Banking with Quontic Bank: What Should You Know?

Updated: Nov 11, 2021

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Quontic Bank Review

Quontic Bank is an online bank that offers mortgages, savings accounts, and checking accounts, including tools for earning Bitcoin and cashback rewards on eligible Quontic Bank debit card purchases. If you’re thinking about opening an account at Quontic Bank, learn more about its banking solutions below.

Quontic - grow your money with purpose

Savings Accounts

You can choose from three different savings accounts to earn interest on your funds. Each account lets you earn interest daily, while the bank would pay it to your account monthly. As an account owner, you get a checkbook and a debit card that you can use at over 90,000 surcharge-free ATMs across the US.

High Yield Savings

High Yield Savings accounts come with a competitive APY (annual percentage yield) that’s higher than the average national APY rates. They require a low minimum deposit, and there are no monthly service fees or daily balance requirements. You can’t make more than six withdrawals per month, lest you incur excess fees for every transaction over the limit. Those withdrawals include pre-authorized withdrawals, debit card transactions, checks, drafts, and automatic or telephonic transfers.

Money Market

Money Market accounts don’t have monthly service fees either and require the same minimum deposit as their High Yields Savings counterparts. The limit of six withdrawals per month applies here as well. The only difference is that they offer an even higher APY for a higher account balance. However, you have to maintain a very high balance to earn the highest APY. Otherwise, a High Yield Savings account might be a better option.

Certificate of Deposit

Certificate of Deposit (CD) accounts are low-risk, interest-bearing savings tools that require locking your funds away for a specific, predetermined period. They typically offer higher interest rates than regular savings accounts. CD accounts are some of Quontic’s best banking options. They come with favorable APY rates across different terms, ranging from six months to one, three, and five years. They’re some of the best on the market, particularly for longer terms. You can use ACH transfers, wire transfers, and an existing Quontic account to fund your CD account and start earning interest. The minimum deposit is higher than the other account types, but it’s lower than what most other banks charge.

Locking away your funds doesn’t mean you can’t make early withdrawals, but that would incur hefty penalty fees, which are higher than what many other banks charge. The bank would take away one year of interest to withdraw funds between 12-24 months into the term and two years of interest for longer terms. If your penalty fee is higher than your compounded interest, then the bank may reduce your initial balance.

Checking Accounts

This digital bank offers three checking accounts with no monthly service fees and a bit higher overdraft fees than the national average. They, too, offer access to surcharge-free ATMs. The only potential drawback is a monthly inactivity fee that the bank would charge you if you’ve made no transactions for a year. That shouldn’t be a problem if you plan on using the account to pay the bills or make everyday purchases.

High Interest Checking

With a High-Interest Checking account, you can earn more interest than on any savings account. However, you must maintain a high daily balance and make at least ten eligible debit cards transactions per month to earn the highest APY. The same low minimum deposit as with High Yield Savings and Money Market accounts is required to open a High-Interest Checking account.

Cash Rewards Checking

Cash Rewards Checking accounts at this online bank provide you with an opportunity to earn cashback rewards on eligible everyday purchases using your debit card. Eligible transactions don’t include ATM withdrawals and P2P (peer-to-peer) payments. Once you pay a low minimum deposit to open this account, you’ll get your debit card, and you can start earning a specific cashback right away. The bank will transfer the rewards to your account once a month.

Bitcoin Rewards Checking

This checking account is great for crypto enthusiasts, but it’s not available in every state due to different crypto laws and regulations. It lets you earn Bitcoin rewards on eligible debit card purchases. Every reward’s value depends on the US dollar’s current value, so all your earned Bitcoin rewards will change as the dollar-to-Bitcoin value changes. A Bitcoin Rewards Checking account requires the same minimum deposit as CD accounts and provides you with a debit card. Whenever you want to redeem your Bitcoin rewards for cash (you can do it once a month), you’ll have to pay a certain fee. (See: Upgrade Bitcoins vs BlockFi Bitcoins)

How to Apply for Quontic Bank Offers

  • To apply for Quontic Savings Account – click here
  • To apply for Quontic Checking Account – click here
  • If applying for Quontic Debit Card – click here

Quontic Bank Competition

BankSavingsAPYCheckingFeesTop BenefitsCardBest forDigitalMore
QuonticYES1.01%%YESNone*Grow Money
Easy Mortgages
Quontic Debit Card
Quontic Bitcoin
Banking, CryptoYESLearn more
AxosUFB Direct0.20%YESNone*$100 BonusAxos Bank Checking Visa
UFB Direct Debit Card
360 BankingNOLearn more
Go2BankYES1%YESNone*Overdraft Protection
ASAP Direct Deposit
Go2Bank Secured Visa
Go2Bank Debit Card
Build CreditYESLearn more
ChimeYES0.50%YESNone*Fee-Free Overdraft
Get Paid Early
Chime Debit Card
Chime Secured Visa
Build CreditYESLearn more
MissionLaneYESNone*Instant Decision
High Credit Line
Mission Lane Visa
Mission Money Card
Bank, Build CreditYESLearn more
* – Terms and conditions apply

Quontic Bank Contacts

Bottom Line

Quontic offers good banking options, with competitive rates for all accounts and access to a vast network of free ATMs. It provides both online and mobile banking tools, including a dedicated mobile app for accessing your account 24/7. That’s why it might be an excellent place to keep your funds safe and earn high interest, cashback rewards, and Bitcoin rewards.

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