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Quontic is an online-only bank that offers a savings account with an annual percentage yield (APY) that trounces the national average. The Quontic High Yield Savings account is best for people who prefer to do their banking online and want to earn a competitive APY. Since Quontic has no physical branches, it's able to pass those savings on to customers. In this expert review, we'll cover Quontic High Yield Savings and help you decide if this savings account is right for you.
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Quontic High Yield Savings
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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up to 4.60%Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $250 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or moreRate info 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
Min. to earn: $0
Below, we'll take a look at the top benefits and drawbacks of a Quontic High Yield Savings account.
4.50% APY: APY is one of the most important factors when choosing a high-yield savings account. Quontic's APY of 4.50% far outpaces the national average but lags behind other online accounts, especially those offered through the financial platform Raisin. Most banks compound interest monthly, but interest at Quontic compounds daily and is credited to your account every month. This helps you build your savings faster.
Ease of use: According to Quontic's website, you can open a high yield savings account in three minutes or less and fund your account with money from an existing Quontic account or another bank. Quontic has a robust digital banking platform and mobile app where you can access your account 24/7. It offers features including remote check deposit, bill pay, account transfers, the ability to send money to friends and family, and receipt tracking to make managing your finances easy.
No maintenance, overdraft, or NSF fees: There are no monthly fees at Quontic. As an online bank, Quontic doesn't have the overhead costs of traditional banks, so it can offer lower fees and more benefits to customers. Quontic states that it has no hidden fees.
Debit card: Most savings accounts do not offer a debit card since they are designed to be long-term storage for your savings. As a result, savings accounts do not typically come with debit cards or checks. Quontic offers a debit card connected to your Quontic High Yield Savings account as well as access to over 90,000 surcharge-free ATMs.
Insurance and security: Quontic High Yield Savings accounts are FDIC insured and include advanced security monitoring. You can lock and unlock your debit card online. You are also fully protected against unauthorized debit card transactions.
Customer support: With Quontic's digital customer service, you can speak to a customer success representative through the audio with your computer, entering your phone number so we can call you, or initiating a live chat session.
This is one of the accounts we recommend for college students!
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Minimum opening deposit: The minimum amount to open a Quontic High Yield Savings account is $100. There are other savings accounts available that have a lower or no minimum deposit required.
No physical branch access: Quontic is an online-only bank with no physical branches. Quontic may not be for you if you prefer to bank in person.
Maximum six transactions per account statement cycle: Quontic charges a $10 excess transaction fee for every transaction over six for pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or similar transactions from your account per account statement cycle.
Quontic has no physical branches, but you can fund your account easily and quickly.
To make your initial deposit to open the account, you can transfer money from your existing Quontic account, or you can transfer money from an external account via ACH or using Plaid's technology.
You can also deposit checks into your account using the Mobile Remote Deposit Capture (RDC) with your mobile app. Deposits may be made with Mobile RDC at any time. If your deposit is approved before the daily cutoff time of 4 p.m. EST, your deposit will be posted to your account on the next business day. The Mobile RDC functionality cannot be used to initially fund a new account.
If you're taking money out of your Quontic High Yield Savings account, you may make no more than six pre-authorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card and similar transactions from your account per month or statement cycle.
Quontic may contact you in the event you exceed the transaction limitations and your account may be changed to a transactional account. There is a $10 excess transaction fee for every transaction over the six withdrawals allowed per statement cycle.
If banking in person and talking to someone face to face is important to you, then Quontic may not be a good fit.
Yes, Quontic is a U.S. Treasury designated Community Development Financial Institution (CDFI), that is FDIC insured.
No, Quontic operates as a national digital bank. This allows it to pass on the overhead cost savings from operating an expensive network of branches to its customers in the form of lower fees, better rates, or higher rewards.
In addition to its high APY and no fees, you get a free Mastercard debit card which you can lock and unlock at any time. You can load your card to your digital wallet for Apple Pay, Google Pay, and Samsung Pay. With the debit card, you have access to the Mastercard Zero Liability Protection, ID Theft Protection, and Mastercard Airport Concierge. These are just some of the benefits of being a Quontic customer.
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