Quontic started as a community bank named Golden First Bank in 2009. Now, the New York-based bank is entirely focused on digital banking.
There are no physical branches. Instead, Quontic has made a name for itself with creative moves such as setting up a new outpost in the metaverse called Decentraland.
Marketed as “the first digital banking experience in the metaverse,” Decentraland offers a virtual venue for people to connect, receive financial education and conduct their Quontic banking business. You can purchase limited-edition NFTs while listening to a virtual DJ playing music, the company says.
What we like
- No overdraft fees or monthly maintenance fees
- Some of the most competitive savings rates among online banks
- A leader in digital innovation
What we don’t like
- No branch locations
Who is Quontic suited for?
Quontic shares plenty of similarities with the best online banks. It’s a good fit if you’re comfortable doing all of your money management from your own screen and if you’re interested in a bank that takes bigger digital leaps than the biggest banks in the country. Quontic’s bitcoin checking rewards program, coupled with an outpost in the metaverse and a wearable payment ring, shows that the bank is suited for young digital natives.
Quontic Bank products
Quontic offers three checking accounts: Bitcoin Rewards Checking, Cash Reward Checking and High Interest Checking. The Bitcoin Rewards Checking program -- which offers 1.50% cash back in bitcoin on debit card purchases -- is innovative, but the recent volatility of cryptocurrency makes this program only geared toward those who are comfortable with a high degree of uncertainty: When bitcoin tanks, so do all of those reward points.
When it comes to deciding between the Cash Reward Checking and High Interest Checking, you’ll need to think about your financial habits: Do you use your debit card to pay for everything? Then, the Cash Reward program, which pays 1.5% cash back on all purchases, is good for you. Will you be parking a large sum of cash in the account? High Interest, which pays an annual percentage yield, or APY, of 1.10%, landed on our list of the best checking accounts in the banking industry, is the right move.
Checking Account Features
| APY | 1.10% on High Interest Checking; 1.50% on Cash Rewards Checking |
|---|---|
| Minimum balance | $100 |
| Monthly fee | None |
| Overdraft fee | None |
| ATMs | Access to more than 90,000 fee-free machines |
Pros
No fees
Low minimum $100 deposit requirement (slightly higher $500 requirement for Bitcoin Rewards)
Cash back on debit card purchases is a rare find in the banking industry
Cons
Must make 10 qualifying debit card purchases to earn High Interest APY
Bitcoin rewards are untested and risk losing value (account is also not available in Hawaii or North Carolina)
There’s a lot to love about Quontic’s High-Yield Savings Account -- so much, in fact, that it appears on our list of the best high-yield savings accounts available anywhere. Just deposit $100, and you’ll be able to take advantage of one of the highest rates you’ll find on a savings account.
Savings Account Features
| APY | 3.50% |
|---|---|
| Minimum deposit | $100 |
| Monthly maintenance fee | None |
Pros
Low minimum deposit
No monthly fee
One of the best savings rates available
Cons
$10 excessive transaction fee for every transaction over six in a statement period
You can choose from five certificate of deposit term lengths at Quontic, all of which offer APYs that can compete with the best CD rates available. Just be sure that you’re comfortable keeping the cash parked until the maturity date because Quontic’s early withdrawal penalties are some of the steepest in the industry.
CD Account Features
| CD term | APY |
|---|---|
| Six-month | 3.50% |
| 12-month | 4.25% |
| 24-month (two-year) | 4.15% |
| 36-month (three-year) | 4.30% |
| 60-month (five-year) | 4.45% |
| Early withdrawal penalties | All interest earnings on CDs up to 12 months; One year of interest on CDs longer that 12 months but less than 24 months; two years of interest on CDs 24 months or longer |
Pros
Some of the highest rates across the board
Minimum deposit of just $500
Interest compounds daily
Cons
Very high early withdrawal penalties
Must withdraw the entire amount if withdrawing early -- partial withdrawals aren’t allowed
No alternative CD types offered
Quontic’s money market account may not appear on our most recent list of the best money market accounts, but an APY of 3.50% -- nine times the national average -- should put it in your consideration set. However, there’s one big drawback: This is not meant to function like a checking account. While it comes with a debit card, using it too often -- or withdrawing money via any other channel -- will cost you. The $10 excessive transaction fee is excessively high.
MMA Account Features
| APY | 3.50% |
|---|---|
| Minimum deposit | $100 |
| Monthly maintenance fee | None |
| Overdraft fee | None |
| Excessive transaction fee | $10 for every transaction/withdrawal over six in a statement cycle |
Pros
One of the best APYs available
Low minimum deposit
No monthly fees
Cons
$10 excessive transaction fee for every transaction over six in a statement period
Banking experience
Banking with Quontic is all done via your computer, phone or tablet. The bank offers a highly rated mobile app. While you can’t visit an in-person branch, you can access more than 90,000 ATMs for free. Quontic has a solid rating on Trustpilot: A 4.1 out of 5 stars based on more than 450 past customer reviews. The online-only business model at Quontic is the opposite of the biggest banks in America: Reduce all the overhead expenses of physical locations and pass that savings on to bankers by eliminating fees and offering higher saving rates.
Overdraft fees
You won’t need to worry about overdraft fees at Quontic. The bank doesn’t charge them.
There are other costs to consider, though, depending on the type of account you want to open at Quontic. The bank’s early withdrawal penalties for CDs are some of the highest in the banking industry. And if you’re thinking about a money market account here, be mindful of treating it more like a savings account than a checking account. You’ll pay a $10 excessive transaction fee after your sixth transaction in a statement period, which is higher than most other banks.
Customer service
Quentin’s customer service department is available Monday through Friday between 9 a.m. and 6 p.m. ET (between 6 a.m. and 3 p.m. PT). The phone number is 800-908-6600 for bankers. Additionally, there’s an online chat tool on the bank’s website.
About Quontic
Quontic has been making a name for itself in recent years, winning awards for innovation for its traditional banking products and its work in the mortgage lending space. It works with borrowers who might not be approved for a home loan from other institutions. A certified Community Development Financial Institution, Quontic says it’s committed to helping low-income families, immigrants, people of color, small business owners and other individuals buy a home.