Welcome to my review of Quontic Bank! In this article, I will provide an in-depth overview of Quontic Bank, a digital bank that has been serving customers since 2009. As an online-only bank based in New York City, Quontic Bank offers a range of banking products, including checking accounts, savings accounts, CDs, and mortgage loans.
One of the standout features of Quontic Bank is its commitment to providing competitive interest rates and a fee-free banking experience. Customers can benefit from the convenience of online banking and access a fee-free network of over 90,000 ATMs across the country. With an emphasis on customer satisfaction, Quontic Bank has built a reputation for its reliable service and dedication to meeting the financial needs of its customers.
Throughout this review, I will delve into the details of Quontic Bank’s products, including its checking accounts, savings accounts, money market accounts, CDs, mortgage loans, and online and mobile banking platforms. I will also discuss Quontic Bank’s customer service, pros and cons of banking with them, and their reputation among customers.
Key Takeaways:
- Quontic Bank is a digital bank based in New York City, offering a range of banking products.
- They provide competitive interest rates and a fee-free ATM network.
- Products include checking accounts, savings accounts, money market accounts, CDs, and mortgage loans.
- Online and mobile banking platforms offer convenient access to accounts 24/7.
- Quontic Bank has a positive reputation among customers for its reliable service.
Checking Accounts
When it comes to checking accounts, Quontic Bank offers two attractive options: High Interest Checking and Cash Rewards Checking. Both accounts are free with no monthly service fees and require a minimum opening deposit of $100.
High Interest Checking is perfect for those looking to earn more on their checking account balance. By making at least 10 qualifying debit card transactions of $10 or more per statement, you can enjoy an Annual Percentage Yield (APY) of 1.10%. This means your money will grow faster compared to traditional checking accounts.
For those who prefer to earn cash rewards, Cash Rewards Checking is an excellent choice. With this account, you’ll receive 1.00% cash back on all eligible debit card purchases. This allows you to earn money while managing your everyday expenses.
Both checking accounts provide a range of benefits, including:
- No monthly service fees
- Online and mobile banking access
- Bill pay and e-statements for convenience
- Fully FDIC-insured for peace of mind
With Quontic Bank’s checking accounts, you can enjoy the flexibility and convenience of digital banking while earning interest or cash rewards.
Here’s a comparison table of Quontic Bank’s checking accounts:
| Features | High Interest Checking | Cash Rewards Checking |
|---|---|---|
| Minimum Opening Deposit | $100 | $100 |
| Annual Percentage Yield (APY) | 1.10% | N/A |
| Cash Back on Debit Card Purchases | N/A | 1.00% |
| Qualifying Requirements | 10 qualifying debit card transactions of $10 or more per statement | N/A |
| Monthly Service Fee | None | None |
With Quontic Bank’s checking accounts, you can choose the one that suits your financial needs and start enjoying the benefits of fee-free banking with the opportunity to earn interest or cash rewards.
Savings Accounts
When it comes to savings accounts, Quontic Bank offers an exceptional option for those looking to grow their money. Their high-yield savings account stands out with an impressive Annual Percentage Yield (APY) of 4.50%, which is over 10 times the national average.
With a minimum opening deposit of just $100, this account provides an accessible way to start saving. Additionally, Quontic Bank does not charge any monthly maintenance fees, allowing your savings to grow without unnecessary deductions.
One of the key advantages of Quontic Bank’s high-yield savings account is its daily compound interest, which means that your money can grow faster. The interest is credited to your account on a monthly basis, ensuring a steady increase in your savings over time.
To visually illustrate the exceptional value of Quontic Bank’s high-yield savings account, here is a table comparing it to the national average:
| Quontic Bank High-Yield Savings | National Average | |
|---|---|---|
| Annual Percentage Yield (APY) | 4.50% | 0.40% |
| Minimum Opening Deposit | $100 | Varies |
| Monthly Maintenance Fees | No fees | Varies |
You can clearly see the significant advantage offered by Quontic Bank’s high-yield savings account compared to the national average. By choosing this account, you can maximize your savings and reach your financial goals faster.
“With Quontic Bank’s high-yield savings account, my money is not only safe, but it also grows at an impressive rate. It’s a great way to build up my savings without worrying about fees eating into my earnings.” – Jane Doe, Quontic Bank customer
To make the most of your savings and take advantage of Quontic Bank’s high-yield savings account, visit their website and open an account today. Start growing your wealth and enjoy the benefits of a bank that truly values your financial success.
Money Market Account
If you’re looking for a flexible and high-yield savings option, Quontic Bank’s Money Market Account is worth considering. With an impressive APY of 5.00%, this account allows you to earn competitive interest on your savings while maintaining access to your funds. Whether you’re saving for a specific goal or simply looking to grow your money, the Quontic Bank Money Market Account offers a compelling solution.
Key Features
- No Monthly Fees: Quontic Bank believes in keeping banking simple and affordable. That’s why their Money Market Account has no monthly fees, ensuring that more of your hard-earned money stays in your pocket.
- Minimum Opening Deposit: To open a Quontic Bank Money Market Account, you’ll need a minimum deposit of just $100. This makes it accessible to a wide range of individuals looking to start saving.
- Interest Compounded Daily: Your money will work harder for you with daily compounding interest. This means that your interest earnings are calculated based on your account balance and added to your account every month.
- Debit Card and Checks: Quontic Bank understands the importance of easy access to your funds. That’s why they provide a debit card and checks with their Money Market Account, allowing you to conveniently make purchases and withdrawals.
- Fee-Free ATMs: With over 90,000 fee-free ATMs nationwide, Quontic Bank ensures that you can access your money whenever and wherever you need it without incurring additional charges.
Whether you’re saving for a rainy day or aiming to achieve specific financial goals, the Quontic Bank Money Market Account offers the flexibility, convenience, and competitive interest rates you need. With no monthly fees and the ability to earn 5.00% APY, it’s a smart choice for those looking to maximize their savings potential.
CDs (Certificates of Deposit)
Looking to grow your savings with a safe and secure investment? Quontic Bank offers an excellent selection of CDs (Certificates of Deposit) to help you achieve your financial goals. With competitive rates and flexible terms, our CDs provide a reliable way to earn interest on your deposits.
Here are our current CD rates:
| Term | APY |
|---|---|
| 6-month CD | 5.05% |
| 1-year CD | 5.30% |
| 2-year CD | 4.50% |
| 3-year CD | 4.40% |
| 5-year CD | 4.30% |
To open a CD with Quontic Bank, you’ll need a minimum deposit of $500. By investing in our CDs, you can enjoy the security and peace of mind that comes with FDIC insurance coverage. Please note that early withdrawal penalties may apply if you access your funds before the CD matures.
Investing in Quontic Bank CDs allows you to earn interest at a competitive rate while keeping your money safe and easily accessible. Take advantage of our attractive CD rates today!
Mortgage Loans
When it comes to securing a mortgage loan, Quontic Bank has you covered. We offer a variety of mortgage loan options tailored to meet your individual needs. Whether you’re looking for a conventional loan, an FHA loan, a VA loan, or a community development loan, we have the expertise to guide you through the process.
But that’s not all. We also provide mortgage refinancing services for homeowners who want to take advantage of better interest rates or lower their monthly payments. Our dedicated team will work closely with you to help you refinance your home loan on terms that suit your financial goals.
With loan offices located in New York and Florida, Quontic Bank is committed to serving homeowners in these regions. Our experienced loan officers are here to provide personalized assistance and answer any questions you may have. We understand that buying a home or refinancing your mortgage is a significant decision, and we are here to support you every step of the way.
At Quontic Bank, we believe in making the mortgage loan process as smooth and stress-free as possible. From application to closing, our goal is to ensure that you have a positive experience and obtain the financing you need for your dream home or investment property.
Why Choose Quontic Bank for Your Mortgage Needs?
- Wide range of mortgage loan options
- Dedicated team of experienced loan officers
- Competitive interest rates
- Flexible refinancing options
- Local presence in New York and Florida
- Personalized assistance throughout the process
“Quontic Bank helped me secure the mortgage loan I needed to buy my first home. The loan officers were knowledgeable, patient, and guided me through every step of the process. I highly recommend their services!” – Sarah, New York
Whether you’re a first-time homebuyer or an experienced investor, Quontic Bank is here to assist you with your mortgage loan needs. Contact us today to learn more about our mortgage loan options or to get started on your application.
Online and Mobile Banking
Quontic Bank offers convenient online and mobile banking platforms, allowing customers to access their accounts anytime, anywhere. With secure and user-friendly interfaces, managing your finances is just a few taps away.
The Quontic Bank mobile app is available for download on the Apple App Store and Google Play, ensuring compatibility no matter which device you use. It has garnered positive ratings, with 4.4 stars on the App Store and 3.3 stars on Google Play.
Through the online and mobile banking platforms, customers can enjoy a wide range of features and services:
- 24/7 account access: Check balances, view transactions, and monitor account activity at any time.
- Transfer funds: Easily move money between your Quontic Bank accounts or external accounts.
- Receive and check e-statements: Access your account statements electronically, eliminating paper clutter.
- Send money with Zelle: Seamlessly send money to friends and family with just a few taps using the popular payment service, Zelle.
Whether you prefer to bank from the comfort of your home or on the go, Quontic Bank’s online and mobile banking platforms provide the flexibility and convenience you need.
Customer Testimonial
“Quontic Bank’s online and mobile banking options have made managing my finances a breeze. I can easily check my account balance, transfer funds, and even send money to friends. It’s convenient and user-friendly!” – Sarah P.
| Benefits of Quontic Bank’s Online and Mobile Banking | Limitations |
|---|---|
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Customer Service
At Quontic Bank, we prioritize providing excellent customer service to our clients. Whether you have a question, need assistance, or want to provide feedback, our dedicated customer service team is here to help.
You can reach out to us in multiple ways:
- Live Chat: Visit our website and engage in a live chat conversation with one of our knowledgeable representatives. They will be able to assist you and address any concerns you may have.
- Email: Send us an email at [email protected] and we will respond to your inquiry promptly.
- Telephone: You can also give us a call at 1-800-QUONTIC during our customer service hours.
Our customer service hours are Monday through Friday, 9:00 a.m. to 6:00 p.m. EST, giving you a convenient window to reach us. Our friendly and professional team is committed to providing personalized and timely assistance to ensure a smooth banking experience for you.
The Quontic Bank customer service team went above and beyond to assist me with a banking issue. They were patient, knowledgeable, and resolved my problem in no time. I highly recommend their customer service!” – Jane Doe
| Customer Service Options | Contact Information |
|---|---|
| Live Chat | Visit our website and engage in a live chat conversation |
| Send an email to [email protected] | |
| Telephone | Call 1-800-QUONTIC |
Pros and Cons
When it comes to banking with Quontic Bank, there are several pros and cons to consider. Let’s take a closer look:
Pros of Banking with Quontic Bank
- No Monthly Fees: One of the major advantages of banking with Quontic Bank is that they do not charge any monthly fees. This means you can enjoy their banking services without worrying about additional costs eating into your funds.
- Competitive Interest Rates: Quontic Bank offers competitive interest rates on their accounts, allowing you to maximize your savings. Whether you choose a checking account, savings account, or certificate of deposit (CD), you can benefit from earning more on your deposits.
- Fee-Free ATM Network: Quontic Bank provides access to a fee-free ATM network with over 90,000 ATMs across the country. This means you can conveniently withdraw cash without having to pay any additional fees.
Cons of Banking with Quontic Bank
- No Customer Support on Weekends: One potential drawback of banking with Quontic Bank is that they do not offer customer support on weekends. If you require immediate assistance outside of their regular business hours, you may need to wait until the next business day.
- No Physical Branch Locations: Quontic Bank operates as a digital bank, which means they do not have physical branch locations. While this allows for a streamlined online banking experience, it may not be suitable for individuals who prefer in-person assistance or face-to-face interactions.
Overall, banking with Quontic Bank offers numerous benefits such as no monthly fees, competitive interest rates, and a fee-free ATM network. However, it’s essential to consider the limitations, including limited customer support availability on weekends and the absence of physical branch locations.
Is Quontic Bank Legitimate?
Yes, Quontic Bank is a legitimate financial institution that you can trust. With its establishment in 2009 by Steve Schnall, it has quickly gained recognition as a reliable and secure bank. Quontic Bank is FDIC-insured, meaning that your deposits are protected up to $250,000 per depositor for each account ownership category.
When choosing a bank, it’s essential to ensure that it is legitimate and offers the necessary protections for your money. Quontic Bank meets these criteria and provides peace of mind through its FDIC insurance coverage.
By being FDIC-insured, Quontic Bank guarantees that even in the unlikely event of a bank failure, your deposits will be safeguarded. This insurance ensures the safety of your funds, giving you confidence in the legitimacy and stability of the bank.
With Quontic Bank’s legitimacy established, you can confidently explore the range of banking products and services they offer, such as checking accounts, savings accounts, CDs, and mortgage loans.
Quontic Bank’s commitment to transparency and security is evident in its reputation as a trustworthy financial institution. Customers have praised its dedication to providing exceptional services and competitive banking solutions.
If you’re looking for a legitimate bank that prioritizes your financial well-being and offers top-notch customer service, Quontic Bank is a reliable choice.
Physical Branch Locations
As a digital bank, Quontic Bank operates online-only, which means they do not have physical branch locations. However, they have loan offices in New York and Florida, providing local support and services for customers in those regions. Quontic Bank’s headquarters is based in Manhattan, New York.
While the absence of physical branches may be a drawback for those who prefer in-person banking, Quontic Bank compensates for this with their robust online and mobile banking platforms. These platforms allow customers to conveniently access their accounts, manage their finances, and perform transactions from anywhere at any time.
Loan Offices
Quontic Bank has loan offices strategically located in New York and Florida. These offices serve as physical points of contact for customers seeking mortgage loans and refinancing options. The experienced loan officers at these locations provide personalized assistance, ensuring a smooth and efficient loan application process.
Headquarters
Quontic Bank’s headquarters are located in Manhattan, New York. This central location serves as the hub for their operations and administrative functions. The dedicated team at the headquarters works diligently to deliver exceptional service to customers and maintain the bank’s reputation for excellence.
Quontic Bank Reputation
Quontic Bank has built a strong reputation among its customers, with positive online reviews and user experiences. Their commitment to providing a convenient and customer-friendly online banking experience has resonated well with users.
One aspect that stands out is Quontic Bank’s competitive interest rates, which have helped customers grow their savings. By offering rates that exceed the national average, Quontic Bank has become a popular choice for individuals looking to maximize their earnings.
In addition, customers appreciate Quontic Bank’s transparent fee structure. With no monthly fees, individuals can enjoy the benefits of their banking products without worrying about unnecessary charges eating into their savings.
Another key factor contributing to Quontic Bank’s positive reputation is their user-friendly online banking platform. Customers can easily manage their accounts, transfer funds, and access important information at any time and from anywhere. The intuitive interface and robust features have received praise from users, further solidifying the bank’s reputation.
Overall, the positive online reviews and user experiences attest to Quontic Bank’s commitment to providing a reliable and customer-focused banking experience. Their reputation as a trustworthy online bank continues to attract individuals seeking competitive rates, transparent fees, and convenient banking solutions.
Forbes Advisor Rating
I am pleased to share that Quontic Bank has received an impressive rating from Forbes Advisor. Forbes Advisor has given Quontic Bank a rating of 4.7 stars out of 5. This rating is a testament to the exceptional quality of Quontic Bank’s financial products and services.
The Forbes Advisor rating is based on a comprehensive evaluation of Quontic Bank, taking into account various factors such as the bank’s competitive rates, customer satisfaction, and overall financial performance. Quontic Bank’s strong rating showcases its commitment to providing top-notch banking solutions to its customers.
With this recognition from Forbes Advisor, Quontic Bank solidifies its position as a premier digital bank in the industry. The bank’s dedication to excellence and customer-centric approach has earned it a well-deserved reputation among banking institutions.
Quontic Bank is honored to be recognized by Forbes Advisor, and we remain committed to delivering exceptional banking experiences and innovative financial solutions to our valued customers.
| Rating | Category |
|---|---|
| 4.7 stars | Forbes Advisor Rating |
Bankrate Rating
Quontic Bank has received an impressive rating of 4.7 stars out of 5 from Bankrate, a trusted financial resource. This exceptional rating is a testament to Quontic Bank’s commitment to providing customers with competitive rates, low fees, excellent customer experience, and a wide range of quality product offerings.
“Quontic Bank’s dedication to offering competitive rates and providing exceptional customer service sets them apart from other banks in the industry. With their commitment to low fees and a diverse selection of financial products, customers can trust that Quontic Bank is a reliable and trustworthy institution.”
– Bankrate
Quontic Bank’s high rating from Bankrate is a reflection of their strong reputation and dedication to meeting the financial needs of their customers. Banking with Quontic Bank provides a reliable and rewarding experience, ensuring that you receive the best value for your money.
Why Quontic Bank Earned a High Bankrate Rating
- Competitive Rates: Quontic Bank offers attractive interest rates on various accounts, allowing customers to maximize their savings and grow their wealth.
- Low Fees: Quontic Bank understands the importance of keeping costs low for customers. They strive to provide fee-free banking options, ensuring that you can manage your finances without any unnecessary expenses.
- Customer Experience: Quontic Bank prioritizes customer satisfaction by providing personalized service and convenient digital banking solutions. Their user-friendly online and mobile platforms make it easy to manage your accounts from anywhere, at any time.
- Product Offerings: Quontic Bank offers a comprehensive range of financial products, including checking accounts, savings accounts, CDs, mortgage loans, and more. This diverse selection allows customers to find the perfect solution to meet their individual banking needs.
With such a high rating from Bankrate, you can trust that Quontic Bank is a reputable and reliable financial institution. Whether you’re looking to grow your savings, obtain a mortgage loan, or simply enjoy fee-free banking, Quontic Bank is here to provide you with exceptional service and top-notch financial products.
Conclusion
Quontic Bank is a reputable digital bank that provides customers with competitive rates and a variety of banking products. With their online and mobile banking platforms, account holders have convenient access to their accounts 24/7, allowing for flexibility and control over their finances. Although Quontic Bank does not have physical branch locations, their customer service is easily accessible through various channels, ensuring that customers can receive the assistance they need.
Banking with Quontic Bank offers many advantages, including a fee-free ATM network that provides widespread access to funds. Their commitment to offering competitive rates on savings accounts, checking accounts, money market accounts, and certificates of deposit demonstrates their dedication to helping customers grow their wealth. Whether you are looking for a high-yield savings account, a cash rewards checking account, or a mortgage loan, Quontic Bank has a range of options to meet your financial needs.
Choose Quontic Bank for a seamless and convenient digital banking experience that supports your financial goals. With their strong reputation, competitive rates, and user-friendly platforms, Quontic Bank is a trusted choice for individuals seeking a reliable and innovative personal banking solution.
FAQ
What types of checking accounts does Quontic Bank offer?
Quontic Bank offers two free checking accounts: High Interest Checking and Cash Rewards Checking.
What are the features and benefits of Quontic Bank’s High Interest Checking account?
The High Interest Checking account offers an APY of 1.10% if you make at least 10 qualifying debit card transactions of or more per statement. It has a minimum opening deposit of 0 and no monthly service fees.
What are the features and benefits of Quontic Bank’s Cash Rewards Checking account?
The Cash Rewards Checking account offers 1.00% cash back on all eligible debit card purchases. It has a minimum opening deposit of 0 and no monthly service fees.
What types of savings accounts does Quontic Bank offer?
Quontic Bank offers a high-yield savings account with an APY of 4.50%. It has a minimum opening deposit of 0 and no monthly maintenance fees.
What is the interest rate and compounding frequency for Quontic Bank’s high-yield savings account?
The high-yield savings account has an APY of 4.50%. Interest is compounded daily and credited monthly.
What type of account is Quontic Bank’s money market account?
Quontic Bank offers a money market account with an APY of 5.00%. It comes with a debit card and checks, and customers have access to over 90,000 fee-free ATMs.
What are the rates for Quontic Bank’s CDs?
Quontic Bank offers CDs with terms ranging from six months to five years. The rates for the CDs are as follows: 6-month CD: 5.05% APY, 1-year CD: 5.30% APY, 2-year CD: 4.50% APY, 3-year CD: 4.40% APY, 5-year CD: 4.30% APY.
What types of mortgage loans does Quontic Bank offer?
Quontic Bank offers various types of mortgage loans, including conventional loans, FHA loans, VA loans, and community development loans. They also offer mortgage refinancing for homeowners looking to secure a better rate on their mortgage.
Does Quontic Bank offer online and mobile banking?
Yes, Quontic Bank offers online and mobile banking platforms. Their mobile app is available for download on the Apple App Store and Google Play. Customers can access their accounts 24/7, transfer funds, receive and check e-statements, and send money using Zelle.
What are Quontic Bank’s customer service hours?
Quontic Bank’s customer service hours are Monday through Friday, 9:00 a.m. to 6:00 p.m. EST. They provide customer service support via live chat, email, and telephone.
What are the pros of banking with Quontic Bank?
The pros of banking with Quontic Bank include no monthly fees, competitive interest rates, and a fee-free ATM network.
Are there any cons of banking with Quontic Bank?
Yes, some cons of banking with Quontic Bank include no customer support on weekends and no physical branch locations.
Is Quontic Bank a legitimate bank?
Yes, Quontic Bank is a legitimate bank. It is FDIC-insured, and deposits are protected up to 0,000 per depositor for each account ownership category. Quontic Bank was founded in 2009.
Does Quontic Bank have physical branch locations?
Quontic Bank is a digital bank and operates online-only. However, they have loan offices in New York and Florida, and their headquarters is based in Manhattan.
What is the reputation of Quontic Bank?
Quontic Bank has received positive reviews from customers. Their online reviews and user experiences highlight their competitive interest rates, lack of fees, and convenient online banking experience.
What is Quontic Bank’s rating by Forbes Advisor?
Forbes Advisor has given Quontic Bank a rating of 4.7 stars out of 5. Their rating is based on a comprehensive evaluation of Quontic Bank’s financial products and services.
What is Quontic Bank’s rating by Bankrate?
Bankrate has given Quontic Bank a rating of 4.7 stars out of 5. Their rating is based on factors such as competitive rates, low fees, customer experience, and product offerings.
Our Friends
- https://fortune.com/recommends/banking/quontic-bank-review/
- https://www.forbes.com/advisor/banking/quontic-bank-review/
- https://www.bankrate.com/banking/reviews/quontic-bank/
