Quontic Bank Money Market account review
- Annual Percentage Yield (APY)
-
4.75%
- Fee
- $0
- Minimum deposit to open
- $100
Our verdict
Enjoy its competitive APY, and access your cash with a debit card, checks and a large free ATM network.
The Quontic Bank Money Market account earns up to 4.75% APY on all balances — significantly higher than the national average of 0.6%. Alongside the fact it offers one of the highest APYs we've seen for a money market savings account, you'll also get a debit card and checkwriting privileges. And there are no monthly or overdraft fees. To open the account, you'll need at least $100. Just know that Quontic is an online bank, so it doesn't have any physical branches.
Best for: Those in need of an accessible high-yield savings account.
Pros
-
High 4.75% APY
-
No monthly or overdraft fees
-
Debit card and checkwriting privileges
-
Access to over 90,000 ATMs
Cons
-
$100 opening deposit
-
No physical branches
Who is the Quontic Bank Money Market best for?
If you’re in need of regular access to your savings, the Quontic Bank Money Market is worth considering. It’s got a great APY with no balance tiers to earn the high rate. You’ll also get a debit card and checkwriting privileges.
But if you want to avoid the temptation of dipping into your savings and don’t need a debit card, then a traditional savings account may be a better fit.
What we like about Quontic’s money market account
Earn 4.75% APY on your account balance, which is nearly nine times the national average for money market accounts (MMAs), which currently sits at 0.6%(1). Quontic’s APY compounds daily, and interest is credited every month at the end of your statement cycle.
Quontic’s MMA is a front-runner, even compared to other accounts with similar APYs. There are a few other top MMAs with slightly higher rates, but most of those don’t come with a debit card or offer checkwriting privileges.
Few fees
There are no monthly maintenance or overdraft fees. Many other money market accounts charge monthly maintenance fees of around $25 or more. You also won’t pay anything for money orders, statements, cashier’s checks or incoming domestic wire transfers.
Large ATM network
Quontic has a large free network of over 90,000 ATMs. You can use your debit card with no fees from Quontic at qualifying Allpoint, MoneyPass, SUM and Citibank ATMs. Quontic is also integrated with Zelle, so you can make peer-to-peer payments.
Where Quontic Bank Money Market falls short
This account is pretty straightforward and doesn’t have many downsides. However, you’ll need to make a $100 minimum opening deposit. Although $100 is pretty average comparatively, a good number of MMAs have low $1 opening deposit requirements.
Like most money market savings accounts, you’re limited to six withdrawals and transfers per month. And if you make a transaction outside that limit, you’ll pay a $10 fee for every transaction.
Also, Quontic Bank doesn’t have the largest customer service window we’ve seen, with support hours only on weekdays from 9 a.m. to 6 p.m. ET. Quontic Bank doesn’t have any physical branches, which is a common downside with online banks. But there are a few loan offices in Florida, Indiana and New York.
Compare Quontic Bank Money Market to other MMAs
Narrow down top money market accounts by APY, insurance coverage, opening deposits and more. For a closer comparison, select the Compare box on up to four providers to see features side by side.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Customer experience
Quontic Bank is accredited by the Better Business Bureau (BBB) and earns an A+ rating, which is based on how well a company responds to complaints and interacts with customers.
All in all, Quontic does very well in terms of customer reviews and ratings. There are only a few BBB complaints — most online banks have hundreds or thousands. Quontic also takes the time to respond to grievances. The handful of complaints are mostly unique circumstances regarding CDs, closing personal accounts and issues contacting customer service.
On Trustpilot, Quontic also does well. The positive reviews outshine the poor ones, with most customers praising the bank and customer service. Quontic offers a suite of banking and lending products, so the reviews aren’t all in reference to just banking products. Overall, customers are happy with customer support, interest rates on savings products and the speed of opening new accounts.
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Your reviews
Bethany Finder
Editor, Banking
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