Pros Explained

• Competitive interest rates and cash-back rewards: Quontic's interest rates aren't the best on the market, but they're up there. Additionally, you can earn cash back or interest with the bank's checking accounts, which are less common benefits, even among online banks.
• No monthly fees: The bank doesn't charge monthly fees on any of its accounts. Many traditional banks charge monthly fees on checking and money market accounts, and even some savings accounts. Additionally, some other online banks charge monthly fees on various account types.
• Large fee-free ATM network: The online bank partners with multiple ATM networks—Allpoint, MoneyPass, SUM, and Citibank—to provide an impressive 90,000 fee-free ATMs to customers.

Cons Explained

• Only accepts cash deposits at one ATM in New York: While you can add money to your account via direct deposit, 澳洲幸运5官方开奖结果体彩网:mobile check deposit, mailing a check, bank transfer, or wire transfer, there's no way to deposit cash into your account unless you use a specific ATM in Astoria, New York, according to customer support. Some other online banks do allow cash deposits via ATM.
• No physical branches: The bank has no brick-and-mortar branches, which may be a dealbreaker for consumers who prefer in-person service.
• Requires a minimum opening deposit: Quontic's checking, savings, and money market accounts require a $100 minimum deposit when you open your account. Many other online banks don't have a minimum deposit requirement at all.

Who Is Quontic Bank Best For?

Quontic Bank can be a good fit for someone who prefers to do all of their banking online and wants to earn a high interest rate on their bank account balances, and for those who want to earn rewards on their debit car🀅d purchases.

The bank's innovative spirit—which led to the first wearable payment ring in the U.S., according to Quontic—may also be appealing to younger consumers. While some other online banks of꧒fer limited account options, Quonti♌c offers checking, savings, certificate of deposit (CD), and money market accounts (MMAs), making it easier to keep all of your banking under one proverbial roof.

However, other than mortgages, the bank doesn't offer any other products and services. If you're looking for a bank that offers 澳洲幸运5官方开奖结果体彩网:credit cards, 澳洲幸运5官方开奖结果体彩网:personal loans, 澳洲幸运5官方开奖结果体彩网:auto loans, 澳洲幸运5官方开奖结果体彩网:investment accounts, and other options, you’ll have to look elꦉsewhere.

What's more, Quontic might not be a good fit for someone who regularly receives cash because the bank doesn't allow cash deposits (unless you can get to a particular ATM in Queens, New York). A lack of physical branches may also be an issue for consumers who like the option of in-person banking.

Bank Accounts Offered by Quontic Bank

Quo꧟ntic Bank offers a handful of common banꦑk accounts:

• 澳洲幸运5官方开奖结果体彩网:Checking accounts
• 澳洲幸运5官方开奖结果体彩网:Savings accounts
• 澳洲幸运5官方开奖结果体彩网:Certificates of deposit
• 澳洲幸运5官方开奖结果体彩网:Money market accounts

Checking

Quontic Bank offers two checking accounts, which allows you to choose between earning cash back or a high interest rate on your deposits. Both accounts come with a free Pay Ring linked to your debit card, which you can use to make contactless debit payments. In addition to no monthly maintenance fees, the accounts also don't charge 澳洲幸运5官方开奖结果体彩网:overdraft or non-sufficient funds fees.

With the Cash Rewards Checking account, you'll earn 1% cash back on all qualifying point-of-sale purchases. There are no other requirements to earn cash back, but you're limited to earning $50 in rewards per statement cycle.

The High Interest Checking account offers an interest rate much higher than the national checking account average, but it's lower than what you can get with some of the 澳洲幸运5官方开奖结果体彩网:top high-yield checking accounts. Additionally, you'll need to make a minimum of 10 qualifying point-of-sale transactions with your debit card each statement cycle—each must be at least $10—to qualify for the advertised annual percentage yield (APY). Otherwise, you'll earn barely any interest.  

Savings

Quontic only offer🤡s one savings account, giving customers less flexibility compared to banks that offer multiple options for different situations.

With the Quontic Bank High Yield Savings account, you'll get an APY that's much higher than the national average, but it's not quite as good as what you can get from one of the best 澳洲幸运5官方开奖结果体彩网:high-yield savings accounts. Interest is compounded daily—a common approach among online banks.

Certificates of Deposit

Quontic Bank only offers a single standard certificate of deposit account. While there is a minimum deposit requirement of $500, that's low compared to some other banks. 

The bank provides a range of CD terms, but not as many options within that range as some other banks. The bank offers competitive rates, but the 澳洲幸运5官方开奖结果体彩网:best CD rates may be found at other institutions offering slightly higher APYs.

Money Market Accounts

Quontic’s Money Market account, like its other accounts, offers a competitive interest rate that’s often close to the 澳洲幸运5官方开奖结果体彩网:best money market accounts available. Unlike some of the other top options, there's no minimum balance required to earn interest or avoid a monthly fee—though you do need to deposit $100 to open the account.

In addition to a debit card, you can also take advanta♎ge of this MMA’s check-writing privileges. 

Other Products Offered by Quontic Bank

In addition to bank accounts, Quontic Bank𓃲 also offers mortgage loans.

Mortgages

Quontic Bank offers both traditional and non-traditional mortgages, providing access to homeownership for a broad range of consumers. Mortgage programs include:

• 澳洲幸运5官方开奖结果体彩网:Conventional mortgages
• Refinance mortgages
• 澳洲幸运5官方开奖结果体彩网:FHA loans
• VA loans
• Lite documentation loans
• Bank statement loans
• Asset utilization loans
• Foreign national loans
• Debt-service coverage ratio loans
• Individual taxpayer identification number loans 

Mobile App

Quontic offers a highly-rated mobile app for Android and iOS users. In the Apple App Store, the Quontic app has an average rating of 4.8 out of 5 stars. In the Google Play Store, users have given it an average rating of 4.7 out of 5 stars.

Customers can use the mobile app to rev🅷iew account balances and transactions, make transfers and payments, deposit checks, and find nearby💛 ATMs.

Customer Service

Customer Satisfaction

On Trustpilot, Quontic has garnered great customer satisfaction reviews, with an average rating of 4.1 out of 5 stars. Scores are lower on the BBB (average of 1.06 out of 5), but there are only a few reviews. The company has an A+ BBB rating.

How to Bank With Quontic Bank

You can open a Quontic Bank account online—the process takes three minutes or less, according to the financial institution. You'll need to provide the following information:

• Name
• Date of birth
• Social Security number
• Address

You may also need to provide a copy of your government-issued photo ID. To fund your account, you can transfer money from anotherꦏ bank account.

The Bottom Line

Quontic Bank offers a solid array of bank accounts with high interest rates and without the drawback of monthly maintenance fees or minimum balance requirements. However, you will need to meet a minimum deposit requirement to open an account. And while the bank offers high APYs, you may be able to find even better returns elsewhere. If you prefer in-person banking or make a lot of cash deposits, Quontic may not be the right fit for you. Consider other online banks and traditional banks if eit♎her of those is true for you.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banking institutions. We researched 19 institutions, reviewing account types, rates, fees, minimum balance requirements, rewards, customer service,💞 and mobile apps. Our research and editorial processes are designed to ensure t꧑hat our reviews help users make informed decisions for their banking needs.