Quontic Bank MMA and High Yield Savings Are New Rate Leaders
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).
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.70% | - | $1m | Quontic Bank | High Yield Savings Account | |
| 3.50*% | - | - | Quontic Bank | Personal Money Market |
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.45% | $500 | - | Quontic Bank | 1 Year CD | |
| 4.40% | $500 | - | Quontic Bank | 2 Year CD | |
| 4.30% | $500 | - | Quontic Bank | 5 Year CD | |
| 4.30% | $500 | - | Quontic Bank | 3 Year CD | |
| 3.75% | $500 | - | Quontic Bank | 6 Month CD |
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.
Money Market Account $250,000.00 and greater 0.400% APY