According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- USA
Currencies:
- US dollar
- 3%-4,45%
- $500,000
Our Evaluation of Quontic Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Quontic Bank
Quontic is a virtual bank that specializes in mortgage lending and capital augmentation solutions. The mortgage is chosen on an individual basis, and there is a refinancing program available. The deposit rate can reach 4.45%, making it one of the highest in the US. The Quontic Bank mobile app allows clients to open accounts and set goals, plus it includes dozens of calculators and other financial tools for budgeting. Quontic Bank also does not charge many of the fees that competitors do. For example, there is no fee for withdrawing cash from a partner ATM (there are over 90,000 in the country), and overdrafts are free. This is currently the only digital bank that offers a Pay Ring in addition to a physical bank card. A ring with a chip allows the client to pay at any point that accepts contactless payments.
- transfers within the country are instant, and there are no fees for incoming transfers, including international ones.
- a diverse range of credit products for home purchases, with the option of customizing a solution for individual needs;
- Quontic Bank, as a digital CDFI, offers a variety of unique consumer lending tools.
- the bank provides several types of insured savings accounts with rates as high as 4.45%.
- many fees typical for digital banks are absent;
- clients can withdraw money from 90,000 ATMs for free by using a standard physical MasterCard;
- a highly functional mobile app gives the client complete financial control.
- Quontic Bank does not allow clients to deposit cash into their accounts; only online transfers are allowed.
- regardless of the type of account opened, the client must deposit at least $100.
- client service is not available on weekends and is only available from 9:00 to 18:00 on weekdays (EST).
TU Expert Advice
Author, Financial Expert at Traders Union
Quontic Bank is a digital financial institution offering mortgage lending, savings solutions, and account management through its intuitive mobile app. Its clients benefit from high deposit rates up to 4.45% and the unique Pay Ring feature for contactless payments. The bank provides multiple account types, including current, savings, and credit accounts, with a focus on personalized mortgage solutions and fee-free withdrawals from over 90,000 partner ATMs. Quontic stands out for not imposing overdraft fees or subscription charges, making it attractive for individuals seeking streamlined financial management.
However, Quontic Bank has limitations such as the inability to deposit cash and restricted client service hours, which may be inconvenient for some. Its services suit clients looking for high deposit rates and personalized credit solutions but may not be ideal for traders requiring multi-currency support or consistent client assistance. Overall, Quontic Bank is especially suitable for U.S.-based individuals interested in leveraging competitive mortgage and savings account conditions.
Quontic Bank Summary
Via Quontic's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Current, credit, and savings accounts |
|---|---|
| 💱 Multi-currency account: | No, only US dollars |
| 💵 Deposit terms and conditions: | The minimum deposit is $100-500, the rate is 3%-4.45% |
| 💳 Loan terms and conditions: | Individually (with an initial payment of less than 3.5% and a loan amount of up to $3 million) |
| ☂ Deposit insurance: | Yes |
| 👛️ Savings options: | Goals, reporting, data aggregation, setting limits, alerts, and more than a hundred functions for saving and budgeting |
| 📋 Types of payment: | Virtual card, physical card, Pay Ring, contactless payments via smartphone, online transfers |
| ➕ Additional features: | Interest-free overdrafts, calculators, and other financial tools |
An important point that some clients overlook is the account conditions. Whether it is a current, credit, or savings account, it is not a multicurrency account. In other words, you can only hold US dollars in it. If you receive a foreign transfer, no fee is charged; however, transfers in other currencies are automatically converted at the market rate and additional fees are possible. This is a disadvantage, but it is present in many digital banks in the United States. In terms of client support, clients cannot receive qualified assistance by phone or email during non-working hours or on weekends (although the live chat continues to work). Deposit insurance is carried out following the FDIC's general rules, which is a huge benefit.
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Quontic Bank Commissions & Fees
Quontic's fee policy frequently raises concerns among users who are not yet clients of this digital bank. The company does not provide open information on the available fees. It charges no subscription, account management, or overdraft fees. International transfers (receiving) are also not subject to a fee. But still, it charges users a lot of fees (although, in general, they are lower than most competitors).
For example, there is a universal fee of $10 per transaction. The first 6 transactions per month are free, including transfers, expenses, and withdrawals. Only after that is the mentioned fee charged. There are also some nuances to the debit card. For example, a neobank client must make at least 15 card transactions per month (purchases, withdrawals, etc.) or face penalties.
In other words, while Quontic Bank provides generally favorable conditions and is focused on loans and passive earnings on savings accounts for clients, active use of its services is required to get the maximum benefits. TU experts do not consider this a disadvantage because almost all digital banks operate in this manner. After all, fees are their main earnings.
The comparative table below shows Quontic Bank's main fees against those of other digital banks in the United States.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| Quontic Bank | No | No in partner ATMs, but it depends on the owner bank of other ATMs. | Service is not provided | Service is not provided |
Quontic digital bank is one of the top banks in the USA that has millions of clients. Unfortunately, this bank's services are not available to clients who are not US citizens (although traders do not have to live in the country since virtual and physical cards of Quontic Bank are valid all over the world). This neobank offers some of the best mortgage conditions, as well as quick and easy refinancing, a loyal rate, discounts, a high level of customer orientation, and a personalized approach. Deposits are insured by the FDIC, and the top rate of 4.45% is very high. The remaining conditions are industry standard, except for the ability to receive cash back in Bitcoins, the inability to make deposits in cash, and the lack of business solutions.
Account types
Quontic Bank does not provide accounts to legal entities, so a corporate or business account cannot be opened here. Only individual accounts are available, and they are personalized and registered in the name of a specific person. The KYC standard verification and a minimum deposit of $100 are required. Accounts differ depending on the type of product the client selects. At the same time, he can open several accounts in this neobank at once and use all of them. The data for each account will be displayed in the user account on the website and in the mobile app.
The digital bank offers three types of accounts – current, savings, and credit accounts. The current account is identical to a standard bank account in every way, allowing the client to accept money and make transfers, pay online and offline, set goals, set aside funds, and set alerts. The savings account differs in that it requires a deposit that is held for a set period before being withdrawn, earning the owner a profit with monthly payments. Nothing prevents the client from also having a current account and regularly depositing funds from it into a savings account.
The third type of account is a credit account. This is the most flexible option because, while Quontic Bank offers several standard programs, each is implemented individually, based on the client's goals and financial capabilities. Everything matters: the total amount, the initial payment, the type of property being purchased, the billing period, and monthly payments. Neobank issues loans based on the client's credit score; the rest of the information is secondary. In general, the Traders Union experts rate the account opening process as technically simple and quick.
Investment Options
Quontic Bank does not offer investments as such. Digital bank clients cannot invest in securities, funds, or other assets to earn passive income from them. Instead, the company offers a less risky method of raising capital (albeit not as profitable as direct deposits in securities).
The virtual bank offers three types of savings accounts. The first option is a high-yield account. The minimum deposit is only $100, and the interest rate is 3.20%. There are no subscription or service fees. However, there is a limitation, which is no more than six withdrawals during the current service cycle. The alternative account type has a lower interest rate of 3%, but more flexible conditions and additional guarantees. Finally, the most profitable option is a certified deposit at 4.45%. This account can be opened for a period ranging from six months to five years. However, the minimum deposit is $500, and if the funds are withdrawn prematurely (in whole or in part), a penalty is imposed.
All deposits in Quontic Bank are insured under FDIC rules since this neobank is a voluntary member of this body. Most often, clients choose a high-yield account because it is very flexible and there are no penalties for withdrawing funds (although there is an unprofitable recalculation). On the other hand, 4.45% per annum on a certified deposit is an unprecedented high figure.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flex accounts
Quontic Bank offers a no-fee overdraft facility. This means that you can exceed the limit on your account at the time of payment and then simply make a deposit into the account to return the funds to the bank. And there are no additional surcharges or fees; you just return the overdraft amount. Quontic Bank provides credit solutions on an individual basis, and terms are calculated for each client.
One of the most popular products of this neobank is a mortgage loan for community development. Its specifics are that only the client's credit history is considered, while his income does not matter. Quontic Bank issues a loan of up to $3 million.
A standard mortgage loan requires a higher credit score, but the down payment can be as little as 20% of the total amount. The FHA loan differs in that the initial payment for the purchase of a house is extremely low, starting at 3.5%. This is the most flexible loan solution on the market, which is why Quontic Bank clients prefer it. Veterans, reservists, and candidates for military service are given preferential treatment, which includes no initial payment, a reduced rate, and they are given priority during verification.
It is important to note that if the initial payment is less than 20%, a mandatory PMI insurance policy is in effect (it will be automatically disabled when the client pays 78% of the amount). All these points are discussed by the credit manager during a conversation with the client.
Contacts
| Foundation date | 2021 |
|---|
Comparison of Quontic Bank with other Brokers
| Quontic Bank | Wise | Bunq | Curve Bank | Bank of America | SoLo Funds | |
| Supported Countries | USA | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | US dollar | US dollar |
| Supported Currencies | US dollar | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | USA | USA |
| Deposit insurance | $500,000 | No | EUR 100,000 | No | FDIC protects depositor funds ($25,000) | According to FDIC |
| Minimum deposit | €100 | No | No | No | $20 - $100 | $10,000 |
| Deposit rate | 3%-4,45% | No | 0.09% APY | No | 2% | $0-$5 |
| Loan Rate | Individually | No | The bank does not issue loans | No | Credit cards ranges from 17.99% to 27.99. Auto loans — 6.19%, mortgages — 6.125% | 2 × (0.9% of the principal loan amount + $0.7) |
Detailed review of Quontic Bank
The Quontic digital bank, founded in 2009, has gained popularity among Americans due to its unique mortgage conditions. Clients can apply for a loan in minutes, and with preliminary approval, only the credit score is considered, and a high figure is not needed to obtain the basic conditions. Focusing on the client's real needs, as well as free consultations with neobank financial experts, allows the client to receive the most targeted services in accordance with the required amount and actual income, as well as the estimated monthly payment and the maximum possible loan payout term. Savings and current accounts at Quontic Bank are also profitable. The virtual bank really has many advantages, including free cash withdrawals at partner ATMs, 1.5% universal cash back, and the ability to receive rewards in cryptocurrency.
Quontic Bank by the numbers:
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$0 – subscription fee;
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$100 – minimum deposit;
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3 minutes to open an account;
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up to 4.45% – savings rate;
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less than 3.5% – first installment on the loan, according to the conditions of one of the programs.
Quontic Bank’s useful features
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Instant transfers. You can send and receive money to/from accounts of other American banks.
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Savings account. The neobank client can make an insured withdrawal or deposit for up to 5 years at a rate of 3%-4.45% per year.
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Mortgage lending. Individual loan selection for real estate purchases as well as profitable refinancing.
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Consumer lending. The client has access to microloans for a variety of purposes, as well as an interest-free overdraft facility.
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Current account. You can pay for purchases both online and offline and accept international transfers without a fee.
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Data aggregation. The mobile application's customizable dashboard displays information about receipts and expenses.
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Budget control. More than a hundred tools for increasing savings, limiting spending, and managing money effectively.
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Calculators. The client can calculate any type of loan or savings payment, and receive other financial reports.
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Virtual card. When you use this bank’s card to make online purchases, you will receive a 1.5% universal cash back rate on all purchases.
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Physical card. Similar to a virtual card in every way except for offline purchases the card can be used anywhere MasterCard is accepted.
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Pay Ring. Quontic is the only neobank that allows contactless payment using a ring with a chip.
Advantages:
This is one of the leading digital banks in the United States and has been in business since 2009. The company is proven, reliable, and is licensed.
Quontic Bank provides 100% transparent cooperation, with no hidden fees, and all charges are disclosed in advance.
Unprecedented mortgage customization. According to one of its programs, the first installment is less than 3.5%, and the client can borrow up to $3 million.
The savings account offers a rate of up to 4.45%, and deposits are insured.
The bank's clients can make and accept payments within the USA without limits. Foreign payments are accepted without a fee.
Virtual and physical cards for online and offline payments via a MasterCard standard plastic card.
The Pay Ring contactless payment system functions exactly like a physical bank card.
The mobile app operates quickly and flawlessly, and the company guarantees complete security of user funds and data.
The app contains more than a hundred financial instruments that allow the client to manage his finances.
Client support is not available around the clock, but it is highly valued by clients due to its efficiency and competence.
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