Quontic Bank Review 2025

Checking

Three top checking accounts are available through Quontic: Cash Rewards Checking, High Interest Checking and Wearable Checking.

The Quontic Bank Cash Rewards Checking account offers up to 1.00% cash back on all qualifying debit card transactions, which includes most transactions outside of ATM withdrawals and peer-to-peer payments. Any cash back earned is paid and credited to your account at the start of each statement cycle.

The Quontic Bank High Interest Checking account offers up to 1.10% on all balances, which is a very competitive return for a checking account. In order to meet the requirements to earn interest, customers must make at least 10 qualifying point-of-sale debit transactions of $10 or more each statement cycle.

If you meet the minimum activity requirements for the High Interest Checking account, you earn up to 1.10% on all balances: $0–$150,000, $150,000.01–$1,000,000 and more than $1,000,000. If the minimum qualifying activity is not met, then 0.01% APY applies to all balances. Quontic may change the tiers that apply to this account at any time without notice. Interest is compounded daily and credited monthly.

The High Interest Checking and Cash Rewards Checking accounts each have a $100 minimum deposit requirement, and neither has a monthly service fee. Quontic says you can open either of these checking accounts within three minutes.

Quontic Bank also offers a unique Wearable Checking account that includes a Quontic Pay Ring instead of a traditional debit card, although you can request one if desired. This wearable pay ring is the first of its kind, allowing users to make contactless purchases with just a tap. To make a payment while wearing the ring, make a knocking motion near a contactless payment terminal, similar to how you would tap your phone to use Apple Pay.

The Quontic Pay Ring offers the same security features as a debit card, and has the added benefit of no visible card number. If you misplace your ring, you can temporarily disable it like you would a debit card.

Quontic’s Wearable Checking account requires a minimum opening deposit of $100, but there is no ongoing account minimum. The account has no monthly fees, no overdraft fees and no foreign collection fees.

To open a Quontic account, you’ll need to provide basic contact information, your Social Security number and your date of birth.

Accounts can be funded with an existing Quontic account or via ACH transfer from another bank account. You can also mail a check to Quontic. You can add money to your account via the bank’s mobile app, direct deposit, ACH, wire transfer or by mailing a check. Customers have access to more than 90,000 surcharge-free ATMs.

Savings

Consumers have two different savings account options at Quontic.

The Quontic Bank High Yield Savings account pays 3.85% APY, which is almost 10 times the national average savings rate, according to data from the FDIC. And it’s very competitive compared to what you can earn from other top-paying savings accounts.

To open an account, you’ll need to deposit a minimum of $100. There are no monthly service fees, and customers have access to more than 90,000 surcharge-free ATMs.

Interest is compounded on a daily basis and credited on a monthly basis.

Money Market Account

The Quontic Bank Money Market Account pays a 4.25% annual percentage yield, which applies to all balance tiers, identified as $0.01–$4,999.99, $5,000.00–$149,999.99 and balances over $149,999.99. Interest is compounded daily and credited monthly.

It takes a minimum of $100 to open an account, making this one of the best money market accounts overall. And, as with Quontic’s other banking products, there are no monthly service fees.

This account comes with a Quontic debit card and checks. As with its other banking products, account holders have access to more than 90,000 surcharge-free ATMs.

CDs

Quontic offers competitive certificates of deposit (CDs) across six terms, from three months to five years. Opening a Quontic Bank Certificate of Deposit requires a minimum deposit of $500.

Here are the current rates for Quontic’s CDs:

CD TERM	APY
3 months	4.00% APY
6 months	3.75% APY
12 months	3.25% APY
2 years	3.35% APY
3 years	3.25% APY
5 years	3.00% APY

Rates and details as of 02/24/2025.

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These rates are competitive with the best CD rates. It only takes a few minutes to open a CD account online with Quontic. And you can fund the account by transferring funds from another bank, by ACH transfer, wire transfer, mail or with an existing Quontic account.

CD account holders start earning interest the day the account is opened. It’s compounded daily and paid once per statement cycle.

When it’s time for your CD to mature, Quontic will send a notice. You then have a 10-day grace period to either withdraw or renew your CD. The bank also offers the option of closing your account and opening a new one within that grace period. If you fail to take action, Quontic will automatically renew your CD for another term.

There is a penalty for early withdrawal. For terms up to 12 months, the penalty is equal to the full interest earned. One full year of interest will be charged for terms of 12 months to under 24 months. For terms of more than 24 months, the bank charges a full two years’ interest.

Quontic’s streamlined digital experience makes it quick and easy to sign up for its banking products, and there are no monthly service fees on any of its accounts.

This bank offers an extensive ATM network as well, with access to more than 90,000 surcharge-free ATMs across the country. That makes it easy to access money from nearly anywhere. Customers in New York City also have access to the bank’s Astoria and Flushing branches.

But Quontic’s Pay Ring is one of the most distinctive features offered by the bank. It is the nation’s first wearable payment ring, equipped with the same chip technology found in plastic debit cards. This allows you to make contactless purchases simply by touching your hand. You can manage the Quontic Pay Ring through online banking or the Quontic app.

One more feature that makes Quontic stand out from many other financial institutions is its designation as a Community Development Financial Institution. It lends to economically disadvantaged individuals and communities, along with gig workers and small business owners.

Because it’s a digitally focused bank, Quontic offers both online and mobile banking options. Both options offer 24/7 account access with the ability to transfer funds between banks, receive and check e-statements and send money using Zelle. The mobile app is available on iOS (4.8/5 rating) and Android devices (4.7/5 rating). Customers who live near Quontic’s two branches in New York City can bank in person.

Quontic charges no monthly maintenance fees on any of its accounts and has eliminated or lowered most other fees. Here is its current menu of fees customers may pay:

QUONTIC BANK FEES
Account research	$20 per hour
Dormant account	$5 per month
Legal levies and garnishments	$100
Stop payment	$20
Wire transfer outgoing foreign (customers)	$35 plus correspondent
Wire transfer outgoing domestic (customers)	$25 plus correspondent
Returned item deposit	$10
Account reconciliation	$30 per hour

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Quontic Bank offers the features you may expect and want from a digital bank: 24/7 access to online and mobile banking, a nice selection of banking products, a large ATM network, easy-to-open accounts and low fees. In addition, it provides several options for reaching customer service, including live chat, phone and audio messaging.

Quontic offers very competitive yields on its High Interest Checking account, High Yield Savings account, CDs and Money Market accounts, and it was named one of Forbes Advisor’s Best Online Banks Of 2025 .

However, Quontic has limited branch access. Those seeking in-person banking who live outside of New York City may want to consider other options.

Quontic vs. Ally

Quontic and Ally have highly competitive rate structures and both are digital-only banks, but Quontic offers about 15,000 more fee-free ATMs, making it the more accessible bank for customers.

FEATURE	QUONTIC	ALLY
ATMs	90,000+	75,000+
Interest checking APY	Quontic Bank High Interest Checking up to 1.10% on all balances	Ally Bank Spending Account 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more
Savings APY	Quontic Bank High Yield Savings 3.85%	Ally Bank Savings Account 3.60%
Money market APY	Quontic Bank Money Market Account 4.25%	Ally Bank Money Market Account 3.70%
Unique service	Wearable Checking	Savings buckets tools

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Quontic vs. Bank of America

As a digital bank, Quontic is able to offer much higher interest rates on its savings products and lower fees compared to the traditional, brick-and-mortar Bank of America. Most Bank of America accounts involve a monthly service fee, although fees can often be waived by completing qualifying activities. If you need to speak with someone in person, Bank of America has branches nationwide to serve you.

FEATURE	QUONTIC	BANK OF AMERICA
Branches	5	3,700
Interest checking APY	Quontic Bank High Interest Checking up to 1.10% on all balances	Bank of America Advantage Relationship Banking® Up to 0.01%
Savings APY	Quontic Bank High Yield Savings 3.85%	Bank of America Advantage Savings 0.01%
Minimum CD deposit	$500	$1,000

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Quontic vs. Discover

Discover Bank offers competitive rates, but they are slightly lower than the ones offered by Quontic. Discover also lacks the range of account options, offering only one checking account. However, its CDs have no minimum deposit, while Quontic CDs require a deposit of $500. Discover also has fewer fees, with notable free services including stop payment orders and deposited item returns.

FEATURE	QUONTIC	DISCOVER BANK
Checking accounts	3	1
Savings APY	Quontic Bank High Yield Savings 3.85%	Discover® Bank Online Savings Account 3.70%
Money Market APY	Quontic Bank Money Market Account 4.25%	Discover® Money Market Account 3.60% APY for balances under $100,000 and 3.65% APY for balances $100,000 and over
Minimum CD deposit	$500	$0

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Quontic Bank offers low-fee or fee-free accounts with higher interest rates than many other digital banks, especially on its money market accounts. In addition to being FDIC-insured, Quontic’s status as a CDFI makes it an attractive option for small businesses and underserved communities. With 90,000 fee-free ATM locations nationwide, it offers wide access for account holders regardless of location.

Forbes Advisor rates banks based on various factors, including fees, rates, access, requirements and more. We assign unique ratings to individual products, such as checking accounts, savings accounts, money market accounts and certificates of deposit (CDs), then compile these results to score institutions overall. Ultimately, we rate banks on a scale of one to five stars, with one star being the lowest rating and five stars being the highest.

Factors that contribute to ratings include:

• Fees
• Interest rates
• Customer experience
• Mobile access
• Deposit requirements

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.