Young man reading a Quontic Bank review online.

Quontic Bank Review [2024] Is It Safe? Pros and Cons

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Interest rates are rising. In fact, the average rates for savings accounts have grown to be 7x higher than they were only a year ago. 

And with the right bank, you can earn even more. So, it’s time to take advantage! 

Quontic Bank is an online bank that offers pretty amazing rates – up to 5.30% annual percentage yield (APY) at the time of this publication. 

In this Quontic Bank review, I’ll walk you through the account options. I’ll also explain why banking with Quontic is completely safe!

Quontic Bank reviews share how the online banking platform is easy to use on all devices. 
Quontic makes banking easy and convenient with a dynamic mobile app and a user-friendly online banking platform.
Source: Quontic

Quontic Savings Review

Quontic Bank offers three different savings options:

  1. High Yield Savings. With a 4.50% APY (at the time of writing), this is a great account for steadily growing your savings. There are no monthly fees to worry about, and the minimum opening deposit is just $100. Oh, and you can apply for a Quontic Bank High Yield Savings account in just 3 minutes. Talk about convenience! 
  1. Money Market. With a 4.75% APY (at the time of writing), this is a great way to earn even more in interest!
  1. Certificate of Deposit (CD). Quontic offers terms from 6 months to 5 years. The highest-paying option is the 1-year CD, which pays 5.30% APY (at the time of writing). Just remember that a CD is a more “involved” investment. You’ll need to deposit at least $500, and you’ll face a penalty if you withdraw money before the term is over. 

Quontic Money Market Review 

Okay, it’s time for this Quontic Bank review to take a closer look at the Money Market Account option. 

Let’s start with the best thing about the Quontic Money Market Account: The high yields.

At the time of publication, the Quontic Money Market Account pays 4.75% APY. Not only is that higher than Quontic Bank’s High Yield Savings account, but it’s also higher than what you’ll get with most money market accounts from other banks. 

According to the FDIC, the average money market account in the U.S. pays a 0.63% interest rate – which, compounded daily or monthly, would also give you a 0.63% APY. With a money market account from Quontic, you’ll get an APY that’s over 7x higher!

You’ll need to make a minimum opening deposit of $100. Then once your account is open, you’ll start earning that generous APY right away. There’s no annoying “tier” you have to reach to earn the highest rate.

You can get a debit card to maximize convenience, but you only get six free transfers and withdrawals per statement cycle. After that, you’ll pay $10 for every withdrawal or transaction. 

So the Quontic Money Market Account is not the best option for making everyday purchases and accessing cash. (That’s what checking accounts are for!)

But if your goal is to store (and grow!) your savings, then the Quontic Money Market Account is perfect.

Quontic High Interest Checking Review

The Quontic High Interest Checking Account pays up to 1.10% APY (at the time of writing). Is that anywhere near what you can get with a Quontic Bank High Yield Savings account? No, but for a checking account, it’s pretty amazing. Most checking accounts don’t earn interest at all.

You’ll need to make a $100 minimum deposit to open an account. And then, to earn the highest APY, you’ll need to make 10 “qualifying Point of Sale debit card transactions” of $10+ during each statement cycle.

Pretty much any standard purchase counts as a “point of sale” transaction – whether it happens online or in person. So if you buy something from a business with your debit card and it costs $10 or more, it will likely count as one of your 10 “qualifying transactions” for the billing period.

Here’s what doesn’t count as a “point of sale” transaction:

  • ATM withdrawals
  • Transfers between bank accounts
  • Peer-to-peer payments (like PayPal, for example)
  • Loan payments

Ten payments of $10+ might sound like a lot – but you shouldn’t have any trouble reaching the threshold if you make a habit of using your Quontic debit card.

If you don’t make those qualifying payments, you’ll still earn interest – but just 0.01% APY. 

And the Quontic High Interest Checking Account is about more than just the interest. Other perks include:

  • Fee-free access to over 90,000 ATMs
  • User-friendly online banking
  • Remote check deposit
  • No monthly fees
  • FDIC insurance

So you’ll get everything you’d expect from a regular checking account, but with the added benefit of interest! 

Quontic Cash Rewards Review

The Quontic Cash Rewards Account is a checking account that allows you to earn 1% cash back with debit card purchases.

So for every $100 you spend with your Quontic debit card on “qualifying purchases,” you’ll get $1 back. 

Imagine making $20,000 in qualifying purchases during a year. You’d get $200, which is far from nothing! And besides, it’s free money. Nice!

You can only earn up to $50 cash back each statement cycle, but that only matters if you spend more than $5,000 in a month.

And what counts as a “qualifying purchase” for earning cashback? Practically everything – as long as you use your debit card.

These are the only transactions that won’t earn you cash back, even if you use your Quontic debit card:

  • ATM transactions
  • Transfers between accounts
  • Peer-to-peer payments (like PayPal, for example)
  • Payments on loans

Oh, and your account could be closed if you “manufacture” or fake spending. I know it can be tempting to make a massive payment to your sister’s beauty parlor so you can earn cash back, then ask her to pay you back your money. Clever thinking – but don’t risk it!

The cashback gets a lot of attention (and rightly so!), but there’s a lot more to like about this account.

Additional benefits of the Quontic Cash Rewards Account include:

  • Low minimum opening deposit (just $100)
  • Fee-free access to over 90,000 ATMs
  • No monthly fees
  • Mobile banking with remote check deposit
A Quontic Cash Rewards debit card to earn cash back for everyday purchases with.
New users can open a Quonitc Cash Rewards checking account in as fast as 3 minutes to start earning cash back for everyday spending! 
Source: Quontic

How Does Quontic Bank Work?

Quontic is an online bank. That means there are no physical branches to visit. Instead, you’ll conduct all your banking online – either through the mobile app or on the Quontic Bank website.

Unlike many other online banking service providers, Quontic is actually a bank. That means it doesn’t have to partner with some other bank to provide its services.

Is Quontic Bank Legit?

Quontic is a legitimate online bank. Not only is it a member of the FDIC, but it was also named a Community Development Financial Institution (CDFI) by the U.S. Treasury. 

So this is a company with recognition from the U.S. government! 

Quontic Bank also has a strong reputation among its customers, earning:

  • 4 stars on the review site Trustpilot
  • An A+ grade from the Better Business Bureau (BBB)
  • 4.4 stars for its mobile banking app in the Apple App Store

Is Quontic Bank Safe?

Quontic Bank is a safe place to deposit your money because it’s insured by the Federal Deposit Insurance Corporation (FDIC). That means the federal government protects the first $250,000 you deposit into Quontic accounts. If your money were to somehow vanish, the U.S. government would pay you back.

So in this Quontic Bank review, I can’t guarantee you’ll enjoy your experience – but I can tell you your money is safe with Quontic Bank!

Pros and Cons of Quontic Bank

Quontic has a lot to offer customers, but there are certain areas where it falls a little short. Here are the pros and cons worth considering.


  • High yields. Not only can you earn up to 4.75% APY with a money market account, but you can also earn 1.10% APY on a checking account. That’s pretty amazing! (APYs accurate at the time of writing).
  • Fee-free access to 90,000 partner ATMs. That’s even more than most traditional nationwide banks.
  • No monthly fees. With a savings account or checking account from Quontic Bank, you don’t have to worry about getting money taken out for “maintenance.” 


  • No physical branches. You’ll have to get used to doing your banking online.
  • No cash deposits. To add money to your account, you’ll have to use a digital transfer. 
  • No sign-up bonuses. Luckily, the rates and rewards are already pretty generous.

If you’re looking to boost your new balance fast, check out these banks with immediate sign-up bonus.

Quontic Bank Reviews

Lots of Quontic customers have shared their experiences online.

In a five-star Quontic Bank review on Trustpilot, someone praised the user-friendly mobile app and the email-based customer service. 

A five-star Quontic bank review from a happy customer on Trustpilot.
A customer calls Quontic the “best bank ever” in a review.
Source: Trustpilot

Another customer called Quontic a “great online bank,” but said they wished it had been easier to get their debit card. 

A four-star Quontic bank review from a user who had a great customer service experience.
In a four-star Quontic Bank review, a customer praises the company’s customer service.
Source: Trustpilot

In a two-star Quontic bank review, someone said the customer service was “top-notch” but complained that the company seemed to be “falling behind” by not providing certain features. 

A negative Quontic bank review from a member who has found the Quontic support team to be unhelpful.
A Quontic customer says the company offers great customer service but could stand to add more features to its mobile banking app.
Source: Trustpilot

In a one-star Quontic Bank review, someone said they’d had “nothing but problems with this bank.” Apparently, they never received their debit card, and then their account was closed for having a zero balance. 

A single star Quontic bank review from a customer who had “nothing but problems” with the online bank.
In a one-star Quontic bank review, a customer complains that they couldn’t gain access to their account. 
Source: Trustpilot

Quontic Bank Reviews Reddit

Over on Reddit, a customer recently left a negative Quontic Bank review. Their main issue was that it was difficult to open and access their account. 

A negative Quontic bank review from a user on Reddit who had difficulty accessing their account.
A former Quontic customer explains on Reddit how they struggled to gain access to their account.
Source: Reddit

In another thread, someone asked for people’s opinions on Quontic. Unfortunately, nobody answered with a personal experience – but one person included a brief overview of Quontic’s accounts.

A person on Reddit asking about others’ Quontic bank reviews with rewards checking accounts.
Someone starts a Reddit thread by asking about Quontic.
Source: Reddit
A user on Reddit shares their personal Quontic bank review about each checking account option.
A Reddit user lists Quontic’s checking account options. 
Source: Reddit

Is Quontic Bank Worth It? 

Quontic Bank is worth it because it has so many account options, and all those options are customer-friendly.

On the savings side, you can choose between three different account types. 

Want to prioritize access to your cash with up to six free transactions per statement cycle? Then go for the Quontic Bank High Yield Savings account (4.50% APY at the time of writing) or the Quontic Money Market Account (4.75% APY at the time of writing). 

Willing to lose access to your money in exchange for higher yields? Then go for the Quontic CDs, which earn up to 5.30% APY (at the time of writing).

And on the checking account front, you’ll have two options to choose from. They both provide the foundations of a great banking experience – ATM access, mobile banking, and all that good stuff. But then they also both provide something extra.

With the Quontic High Interest Checking Account, that “something extra” is the high APY (1.10% at the time of writing).

And with the Quontic Cash Rewards Account, you’ll earn 1% cash back on most purchases.

Which to choose? That depends on your banking habits.

Are you planning on maintaining a high balance and making at least ten debit card transactions of $10+ per month? Then the High Interest Checking Account is probably better.

Do you think you’ll spend lots of money with your Quontic debit card? Then the Cash Rewards Account is likely the way to go.

But whichever account you choose, I can assure you of this: Quontic Bank is worth it!

Commonly Asked Questions About Quontic Bank

What are Alternatives to Quontic Bank?

Quontic Bank is one of several online banks. Other options include:

If you’d like to learn which budgeting app could best help you manage your finances and boost your savings, check out these comparisons of Rocket Money vs the competition:

Then use a net worth tracker to see how your new financial strategies are paying off. 

Is Quontic Bank a Scam? 

Quontic Bank isn’t a scam. It’s a real bank that’s insured by the FDIC, and it has its headquarters in Astoria, NY. 

What is The Catch With Quontic Bank? 

There is no “catch” with Quontic Bank. There are a few requirements to get the best rates and rewards, but Quontic is upfront about them. For example, to earn the highest APY with the High Interest Checking Account, you’ll need to make ten qualifying debit card purchases per statement cycle. 

How Trustworthy is Quontic Bank?

Quontic Bank is totally trustworthy. Not only is it insured by the FDIC, but it also has an A+ rating with the BBB. That means it has the backing of the federal government and one of the country’s largest marketplace watchdog groups. 

Is Quontic Bank FDIC Insured? 

Quontic Bank is FDIC-insured, meaning the federal government protects the first $250,000 in Quontic accounts.

Is Quontic a Legitimate Bank?

Quontic is 100% a legitimate bank. Yes, it operates entirely online, but that doesn’t mean you shouldn’t trust it. Quontic is insured by the FDIC, and it has an A+ rating with the Better Business Bureau. That’s enough to convince me! 

What Are The Benefits of Quontic Bank?

The main benefit of Quontic Bank is the high yields on savings accounts, money market accounts, and CDs. Another perk is that checking accounts can earn interest (1.10% APY at the time of writing) or cash back (1% on qualifying purchases).