Quontic Bank


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

Quontic Bank is the 1,153rd largest bank in the nation. It was established in 2005 and as of June of 2022, it had grown to 384 employees. Quontic Bank's money market rates are 7X the national average, but it has a C health rating.

Related Posts

Quontic Website Now Shows 2.15% For Savings - 9/27/2022

Quontic website now shows 2.15% for savings. My account still shows 2.05, so may be tomorrow

Quontic Bank MMA and High Yield Savings Are New Rate Leaders - 7/14/2022

Quontic Bank (internet bank) has increased its Personal Money Market and High Yield Savings APYs to rate-leading levels. Minimum opening deposit $100.

Quontic Bank Money Market Now 1.85% APY - 7/13/2022

Money Market Account EARN 1.85% APY https://www.quontic.com/money-market-account/

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

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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.

Yeah I Don't Know

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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.

Worst Bank Ever (Too Much Security)

Posted by: |

I love a secure bank, but there comes a point when the security gets obnoxious, and Quontic has passed that threshold.

First, to log onto the online banking on your computer you MUST have your phone to receive a code every time.

Second, their app does not permit biometric log-ins.

Third, they only just now "approved" putting full account numbers on online banking, but they happily will send it to you in the mail on a statement, which is illogical.

Fourth, they randomly decline many online debit card transactions with no explanation at all.

While I love the cash back, Quontic has worn out its welcome with me. Back to my old Ally account I go!

Good Luck Getting Funds In Or Out Of This Bank

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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.

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Health
C

Data as of Q2 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
Employees384
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-5.12%
Return on Equity - YTD-46.55%
Annual Interest Income$18.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$835.4MM$1.28B
LoansQ2 2022vs Q2 2021$635.7MM$1.08B
DepositsQ2 2022vs Q2 2021$667.2MM$546.0MM
Equity CapitalQ2 2022vs Q2 2021$84.3MM$74.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$290.00K$941.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$11.5MM$9.4MM
Real Estate OwnedQ2 2022vs Q2 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
3.20%-$1mHigh Yield Savings Account

Quontic Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%--Personal Money Market

Quontic Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%--High Interest Checking

Quontic Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.45%$500-5 Year CD
4.30%$500-3 Year CD
4.15%$500-2 Year CD
4.00%$500-1 Year CD
3.25%$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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