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
6/7 - Quontic Bank 1-Year and 2-Year CDs Are New Rate Leaders
12/9 - Quontic - "Earn Up To .60% APY With Our New MMA Rates"
9/15 - Quontic Bank Revamps High Interest Checking Rate Structure
7/13 - Quontic Bank Brings Back Its 5-Year CD
6/12 - Quontic Bank Increases All CD Rates
5/20 - Quontic Bank Adds Tiered APYs To Its High Interest Checking
9/14 - Quontic Bank High Interest Checking Remains Competitive
8/28 - Quontic's Top MM Rate Cut To 0.90%
5/20 - Quontic Bank Offers Competitive CDs, Checking and Money Market
5/16 - Quontic Lowers Rates To 1.46% APY, High Balance Required
3/12 - Quontic Drops Rates On MM & HYS & CD's
2/14 - Quontic Drops Rates - HYS Is Now 1.9% APY (Down From 2.05%)
1/2 - Money Market Dropped .15% (From 2.2% To 2.05% APY)
9/30/19 - Quontic Bank's Amplify Interest Checking Earns 2.00% APY Up To $1M
9/5/19 - Rate Reduction On Money Market Acct
7/3/19 - 12-Month CD 2.85% Annual Percentage Yield
7/3/19 - Quontic Bank's 12-Month CD (2.85% APY) Available Nationwide
11/12/18 - Money Market Account, Up To 2.40% APY
2/8/12 - Competitive CD Rates at Quontic Bank in New York - Local Only
Everything Impressive -- But Bank May Catch You In A Rate Change
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
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
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
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.
Data as of Q1 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 413 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -4.23% |
| Return on Equity - YTD | -37.02% |
| Annual Interest Income | $8.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2022vs Q1 2021 | $872.1MM$1.42B |
| Loans | Q1 2022vs Q1 2021 | $633.9MM$1.27B |
| Deposits | Q1 2022vs Q1 2021 | $632.5MM$511.0MM |
| Equity Capital | Q1 2022vs Q1 2021 | $97.4MM$61.8MM |
| Loan Loss Allowance | Q1 2022vs Q1 2021 | $396.00K$1.5MM |
| Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $8.8MM$3.3MM |
| Real Estate Owned | Q1 2022vs Q1 2021 | $0$0 |