Quontic Bank 2023 Review: A digital bank that keeps its fees low and APYs high–but customer support isn’t available on weekends

Quontic Bank is a digital bank that first started as a community bank in New York City in 2009. It is an FDIC-insured bank that offers online and mobile banking platforms and a fee-free ATM network consisting of 90,000 ATMs across the country. It offers many checking accounts, savings accounts, and mortgage products. All rates and fees are current as of January 9, 2023 and are subject to change.

Quontic Bank offers

Quontic Bank offers many financial products including checking accounts, savings accounts, CDsand so on.

Checking and savings accounts

High Interest Check

  • API: 0.01% – 1.10%
  • Minimum opening deposit: $100
  • Minimum to earn APY: To earn 1.10% APY, you must make at least 10 qualifying debit card point of sale transactions of $10 or more per statement. Failure to make qualifying transactions will result in 0.01% interest and APY.
  • Fee: $0

Bitcoin Rewards Review

  • Reward rate: 1.5% Bitcoin on all eligible debit card purchases
  • Minimum opening deposit: $500
  • Fee: $0
  • Debit card privileges: yea
  • Available in every US state except Hawaii and North Carolina
  • The Bitcoin balances in your Bitcoin account are not insured by the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Association (NCUA), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer.

Cash Reward Check

  • Reward rate: 1.50% on all eligible debit card purchases
  • Minimum opening deposit: $100
  • Fee: $0
  • Debit card privileges: yea

High yield savings account

High Savings

  • API: 3.50%
  • Minimum opening deposit: $100
  • Minimum to earn APY: $0
  • Fee:
    • Monthly service fee: $0
    • Overdraft fees: $0
    • Excess transaction fees: $10

Money market accounts

Cash Account

  • API: 3.50%
  • Minimum opening deposit: $100
  • Minimum to earn APY: $0.01
  • Fee: $0
  • Debit card privileges: yea

Certificates of deposit

  • API:
    • 6 months CD: 3.50%
    • 1 year CD: 4.25%
    • 2 year CD: 4.15%
    • 3 year CD: 4.30%
    • 5 year CD: 4.45%
  • Minimum opening deposit: $500
  • Early withdrawal penalty: If the accrued interest is greater than 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, it may result in a decrease in your principal balance.
    • CDs under 1 year: The penalty will be equivalent to interest for the entire duration of the stated term.
    • CDs between 12 months and 24 months: The penalty is equivalent to one year’s interest.
    • CDs 24 months and above: Two years worth of interest.

Other services offered by Quontic Bank

  • Loans: In addition to their deposit accounts, Quontic offers various types of loans including conventional loans, FHA loans, VA loans, and community development loans.
  • Mortgage Refinancing: Homeowners looking to get a better rate on their mortgage can benefit from a Quontic home refinance.

Quontic Bank’s platform and customer support

Quontic offers an online and mobile banking platform. Their application is available for download on the Apple App Store and Google Play and has a rating of 4.4 and 3.2 stars, respectively.

As far as customer support, customers can contact a customer service representative via live chat, email, and phone Monday through Friday between 9:00 am and 6:00 pm EST.

Advantages and disadvantages of Quontic Bank

If you’re considering a My Banking Direct account, here are the pros and cons to consider.


  • No monthly fees: Quontic Bank does not charge a monthly service fee to maintain your accounts.
  • High APYs on deposit accounts, including checking accounts: Quontic account APYs are higher than other competitors, their high yield savings The account offers an APY of 14 times the national average.


  • No customer support on weekends. Quantic representatives are available Monday through Friday.
  • There are no physical branch locations. While Quontic has a few loan offices on the east coast, it operates as a digital bank.

Frequently asked questions

Is Quontic Bank a legitimate bank?

Yes. Quontic Bank is a legitimate, FDIC-insured bank. This means that if the bank fails, the Federal Deposit Insurance Corporation (FDIC) will offer insurance coverage of up to $250,000 per depositor, per bank, for each account ownership category.

Who started Quantic Bank?

Steve Schnall founded Quontic Bank in 2009.

Does Quontic Bank have branch locations?

No. Quontic Bank is a digital bank that operates online. However, they have loan offices in New York and Florida and their headquarters are based in Manhattan.

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EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of Fortune Recommends editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

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