Takeaways
- Quontic is a digital bank that offers savings, checking, and CDs products.
- Quontic started as a community bank in NYC in 2009 but has expanded quickly.
- Savings account holders get access to above-average APY savings accounts.
- Quontic’s checking and savings accounts have a $100 minimum opening balance.
- The U.S. Treasury Department designated Quontic as a Community Development Financial Institution (CDFI).
In the search for better interest rates and modern banking features, digital banks have carved out a solid reputation, and Quontic Bank is one of the standouts. The online-only bank has received multiple awards from finance industry leaders. Its high-yield savings account offers a super competitive annual percentage yield (APY), a low minimum balance, minimal fees, and provides the convenience of an entirely online experience. Here’s our Quontic Bank review and overall take on the bank.
Overall Quontic Bank Review
Best for: Mobile and digital banking
Favorite Feature: High annual percentage yield
Why we like it: Quontic Bank offers you the best of both worlds - easy online access to your funds and a suite of products with APYs significantly above the national average. Our team believes this savings account is ideal for both new and seasoned savers looking to boost their interest income and take advantage of a digital banking platform.
What Is Quontic Bank?
Quontic Bank is an online-only financial institution headquartered in New York City. It was established in 2009 with a mission to make banking more accessible and inclusive, especially for underserved communities.[1]
As a federally chartered, FDIC-insured bank, Quontic offers a wide range of products, including checking accounts, savings accounts, certificates of deposit, and mortgages, as well as non-traditional lending options. What sets it apart is its focus on high-tech tools, low fees, and interest rates that consistently beat national averages.
At a Glance: Quontic High-Yield Savings
- APY: 3.75% (as of July 2025; subject to change)
- Minimum to Open: $100
- Monthly Fees: $0
- FDIC Insured: Yes, up to $250,000
- Access: Online banking and mobile app
Quontic’s high-yield savings account is designed for account holders looking for a secure place to store their excess cash, earn competitive returns, and enjoy the benefits of a digital-first banking experience.
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Member FDIC
Quontic High Yield Savings Account
Smart Money Rating: 4.9/5
APY: 3.85%
Required Minimum Balance: $100
How to Open a Quontic High-Yield Savings Account?
Opening an account with Quontic is a completely online process and takes just a few minutes. Here’s what to expect:
- Head to Quontic’s Website: Visit Quontic’s website and navigate to their High-Yield Savings Account.
- Begin Your Applications: Complete the application, including your personal information, Social Security number, and government-issued ID.
- Fund Your Account: Link an external bank account to fund your new savings account (minimum $100 deposit).
- Select Your Banking Preferences: Set up online banking, where you can access eStatements, mobile check deposit, and account transfers.
- Start Earning Interest: Once your account is funded, you’ll begin earning interest, which is compounded daily.
Read More: 7 Steps to Automate Your Finance
At a Glance: Quontic Checking Accounts
Quotonic offers two different checking accounts: high interest and cash rewards. Each account is FDIC insured and requires a $100 minimum balance to open. Here’s how each one works:
- High-Interest Checking Account: You will need to find $100 to start your high-interest checking account. The good news is that you can earn up to 1.10% APY after you make at least 10 debit card point-of-sale transactions. Alternatively, you can spend at least $10 per statement cycle. If you can’t meet those requirements, then your APY drops to 0.01%.
- Cash Rewards Checking: Quontic also offers a cash back rewards checking account that lets you earn 1.00% on all eligible purchases. That’s money that comes right back to you, which you can use to save or spend more. This account also requires a $100 minimum account balance.
When you sign up for either the high-interest or cash rewards account, you will get a Quotonic debit card to start making purchases.
Source: Quontic Bank Website
At a Glance: Quontic Certificates of Deposits
- CD Terms: Range from 6 to 60 months (5 years)
- APY: 3.00%-3.75% (as of July 2025; subject to change)
- Minimum to Open: $500
- Monthly Service Fee: $0
- Early Withdrawal Fees: High (see below)
- FDIC Insured: Yes, up to $250,000
- Access: Mobile app and online banking
Quontic’s certificates of deposits can be fantastic solutions if you are looking for a longer-term spot to park your cash with a fixed interest rate. With high APY rates across a range of terms, you can earn interest and grow your funds quickly.
One item to note is that the penalty for withdrawing your CD funds early is steep. Quontic’s fees for early withdrawal range from one to two years of interest, and if you don’t have that much interest accrued, it might be deducted from your CD principal.
How Much Could You Earn? Plug and Play with Smart Money’s CD Calculator
Where Does Quontic Shine?
- Industry-leading APY: At 3.85% APY, Quontic’s High-Yield Savings Account is significantly higher than the national average, which is around 0.38% according to the FDIC.[2] For savers seeking to maximize their returns on idle cash, this rate is hard to beat.
- No Monthly Fees: There are no monthly maintenance fees, no minimum balance requirements after the initial deposit, and no hidden charges. That means more of your money stays in your account, earning interest.
- FDIC Insurance: Your deposits are FDIC-insured up to $250,000, offering peace of mind that your savings are protected, even in the unlikely event that Quontic fails.[3]
- Strong Mobile App and Online Tools: Quontic offers a sleek, modern mobile app where you can:
- Check balances
- Transfer funds
- Set up automatic savings
- Deposit checks using your phone
The online platform is easy to navigate, making managing your savings feel effortless.
Where Can Quontic Improve?
- No Physical Branches: As a digital-only bank, Quontic has no physical locations. If you prefer in-person service or regularly deposit cash, this could be a drawback.
- Limited Account Features: While the High-Yield Savings Account offers a strong APY, it doesn’t come with features like sub-accounts, budgeting tools, or automatic goal tracking, which some competitors now include.
- Limited Customer Support Hours: Quontic offers customer service via phone and email, but support is available Monday through Friday, 9:00 a.m. – 6:00 p.m. ET. This might be inconvenient if you need help during off-hours or weekends.
- ACH Transfer Delays: Some users have reported slower-than-expected ACH transfer times when moving funds between Quontic and external banks.[4] While this is common with many online banks, it’s something to keep in mind if you frequently move money between accounts.
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Quontic Bank Review Methodology
To conduct our Quontic Bank review, our team compared the core features of the high-yield savings account, both checking accounts, and certificate of deposit options against our proprietary banking review metrics. We downloaded the mobile app and tested the desktop website to better understand the user interface, ease of account opening, and feel of the bank’s digital platform. Overall, we were highly impressed with Quontic’s mobile banking solutions.
Smart Summary
Quontic Bank is a digital bank that offers super competitive APR on a range of deposit and savings products. Their high-yield checking and savings accounts and CDs offer an attractive blend of high interest, zero fees, and modern on-the-go digital mobile access. Quontic Bank is well-suited for tech-savvy savers who don’t need physical branches or extensive in-person features.
Frequently Asked Questions
No. Quontic Bank is an online-only bank.
Yes. Quontic Bank belongs to a nationwide network of ATMs, which allows you to get cash at network locations.
All you need is $100, which is the minimum account balance for a Quontic high-yield savings account.
Smart Money requires our expert writers to rely on trusted primary sources—academic research, government reports, expert interviews, original reporting, and peer-reviewed data—to deliver precise and up-to-date content. All of our content is thoroughly fact-checked. We also incorporate relevant research from reputable publishers when it aligns with our editorial focus. For a closer look at our rigorous journalistic standards, explore our editorial guidelines.
(1) Quonitc. About Us. Last Accessed July 11, 2025.
(2) FDIC. National Rates and Rate Caps – June 2025. Last Accessed July 11, 2025.
(3) FDIC.Deposit Insurance FAQs. Last Accessed July 11, 2025.
(4) Better Business Bureau. Quontic Bank. Last Accessed July 11, 2025.
