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Quontic High Yield Savings Review: High Rates Compounded Daily

Review Updated
David Chang, ChFC®, CLU®
Author: David Chang, ChFC®, CLU®
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The Quontic High Yield Savings account is best for people who prefer to do their banking online and want to earn a competitive APY. Since Quontic has no physical branches, it's able to pass those savings on to customers, putting more in your pocket.

Quontic High Yield Savings
Open Account for Quontic High Yield Savings

On Quontic's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Quontic High Yield Savings

Open Account for Quontic High Yield Savings

On Quontic's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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 Circle with letter I in it. 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
Open Account for Quontic High Yield Savings

On Quontic's Secure Website.

APY
4.00%
Min. To Earn APY
$100
  • High APY
  • No monthly service, overdraft, or NSF fees
  • Includes a debit card
  • Customer support
  • Minimum balance requirement
  • No local branches, online only
  • 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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Quontic High Yield Savings interest rate

Account APY Minimum Deposit
Quontic High Yield Savings 4.00% $100
Data source: Quontic.

Quontic's APY on savings isn't bad, and is in fact higher than some of our top savings account picks. It's not the highest out there, but you can get it with a relatively small minimum deposit, and your interest will even compound daily, to grow your balance faster.

Full Quontic High Yield Savings review

Below, we'll take a look at the top benefits and drawbacks of a Quontic High Yield Savings account.

Top perks

4.00% APY: APY is one of the most important factors when choosing a high-yield savings account. Quontic's APY of 4.00% far outpaces the national average but lags behind other online accounts, especially those offered through the financial platform Raisin.

Ease of use: According to Quontic's website, you can open a high-yield savings account in three minutes or less and fund your account with money from an existing Quontic account or another bank. Quontic has a robust digital banking platform and mobile app where you can access your account 24/7. It offers features including remote check deposit, bill pay, account transfers, the ability to send money to friends and family, and receipt tracking to make managing your finances easy.

No maintenance, overdraft, or NSF fees: There are no monthly fees at Quontic. As an online bank, Quontic doesn't have the overhead costs of traditional banks, so it can offer lower fees and more benefits to customers. Quontic states that it has no hidden fees.

Debit card: Most savings accounts do not offer a debit card since they are designed to be long-term storage for your savings. As a result, savings accounts do not typically come with debit cards or checks. Quontic offers a debit card connected to your Quontic High Yield Savings account as well as access to over 90,000 surcharge-free ATMs.

Insurance and security: Quontic High Yield Savings accounts are FDIC insured and include advanced security monitoring. You can lock and unlock your debit card online. You are also fully protected against unauthorized debit card transactions.

Customer support: With Quontic's digital customer service, you can speak to a customer success representative through the audio with your computer, entering your phone number so we can call you, or initiating a live chat session.

What could be improved

Minimum opening deposit: The minimum amount to open a Quontic High Yield Savings account is $100. There are other savings accounts available that have a lower or no minimum deposit required.

No physical branch access: Quontic is an online-only bank with no physical branches. Quontic may not be for you if you prefer to bank in person.

Maximum six transactions per account statement cycle: Quontic charges a $10 excess transaction fee for every transaction over six for pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle.

How to access your money

Quontic has no physical branches, but you can fund your account easily and quickly.

Deposit options

To make your initial deposit to open the account, you can transfer money from your existing Quontic account, or you can transfer money from an external account via ACH or using Plaid's technology.

You can also deposit checks into your account using the Mobile Remote Deposit Capture (RDC) with your mobile app. Deposits may be made with Mobile RDC at any time. If your deposit is approved before the daily cutoff time of 4 p.m. EST, your deposit will be posted to your account on the next business day. The Mobile RDC functionality cannot be used to initially fund a new account.

Withdrawal options

If you're taking money out of your Quontic High Yield Savings account, you may make no more than six pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card and similar transactions from your account per month or statement cycle.

Quontic may contact you in the event you exceed the transaction limitations and your account may be changed to a transactional account. There is a $10 excess transaction fee for every transaction over the six withdrawals allowed per statement cycle.

The Quontic High Yield Savings account is right for you if:

  • You want competitive APY with low fees
  • You prefer to bank through their mobile app or online
  • You want a debit card with your savings account
  • You can limit your savings account transactions
  • You think customer service is important

If banking in person and talking to someone face to face is important to you, then Quontic may not be a good fit.

Keep reading about Quontic

Our savings account methodology

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • Yes, Quontic is a U.S. Treasury designated Community Development Financial Institution (CDFI), that is FDIC insured.

  • No, Quontic operates as a national digital bank. This allows it to pass on the overhead cost savings from operating an expensive network of branches to its customers in the form of lower fees, better rates, or higher rewards.

  • In addition to its high APY and no fees, you get a free Mastercard debit card which you can lock and unlock at any time. You can load your card to your digital wallet for Apple Pay, Google Pay, and Samsung Pay. With the debit card, you have access to the Mastercard Zero Liability Protection, ID Theft Protection, and Mastercard Airport Concierge. These are just some of the benefits of being a Quontic customer.