What Is Quontic Bank?
As a digital banking solution, Quontic is able to serve customers in all 50 states. It is a member of the FDIC and specializes in offering higher interest rates on checking and savings accounts, along with some truly cutting-edge benefits. Using your web browser or a downloadable mobile app, you can access your Quontic Bank accounts from anywhere. You can view your account balances, locate nearby in-network ATMs, pay bills, transfer money, and more, all from your mobile phone or computer.
Quontic Bank is also a CDFI (Community Development Financial Institution), which means it can provide mortgages and other loans to a diverse range of borrowers. It specializes in helping people who are underserved to secure home loans. That includes small business owners, immigrants, people of color, and the self-employed.
In addition, this bank offers features you won’t find with other banks. For example, it is the first bank to have a location in the metaverse, you can open a checking account that pays rewards in Bitcoin, and it offers customers a wearable payment ring to make contactless payments easier than ever.
How Does Quontic Bank Work?
Quontic Bank is a digital bank, so you can open an account using your computer. You can choose between a high-interest, bitcoin rewards, or cash rewards checking account. Once you select your account, you’ll provide information about who you are and where you live. As part of the account setup, you’ll make an initial deposit, and then you’ll be ready to start banking online or through your phone.
What Services Does Quontic Bank Offer?
Quontic Bank offers three checking account options, three savings account options, and various home mortgage products.
Checking Account
You can choose between an account that pays 1.10% APR on your balance, one that pays back 1.5% bitcoin on qualifying purchases, or one that pays 1.0% cash back on eligible purchases. To open a high-interest or cash rewards account, you must deposit $100 to start. The Bitcoin rewards account requires a $500 opening deposit.
Savings Accounts
Quontic’s savings account has no monthly service or overdraft fees. It only takes about three minutes to open an account. You’ll need to make a minimum deposit of $100. The account pays an interest rate 11 times higher than the national average, and your interest will compound daily.
Money Market Accounts
Another flexible way to earn a higher interest rate is through a money market account. Quontic’s money market account pays nine times the national average and lets you make six monthly withdrawals or transfers. You can open an account with $100, and interest is compounded daily.
Certificates of Deposit
You can purchase a certificate of deposit for a six-month, one-year, two-year, three-year, or five-year term. You must invest a minimum of $500 per CD. Yields range between 3.75% and 4.75% APR. Cashing out before the maturity date will result in penalties.
Mobile Banking
The Quontic Bank app makes it easy to manage your finances wherever you go. You can use your smartphone to check your account balance, transfer funds between accounts, and more.
Mortgages
Quontic is a Community Development Financial Institution. As a CDFI bank, it can offer mortgages to people in unconventional situations. For example, if you are self-employed, work on commissions, are retired, are in a lower income bracket, or are not a U.S. citizen, it has options that can make it easier to secure a mortgage. They also have conventional mortgages, VA loans, and FHA loans.
Quontic Bank Pros and Cons
The Pros of Using Quontic Bank
- No Monthly Fees: Quontic doesn’t charge monthly maintenance or overdraft fees.
- Competitive Rates: Quontic Bank gives customers the opportunity to earn higher returns on their savings accounts, as much as 11 times the national average.
- Cutting Edge Incentives: You can open a high-yield checking account or an account that pays Bitcoin rewards, for example.
- Fully Digital: You can access your accounts through your computer or smartphone.
- Card Controls: Quontic Bank allows you to set spending limits on your debit card to stick to your budget easily.
- Online Bill Pay: Set up recurring payments to pay automatically in just a few easy steps.
The Cons of Using Quontic Bank
- Customer Service: Being a digital bank, Quontic Bank offers customer service through chat, computer audio, email, or phone.
- Withdrawal Fees: If you exceed the maximum of six withdrawals or transfers on your savings or money market account, you’ll be charged a fee for each additional transaction.
How Does Quontic Bank Compare?
Quontic is a Member FDIC bank. It offers checking, savings accounts, CDs, and money market accounts. It also has several home mortgage options. It pays higher interest rates on both checking and savings accounts than the national average. And, since it is a Community Development Financial Institution, it can extend mortgages to people that many banks turn away.
Why Should You Use Quontic Bank?
Quontic Bank is a forward-thinking, digital banking alternative. It offers unusually high interest rates on its savings accounts and other incentives like cash rewards paid in Bitcoin. It also doesn’t charge monthly maintenance or overdraft fees.
How to Get Started with Quontic Bank
Visit the Quontic website to open an account. You can set up a checking or savings account in as little as three minutes. To open an account, you must provide some basic personal information and make a minimum deposit. After that, you can access your money and account through your computer or smartphone.
