Quontic Bank Review: Checking, Savings and CDs

Quontic’s savings account gets high marks for its rate of 4.00% annual percentage yield, no monthly fee and low minimum opening requirement of $100. Interest gets compounded daily and credited monthly. Quontic claims that opening an account can take three minutes.

Quontic also offers a money market account that comes with a debit card and earns a decent yield.

Quontic’s CDs have solid rates across terms from six months to five years, and the opening minimum of $500 is relatively low compared to other online banks. The six-month CD earns 4.25% APY, and two-year CDs have a yield of 3.35% APY.

» COMPARE: See our list of the best CD rates

CDs are meant to remain untouched for a whole term, but if you need to withdraw early, Quontic’s penalty can be hefty: one to two years of interest. If a CD has less interest earned than the penalty amount, the original balance may be reduced. (Learn more about early withdrawal penalties.)

Quontic Bank has two checking account options, each with an enticing benefit: high interest and cash rewards. High-interest checking has a rate of 1.10% on all balances if you make 10 monthly debit card purchases of at least $10; otherwise, the rate is 0.01% APY.

Ready to compare? See our picks for high-interest accounts

There are limits to the ways you can fund your account. Quontic customers can use remote check deposit, direct deposit and electronic transfers. But if you need to deposit cash, you’ll want to look at a different institution because Quontic does not accept cash deposits.

You can get customer support by phone but hours are limited to 9 a.m. to 6 p.m. Eastern time on weekdays.

Quontic’s mobile app features include mobile check deposit and bill pay. The mobile apps get 3.3 stars for Android devices and 4.5 stars for Apple devices.

Quontic does not charge overdraft or nonsufficient funds fees. To compare, some banks charge as much as $35 for each transaction that could put your balance in the red.