Quontic Bank is an online bank.
Quontic; Alyssa Powell/Insider
The bottom line: Quontic Bank High Interest Checking Account pays high interest rates overall, but be sure you’re eligible to earn the best rates on its high-yield interest checking and money market accounts.
Overall bank rating
FeatureInsider rating (out of 5)Savings4.25Checking3.5CD3.5Money market account4.25Trustworthiness5Total: 4
Pros and cons
ProsCons
High interest rates
Can donate interest earned to people struggling during the pandemic
High-interest, cash-back, and Bitcoin rewards checking account
Limited CD term optionsNeed to meet certain qualifications for the highest checking or money market account rates
Quontic High Yield Savings Account
Quontic Bank High Yield Savings Account is a good savings account with a high rate and no monthly service fees. But if you want a savings account with more robust features, like savings buckets or automatic savings tools, you may want to look elsewhere.
Quontic High Interest Checking Account
If you’re looking for a high-yield checking account, Quontic Bank High Interest Checking Account is a good choice. Some high-interest checking accounts only pay interest on balances up to a certain amount, but Quontic pays a high rate on your entire balance. Just be sure you can qualify for the high rate by making at least 10 debit card purchases every month, that are at least $10.
Quontic has some other strong rewards checking accounts, too. Cash Back Rewards Checking pays up to 1.50% cash back. Bitcoin Rewards Checking lets you earn Bitcoin, which you can exchange for cash later if you prefer. Bitcoin Rewards is only available in certain states right now, though.
Quontic Certificate of Deposit
Quontic pays competitive rates on CDs, but it doesn’t have many term options to choose from. It could be a good fit if you want a 6-month, 1-year, 2-year, 3-year, or 5-year CD. Quontic charges high penalties if you need to withdraw money before your term ends. If you’re worried you’ll need to make an early withdrawal, you may prefer to open a CD with a bank that charges lower fees, or even to open a no-penalty CD.
Quontic Money Market Account
The Quontic Bank Money Market Account pays a high interest rate compared to other money market accounts.
Money market accounts are similar to savings accounts, except the former makes it easier to access your money. Money market accounts usually send you either a debit card or paper checks so you can spend money without transferring funds to a checking account first. The Quontic Bank Money Market Account sends you both a debit card and paper checks. It could be a useful emergency fund so you can tap into savings instantly.
How does Quontic work?
Quontic Bank High Yield Savings Account is an online bank. You can use 28,000 MoneyPass ATMs around the US for free. Quontic won’t charge you for using an out-of-network machine, but the ATM provider might.
Quontic does have a mobile app, but there aren’t many online reviews yet. So far, the app has 4.6 out of 5 stars in the Apple store, and 3.4 out of 5 stars in the Google Play store.
To contact Quontic customer support, call or chat online Monday through Friday, 9:00 a.m. to 6:00 p.m. ET.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Quontic trustworthiness and BBB rating?
The Better Business Bureau gives Quontic an A+ rating. A good BBB score indicates a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.
Quontic doesn’t have any recent public scandals. Between its clear history and strong BBB grade, you may decide you’re comfortable banking with Quontic.
Quontic review vs. Discover review
We’ve compared Quontic to two other banks with high-yield savings accounts and rewards checking accounts: Discover and Axos.
Quontic
Discover Bank
Savings APY
Quontic Bank High Yield Savings Account
Savings APY
Discover Online Savings Account
Rewards checking accounts
High-yield, cash-back, Bitcoin rewards
Rewards checking accounts
Cash-back
Quontic Bank High Yield Savings AccountDiscover Online Savings Account
Quontic and Discover have comparable high-yield savings accounts. If you want a cash-back checking account, you have potential to earn more with Quontic. Discover Cashback Debit Account pays 1% cash back on up to $3,000 in purchases every month, while Quontic Cash Rewards Checking offers 1.5% cash back on up to $2,000 in purchases per day.
But you may prefer Discover if you’re more comfortable using a big-name bank. Discover’s mobile app has tens of thousands of Google Play reviews and millions of Apple reviews, with great scores overall. Discover also offers 24/7 live customer support.
Quontic review vs. Axos Bank review
Discover Bank
Axos Bank
Savings APY
Discover Online Savings Account
Savings APY
Axos High Yield Savings Account
Rewards checking accounts
Cash-back
Rewards checking accounts
High-yield, cash-back
Discover Online Savings AccountAxos High Yield Savings Account
Quontic and Axos both have good high-yield checking accounts, but you’ll need $250 to open an Axos High Yield Savings Account.
If you want a high-yield checking account, you may prefer Axos. You have the potential to earn a higher rate, as long as you meet the criteria. You’ll probably like Quontic better for a cash-back checking account, though. The Axos CashBack Checking Account only offers 1% cash back, and it drops to 0.50% if your average daily balance falls below $1,500.