Founded in 2009, Quontic promotes itself as “the adaptive digital bank.” With this motto in mind, it offers online financial services that respond to changing industry demands with intelligent agility. The company’s identity centers on its disruptive culture. As a result, it provides an innovative lineup of checking and savings accounts.
So, let’s examine Quontic more closely to give you a full picture of its banking services.
Pros and Cons of Quontic
- No monthly fees on any accounts
- 90,000+ free in-network ATMs across the U.S.
- Offers highly competitive interest rates
- Unique Bitcoin Rewards account
- Only one in-person branch (New York City)
- Relatively high overdraft fee
What Does Quontic Offer?
Quontic offers three checking accounts and three savings accounts. If you’re interested in checking accounts, then Quontic offers the following options:
- Bitcoin Rewards Checking: This account pays back 1.5% of eligible debit card purchases in Bitcoin. It’s the first checking account of its type in the U.S. Customers can open a Bitcoin Rewards account with a minimum deposit of $500.
- Cash Rewards Checking: The Cash Rewards account also rewards customers with 1.5% returns on eligible debit card purchases, but instead it offers the rewards in cash. Customers need only $100 to get started.
- High Interest Checking: Quontic’s High Interest account pays interest rates of up to 1.01% to customers who make at least 10 qualified point-of-sale card transactions each statement period.
And if you’re interested in savings accounts, then Quontic has these options:
- High Yield Savings: With a minimum deposit of $100, customers can open a High Yield account with an annual percentage yield of 0.55%. Interest is compounded daily, helping money grow faster.
- Money Market: According to Quontic, the typical money market account pays an average of 0.05% per year in interest. Quontic’s money market account returns 0.3% to 0.4%, depending on the customer’s balance.
- Certificates of Deposit (CD): This account has a higher minimum opening balance ($500) but pays out significant interest. As of July 2021, rates of return are 0.55% (6 months), 0.6% (1 year), 0.75% (2 years), 1% (3 years), and 1.11% (5 years).
What to Expect on the Site
Quontic’s website is fully set up to allow customers to open any account they like from the comfort of home. The sign-up steps are easy to follow, and customers can open a new account in as little as three minutes. Once you decide on which type of account you want to open, click on the “Get Started” button. You’ll then be asked for basic information, including your name, contact information, and funding details. While customers can easily do banking via Quontic’s mobile app, accounts need to be opened on the website via a computer.
One of Quontic’s biggest selling points is its total lack of monthly account fees. All six checking and savings accounts carry nothing in the way of start-up or ongoing charges. However, there are a couple of potential costs new customers should know about. Firstly, Quontic charges a $35 overdraft fee if you overspend on your account. Secondly, if you don’t make any deposits or transactions for one year, then Quontic will apply a $10 inactivity fee.
What People Are Saying About Quontic
As of July 2021, Quontic has an average Trustpilot score. Based on feedback from customers, it has a Trustpilot score of 3.6 out of 5 stars. Additionally, Quontic has been accredited by the Better Business Bureau (BBB) since 2016. As of July 2021, Quontic boasts an A+ BBB rating.
Another key point to highlight is customer ratings of the Quontic mobile app:
- The Quontic app has a rating of 4.5 out of 5 stars on the App Store
- The Quontic app has a rating of 3.4 out of 5 stars on Google Play
These app ratings are accurate as of July 2021.
The Bottom Line
Quontic is a leading innovator in the financial services industry. Its checking and savings accounts especially stand out for their lack of fees and excellent rewards. The company’s Bitcoin Rewards account is a particularly unique feature. Plus, the online bank maintains a large network of free ATMs nationwide.
All in all, we think you’ll find that Quontic has several benefits as you compare top online banking providers.