Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Bankiful site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, Bankiful does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

Quontic Bank Review 2024: Banking With High APYs On All Accounts

Quontic Bank customers enjoy competitive rates, earning high-yields on checking, savings, money market accounts and certificate of deposits.

Quontic Bank is an innovative and socially responsible U.S.-based digital bank headquartered in Astoria, New York City. They operate mainly online, but also have loan office locations in New York (Melville, Flushing) and Miami, Florida.

Quontic Bank Overview

Quontic Bank offers competitive rates and a user-friendly online banking experience. Quontic Bank's products are designed to put money in their customer's accounts, for instance:

  • Interest Checking – Earn a bigger balance with high-interest checking at 1.10% APY.
  • Savings Account – Accelerate your savings interest and earn 4.50% APY on your balance.
  • Certificates of Deposit – Earn up to 5.30% APY on CD terms that range from 6 months to 5 years.

Quontic Bank History

The bank has roots dating back to 2005 when it was known as Golden First Bank. Over the years, it underwent changes, including a rebranding to Quontic Bank in 2018, with a focus on serving underserved communities. Today the bank focuses on online banking services with no physical branches and certified as a Community Development Financial Institution (CDFI) that aims to serve underserved communities and promote financial inclusion.

Quontic Bank Review

Checking Accounts

All Quontic Bank checking accounts don’t have overdraft fees, monthly service fees or incoming domestic wire transfer fees.

High Interest Checking 

  • APY: 1.10% (You must make at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement; otherwise the account earns 0.01% APY.)
  • Minimum opening deposit: $100

Cash Rewards Checking 

  • Reward rate: 1.00% cash back on all eligible debit card purchases
  • Minimum opening deposit: $100

Pay Ring Technology

Quontic Bank Checking Accounts offer an optional pay ring that can be used as an alternative to a debit card. A pay ring is a wearable payment device in the form of a ring. Essentially, your ring becomes a substitute for your physical debit card for making contactless payments. Here's a breakdown of what it typically means:

  • Contactless payments. You can make purchases simply by tapping your ring on any contactless payment terminal, just like you would with your debit card.
  • Security. The ring uses secure technology to protect your information, often employing methods like Near Field Communication (NFC) and tokenization to keep your actual card number safe.
  • Link to checking account. The ring is usually linked to your checking account, so the funds for your purchases are deducted directly from there.
  • Mobile app management. Many banks offer a mobile app to manage your ring, check transaction history, and enable/disable the ring in case of loss or theft.
Learn More at Quontic Bank

Savings Account

The high-yield savings account from Quontic Bank offers an APY that’s more than 10 times the national average. Interest is compounded daily.

  • High Yield Savings 
    • APY: 4.50%
    • Minimum opening deposit: $100
Learn More at Quontic Bank

Money market accounts

Quontic Bank offers one money market account, which comes with a debit card. Interest is compounded daily and credited monthly.

  • Money Market Account 
    • APY: 5.00%
    • Minimum opening deposit: $100
Learn More at Quontic Bank

Certificates of deposit

Quontic Bank also has CD accounts with terms that range from six months to five years.

  • 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%
  • Minimum opening deposit: $500
  • Early withdrawal penalty
Learn More at Quontic Bank

Mortgage Loans

Quontic Bank offers mortgage products that cater to a variety of needs, including conventional loans, FHA loans, VA loans, and refinancing.

Quontic Bank Pros and Cons


Technology-driven. Provides a user-friendly online banking experience.
Community focus. Offers financial products and services tailored to underserved communities.
Competitive rates. Offers competitive rates on deposits and loans.
Strong social impact. Invests in community development initiatives.


Limited physical presence. No physical branches may be inconvenient for some customers.
Newer bank. May not have the brand recognition of larger banks.
Limited product offerings. May not offer all the products and services as larger banks.

Final takeaway

Quontic Bank provides online and mobile banking options for customer convenience to provide convenient and accessible banking services.  The bank has been recognized for its efforts to serve diverse and underserved communities, including immigrants and individuals with non-traditional banking needs. Overall, it is competitive with the best online banks that offer free checking and high-yield savings accounts.

Best online savings rates

The national savings rate is 0.46% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

Savings Connect
4.65% APY
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

CIT Bank

6-Month CD
5.00% APY
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

© 2024 Bankiful.com All rights reserved.