Savings accounts are a great way to keep your money safe while working toward your financial goals. However, not every savings account is created equal. The advantages and services offered by stores can vary. Quontic is an option for those seeking a high-yield savings account. Quontic is an innovative digital bank with a fresh take on traditional banking services. Its high-yield savings accounts offer annual percentage yields (APY) that are competitive with those offered by other financial institutions.
Is Quontic Bank’s high-yield savings account a good fit for your needs? Read this Quontic evaluation before making any hasty choices.
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Quontic High Yield Savings Overview: Website
The bank opened its virtual doors in 2009 and now serves customers in all 50 states from a single location in Astoria, New York. Quontic Bank is a New York-based online bank that provides traditional banking services like savings, checking, and money market accounts, as well as fixed-term investments like CDs. It offers properties for sale at retail, wholesale, and to the general public.
Quontic is an online-only bank that provides an annual percentage yield (APY) on savings accounts significantly higher than the average for all banks. If you prefer doing your banking online and want a competitive APY, the Quontic High Yield Savings account is for you. Quontic can offer lower prices due to the lack of overhead caused by its virtual nature.
Quontic is a Community Development Financial Institution (CDFI), meaning that it provides loans to people and places that are economically disadvantaged.
Deposit & Withdrawal Options
There are no physical locations for Quontic, but deposits can be made fast and easily.
You can make your first deposit into your new account using funds from an existing Quontic account, funds from an external account using ACH, or funds from an external account utilizing Plaid’s technology.
You can use Mobile RDC to make deposits whenever it’s convenient for you. Your deposit will be reflected in your account the following business day if approved before the daily cut-off time of 4:00 p.m. EST. A new account cannot be opened using the Mobile RDC feature.
Withdrawals from your High Yield Savings account are limited to six each calendar month or statement cycle, including but not limited to pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, debit cards, and similar activities.
In the case that you reach the daily transaction limit, Quontic will contact you and convert your account to a transactional account. If you make more than six withdrawals throughout a billing cycle, you’ll be charged a $10 excess transaction fee each time.
Benefits and Drawbacks of Quontic High Yield Savings
A few details are worth considering if you’re considering opening this savings account. You’ll see them highlighted in the list below.
✔ Effective Annual Percentage Yield
✔ No maintenance fees
✔ Including a debit card
✘ Required Minimal Funds Balance
✘ This bank has no physical locations; all business is conducted online.
- 3% Competitive APY
When searching for a high-yield savings account, APY is a crucial metric. The annual percentage yield offered by Quontic is 3%, which is significantly higher than the average APY we’ve seen. While most financial institutions only do it once a month, Quontic adds to your daily balance as interest is earned. Your savings will grow more quickly as a result of this.
- Simplicity of use
Quontic advertises that opening a savings account takes three minutes or less and that funds can be transferred from another Quontic account or another bank. In addition to a convenient mobile app, Quontic also provides a secure online banking platform. Remote check deposits, bill payments, account transfers, money sent to friends and family, and keeping track of expenses are some of the time-saving and convenient functions it provides.
- No maintenance fee
Quontic doesn’t charge you any recurring fee. Quontic, being an online bank, can provide its customers with reduced fees and additional perks because it does not have the exact high operating costs as brick-and-mortar banks. It claims there are no surprise costs involved.
- Debit card
Due to the long-term nature of savings accounts, most do not issue debit cards to their account holders. For this reason, most savings accounts don’t offer the convenience of a debit card or paper checks. With a Quontic savings account and debit card, you can access over 90,000 surcharge-free ATMs nationwide.
- Insurance and security
High Yield Savings accounts at Quontic come with cutting-edge security features and FDIC insurance. The debit card you use can be locked and unlocked digitally. In addition, your debit card purchases cannot be reversed if fraudulently made.
- Minimum opening deposit
A High Yield Savings account can be opened with as little as $100. Another option is to open a savings account with a financial institution that has a lower or nonexistent minimum deposit requirement.
- This bank has no physical locations; all business is conducted online.
The only way to access the bank with Quontic is through their website; they don’t have brick-and-mortar locations. If you like to do your banking in person, Quontic might not be for you.
Is Quontic a Worth Savings Account to Get?
If you’d instead do your banking online, Quontic is your best bet. Due to the nature of the bank’s operations, Quontic does not have physical locations. There are no weekend help hours and no live chat option. Therefore, the total customer service experience is lacking.
Quontic’s interest rates on savings accounts are competitive, but many other online banks provide lower fees. As a result, you can anticipate receiving greater returns than you would at a conventional bank.
If you’re looking for a bank that offers competitive interest rates on savings and checking accounts and prefers to do business online, Quontic may be a suitable fit.
If you prefer to bank with them via their mobile app or online and are interested in a competitive APY with low fees, this savings account may be for you. So, you’ve opened a savings account and now want a debit card to go along with it.
You recognize the significance of providing excellent service to your customers.
Quontic may not be the best option if you prefer doing your banking at a physical location and interacting with a human being.
Access to online and mobile banking is available around the clock at Quontic Bank, along with a wide variety of banking products, an extensive ATM network, an intuitive user interface, a streamlined account opening process, and reasonable fees, all of which are features you might consider and require from a digital bank. Live chat, a phone number, an email address, and a contact form are ways customers can get in touch with the company’s support staff.
Forbes Advisor’s Best Online Banks Of 2022 ranked Quontic the best overall online bank because of its attractive interest rates on various deposit products such as High-Interest Checking Accounts, High Yield Savings Accounts, Certificates of Deposit, and Money Market Accounts.
For the maximum APY on their money market account, a minimum balance of $150,000 is required. Several financial institutions provide competitive or even more incredible APY with considerably lower minimum balances or no minimum.
And Quontic can only visit so many of the branches. If you don’t happen to live in New York City but still want to do your banking in person, you may want to look elsewhere.
Quontic High Yield Savings is an online savings account offered by Quontic Bank, which aims to provide customers with a high interest rate and easy-to-use digital banking services.
The annual percentage yield (APY) for Quontic High Yield Savings is 0.55%, which is higher than the national average for savings accounts (March of 2023).
No, there are no monthly maintenance fees or minimum balance requirements for Quontic High Yield Savings.
You can easily open a Quontic High Yield Savings account online by visiting the bank’s website and filling out the application form.
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