Written by Melanie Pincus | Edited by Ali Cybulski | Updated on 06/02/2025
Founded in 2009, Quontic Bank is a digital financial institution based in New York City, with loan offices in New York, Miami and Mesa, Ariz. Quontic Bank holds a Community Development Financial Institution designation from the Treasury Department, signifying a commitment to expanding economic opportunities in low-income areas.
The bank serves customers nationwide and provides access to a network of more than 90,000 fee-free ATMs. Deposit products include checking, savings and money market accounts, and certificates of deposit (CDs). It also offers several types of home loans.
- Checking account: Quontic Bank offers a high-interest checking account, a cash rewards checking account and a “wearable” checking account. The latter option is the most unusual: Instead of a debit card, you can use a ring equipped with tap-to-pay technology to make payments. All three account types have a $100 minimum opening deposit, and none charges a monthly fee.
- Savings account: A high-yield savings account (HYSA) is available with a $100 minimum opening deposit and no monthly service fees. This product could make sense for savers who want to earn interest while retaining easy access to their funds. Be sure to compare interest rates at different institutions before choosing a HYSA.
- Money market account: A $100 minimum deposit is required to open a money market account that charges no monthly service fees. You can request a debit card and checks with this type of account, and the APY is higher than on Quontic Bank’s HYSA. Plus, you’ll get access to Zelle, a digital payment service for sending and receiving money.
- CDs: Quontic Bank offers short- and long-term CDs, and you'll need just $500 to open one. This type of account could be an option if you’re comfortable locking up your funds for a set period. Early withdrawals face penalty charges.
Customer service: Live support is available by phone at 800-908-6600 or via chat from 9 a.m. to 6 p.m. Eastern time Monday through Friday. Quontic Bank also offers a mobile app with tools to help you manage your account. The app is highly rated in the Apple and Google app stores.
Quontic Bank reviews are generally positive. The company has a 4-star rating based on more than 600 reviews on Trustpilot. It also has an A+ rating from the Better Business Bureau.
PROS
• Provides access to more than 90,000 fee-free ATMs across the country
• Requires a relatively low minimum opening deposit for CDs ($500)
• Charges no monthly service fees
CONS
• Does not operate traditional branch offices
• Offers limited customer service hours (weekdays only)
• Caps cash back rewards at $50 per statement on its cash rewards checking account
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.
Insane Company
Tried to open a CD here, they said they couldn't verify my identity but would not give me any reason of why, I called in and asked if I could send them any kind of proof of my identity such as driver's license, mortgage, anything - nope. No opens. Once denied (for no reason they could give me) she said I am forever ineligible for any kind of Quantic account, with zero way to remedy it. I'll take my business elsewhere - what an absolutely insane policy and way to do business. I've opened 3 other CDs with other banks in the past year (I ladder) and never encountered anything like this.
Everything Is Just Fine
Small bank, great rates, especially their high interest checking. Been with them for about one year.
Demand Account
I found Quontic High Interest Checking when I was looking for somewhere paying acceptable interest during the pandemic. The customer service is very patient and helpful. There is a daily withdrawal/spending limit of $2000 and a low monthly withdrawal cap the bank will not budge on. It took 3 days of withdrawals to complete a $5800 purchase. Now that interest rates have gone up I’ve been using this account to fund CDs cash inCDs, bonds and other securities. They don’t mind large in and out transfers in lieu of traditional checking account activity. It takes a week to transfer money to if I overdraw and try to fix my problem. No fee for overdraft which is good in my case.
Data as of Q1 2025
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57807 |
| Year Established | 2005 |
| Employees | 184 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.57% |
| Return on Equity - YTD | 5.12% |
| Annual Interest Income | $13.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $795.8MM$682.2MM |
| Loans | Q1 2025vs Q1 2024 | $584.3MM$404.5MM |
| Deposits | Q1 2025vs Q1 2024 | $697.8MM$586.5MM |
| Equity Capital | Q1 2025vs Q1 2024 | $83.6MM$79.7MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $873K$479K |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $17.8MM$24.4MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |