Quontic Bank Reviews

Unlike traditional brick-and-mortar banks such as Chase or Wells Fargo, Quontic is an online-only bank. So before you begin to peruse its financial products, be sure you’re fine with having no physical branches to visit. Business owners or self-employed workers looking for home financing options may find Quontic a great place to look since it gives the unique benefit of mortgages to those with less than traditional income styles. Apart from this, potential customers looking for an FDIC-insured bank that is safe and offers competitive yield on a large majority of its products will find that Quontic is a good choice to consider.

Quontic Bank keeps up with its online-only accessibility by providing potential customers with the option to apply for an account in about three minutes. While this varies depending on individual factors such as your access to the internet and personal documents, this is still a relatively streamlined process. Quontic also discloses that you will need some detailed info, including;

1. Name
2. Date of birth
3. Social Security number
4. Personal address
5. Valid U.S. government-issued ID

Once you apply and are approved you can fund your account the same day. Plus, as a nice bonus, when you’re linked to other accounts to add funds, Quontic offers the option to use Plaid, which is great for quickly linking external accounts since it’s immediate and requires no time for verifying the account info.

Quontic Bank products and services are where it truly shines. Unlike other online banks that only give you a few options based on your geographic location, Quontic is very clear and discloses all of its accounts, rates and fees on its main site page. Here’s the full list of products you have at your disposal.

Checking Accounts

Quontic offers three types of checking account options, each is unique but all hold great value for any user who chooses to open and maintain their account. All APYs are accurate at the time of publishing.

• Cash Rewards Checking: With a $100 minimum to open the account, you can earn 1.00% cash rewards on your debit card transactions – up to $50 per statement cycle. This account also features no monthly maintenance fee or minimum balance requirement to continue earning cash back.
• High Interest Checking: The next checking account option features 1.10% unlimited cash back on your debit card transactions. For this account, there is a $100 minimum deposit. In order to earn the maximum of 1.10%, you must make 10 transactions per month that are $10 or more. If you fail to meet the minimum you’ll drop down to earning 0.01%
• Wearable Checking: One of the most unique offers from any bank is the wearable checking account. Quontic offers this inventive option for those who hate to carry around their debit card and also fancy the latest in banking technology. Through the “Quontic Pay Ring,” account holders can implement the knock-to-pay option with their ring. The account also offers the ability to lock the account in case you misplace the ring and provides the option of a secondary debit card. And if safety is a concern, users still receive zero liability and ID theft protection with the wearable checking account. To open, you will need a $100 minimum, but once your account is funded there are no monthly fees or required balances to keep your account open or your “ring” active.

Quontic Savings Account

• High-yield savings account: Users can apply and open an account in as little as three minutes with only $100. There’s no minimum balance and interest is compounded daily to maximize your earnings as soon as possible. As of publishing this review, there are tiered variable rates for this account, but all balances will currently receive 4.50% APY.
• Money market account: If you’re seeking the flexibility of a debit account with the earnings of a high-yield savings account then the money market is a great option. Here you only need the $100 minimum opening deposit to receive 5.00% APY on all balance tiers plus you have a debit card at your disposal to easily access your funds.

Quontic Certificate of Deposits

Quontic also offers five different CD term options to choose from, each requiring a $500 minimum to open and a $500 minimum balance. Terms range from six months to five years with APYs ranging as well starting as low as 4.30% and going as high as 5.05%.

From the accounts we’ve discussed above there are different interest rates for each. Here is a breakdown.

Quontic Bank offers no monthly maintenance fees, no overdraft fees, no foreign collection fees and 90,000 fee-free ATMs within its network. For details on additional “rare” fees see its Fee Statement.