Quontic Bank Review

Quontic Bank logo

Quontic Bank

9.0

BankBonus.com rating

Bottom Line

With unique reward structures, well above average APYs, and even a wearable debit card, you’ll find plenty of reasons why Quontic Bank stands apart as an adaptive digital bank.

Pros

  • Attractive Rewards
  • High APYs
  • Tons of ATMs

Cons

  • No physical branches
  • No sign-up bonus

Quontic Bank logo

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at Quontic Bank

The financial industry is being disrupted as tech-focused, online-only banks are quickly replacing old school banks, and the adaptive bank, Quontic, is a part of this trend. With starkly unique features, including a crypto-based rewards account and a wearable debit card (seriously), this bank is getting a lot of attention.

In this Quontic Bank review, you’ll learn about its innovative bank accounts, pros and cons, fees, and more.

What is Quontic Bank?

Quontic is a New York City-based adaptive digital bank that was founded in 2009. According to Quontic, its goal of “keeping an eye toward innovation and crafting financial products to meet people’s evolving needs” is what makes it adaptive.

In 2015, it became a Certified Community Development Financial Institution (CDFI), which means that Quontic can offer more affordable loan rates to under-served populations. Today, it is the only mission-based online CDFI in the US, but it’s also made its name on unique and innovative deposit account options. For example, Quontic was the first bank to offer a Bitcoin rewards checking account.

Quontic Bank Features

To help you understand more about what Quontic brings to the table, let’s take an in-depth look at its most exciting products and features.

Mobile App

Quontic is an online bank, so you can handle all your account needs from your computer or smartphone. Quontic does have branches in New York, Florida, and Indiana, but these physical locations are entirely dedicated to loans and mortgages.

Therefore, the mobile app is one of its most important features. The Quontic app currently boasts a 4.5-star (out of 5) rating with Apple users in the App Store, but it falls a bit short for Android users with 3.4 stars (out of 5) in the Google Play Store.

90,000+ Fee-Free ATMs

While most online banks have a single ATM network, Quontic has three. It’s part of the Citibank, Allpoint, and MoneyPass networks, bringing its grand total of options for fee-free ATM access to just under 100,000.

So, you should never have a problem taking out cash with your Quontic debit card.

Quontic Pay Ring

If you’re into higher-tech banking solutions and wearable technology, you’ll love Quontic’s Pay Ring. Billed as the first wearable debit card in the US, the Pay Ring allows you to check out at the register with a literal ring on your finger.

The ring employs the same technology as a tap-to-pay debit or credit card. The ring itself has a simple, minimalist look and could help those who tend to forget their debit card at home.

Best of all, it comes free with a Quontic checking account.

Products

Quontic Bank Checking Accounts

Quontic offers three different checking accounts, and each one hooks you up with a different type of reward. No matter which account you choose, you’ll earn when you deposit and spend.

You also don’t have to worry about typical banking fees. Quontic does not include monthly maintenance fees or overdraft fees with any of its checking accounts.

Let’s take a look at each account.

1. Bitcoin Rewards Checking Account

In 2020, Quontic became the first bank in the US to offer a deposit account offering Bitcoin rewards. Since then, cryptocurrency has taken off as a banking reward, with plenty of other banks following suit.

With a Quontic Bitcoin Rewards account, you earn 1.5% back in Bitcoin for every dollar you spend. There’s no minimum balance requirement to earn these rewards, and all point of sale purchases will qualify. Here’s how it works:

You earn cash back when you make a purchase, just like a normal rewards account. Quontic then takes those earnings and purchases equivalent Bitcoin on your behalf. From there, your Bitcoin goes into a connected account with NYDIG, a community-based institution built around Bitcoin.

While the account doesn’t charge any monthly service fees, it does have a higher-than-average minimum opening deposit requirement of $500.

2. Cash Rewards Checking Account

If you aren’t ready to take the plunge into crypto, Quontic Bank offers a more traditional rewards account. Essentially, it’s the same account as Bitcoin Rewards Checking but leaves out the part where your cashback is converted to Bitcoin. Instead, you earn the same 1.5% back on debit card transactions, and the cashback stays in your checking account.

Plus, the entry threshold is a little lower, with a minimum deposit requirement of $100.

3. High-Interest Checking Account

Quontic’s High-Interest Checking account offers rewards on your direct deposits, instead of purchases. To open an account, you need an initial deposit of at least $100. The account comes with a more than competitive APY of 1.10%.

Here’s how to max out your rate:

First, you need to make at least 10 point of sale purchases with your debit card each month. If you hit the mark, you earn the 1.10% APY on your balance up to $150,000. If your balance exceeds that amount, you earn a still-respectable APY on everything up to $1 million. After that, there’s no interest rate.

Quontic Bank Savings Accounts

Quontic only offers one true savings account but also comes with Money Market and CD options. So let’s check out each of its accounts designed for the long-term.

High Yield Savings Account

Quontic’s High Yield Savings account is simple and straightforward and offers one of the best savings rates you’re likely to see. The current APY for all balances is 1.58%, which sits significantly above the national average. You can open an account with $100 or more, and interest is compounded daily and paid each statement cycle.

Money Market Account

Quontic also offers a Money Market option, but it isn’t a standout account for the bank. The 1.50% APY here is a competitive rate, but the reality is that there are better options available.

If you want to earn interest while retaining the flexibility of an account with a debit card, go with High Interest Checking.

Certificates of Deposit (CD)

If you’re looking for the highest annual percentage yield that Quontic offers, you’ll find it in its CD rates.

Quontic CDs come in four different term lengths: 6 months, one year, two years, three years, or five years. The longer you commit funds, the higher your APY. Here’s the full breakdown:

Product APY Min Deposit
6 Month CD1.26% APY$500
1 Year CD2.01% APY$500
2 Year CD2.51% APY$500
3 Year CD2.81% APY$500
5 Year CD2.86% APY$500

Of course, a CD account is only a good option if you have money on hand that you won’t need for the duration of the term. There’s an early withdrawal penalty if you take money out early, so be sure to think it through ahead of time.

Fees

Aside from some unavoidable wire transfer charges, Quontic has completely moved away from traditional banking fees. This is in line with most online banks, and you can rest assured that you won’t be nickeled and dimed with your Quontic accounts.

This means no ATM fees, no overdraft fees, and no fees for a low account balance. So if you’re looking for a truly fee-free bank, Quontic is absolutely an option.

Signing Up and Getting Started

You can sign up for a new Quontic account in as little as three minutes online. To get started, all you need is your basic personal information, plus an account to make your initial deposit. Once your account is open, you can immediately access online and mobile banking.

Quontic Bank Promotions

At the moment, Quontic is not offering any sort of sign-up bonus for new account holders. Instead, Quontic focuses its efforts on ongoing top-tier rewards and interest rates. This way, you can continue to earn over time rather than a single bonus after you enroll.

That said, there’s no guarantee that Quontic won’t try to bolster enrollment with a bonus in the future. As always, Bank Bonus will be the first to let you know if one pops up.

Security

Quontic is a member-FDIC institution, so your daily balance is protected up to $250,000. On top of that, Quontic has several online security practices in place.

These include 128-bit SSL encryption, biometric logins, automatic time-outs, and device profiling. Plus, if you ever lose your debit card or Pay Ring, you can easily freeze it on the Quontic app.

Customer Service and Support

When you need help with your Quontic account, you can give them a call, send an email, or troubleshoot with FAQs on the website. Customer service hours are Monday through Friday from 9 am to 6 pm Eastern Time, and you can reach a rep at 1-800-908-6600 or info@quonticbank.com.

So far, Quontic customers seem pretty happy with the support that it provides. On Trustpilot, Quontic has a very solid 4-star rating (out of 5).

Pros and Cons

Pros:
  • Awesome checking rewards (e.g., Bitcoin)
  • High APYs
  • Community-focused bank
  • Tons of ATMs
Cons:
  • No physical branches
  • High minimum deposit for some accounts
  • No sign-up bonus
  • No credit card options

Alternatives to Quontic Bank

There is no shortage of online banks to choose from, but there are several that stand out. Here are a few options for you to compare with Quontic.

Chime

Chime is a leading neobank that offers a range of account options. The platform is simple and user-friendly. It also avoids banking fees and offers consistently high savings rates. If you’re looking for a digital bank that does nearly everything well, Chime is a great choice.

Axos

Axos is a solid choice for high-earning personal and small business banking. Like Quontic, there are options for rewards on eligible debit card purchases. Most importantly, Axos’ savings rates are always among the best.

Aspiration

Aspiration is one of the most well-known banks when it comes to having a mission. The growing online-only bank is committed to funding the fight against climate change, and you can do your part by opening an account. What’s more, Aspiration offers competitive APYs and cashback amounts on debit purchases.

Frequently Asked Questions

Is Quontic bank safe?

Yes. Quontic is an FDIC-insured institution, so it’s safe to deposit your money into one of its accounts. Plus, like any good online bank, Quontic keeps all of your personal information protected from potential hackers or unauthorized users.

Is Quontic FDIC insured?

Yes. Unlike many online banks, Quontic is an FDIC-insured financial institution and does not rely on a third party for insurance.

Where is Quontic Bank located?

New York City. Though it used to be in Astoria, Queens, Quontic has since relocated its headquarters to Rockefeller Plaza in Manhattan. It also operates loan offices in New York, Florida, and Indiana.

Is Quontic Bank Right For You?

Personal finance is changing for the better. As it becomes increasingly digital, banking options like Quontic become even more attractive.

There are several reasons for this, including lower fees, higher APYs, and elevated reward programs, to name a few. In fact, Quontic’s downsides only appear if you’re still attached to the idea of traditional banking. For example, there are no physical branches or tellers, so you have to handle any issues online or over the phone. However, if you can do without them, who cares?

Overall, Quontic is a great option for those who want something a little different. With unique reward structures, well above average APYs, and even a wearable debit card, you’ll find plenty of reasons why Quontic stands apart from the pack.

Here’s to finding the bank that simplifies your financial life, while rewarding you along the way.