Quontic Bank Offers Up To 4.25% APY On Money Market Accounts

Quontic Bank, founded in 2009, has evolved from a community bank in New York City to an online-only institution, offering a range of deposit accounts with competitive interest rates. The bank is insured by the Federal Deposit Insurance Corp. (FDIC) and provides access to a fee-free ATM network comprising 90,000 ATMs nationwide. Its product offerings include checking accounts, savings accounts, certificates of deposit (CDs), and mortgage products.

Quontic Bank's deposit accounts are particularly noteworthy for their high annual percentage yields (APYs). The High Interest Checking account offers up to 1.10% APY, while the Cash Rewards Checking account provides 1% cash back on eligible debit purchases. The savings account boasts an APY of up to 3.85%, and the money market account (MMA) earns an impressive 4.25% APY. CDs are available with terms ranging from six months to five years, offering APYs between 3% and 3.75%.

The bank's checking accounts come with unique features such as the Quontic Pay Ring, a wearable device that allows for contactless payments. Both checking accounts require a minimum opening deposit of $100 and have no monthly fees. The High Interest Checking account requires at least 10 qualifying debit card transactions per statement cycle to earn the top APY. The Cash Rewards Checking account offers up to $50 in cash back per statement cycle.

Quontic Bank's savings account requires a minimum opening deposit of $100 and offers a competitive APY with no monthly service fees. The MMA provides a debit card, paper checks, and the Quontic Ring, with no transaction limits, making it suitable for everyday use. CDs require a minimum opening deposit of $500 and have varying APYs based on the term length. Early withdrawal penalties apply to CDs.

In addition to deposit accounts, Quontic Bank offers mortgage loans, including conventional, FHA, VA, and community development loans, as well as mortgage refinancing and home equity loans. The bank's security measures include FDIC insurance, up-to-date technology to protect against fraud and data breaches, and multi-factor authentication for account access.

Quontic Bank's online and mobile banking platforms are highly rated, with customer service available via live chat and telephone during weekdays. The bank has a 4.0-star rating on Trustpilot, with customers praising its customer service and easy account setup. However, some users have reported difficulties with account applications.

Quontic Bank is a strong choice for those seeking high APYs on their savings and are comfortable with online banking. However, it may not be suitable for those who prefer in-person banking or need additional products such as credit cards, auto loans, or business accounts.