Updated March 18, 2022

Quontic Bank Review

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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.

CD Rates - Up to 2.20% APY

Overall Score






Customer Service


Mobile App

5-point scale (the higher, the better)

Pros and Cons

  • No monthly service fee
  • High interest rate
  • Bitcoin rewards account
  • Basic mobile app
  • $5/mo inactivity fee

Bottom Line

Innovative digital bank offering checking accounts with high rewards

Quontic is a New York-based digital bank offering impressive interest rates and checking rewards (including the first ever Bitcoin-back account!).

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, savings accounts, and mortgage options.

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 biggest ATM networks. Quontic debit card holders can get fee-free ATM access at any Allpoint, MoneyPass, SUM or Citibank location — totaling over 90,000 ATMs nationwide.

Quontic also uses your deposits for good. They use it to help low-income families, immigrants, people of color, and other marginalized groups to secure mortgage financing.

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.


  • No monthly service fees
  • 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 rewards
  • Community-driven initiatives to help marginalized groups


  • Basic mobile app
  • $5/mo inactivity fee if dormant for a year
  • 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.

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.

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.

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.

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.

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.

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 charges very few common fees and has no monthly service fee for any of its accounts.

Quontic charges:

  • $0 monthly service fee
  • $0 for overdrafts for nonsufficient funds
  • $0 for incoming wires
  • $0 for cashier's checks
  • $0 for money orders
  • $0 for excessive checks (for Money Market Account)
  • $0 for activity statements

Some fees you may encounter are:[1]

Dormant account (after 1 year of inactivity)$5 per month
Stop payments$20
Return deposited item$10
Outgoing domestic wires$25
Outgoing international wires$35
Account reconciliation$30 per hour
Account research$20 per hour

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.

How to Open an Account

To apply with Quontic, applicants must be at least 18 years old and a US citizen.

Quontic will ask for:

  • Name and date of birth
  • Social Security number
  • Valid U.S. government-issued ID
  • U.S. mailing address, phone number, and email address
  • Employment history

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

Quontic Bank Mobile App

Quontic has an app for both iOS and Android. The app is a pared down version of the website.

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.

Some reviewers say:

"This is a pretty poorly designed app. Very clunky and not intuitive."

"Considering Quontic is an online bank, it's surprising that the app does not have what I consider to be basic functions for a banking app. No biometrics log in, no way to change profile or passwords, no way to view statements, and no way to make or schedule transfers. Disappointing."

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.

Is Quontic Bank Safe?

Quontic Bank is a member of FDIC (FDIC #57807). This means your money is insured up to $250,000 per depositor, per ownership category, should Quontic Bank fail.

Quontic Bank also uses 128-bit encryption and multi-factor authentication for extra log-in security.

How to Contact Customer Support

Customers can contact Quontic customer service by:

  • General inquiries: 1-800-908-6600,
  • Online & mobile banking support: 1-855-226-5287
  • Mortgage support: 1-833-756-2671
  • Email: info@quonticbank.com

Customer support hours are Monday - Friday 9:00am - 6:00pm EST.

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. Here's how it compares against other top online banks:

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.

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

Quontic vs. Chime
Quontic has significantly better rewards. But Chime has better technology, automatic savings features, and other benefits. You can be eligible for a fee-free overdraft up to $200. It also lets you get paid up to 2 days early.

Plus, Chime has no credit check, so it's better for those with some past banking mistakes.

This comparison is a toss-up for what's higher on your priority list. Chime wins for ease and convenience; Quontic wins for money-earning potential.

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.


  1. ^ Quontic, Schedule of Fees, Retrieved 3/18/22
Member FDIC

CD Rates - Up to 2.20% APY

  • $500 minimum opening deposit
  • FDIC insured
TermCD Rates
6 Months1.15% APY
1 Year1.76% APY
2 Years1.95% APY
3 Years2.05% APY
5 Years2.20% APY
CIT Bank
Member FDIC

CIT Bank Savings Connect - 1.90% APY

  • Earn 19x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/19/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*

*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.


Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY622 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 09/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/15/2022

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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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