July 17, 2021

Quontic Bank Review

Read more about Quontic
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Quontic Bank aims to provide a better experience (and rewards) for those underserved by traditional banks. Review the rates, fees, and customer reviews.

Quontic is a New York-based digital bank offering impressive rewards and community-driven initiatives.

But can they really compete with bigger national banks?

In this review, we'll take a look at the fees, interest rates, and top competitors of Quontic bank. Plus, find out what current customers have to say about banking with Quontic.

What is Quontic Bank?

Quontic first started in 2009 as a community development bank in New York City. Since then, it's transitioned into a digital banking service available to residents in all 50 states.

Founder and entrepreneur, Steven Schnall, acquired Quontic by purchasing Golden First Bank — a tiny bank with only $24 million in assets under management. Schnall's rebrand created huge growth for the company, which now has approximately $1.4 billion in assets.

Currently, Quontic offers a wide range of checking accounts (including the first-ever Bitcoin cash back account), savings accounts, and mortgage options.

Quontic has also earned a Community Development Financial Institution designation from the U.S. Treasury. This means that they use deposits to assist low-income families and other marginalized groups to secure mortgage financing.

Who is best-suited for Quontic bank?
Quontic is ideal for those wanting the option of high interest or cash back rewards but don't mind banking exclusively online.

How Does Quontic Bank Work?

Quontic is a primarily digital bank. The company does retain one physical branch location in Astoria, NY, as well as several mortgage lender locations.

Despite the few branch locations, Quontic has one of the most robust ATM networks in the industry. Quontic debit card holders can get fee-free ATM access at any Allpoint, MoneyPass, SUM or Citibank location — totaling over 90,000 ATMs nationwide.

To apply with Quontic, applicants must be at least 18 years old with a valid Social Security number or tax identification number, U.S. mailing address, phone number, and email address.

Applying online takes only a few minutes. First, Quontic must verify your identity using the information above. Afterward, you must link another account to provide the minimum opening deposit. You can also fund your account by ACH transfer or wire transfer.

Is Quontic bank legit?
Quontic has been FDIC insured since its inception. You can verify this information for yourself by visiting Quontic's page on the FDIC website.

Pros and Cons of Quontic Bank

Before signing up for an account, review these pros and cons to determine if Quontic aligns with your financial needs.


  • High interest rates for their checking account
  • First ever Bitcoin cash back account
  • Huge network of over 90,000+ ATMs
  • Variety of checking and savings account options
  • Low requirement thresholds to earn the maximum APY
  • Community-driven initiatives to help marginalized groups


  • High overdraft fees
  • $10 inactivity fee charged every month
  • No automatic savings and budgeting tools
  • Only a few branches

Below, find a more in-depth look at their banking products.

Quontic Checking Account Options

Quontic offers a diverse lineup of checking account options with great interest rates.

You can select the account based on which rewards work best for you. Let's review each of the three Quontic checking accounts available.

High-Interest Checking
Quontic doesn't seem to believe in basic bare-bones accounts. Their "basic" checking account option is a high-yield checking account that has one of the best interest rates in the country.

Quontic also claims you can open a checking account with them in under 3 minutes, making it a good option for busy bankers.

Member FDIC

High Interest Checking

  • Earn up to 1.01% APY
  • $100 minimum opening deposit
  • APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.

Cash Rewards Checking
If you're a big spender and prefer to get cash back instead of earning interest on your account balances, Quontic offers a cash back debit account with rates rivaling upscale credit cards like the Discover It card.

Member FDIC

Cash Rewards Checking

  • Get 1.5% Cash Back on All Eligible Debit Card Purchases
  • $100 minimum opening deposit

Bitcoin Rewards Checking
Attention crypto lovers! This is the first account of its kind, which operates like a normal checking account, but cash back rewards are paid in Bitcoin. Available in 37 U.S. states, Puerto Rico, and Washington, D.C.

Member FDIC

Bitcoin Rewards Checking

  • Get 1.5% Bitcoin on All Eligible Debit Card Purchases
  • $500 minimum opening deposit

How does the Bitcoin cash back account work?
Each day, 1.5% of qualified debit purchases will be converted into U.S. dollars that are then used to buy Bitcoin for the card holder.

Quontic Savings Account Options

Quontic also offers the same lineup of savings account options you can find at traditional established banks. These accounts all offer great rates and relatively small opening deposit requirements.

High-Yield Savings
Quontic's standard savings account offers a solid combination of low fees, small opening deposit, high interest, and no limits on interest payments.

Member FDIC

High Yield Savings - 0.55% APY

  • 0.55% APY
  • $100 minimum opening deposit
  • No monthly service fees

Money Market Account
Quontic's money market accounts come with a debit card that can be used for up to six transactions per billing cycle. The rates offered by Quontic's money market account are relatively low compared to their other accounts. Plus, the interest rate is variable.

Savers would be better off putting their money in a certificate of deposit or standard savings account.

Member FDIC

Money Market Account

  • 0.30% APY on $0 - $4,999.99 account balance
  • 0.35% APY on $5,000 - $149,999.99 account balance
  • 0.40% APY on $150,000+ account balance

Certificates of Deposit (CDs)
Quontic offers an excellent APY on CDs to help your money grow for a specific amount of time with a minimum opening deposit of $500.

A nice feature of Quontic's CDs is that they'll notify you before it ends. Over a 10-day grace period, you can choose to either renew or withdraw your CD.

Member FDIC

CD Rates

  • $500 minimum opening deposit
  • FDIC insured
TermCD Rates
6 Months0.55% APY
1 Year0.60% APY
2 Years0.75% APY
3 Years1.00% APY
5 Years1.11% APY

Note: Like all CDs, you'll be charged a penalty for withdrawing your money before the CD maturity date. For terms up to 12 months, the penalty equals the full amount of interest you earned. For terms of 12 months to 24 months, one full year of interest is charged. For terms of more than 24 months, you'll be charged two full years of interest.

Quontic Fees to Watch Out For

Quontic has one of the highest overdraft fees in the industry ($35). There is no limit to how many overdraft fees you can be charged per day.

The other fee to watch out for is a $10 inactivity fee charged monthly following one year of inactivity.

Beyond these two fees, Quontic charges very few common fees and has no monthly service fee for any of its accounts.

You can view Quontic's full fee schedule here.

Is Quontic bank BBB accredited?
Yes, Quontic Bank has been Better Business Bureau accredited since 2016 and currently holds an A+ rating with the organization.

Customer Reviews

Quontic receives decent reviews from existing customers.

The most common complaint is that the app is overly simplistic, not user-friendly, and lacks standard security features like automatic logouts and biometric login.

As one reviewer said, "This is a pretty poorly designed app. Very clunky and not intuitive."

Quontic's mobile banking app is rated 3.4 stars on the Google Play Store and 4.5 stars on the Apple App Store.

So, while they may offer great rates and low fees, technology appears to be Quontic's Achilles' heel.

How to Contact Customer Support

Customers can contact Quontic support by using their Live Chat feature, by phone at 1-800-908-6600, or by email at info@quonticbank.com.

Does Quontic use Zelle?
Yep! Quontic is compatible with all major contactless purchase services, including Zelle, Apple Pay, Google Pay, and Samsung Pay.

Quontic Bank Competitors

Quontic has plenty of stiff competition in the digital banking space, but the top three competitors based on monthly fees, interest rates, and account options are as follows:

Quontic vs. Axos
Axos provides higher APY on both checking and savings accounts. However, the qualification criteria are more difficult to attain with Axos. With Quontic, you only need to make 10 debit purchases each month totaling $10 or more to receive the maximum interest.

 QuonticAxos Bank
 Learn MoreVisit Site


Axos Bank

High Interest Checking - Learn More

Rewards Checking - Up to 1.25% APY - Learn More

Quontic: Pricing information from published website as of 07/08/2021

Axos Bank: Pricing information from published website as of 07/01/2020.

Quontic vs. Discover
Discover is known for its cash back, but Quontic takes the cake here as well by offering 1.5% cash back.

 QuonticDiscover Bank
 Learn MoreVisit Site


Discover Bank

High Interest Checking - Learn More

Online Savings Account - Earn 0.40% APY - Learn More

Quontic: Pricing information from published website as of 07/08/2021

Discover Bank: Pricing information and data points from published website as of 01/28/2021

Quontic vs. Chime
Chime outclasses Quontic in technology, automatic savings features, and fee-free overdraft protection, but Quontic has significantly better rewards.

This comparison is a toss-up for what is higher on your priority list: ease and convenience (Chime wins) or money-earning potential (Quontic wins).

 Learn MoreVisit Site



High Interest Checking - Learn More

Get Started - Learn More


Benefits and Features

Mobile App 

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Quontic: Pricing information from published website as of 07/08/2021

Chime: Chime is a financial technology company. Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC.

The Bottom Line: Is Quontic Worth It?

If you're okay with relatively basic online banking features, Quontic is worth checking out for the rewards they offer.

The option to choose a high-yield account or cash back account gives you an opportunity to earn great rewards while spending and saving. Plus, the innovation of the first-ever Bitcoin rewards card is impressive. Quontic's CD rates aren't too bad, either.

Write to Justin Barnard at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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