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

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.

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.

Availability

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 31^st 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.