Quontic Bank High Interest Checking Review — Earn More, Pay Less

You can get an impressive return on cash you don’t need right away when you put it in a high-yield savings account. There’s no shortage of those around.

There aren’t quite as many high-yield checking accounts on the market, but that’s slowly changing. Innovative community banks like Quontic Bank and its High Interest Checking account are leading the way for people who want to earn interest on their walking-around money. 

You have to work for that interest though. That’s one of several downsides to consider before applying for a Quontic High Interest Checking account. Perhaps you won’t deem them deal-breakers in the end, but it’s always better to be a fully informed consumer.

What Is Quontic Bank High Interest Checking?

Quontic Bank High Interest Checking is a high-yield checking account that earns up to 1.10% APY. 

To earn the maximum interest rate on your balance, you must make at least 10 in-person debit card transactions of at least $10 each. Otherwise, you earn just 0.01% APY.

Quontic Bank is a small community bank based in New York, but it has a prominent online presence, and Quontic High Interest Checking is available to applicants nationwide. The minimum deposit to open an account is $100 and there’s no monthly or annual maintenance fee.

What Sets Quontic Bank High Interest Checking Apart?

Quontic High Interest Checking stands out for several reasons:

• Above-average yield with qualifying monthly debit transactions. Complete at least $10 in-person debit card transactions worth at least $10 each in a statement cycle to earn 1.10% APY on your entire balance. That’s doable if this is your main checking account.
• No maintenance fee. Quontic High Interest Checking charges no maintenance fees. You won’t pay anything to keep your account open.
• Big fee-free ATM network. Quontic Bank has more than 90,000 fee-free ATMs in its network, which spans the entire United States.
• Innovative approach to banking. Despite its small physical footprint, Quontic Bank is relentlessly innovative. It has one of the best mobile banking apps on the market and developed the first nonwatch payment wearable — the Quontic Pay Ring.

Key Features of Quontic Bank High Interest Checking

Quontic High Interest Checking’s core features include its interest program, its expansive ATM network, and its robust mobile features.

Account Yield & Requirements

Quontic High Interest Checking’s base yield is 0.01% APY on all balances. The yield rises to 1.10% APY, also on all balances, when you complete at least 10 in-person debit card transactions of $10 or more in a given statement cycle.

The yield applies to your entire balance. Back in the day, Quontic paid interest only on the first $150,000 in the account. That cap could theoretically return at some point in the future, though it’s high enough not to be a problem for most people.

Account Fees & Minimums

This account has no monthly or annual maintenance fee. The minimum opening deposit and ongoing balance is $100.

ATM Access

Quontic Bank has more than 90,000 fee-free ATMs in its network. You can find these machines at major convenience store chains, superstores, supermarkets, and other retailers coast to coast.

Mobile Features

Quontic Bank has an excellent mobile banking experience. Its mobile app can handle everything the regular online dashboard can, including mobile check deposit, bill payments, and person-to-person transfers. 

Quontic also offers a groundbreaking and free (for now) contactless payment option called the Quontic Pay Ring. It’s a secure plastic ring that you can tap to pay from your Quontic High Interest Checking account wherever you see the contactless payment symbol.

Deposit Insurance

Your Quontic High Interest Checking balance has FDIC insurance on balances up to $250,000. If Quontic Bank were ever to fail, the federal government would step in to reimburse deposits up to this amount. 

Pros & Cons

Quontic High Interest Checking does a lot of things well but has a few notable shortcomings too.

Pros

Quontic High Interest Checking complements its above-average yield (for a checking account) with other customer-friendly features. 

• Above-average interest rate with qualifying activities. Earn 1.10% APY on all balances for the entire statement cycle when you complete at least 10 debit transactions in-person and spend at least $10 on each. This is definitely attainable if you use your debit card for every in-person purchase.
• No monthly maintenance fee. Quontic High Interest Checking charges no monthly (or annual) maintenance fee, so there’s no carrying cost to worry about.
• Excellent mobile experience. You can easily do all your banking from your phone thanks to Quontic’s excellent mobile app. And in what Quontic claims is a first among American banks, you can use your Quontic Pay Ring to make in-person payments without taking out your debit card or phone.
• Big fee-free ATM network. Quontic Bank has one of the biggest fee-free ATM networks of any bank in the United States, at more than 90,000 machines in all. They’re distributed across the country, and most are far from any physical Quontic branches.

Cons

Quontic High Interest Checking has some missing or unwieldy features that lessen its appeal.

• Must meet transaction requirements to earn significant interest. Making 10 debit card transactions of $10 or more each month might not be a deal-breaker if this is your primary checking account. If it’s not, you might find yourself earning just 0.01% APY, which is barely worth the time it takes to open an account.
• No rewards on debit transactions. Quontic High Interest Checking has no debit card rewards program. If you’d rather not apply for a rewards credit card but want to earn points or cash on everyday purchases, look to Go2Bank instead.
• No early direct deposit. For such a mobile-friendly bank, it’s notable that Quontic has no early direct deposit feature. At a growing number of other banks, you can get your paycheck direct-deposited two days ahead of schedule as a matter of course.
• Has a minimum balance. You need to scrounge up $100 to open a new Quontic High Interest Checking account. This isn’t a massive amount of money, but it could be a problem if you live paycheck to paycheck.

How Quontic Bank High Interest Checking Stacks Up

Quontic Bank High Interest Checking is part of a growing crop of interest-bearing checking accounts from lesser-known online and community banks. It has a lot in common with another interest checking account: Nationwide Advantage Checking. Compare them head-to-head, then make your choice.

Quontic High Interest Checking and Nationwide Advantage Checking both have no maintenance fees and require qualifying activities to earn full interest. Quontic is a bit more relaxed on this front though, with just one requirement — 10 in-person debit card transactions per month, each totaling at least $10 —  to Nationwide’s two. Quontic has a slightly higher maximum interest rate as well. So all in all, it’s the better choice.

Final Word

Quontic Bank High Interest Checking pays an above-average interest rate (for a checking account) in any statement cycle where you make enough qualifying debit card transactions. It has no recurring fees and an excellent mobile app. You can even make contactless payments with a wearable ring.

There’s a lot to like about this account, but it’s not perfect. Some high-yield checking accounts pay even more, often without asking users to jump through any hoops. And Quontic High Interest Checking has some notable points of friction, like its minimum balance requirement and lack of early direct deposit.

It’s up to you to decide whether the good outweighs the bad.