Updated September 7, 2023

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.

5-point scale (the higher, the better)

Pros and Cons

  • No monthly service fee
  • High interest rate
  • 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.

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. 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.

It's primarily a digital bank. But the company does have several mortgage lender locations in the US.

Quontic has also earned a Community Development Financial Institution designation from the U.S. Treasury. This means that they're recognized for providing financial services to underserved communities.

Who is Quontic Bank Best For?

Quontic Bank may be a good choice if you:

  • Use your debit card a lot and want to earn interest or cashback.
  • Want a simple savings account with a high APY.
  • Are okay with only online and mobile banking.
  • Are part of the underserved community and have trouble accessing financial services.

Is Quontic bank FDIC insured?
Quontic has been FDIC insured since 2005 (FDIC# 57807). Your deposits are protected up to the federal limit of $250,000 should Quontic Bank fail.

Quontic Bank Best Features

Quontic Bank is one of the most innovative financial institutions. Here are some outstanding features that set them apart:

Excellent rewards & interest rates
Most checking accounts don't offer rewards. But Quontic offers interest or cashback. You can get rewarded for just daily purchases.

Plus, Quontic's savings accounts offer some of the highest interest rates on the market.

Wearable Pay Ring
Quontic is the nation's first bank to offer a wearable payment ring. You can quickly pay by simply tapping the sleek black ring over the payment machine. And what's more - all your purchases with the Pay Ring earn rewards too.

Huge ATM network
Quontic has one of the largest ATM networks among digital banks. You get free access at over 90,000 Allpoint, Moneypass, Citibank, and SUM program ATMs.[1]

Very little fees
All of Quontic's checking and savings accounts have $0 monthly fee. Plus, there are no overdraft fees.

Inclusive mortgage solutions
Quontic has a strong mission to help secure mortgages to people who usually won't qualify for a traditional home loan. They really look at your unique situation instead of just your income.

Community mission
Quontic uses your deposits to help low-income families, immigrants, people of color, and other marginalized groups secure mortgage financing. You can take pride knowing that your money is used for good.

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
  • Nation's first wearable Pay Ring
  • 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 locations

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

Does Quontic Bank have any branches?
Quontic Bank only has a few loan offices in New York, Florida, and Indiana. It does not have any physical banking branches.

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 earns 1.10% APY when you make at least 10 qualifying debit card transactions of $10 or more per statement cycle.

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.

You get 1.00% cashback on all eligible debit card purchases. This rewards rate rivals upscale credit cards like the Discover It card.

Does Quontic Bank have overdraft protection?
Quontic does not charge any overdraft fees. But if you do accidentally overdraw your account, you will be responsible for paying the overdrawn balance.

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 high 4.50% APY with no monthly fee.

You earn this high APY on your entire balance, with no limit on how much you can get. Interest is compounded daily and paid at the end of each month.

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)
If you can lock up your funds for a specific amount of time, Quontic's CDs will give you the best rates. The longer the term, the higher the APY and the more your money will grow. The minimum opening deposit is $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:[2]

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.[3]

Quontic Mortgage Programs

Quontic offers unique, customized mortgage solutions to people who may not qualify for a traditional home loan.

They believe that buying a home shouldn't only be based on traditional income requirements. So they also take other factors into consideration to help you achieve the dream of home ownership.

Quontic offers these mortgage solutions:

  • Community Development Loans: If you don't have consistent income on paper, this special loan lets you qualify for a mortgage based on your good credit, amount of savings, or alternative income sources. This is ideal for:

    • Self-employed individuals & small business owners
    • Immigrants
    • Low income families who pool together resources
    • Foreign nationals
    • Retirees

  • FHA Loans: This lets you buy a home with as little as 3.5% down payment. It's ideal for those with lower credit and/or income.[4]

  • VA Loans: Qualified veteran can get 100% financing with zero down payment. It also has more relaxed credit requirements.

  • Conventional Loans: Quontic also offers traditional mortgages with competitive rates.

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 Bank have Zelle?
Yep! Zelle is available in the Quontic mobile app. Quontic charges no fees to send or receive money with Zelle.

It's also compatible with all major contactless purchase services, including 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® Bank
Discover® Bank is known for its cashback checking, but Quontic takes the cake here as well by offering 1.00% 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.[5] 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. Quontic's CD rates aren't too bad, either.


  1. ^ Quontic. Quontic's ATM Locator, Retrieved 9/8/2022
  2. ^ Quontic, Schedule of Fees, Retrieved 3/18/22
  3. ^ Better Business Bureau. Quontic Bank, Retrieved 9/8/2022
  4. ^ Quontic. FHA Loans, Retrieved 9/8/2022
  5. ^ Chime. Fee-Free Overdraft with SpotMe, Retrieved 8/09/2022
Member FDIC

High Yield Savings - 4.50% APY

  • 4.50% APY
  • $100 minimum opening deposit
  • No monthly service fees
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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 fees 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*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 5/31/2024.
  • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
  • Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

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