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Quontic Bank Review 2023: A digital bank that keeps fees low and APYs high—but has limited customer support

January 12, 2023, 7:21 PM UTC
Illustration of the Quontic Bank logo surrounded by a yellow and pink frame.
Quontic Bank first started as a community bank in 2009.
Illustration by Fortune; Original logo by Quontic Bank

Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is an FDIC-insured bank offering online and mobile banking platforms and a fee-free ATM network made up of 90,000 ATMs across the country. It offers a number of checking accounts, savings accounts, and mortgage products. All rates and fees are current as of Jan. 9, 2023, and are subject to change. 

Quontic Bank offerings 

Quontic Bank offers a number of financial products including checking accounts, savings accounts, CDs, and more. 

Checking and savings accounts 

High Interest Checking 

  • APY: 0.01%–1.10% 
  • Minimum opening deposit: $100
  • Minimum to earn APY: To earn 1.10% APY, you must make at least 10 qualifying debit-card point-of-sale transactions of $10 or more per statement. Failure to make qualifying transactions will result in 0.01% interest and APY. 
  • Fees: $0

Bitcoin Rewards Checking 

  • Rewards rate: 1.5% Bitcoin on all eligible debit card purchases 
  • Minimum opening deposit: $500
  • Fees: $0
  • Debit card privileges: Yes 
  • Available in every U.S. state except Hawaii and North Carolina
  • Bitcoin balances in your Bitcoin account are not insured by the Federal Deposit Insurance Corporation (FDIC), National Credit Union Association (NCUA), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer.

Cash Rewards Checking 

  • Reward rate: 1.50% on all eligible debit card purchases 
  • Minimum opening deposit: $100
  • Fees: $0
  • Debit card privileges: Yes 

High-yield savings account 

High Yield Savings 

  • APY: 3.50%
  • Minimum opening deposit: $100
  • Minimum to earn APY: $0
  • Fees:
    • Monthly service fee: $0 
    • Overdraft fee: $0 
    • Excess transaction fee: $10

Money market accounts 

Money Market Account 

  • APY: 3.50%
  • Minimum opening deposit: $100
  • Minimum to earn APY: $0.01
  • Fees: $0
  • Debit card privileges: Yes 

Certificates of deposit

  • APY: 
    • 6-month CD: 3.50%
    • 1-year CD: 4.25%
    • 2-year CD: 4.15%
    • 3-year CD: 4.30%
    • 5-year CD: 4.45%
  • Minimum opening deposit: $500 
  • Early withdrawal penalty: If the accrued interest is greater than the penalty amount, the excess accrued interest over the penalty amount will be paid to you. If the accrued interest is less than the penalty amount, this may result in a reduction of your principal balance.
    • CDs under 1 year: The penalty will be equal to the interest for the full length of the stated term. 
    • CDs between 12 months and 24 months: The penalty will equal one year of interest. 
    • CDs 24 months and over: Two years’ worth of interest.

Other services Quontic Bank offers 

  • Loans: In addition to deposit accounts, Quontic offers various types of loans including conventional loans, FHA loans, VA loans, and community development loans. 
  • Mortgage refinancing: Homeowners looking to secure a better rate on their mortgage can potentially benefit from Quontic’s home refinance. 

The Quontic Bank platform and customer support 

Quontic offers online and mobile banking platforms. Its application is available for download on the Apple App Store and Google Play and has a rating of 4.4 and 3.2 stars, respectively. 

As far as customer support goes, customers can contact a customer service representative via live chat, email, and telephone Monday through Friday between 9:00 a.m. and 6:00 p.m. ET. 

Pros and cons of Quontic Bank

If you’re considering an account with My Banking Direct, here are the pros and cons to consider. 


  • No monthly fees: Quontic Bank does not charge monthly service fees to maintain your accounts. 
  • High APYs on deposit accounts, including checking accounts: Quontic’s account APYs are higher than other competitors, and its high-yield savings account offers an APY that is 14 times the national average. 


  • No customer support on the weekends. Quontic representatives are only available Monday through Friday. 
  • No physical branch locations. While Quontic does have a handful of loan offices on the East Coast, it operates as a digital bank. 

Frequently asked questions

Is Quontic Bank a legitimate bank?

Yes. Quontic Bank is a legitimate, FDIC-insured bank. This means that in the event that the bank fails, the Federal Deposit Insurance Corporation (FDIC) will offer insurance coverage up to $250,000 per depositor, per bank, for each account ownership category. 

Who started Quontic Bank?

Steve Schnall founded Quontic Bank in 2009.

Does Quontic Bank have any branch locations?  

No. Quontic Bank is a digital bank that operates online. It does, however, have loan offices in New York and Florida, and the headquarters is in Manhattan.

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