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Quontic Checking Accounts Review

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Founded in 2009, Quontic is an online bank that offers a variety of financial services including checking and savings accounts as well as home loans. Although it has no physical branches, the bank provides a convenient mobile app for general banking needs and offers customer support across chat, email, and phone.
 
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How is Quontic rated?

Breakdown

4.1/5
Account Features
4.0/5
Fees and Restrictions
4.1/5
Support, Reputation, and Financials

Overall Rating: 4 / 5 (Excellent)

Customers can securely open a High-Interest Checking account by completing a three-minute process in which they provide basic contact and personal information, including social security number and date of birth. Once opened, customers can fund the account by transferring from a Quontic account, an external account via an ACH transfer, or by using Plaid.

The minimum amount required to open an account is $100.

Quontic Account Features

Account Features - 4.1 / 5

The Quontic High-Interest Checking account offers a 1.10% APY as long two conditions are met, which are:

• A minimum of 10 point-of-sale transactions every month of at least $10 each.
• Maintaining a daily balance between $0.01 and $100,00.00

For balances between $100,000.01 and $250,000, the APY is 0.65%. Balances between $250,000.01 and $1 million is 0.35%.

If the customer does not complete the 10 monthly transactions of $10 each, then the APY for all balances is 0.01%.

The checking account includes a debit card that can be used for purchases or in any of the more than 90,000 ATMs across the country. The account can also be linked to Apple Pay., Google Pay, Samsung Pay, and Zelle.

The Quontic Bank mobile app lets customers bank on-the-go with services such as remote check deposits, bill payments, and transfers.

In addition to the High-Interest Checking account, Quontic offers many other financial services including other types of checking accounts (Bitcoin Rewards and Cash Rewards), high-yield savings, money market, certificates of deposit (CDs), and even FHA and VA home loans.
Types of Checking Accounts
Free Checking Accounts
Interest Bearing Checking Accounts
Methods of Deposits
Mail Check
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit
No-Fee ATM
No-Fee at Network ATMs
ATM Locations
Nationwide
Branch Offices
None

Interest (APY)

1.10% if certain conditions are met

Overdraft Protection

The bank does not appear to offer overdraft protection for the High-Interest Checking account. There is a $35.00 fee overdraft charge per item.
Integration with Mobile Payment Services
Apple Pay
Google Pay
Zelle
SamsungPay
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
Yes
Mobile App
Yes

Quontic Fees and Restrictions

Fees and Restrictions - 4 / 5

The account does not have a monthly service fee and does not require a minimum balance to avoid other fees. It does require an initial deposit of $100 to be able to open the account, but no monthly deposit needs to be made.

Customers have access to more than 90,000 ATMs, surcharge free at any participating AllPoint Network, MoneyPass Network, and SUM Program ATMs, as well as CitiBank ATMs located in select retailers (Target, Walgreens, CVS, Kroger, and others.)

Quontic’s High-Interest Checking account does have other standard bank fees that may be applicable if certain conditions exist. Dormant accounts are levied a $10 each month, overdraft or non-sufficient funds returns are charged $35.00 per item, legal levies and garnishments are $100, and wire transfers have their own fees: $30 for outgoing foreign transfers, $20 for outgoing domestic transfers, and $10 for incoming transfers. Other fees may also apply.
Maintenance Fee
No monthly service fee
Minimum Balance
$100 (one of the conditions to be able to receive the 1.10% APY)
Minimum Monthly Deposit
$0
Minimum Number of Transactions
10 (POS transactions of $10 or more each month as a condition to receive the 1.10% APY)
Other Fees
Incoming Wire Fee
Stop Payment Fee
Insufficient Funds Fee
Dormant Fee

Quontic Support, Reputation, and Financials

Support, Reputation, and Financials - 4.1 / 5

Quontic is an accredited business with the BBB and carries an A+ rating with them. It currently does not have a Trustpilot score. It is a member of the FDIC and, since it also offers home loans, is also an Equal Housing Lender with an NMLS ID.
BBB Rating
A+
Date Collected
2021-07-22
Year Founded
2009
Live Help 24/7
Yes
Customer Support Hours
24/7 via live chat; phone hours M-F 9:00am-6:00pm EST

Contact Methods

  • Phone
  • Chat

Company Profile

Full Name
Quontic Checking Accounts
Company Website
https://www.quontic.com/high-interest-checking/
Headquarters
One Rockefeller Plaza 9th Floor, New York, NY, 10020

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