF fees. There is a $100 minimum deposit required to open an account. Customers get 1.00% cash back on eligible debit card purchases. Quontic is the first bank to offer the Quontic Pay Ring -- the nation's first wearable payment ring.
Quontic Bank customer service and experience
Quontic Bank has an A+ rating with the Better Business Bureau and a 4 out of 5 on Trustpilot with more than 500 reviews. This suggests most of its customers are pretty happy with the quality of its service.
So far, Quontic Bank hasn't been featured in any large-scale customer satisfaction surveys, like those conducted by J.D. Power. That makes it a little difficult to compare how its customer service stacks up to that of its competitors, but there aren't any obvious red flags.
Quontic Bank relationship benefits
Quontic Bank doesn't offer relationship benefits, like waived maintenance fees or higher APYs on savings products, because it already offers fee-free accounts and high APYs to everyone. Relationship benefits are typical of brick-and-mortar banks, but you usually don't see them with online banks like Quontic Bank.
Alternatives to Quontic Bank
If Quontic Bank isn't the right fit for you, one of these banks might be worth considering:
Ally Bank
Ally Bank is another popular online bank known for its low and no fees and competitive APYs. It has a greater variety of products than Quontic Bank does, including a greater range of CD terms. However, it doesn't have any checking accounts with cash back rewards.
Discover® Bank
Discover® Bank offers competitive rates and no monthly maintenance fees, plus its accounts have no minimum balance requirements. Like Quontic Bank, Discover® Bank doesn't have any brick-and-mortar branches, so you have to be comfortable managing your money online.
Is Quontic Bank right for you?
Quontic Bank could be the right choice for you if:
You use your debit card frequently.
You have at least $100 to open an account with.
Customer service is important to you.
Other products by Quontic Bank
Here are some other banking products available with Quontic Bank:
Quontic Money Market Account
In addition to the bank accounts detailed above, the Quontic Bank money market account has a tiered APY system that doles out a high APY to all account balances. The account comes with a debit card to allow for direct cash withdrawals, with a limit of six withdrawals and transfers per month.
Quontic Bank mortgages
Quontic bank offers mortgages and mortgage refinancing as well as its unique Community Development Loans, which are designed for those who have been turned away by other lenders. Options include conventional, FHA, and VA loans.
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Quontic Bank is a legitimate bank that has FDIC insurance up to $250,000 per depositor, per account ownership category.
Quontic Bank is mostly an online-only bank, though it does have loan offices in some locations in Florida, Indiana, and New York.
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SLM is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Discover Financial Services is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. Kailey Hagen has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin, Goldman Sachs Group, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc, Charles Schwab, and Discover Financial Services and recommends the following options: short December 2024 $67.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
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