Quontic Bank is a digital bank that offers high-yield checking and savings accounts and a very large ATM network of over 90,000 locations. Quontic’s personal checking, savings and money market accounts all require a minimum opening deposit of at least $100, but none charge monthly maintenance fees. Quontic’s most unique perk is its Pay Ring, a wearable contactless debit card that checking account holders can request at no cost. But if you’re looking for an all-in-one bank, know that Quontic doesn’t offer investing services, credit cards or personal loans.
Best for: Those who prefer online banking and high APYs.
Pros
No monthly fees on accounts
High APYs
Interest and rewards checking
Wearable Pay Ring
Compatible with Zelle
Cons
Online only
$100 opening deposit on accounts
No credit cards or personal loans
No investing
Is Quontic Bank right for you?
If you don’t mind online banking, Quontic might be the right choice for you.
Quontic is an FDIC-insured online bank, so it doesn’t have any physical branches. What it does have, though, is an extensive fee-free ATM network of over 90,000 locations, so you’ll likely have access to cash deposits and withdrawals via ATM if that’s a priority.
The Quontic Bank High Yield Savings account also includes an optional ATM card, and its money market account (MMA) offers a debit card and checkwriting. For a digital bank, these perks are rare and appreciated.
How Quontic Bank stacks up
Among online banks, Quontic stands out for its large ATM network, high APYs and accessible accounts.
Where it shines
It’s more positive than negative with Quontic.
Cards galore. Receive a debit card with an MMA or checking account and an optional ATM card with the high-yield savings account.
Pay Ring. A perk unique to Quontic, you can get a wearable, contactless debit card in the form of a ring. Use it just like a contactless debit card and manage it in the app.
No monthly fees. There are no monthly maintenance fees on its personal accounts, making them affordable to open and maintain long-term.
Interest and rewards checking. Choose to earn interest on your balance or earn cash back with debit card purchases with either High Interest Checking or Cash Rewards Checking.
High APYs. Online banks tend to offer higher APYs than traditional banks, and Quontic remains one of the most competitive options among online banks.
Compatible with Zelle. Quontic is among many of the financial institutions that are automatically integrated with the peer-to-peer money service Zelle.
Where it falls short
There isn’t much to gripe about with Quontic, but it may not be the right bank for everyone.
No credit cards. Quontic has everyday banking and high APYs, but it doesn’t offer credit cards, so it may not be a great catch-all bank.
No IRAs or investing. Unlike large traditional banks, Quontic doesn’t have IRAs or investing options.
No physical branches. While not a con about Quontic itself, if you prefer in-person support or branch access, Quontic might not be for you.
Quontic offers three checking accounts without monthly maintenance or overdraft fees. However, you’ll need at least $100 to open any of these accounts.
High Interest Checking. Offers up to 1.10% APY on all balances if you make at least 10 qualifying debit card transactions of $10 or more each cycle. If you don’t meet that requirement, the APY drops to 0.01% APY. The account requires a $100 opening deposit and has no monthly, overdraft or foreign transaction fees.
Cash Rewards Checking. Offers up to 1.00% cash back on debit card point-of-sale purchases up to $50 per month. Requires a $10$100 opening deposit and has no monthly, overdraft or foreign transaction fees.
Wearable Checking. One of Quontic’s most unique accounts, this checking account comes with Quontic’s wearable pay ring at no cost. The ring uses the same chip technology as contactless debit cards and is made of zirconia ceramic, making it water- and scratch-resistant. The Wearable Checking account requires a $100 opening deposit requirement and has no monthly, overdraft or foreign transaction fees.
Important note: While the Wearable Checking account advertises that you can get the Pay Ring at no cost if you have any of Quontic’s checking products, you can also order the Pay Ring for free. There’s nothing on Quontic’s site that requires you to have the Wearable Checking account specifically — just a stipulation that you must have a Quontic checking account.
Quontic savings account
The Quontic High Yield Savings account is a top choice, thanks to its optional ATM card and high rate.
This account offers up to 3.75% APY with no monthly fees and a $100 opening deposit requirement similar to its other accounts. It also provides an optional ATM card, which is nice as most savings accounts don’t bother with that feature. However, like most savings accounts, you’re limited to six withdrawals per month.
Quontic features a Money Market account with an impressive 4.25% APY, with no monthly maintenance fees or overdraft fees. Just like its other accounts, there’s a $100 opening deposit requirement.
The 4.25% APY is significantly higher than the national average of
0.59% for money markets, and that rate also places it among some of the best money market accounts out there. (1)
Quontic Bank CDs
Quontic’s certificate of deposit (CD) offerings are competitive, with rates up to 3.85% APY that crush national averages. You’ll need at least $500 to open one, which is reasonable as most banks require at least $1,000 to open a CD.
Term
APY
Opening deposit requirement
3 months
3.85%
6 months
3.75%
$500
12 months
3.00%
$500
24 months
3.35%
$500
36 months
3.25%
$500
60 months
3.00%
$500
Other Quontic Bank products
Aside from personal banking, Quontic has a few other services.
Mortgages and home lending. Quontic offers a wide variety of mortgage types, including conventional, VAs, FHA, home equity loans and mortgage refinancing.
Non-traditional mortgages. The bank offers ITIN loans, foreign national loans and “lite documentation” loans, as well as services for self-employed and alternative income borrowers.
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What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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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.
We currently don't have that product, but here are others to consider:
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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.
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What is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
Quontic Bank does pretty well in terms of customer ratings and reviews, to our genuine surprise. Most online banks have a tough go of it when it comes to reviews, as many customers find themselves frustrated trying to communicate with customer support without physical branches.
With the Better Business Bureau (BBB), Quontic does rather well, holding the highest BBB rating available and only a handful of complaints. Most banks have thousands of complaints, so Quontic having fewer than 50 is amazing, to say the least. But, there’s a common theme among the complaints, namely that customers report a lengthy and annoying verification process for wire transfers or online transfers, such as two-factor authentication, telephone verifications, providing a utility bill and having to contact the bank to enable transfers.
On Trustpilot, Quontic gets mostly positive ratings, with reviews citing great customer support. A few mention they love the Pay Ring, and overall, most of the positive reviews focus on Quontic’s non-traditional and traditional mortgage programs. Negative reviews mention customers being denied a CD, with several stating they didn’t know why Quontic rejected them.
What do people on Reddit say?
There aren’t many threads on Reddit about Quontic, but on r/personalfinance, we located a thread titled “Experience With Quontic Bank.” According to the user and the thread from two years ago, the phone support number was incorrect, and the user said they were forced to contact the bank via email. The user also said they couldn’t perform online transfers within 30 days of opening and talked about other issues with the account.
We tried Quontic’s customer support line at 1-800-908-6600, and it appeared to be working just fine. A few BBB complaints align with the Reddit thread, with a handful of customers stating they had issues accessing their funds in their Quontic account soon after opening.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 464 Finder guides across topics including:
The Quontic Bank Money Market account lets you write checks, make debit card purchases and earn interest. Find out its pros, cons and account eligibility requirements.
Quontic Bank’s great rates on long-term CDs come with high penalties for early withdrawal.
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