Quontic Bank MMA and High Yield Savings Are New Rate Leaders

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Deal Summary: Personal Money Market, 1.85% APY (all balances), $100 min deposit. High Yield Savings Account, 1.85% APY (all balances up to $1m), $100 min deposit. CDs – 6-month (2.00% APY), 1-year (2.55% APY), $500 min deposit.

Availability: Internet bank

Following overnight rate increases, Quontic Bank (Quontic) currently offers the highest rates on nationally available money market accounts and savings accounts: Personal Money Market (1.85% APY on all balances) and High Yield Savings (1.85% APY on all balances up to $1 million).

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.20%-$1mQuontic BankHigh Yield Savings Account
3.00*%--Quontic BankPersonal Money Market
Rates as of November 26, 2022.

The Personal Money Market or High Yield Savings account both require a $100 minimum opening deposit, which can come from an external account through ACH or Plaid technology, or from funds in an existing Quontic Bank account.

According to the Quontic FAQs listed at the bottom of the Money Market page,

How is my interest calculated?

    Interest is compounded daily based on your posted account daily balance.

When is interest paid?

    Interest is credited to your account every month at the end of your statement cycle.

The Quontic Personal Money Market offers check writing and a debit card can be requested. Zelle transfers are also available, although “the maximum transaction limit is $500 and maximum allowed for total transactions per day is $1,000.”

There is a $10.00 excess transaction fee for every transaction and withdrawal over the allotted six for preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle.

Up to five beneficiaries can be named by signing in your Online Banking Account, clicking on "Self-Service," clicking on "Forms," and clicking on "Add Beneficiary." Full legal names and Social Security numbers are required for all beneficiaries. Percentages can be assigned, if so desired.

Differences Between the MMA and High Yield Savings Accounts

The difference between a money market account and a savings account can vary between financial institutions. “Blurring the lines” seems to be a good phrase to use when comparing money markets and savings accounts: what was once thought be a clear delineation no longer is. Surprisingly, Quontic’s FAQs actually has a “What is the difference between Quontic’s Personal Money Market account and High Yield Savings account?” chart that explains the differences. The features that are the same are the $100 minimum opening deposit, the $10 excess transaction fee, no monthly service changes, and mobile deposit ability.

The differences include,

  • MMA offers a debit card; HYS offers an ATM card
  • MMA has checking writing; HYS does not
  • MMA comes will Zelle; HYS does not
  • MMA has bill pay; HYS does not

ACH Transfer Limits

DA reader, FLAbanker, brought up an important issue in a recent Review post:

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.

This limit is now listed in Quontic Bank's FAQs:

What are my daily and monthly external transfer limits at Quontic?

    The maximum daily transaction limit is $2,000, and the maximum monthly limit is $10,000.

These limits only apply when you use Quontic Bank's ACH transfer service as described in the following FAQ:

What if I want to transfer more than Quontic’s limits allows?

    These transfer limits only apply if the transfer is initiated through Quontic’s online banking. Our external transfer limits do not apply if the transfer is initiated through your other banking institution.

CDs

Quontic also upped all its CDs rates, with increases between 29 and 74 bps. The 6-month CD (2.00% APY) and 1-year CD (2.55% APY) saw the largest increases (54 bps and 74 bps, respectively) and also offer the most competitive rates in the Quontic CD product line. Any Quontic CD can be opened with a $500 minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.45%$500-Quontic Bank5 Year CD
4.30%$500-Quontic Bank3 Year CD
4.15%$500-Quontic Bank2 Year CD
4.00%$500-Quontic Bank1 Year CD
3.25%$500-Quontic Bank6 Month CD
Rates as of November 26, 2022.

For more details about Quontic CDs, please refer to my June 7, 2022 blog post.

Availability

Headquartered in New York City, Quontic Bank offers its product line online to all U.S. citizens/residents aliens, 18 years or older, who have a valid Social Security number.

Quontic operates as a national, digital bank which allows us to pass on the overheard cost savings from operating an expensive network of branches on to our customers in the form of lower fees, better rates or higher rewards.

Opening any type of Quontic account, including Money Market Account, must be done online, supposedly in “3 minutes or less.”

Quontic’s four branch locations (Queens, Brooklyn, Long Island, and Miami) offer only loan origination and support services.

Bank Overview

Quontic Bank has an overall health grade* of "C+" at DepositAccounts.com, with a Texas Ratio of 8.95% (excellent), based on March 31, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $95.54 million, an excellent annual growth rate of 19.01%. Please refer to our financial overview of Quontic Bank (FDIC Certificate # 57807) for more details.

*Quontic Bank's low overall health grade is primarily the result of its highly negative Return on Equity ratio (-37.02%).

Quontic Bank is currently the 58th largest bank headquartered in New York state, with assets in excess of $872 million. In late 2009, Steven Schnall, a New York real estate developer, bought the Long Island-based Golden First Bank, which was in financial trouble after only four years of being established. Schnall recapitalized the bank, brought in a new management team, and rebranded the institution as Quontic Bank.

According to a May 12, 2022 press release,

Ernst & Young LLP (EY US) announces that the Founder CEO of Quontic Bank was named an Entrepreneur Of The Year® 2022 New York Award finalist. Entrepreneur Of The Year is one of the preeminent competitive business awards for entrepreneurs and leaders of high-growth companies who think big to succeed.

Mr. Schnall was selected by a panel of independent judges according to the following criteria – entrepreneurial spirit, purpose, growth and impact – among other core contributions and attributes.

How the Money Market Account/Savings Accounts Compare

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com, that do not require large balances or direct deposit and do not have small balance caps, the Quontic Bank Money Market and Savings Account APYs currently share the top spot.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

How the 1-Year CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Quontic Bank 1-Year CD. The following table compares the 1-Year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 6-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, two credit unions have higher rates than currently offered on the Quontic Bank 6-Month CD. The following table compares the 6-Month to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

The above information and rates are accurate as of 7/14/2022.

Related Pages: New York savings accounts, savings accounts, money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
enduser
  |     |   Comment #1
Let the rate wars begin.
jofr4646
  |     |   Comment #2
Boy, I hope cit bank sees your post, shhhhh, my cu is asleep.
enduser
  |     |   Comment #3
The rate wars I'm referring to is for the online banks. I have same problem with my CU. They are oblivious to the rates going up for savings, but they are on top of it when it comes to raising loan and finance rates.
milty
  |     |   Comment #7
Ditto . . . I can only assume that my local CU's customers are mostly internet challenged.  Their highest MM rate for $250K or better is 0.60%. 
enduser
  |     |   Comment #8
Milty your CU is more generous then the one I use.
Money Market Account $250,000.00 and greater 0.400% APY
Mikey1
  |     |   Comment #4
A 4 week Treasury bill pays around 2% now. No state tax. Why go to the trouble of opening either of these accounts to earn less? Not a single one of you will even sneeze at 1.85% in a week or two and you know it.
gregk
  |     |   Comment #5
The dilemma is when to take the trouble of establishing one of these rate leading accounts when they might quickly be leapfrogged by another. My liquid funds are at Live Oak (1.40%) & Marcus, but I'd like to earn more.
RZ
  |     |   Comment #6
Why not as an alternative keep it all in the Vanguard settlement fund which you can then use to purchase Treasuries or brokered CDs. It’s yield of 1.46% is better than what you are currently earning and will likely follow the FFR in the future more closely than your two banks.
Quontic Bank Personal Money Market Is New Rate Leader
Deal Summary: Personal Money Market, 1.76% APY on all balances, $100 minimum opening deposit

Availability: Nationwide through online application

Following a 26 bps increase last week, the Quontic Bank (Quontic) Personal Money Market (1.76% APY on all balances) currently has the highest rate offered on nationally available money market accounts. Even though Quontic's website lists three different tiers, the 1.76% APY applies to all balances.

The $100 minimum opening deposit can come from an external account through ACH or Plaid technology; funds from an existing...

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Quontic Bank 1-Year and 2-Year CDs Are New Rate Leaders
Deal Summary: 1-year CD (2.01% APY) and 2-year CD (2.51% APY), $500 minimum deposit.

Availability: Nationwide through online application.

New York-based Quontic Bank (Quontic) increased the rates on all its CDs this week. While 5-year CD saw the largest increase (56 bps), the 1-year CD (2.01% APY) and 2-year CD (2.51% APY) offer the most competitive rates and have the highest APYs (in their respective term-lengths) offered by online banks. Any Quontic CD can be opened with a $500 minimum deposit, with no stated balance cap.

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Quontic Bank Increases All CD Rates
Deal Summary: 3-year CD, 1.10% APY, $500 minimum deposit.

Availability: Nationwide through online application.

New York-based Quontic Bank (Quontic) increased the rates on all its CDs this week. While all the new APYs are competitive, the 2-year, 3-year, and 5-year CDs have the highest APYs (in their respective term-lengths) offered by online banks. To my eye, the 3-year CD (1.10% APY) is the most competitive CD in the product line. Any Quontic CD can be opened with a $500 minimum deposit, with no stated balance cap.

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Quontic Bank Revamps High Interest Checking Rate Structure
Availability: High Interest Checking, 1.01% APY on qualifying balances up to $150k, 0.35% APY on qualifying balances of $150k-$1m.

Availability: Nationwide through online application.

The simple green arrow next to Quontic Bank’s High Interest Checking (HIC) in yesterday’s Best Bank Account Interest Rates Summary doesn’t begin to describe the various changes the HIC has recently experienced.

Here’s a summary of the changes:

  • The 1.01% APY is still in effect, but the qualifying balance cap has been increased from $100k to $150k.
  • The three rate tiers previously in effect (up to...
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Quontic Bank Brings Back Its 5-Year CD
Deal Summary: 5-year CD, 1.11% APY, $500 minimum deposit

Availability: Nationwide through online application

About a month ago, I wrote about the CD rate increases at New York-based Quontic Bank (Quontic). At that time, there were four CDs (6-month, 1-, 2-, and 3-year) in the product line. Quontic re-introduced the 5-year CD at the beginning of July (after an absence of about a year) with a good-but-not-great rate of 1.11% APY.

Much of the following information was taken from the Quontic FAQs, which are listed at the...

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