Quontic Bank's 12-Month CD (2.85% APY) Available Nationwide


Availability: CDs – 12-month (2.85% APY), 24-month (2.90% APY), $1k minimum deposit

Availability: Nationwide through online application

As I noted in yesterday’s CD Rate Summary, rate cuts have been widespread, resulting in a reshuffling of the rate leaders. Topping the 1-year nationally available category is a name that may not be that familiar: Quontic Bank. Quontic has been offering the same rates on its 12-month CD (2.85% APY) and 24-month CD (2.90% APY) since the beginning of the year. Although remaining static, these rates have become more competitive as 1- and 2-year CD rates have declined, for the most part. All of Quontic’s CDs can be opened with a minimum $1k deposit.

2.40%$1k-Quontic Bank12 Month CD
2.40%$1k-Quontic Bank24 Month CD
2.40%$1k-Quontic Bank12 Month IRA (Traditional, Roth)
2.40%$1k-Quontic Bank24 Month IRA (Traditional, Roth)
Rates as of September 19, 2019.

The 12- and 24-month CDs are available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.

Interest is compounded daily and credited monthly, with dividends either reinvested or transferred to an external account through an ACH transfer.

As stated in the FAQs, partial withdrawals are not allowed, only early redemptions. The Early Withdrawal Penalty reads as follows.

For time deposits up to 12 months, the penalty will be equal to the interest for the full length of the stated term. For time deposits 12 months to under 24 months, the penalty equals 1 year interest. For time deposits 24 months and over, the penalty equals 2 years interest.

If the accrued interest exceeds the penalty amount, the excess accrued interest over the penalty amount will be paid to you. If the accrued interest is less than the penalty amount, a reduction of the principal balance may result.

Funding a CD can be done by ACH, wire, or mailing a check; funds from an existing Quontic Bank account can also be used to open a CD. If a CD is not funded within 30 days of opening, the account may be closed.

Maturing funds will be distributed via cashier’s check or can be transferred to another Quontic Bank account (checking/savings). There is a 10-day grace period (beginning the days after the CD matures) before the CD will automatically renew.

Up to five beneficiaries can be named and Social Security numbers are required. Percentages can be assigned, if so desired.

CDs can be opened for a trust, but a certificated copy of the entire trust document is required. Government-issued IDs (valid driver’s license or passport) are required for all trustees. Funding a CD for a trust can only be done by check or wire transfer.


Headquartered in Astoria (Queens), New York, Quontic Bank offers its product line online to all U.S. citizens, 18 years or older, with a valid Social Security number.

Opening a CD can be done online, or at the single New York branch, located on Broadway in Astoria, near the MTA station at 31st Street.

Quontic also offers mortgages nationwide, with mortgages offices in Atlanta and Miami.

Bank Overview

Quontic Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.81% (excellent), based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $1.12 million, an above average annual growth rate of 0.51%. Please refer to our financial overview of Quontic Bank (FDIC Certificate # 57807) for more details.

Quontic Bank is a young bank, with its tenth anniversary fast approaching. 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.

At Quontic’s root is “ontic,” meaning real or factual existence. The truth is that there is an extraordinary diversity of circumstances in the real and factual existence of our customers’ lives. We believe banking needs to be adaptive to those circumstances, so we ask the Qualitative and Quantitative questions that enable us to do so. Hence Quontic – an adaptive form of “ontic.” We like how it sounds and what it stands for.

How the CDs Compare

When compared to 212 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Quontic Bank’s 12-month CD APY currently ranks first.

When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Quontic Bank’s 24-month CD APY currently shares the top spot with Nationwide by Axos Bank’s 24-month CD APY.

The above rates are accurate as of 7/3/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

AK!   |     |   Comment #1
1 year interest penalty for a 12 month CD?! Ridiculous.
Robb   |     |   Comment #2
Good catch that has to set some type of record for a 1 year deal...never heard of such.

Run don't walk.
L.O.L.   |     |   Comment #4
Right! Run, don't walk. Investing in CDs aren't for you people who worry about E.W.P.s. Best to stick with "plain Jane" savings accounts, no penalty fees attached.
Metoo!   |     |   Comment #3
I saw that too, I thought it was a JOKE!
Hooked   |     |   Comment #5
Indeed, if you are not prepared to commit to the full term of the CD, pay attention to the EWP section above. You may end up with less money than your original deposit!
payitforward   |     |   Comment #6
"In the past year, the Bank has increased its total non-brokered deposits by $1.12 million..."

Too small. Customer service (among other concerns) can easily become overwhelmed.
999   |     |   Comment #10
You always have to be really careful when you open an account at any Bank or Credit Union. CS reps often give incorrect information that can end up costing you a lot of money. And it's true, you have to be especially careful at the small institutions. Their staff generally has less training, and also they are overwhelmed because the staff is so small. Unfortunately, in the end, you usually still have to take a leap of faith no matter where you open an account since you can't possibly ask every important question, and some of the important answers are not available in writing. It's caveat emtor.
999   |     |   Comment #11
Correcting typo.... *emptor*
Svensk   |     |   Comment #7
Banked for a short time with Quontic. Will never return.
Sam   |     |   Comment #8
Any specific reason you had a bad experience?
DMP   |     |   Comment #9
why? what happened?
Competitive CD Rates at Quontic Bank in New York - Local Only

Quontic Bank is offering several competitive mid-term and long-term CD and IRA CD rates. These include a 1.51% APY 2-year CD, a 1.76% APY 3-year CD, a 2.01% APY 4-year CD and a 2.27% APY 5-year CD. Minimum deposit is $1,000. These rates are listed in the bank's rate sheet as of 2/8/2012.

It's a small bank with two branches in Great Neck and Astoria, New York. It appears that a branch visit is required to open an account.

The bank has an overall health score at DepositAccounts.com of 5 stars (out...

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