Quontic Bank is an “adaptive” digital bank headquartered in Manhattan, New York. Founded in 2009, the bank is federally chartered and available to members in every U.S. state.

Quontic is a member FDIC and all deposits are federally insured up to the applicable limits.

They are also a certified Community Development Financial Institution committed to providing accessible banking solutions to low-income households. They were named the Best Online Bank by Bankrate in 2020.

One could, theoretically, do all of their banking with Quontic, as this bank offers a range of accounts to meet your saving and checking needs as well as mortgage lending options. Deposit products include certificates of deposit, savings accounts, and three different types of checking accounts. Each one takes less than 3 minutes to open and can be funded with as little as $100 (different terms apply for different accounts).

Find out if Quontic Bank’s deposit accounts are right for you in our comprehensive review below.

Quontic Bank CD Rates + Account Details

Quontic Bank has 5 standard term CDs available. Each comes with a minimum deposit requirement of $500.

To put these yields into perspective, the current national average for 12 month and 60 month CDs sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

Interest is compounded daily and credited monthly to your account.

You can make this deposit via ACH transfer from an external bank or from another Quontic checking or savings account. You are not permitted to add additional funds to your account after it has been opened.

All Quontic certificates of deposit—and other deposit accounts—are federally insured by the FDIC up to the federal limit of $250,000 per depositor.

Quontic Bank does not offer any promotional CDs at this time.

Early Withdrawal Penalties

When your CD matures, you can withdraw your money without penalty. Partial withdrawals are not allowed—you need to withdraw all or nothing. But if you need to take out your money before it matures, you can do so but will incur the following early withdrawal fees:

• Early withdrawals from CDs with terms less than 12 months incur a fee equal to the full term’s interest
• Early withdrawals from CDs with terms between 12 and 24 months incur a fee equal to one year’s interest
• Early withdrawals from CDs with terms over than 24 months incur a fee equal to two years’ interest

These penalty fees are quite a bit higher than most, so avoid them if you can.

Grace Period

You will have 10 days to remove your money from your certificate of deposit after it renews penalty-free. You will receive a notification at the beginning of this grace period that your account has automatically renewed and that you have a short window of time to withdraw your money, if desired, without incurring penalty fees. Otherwise, you’ll lock in to the same account for another term.

High Yield Savings Accounts

The high yield savings account by Quontic Bank comes with one of the best yields around currently and can be opened with just $100.

Right now, the national average for a savings account sits at just 0.33% APY.

Once the account is opened, there is no minimum daily balance required to earn interest—all positive balances through $999,999.99 earn the advertised rate.

Interest is compounded daily and credited monthly to your account.

In accordance with Federal Reserve Board Regulation D, users are permitted to make up to six withdrawals or transfers from this account per month. Transactions in excess of this limit are subject to penalties and may not be processed. There is a penalty fee of $10 for every excessive transaction.

Money Market Account

The Quontic Bank Money Market account pays interest in tiers based on balance amount, however at this time all tiers pay the same 3.50% APY. As with Quontic Bank’s other deposit accounts, their money market account is also one of the highest yielding in the country. The minimum deposit requirement is $100.

For context, the national average for a money market account currently sits at 0.44% APY.

Interest is compounded daily and credited monthly back into your money market account.

You can fund your account by transferring money from an external bank or by transferring money from another Quontic account. There are no minimum daily or monthly balance requirements or penalties for low balances.

You may ask for a debit card for this account, but keep in mind that this is a savings account. Users are not permitted to make more than six transactions into or out of this account per statement cycle. Doing so will result in a fee of $10 each time or Quontic may choose not to authorize excessive transactions at all.

Checking Accounts

Quontic Bank offers three different types of interest-bearing checking accounts: High Interest Checking, Bitcoin Rewards Checking, and Cash Rewards Checking.

High Interest Checking

The high interest checking account also comes with a $100 minimum deposit to open and qualifying activities each statement cycle (see below).

The national average rate for interest-bearing checking accounts sits at 0.06% according to the FDIC.

The catch with this high interest checking account is you must perform certain activities to earn the advertised rate.

To earn the APY, you must do the following:

1. You must make a minimum of 10 qualifying point of sale debit card transactions of at least $10 per transaction per statement cycle.

If you do not meet this requirement, your balance will earn 0.01% in interest.

As of January 2023, all balances earn the 1.10% APY as long as requirements are met.

Interest is compounded daily and credited to your account monthly. 

You need to deposit $100 into this account when opening it, but you are not required to maintain a minimum monthly balance in order to earn interest or avoid fees. There are no monthly maintenance, service, or low balance fees associated with this account. 

There are also no fees for using your Quontic debit card at in-network ATMs including those within the AllPoint, MoneyPass, SUM, and CitiBank networks. There are more than 90,000 participating ATMs across the country including in convenient retail locations such as Target, CVS, Walgreens, and Circle K.

Bitcoin Rewards Checking

This is an interesting product in that rewards are paid in bitcoin. Users are eligible to receive up to 1.5% bitcoin on all point of sale in-person and online transactions made with their Quontic debit card. Transfers, ATM withdrawals, and bill payments are not eligible to earn this interest rate.

Interest is compounded daily and used to purchase bitcoin on your behalf every day. As long as your Bitcoin account remains open and in good standing, your rewards will not expire.

🔍 Please note that this Quontic checking account and the balance in it are FDIC insured, but your Bitcoin account and its balance are not.

When you want to redeem the Bitcoin you have accrued for cash, you can do so by paying a 2% fee to NYDIG and NYDIG will transfer your bitcoin to cash and deposit your earnings into your Bitcoin Rewards Checking account. Besides the 2% fee charged by NYDIG, there are no fees charged for this action. You may not purchase more bitcoin than what you earn through interest. Bitcoin rewards are not taxed but transfers may be in your state.

This account requires a minimum deposit of $500 to open, so it is a little bit harder to open than the other Quontic checking accounts. There is no minimum daily balance requirement for earning interest and all balance tiers are eligible to earn the maximum interest rate.

Residents of Hawaii, Idaho, Indiana, Louisiana, Nebraska, Nevada, and North Carolina are not eligible to open a Bitcoin Rewards Checking account at this time.

Fees

For every type of Quontic Bank checking account, there are a few fees you should be aware of. These are the following:

• Overdraft/non-sufficient funds: $35 each
• Incoming wire transfer: $10 each
• Outgoing wire transfer: $30 each
• Account dormancy: $10 per month
• Cashier’s checks: $10 each order
• Money order: $4 each
• Activity statement: $5

None of the three accounts charge maintenance or low balance fees.