Quontic Bank Increases All CD Rates

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20%$500-Quontic Bank5 Year CD
1.10%$500-Quontic Bank3 Year CD
0.95%$500-Quontic Bank2 Year CD
0.60%$500-Quontic Bank1 Year CD
0.55%$500-Quontic Bank6 Month CD
Rates as of January 24, 2022.

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

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

Partial withdrawals are not allowed, only an early redemption. The Early Withdrawal Penalty reads (in part) 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 one year interest.

For time deposits 24 months and over, the penalty equals two 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 from an external account through ACH or Plaid’s technology; 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. According to CSR, there is no rate lock: the rate in effect when the funding is received will be APY applied to the CD.

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.

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.

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

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.

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

Bank Overview

Quontic Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.27% (excellent), based on September 30, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $144.71 million, an excellent annual growth rate of 35.62%. Please refer to our financial overview of Quontic Bank (FDIC Certificate # 57807) for more details.

More information regarding Quontic Bank's low Capitalization Grade can be found in the PPP loans section in the December 2020 article, Bank Health in the COVID-19 Pandemic.

Quontic Bank is currently the 59th largest bank headquartered in New York state, with assets in excess of $1 billion. 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.

In August, Quontic was named to Inc. magazine’s annual Inc. 5000 list. According to an August 17, 2021 press release, the Inc. 5000 list is,

the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses.

“We are pleased to be recognized as one of the nation’s fastest growing private companies by Inc. for the second year in a row,” shares Steve Schnall, CEO of Quontic. “Quontic is honored to be ranked amongst many other remarkable and innovative businesses.”

How the CD Compares

When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are nationally available, Quontic Bank’s 3-year CD APY currently ranks second.

When compared to similar length-of-term CDs tracked by DepositAccounts.com, offered by online banks only, Quontic Bank’s 3-year CD APY currently ranks first.

The above information and rates are accurate as of 12/10/2021.

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, Internet banks

Comments
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