Quontic Bank Review

I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

Quontic Bank is a digital bank known for leading rates and technology. As a financial institution, its main objective is to equip underserved and underbanked people with banking solutions and home financing options.

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Our Partner

Digital Bank


  • High interest checking
  • No monthly fees
  • CDFI designation
  • Available in all 50 states
Overall Rating
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Key Takeaways

  • Innovative checking and saving accounts 
  • Earn interest
  • Three checking account options are available 
  • Two saving account options are available

Pros & Cons


  • Offers highly competitive yields
  • Offers online and mobile banking services
  • Multiple account options are available
  • Can contribute interest earned to charitable causes


  • Limited certificate of deposit term options
  • Must be able to qualify for the highest checking and money market account rates

Are you frustrated with the fact that banking and loans rely on your financial situation and history? Or, have you considered online banking or using cryptocurrency?

If you answered yes to either of these questions, Quontic Bank, a pioneer in the world of digital banking, is worth investigating. 

This Quontic Bank review explores in detail all the products and services this bank has to offer and other valuable information that you help decide if this is the right bank for you.

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Quick Summary

APY: 1.01%

Monthly Fee: $0

Promotion: No current promotions

About Quontic Bank

Founded in 2009, Quontic Bank is a New York-based digital bank that provides checking, savings, money market, and certificate of deposit (CD) accounts.

Residential, commercial, and wholesale real estate are all available.  The bank operates online in all 50 states and is physically headquartered in Astoria, New York.

Quontic is also a Community Development Financial Institution (CDFI), which focuses on providing financing to individuals and communities who are economically disadvantaged or underserved.

Rather than relying on income documentation to qualify for home finance, Quontic offers Community Development Loans that assess the whole of a borrower's circumstances and character.

Accounts & Services 

A description of the different accounts and services offered had to be part of a Quontic Bank review. Quontic Bank offers three checking account options, the Cash Rewards Checking, High-Interest Checking, and Bitcoin Rewards Checking, and two saving account options, The High Yields Saving Account option and the Money Market Savings Account option.

Additionally, Quontic offers competitive CDs.

Cash Rewards Checking

All eligible debit card transactions earn up to 1.50 percent cashback with the Cash Rewards Checking account. At the beginning of each statement cycle, all cash back earned is collected and applied to your account.

High-Interest Checking

The High-Interest Checking account pays up to a 1.01 percent annual percentage yield, which is a high rate for a checking account.

Users must have a daily balance of less than or equal to $1 million. They must also make at least 10 eligible points of sale debit transactions of at least $10 each statement cycle to qualify for interest.

On balances of $0 to $150,000, users receive a 1.01 percent annual percentage yield when they qualify. Depending on your amount, the effective annual percentage yield ranges from 1.01 percent to 0.45 percent.

The effective annual percentage yield on balances of $1,000,000.01 and up ranges from 0.45 percent to 0.00 percent, depending on the balance. 

If users do not complete the required eligible activity, all balances earn a 0.01 percent annual percentage yield. Quontic reserves the right to change the account's tiers at any moment and without warning.

Interest is compounded daily and credited monthly.

Bitcoin Rewards Checking

In select states, Quontic offers Bitcoin Checking Accounts. On all qualified debit card purchases, Bitcoin awards at a rate of 1.50 percent in US dollars.

To open the account, a $500 minimum deposit is required.  Users have the option of storing their Bitcoin with Quontic or redeeming it for US dollars once a month.

The value of the Bitcoin in an account will fluctuate as the dollar-to-Bitcoin exchange rate fluctuates

High Yields Saving Account

The High Yield Savings account provides a 0.65 percent annual percentage yield, which is 10 times the global standard yield on savings.

It's also quite competitive when compared to other high-yielding savings accounts.  A minimum deposit of $100 is required to start an account. 

Customers have access to over 90,000 surcharge-free ATMs, and there are no monthly subscription costs.  In the case of cash, interest is compounded daily and credited monthly.

Money Market Savings Account

To open a Money Market Savings account, you'll need at least $100. There are no recurring monthly costs, as there are with Quontic's other banking products.

Quontic's Money Market accounts give 0.40 percent to 0.60 percent annual percentage yield, based on the current balance. However, to receive the highest annual percentage yield, you must have a total of $150,000 or more. 

The rate reduces to 0.50 percent annual percentage yield for accounts between $5,000 and $149,999.99. 0.40 percent annual percentage yield is paid on balances under $4,999.99.

Interest is compounded daily and credited monthly.  This account includes a Quontic debit card as well as checks. Quontic may convert your account to a transactional account if you perform over six pre-authorized transactions in a billing cycle.

Account customers may utilize 90,000 surcharge-free ATMs, just like with the rest of their banking services.

Certificate of Deposit (CDs)

CDs from Quontic range from six months to five years. A $500 minimum deposit is required to open a CD. Users may fund their accounts by transferring money from another bank, sending money by ACH, wire transfer, or mail, and existing Quontic accounts. 

CD account holders begin receiving interest on the first day of the account. It's collected once per statement period and compounded daily.

Quontic notices users when their CD matures. After that, there is a 10-day time window to cancel or extend the CD. Within that grace period, you have the option of canceling your account and starting a new one.

Quontic will keep renewing your CD for another term if you do not take action.

Service Fees

Unlike other online banking services, Quontic Bank does not require any service fees. However, when exchanging Bitcoin for cash with NYDIG, users pay a 2% service fee.

Who is Quontic Bank Best For?

As Quontic Bank's mission statement implies, the bank is best for those that come from underserved backgrounds. However, Quontic's other features make the bank marketable to people from all backgrounds. 

Quontic Bank offers web and mobile banking 24 hours a day, seven days a week, a wide range of banking products, a significant ATM network, and simple account opening and minimal costs.

It also offers a variety of ways to contact customer care, including webchat, phone, email, and an online application. Quontic also offers very competitive yields on the High-Interest Checking account, High Yield Savings account, and money market accounts.

However, to earn the highest annual percentage yield, the minimum balance is quite high for the money market account.  So, this account may be ideal for those who have the financial viability to take advantage of the most benefits.

Several banks offer a similar or higher annual percentage yield while requiring a considerably smaller minimum amount.

Quontic Bank FAQ's

If you still need more information, the next section of this Quontic Bank review contains answers to the most commonly asked questions.

Is Quontic Bank safe?

Quontic Bank is safe since it is a member of the Federal Deposit Insurance Corporation. Quontic Bank's Federal Deposit Insurance Corporation membership means that bank accounts are government guaranteed up to $250,000 per user.

Is Quontic Bank FDIC insured?

Yes, money in Quontic Bank is FDIC insured. However, Bitcoin is not insured.

Does Quontic Bank have any branches?

Quontic Bank has one branch that is limited to New York. However, Quontic Bank has loan offices in New York, Melville, and Miami.

What do I need to open an account with Quontic Bank?

You will need to provide your Social Security number, contact information, and your date of birth to start a checking, savings, money market, or CD account with Quontic.

Quontic Bank

Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances.

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I'm Donny. I'm a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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