Quontic Bank


Overview / Commentary
800-908-6600
One Rockefeller Plaza, 9th Floor
New York, NY 10020

Quontic Bank is the 1,109th largest bank in the nation. It was established in 2005 and as of March of 2022, it had grown to 413 employees. Quontic Bank's money market rates are 3X the national average, and it has a C+ health rating.

Related Posts

Quontic Bank Ups Money Market Rate To 1.50%APY - 6/23/2022

"With an APY over 16x the national average, let our Money Market account do all of the work. Minimum opening deposit: $100. Limit of 6 transfers and withdrawals per statement cycle. APY earned on the account daily balance." Details here https://www.quontic.com/money-market-account/

Quontic Bank 1-Year and 2-Year CDs Are New Rate Leaders - 6/7/2022

Quontic Bank (internet bank) raised the rates on all its CDs, with the 1-year and 2-year CDs offering the most competitive rates. Minimum opening deposit is $500.

Quontic Bank Increases All CD Rates - 12/10/2021

Quontic Bank (internet bank) raised the rates on all its CDs this week, with the 3-year CD offering the most competitive rate. Minimum opening deposit is $500.

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Everything Impressive -- But Bank May Catch You In A Rate Change

Posted by: |

Everything about Quontic's customer service is great. BUT: the bank reserves the right to change your contracted deposit rate after you've completed your application. I went to fund my CD account the moment they put the small trial deposits into my ACH funding account -- only to be told that since the rate had dropped since i started the application, they would not honor the original higher rate. The customer (myself) was not the delaying factor here; I did not use snail mail to fund the account, and i did not wait a moment past the trial deposits appearing to complete the process. Changing rates after an application has been made is simply not customer friendly. Too bad, because customer service interactions were very good. .... Subsequently, I went back to customer service, and they DID promise to honor the original 12-month rate. See updated comments below. I am changing my original rating, to reflect management's willingness to hear their customer's requests that original application deposit rates be honored. Customer reps continue to be polite and professional, and the service is as quick as Ally bank, which has been my most efficient bank til now. Latest rates for cd's are no longer the highest as of today, but rates were very competitive up through last week. Hats off to Quontic management for reversing direction in favor of customers.

Living In The Past

Posted by: |

Quontic is still mailing 1099s. there is no way to get them online. Apparently this "new" bank is living in the 80s. Great rates make it almost worthwhile to use them regardless.

Yeah I Don't Know

Posted by: |

Rate seems among the better but between the chat and calling in to find out, I was told there are no external transfers out of your deposited money for 90 days, and that the only access would be through an ATM with a limit of $1,000/day. With a 6 transaction limit per month, that's a limit of $6,000 per month you could access of your money if you go to the ATM for 6 separate days. After 90 days, $25K per day limit, but it seems like your money would be tied up for the first month and a half just FYI.

Good Luck Getting Funds In Or Out Of This Bank

Posted by: |

Quontic's ACH limits are $2000 inbound or outbound. I was told that if I wanted to move funds into my Quontic account, I should initiate it through another bank. Sorry, but I'll find a bank with realistic ACH limits. As a side note, one rep told me that if I initiate an incoming ACH transfer through Quontic that there is no limit. Another rep corrected that statement and told me $2000.

VIEW MORE REVIEWS

Health
C+

Data as of Q1 2022

Capitalization grade does not factor in PPP loans and the use of the PPP Liquidity Facility.
Learn why bank health matters
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Quontic Bank has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #57807
Year Established2005
Employees413
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-4.23%
Return on Equity - YTD-37.02%
Annual Interest Income$8.9MM
Assets and Liabilities
AssetsQ1 2022vs Q1 2021$872.1MM$1.42B
LoansQ1 2022vs Q1 2021$633.9MM$1.27B
DepositsQ1 2022vs Q1 2021$632.5MM$511.0MM
Equity CapitalQ1 2022vs Q1 2021$97.4MM$61.8MM
Loan Loss AllowanceQ1 2022vs Q1 2021$396.00K$1.5MM
Unbacked Noncurrent LoansQ1 2022vs Q1 2021$8.8MM$3.3MM
Real Estate OwnedQ1 2022vs Q1 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Quontic Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Quontic Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.58%-$1mHigh Yield Savings Account

Quontic Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%--Personal Money Market

Quontic Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%--High Interest Checking

Quontic Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.86%$500-5 Year CD
2.81%$500-3 Year CD
2.51%$500-2 Year CD
2.01%$500-1 Year CD
1.26%$500-6 Month CD
Locations

Quontic Bank is an Internet only bank and does not have branch locations. Its headquarters is located at One Rockefeller Plaza, 9th Floor - New York, NY 10020

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