Quontic Bank (Socially Responsible Banking Review)

If you are looking for a socially responsible bank, consider Quontic Bank, a mission-driven Community Development Financial Institution (CDFI). In addition to offering great rates on savings and checking accounts, Quontic Bank lends money to low-income communities.

SustainFi June 3, 2021

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Rating: Excellent (5.0 / 5)


  • Socially responsible financial institution (designated CDFI)
  • Very competitive APY and CD rates
  • Cash back and bitcoin rewards accounts
  • Low minimum deposit ($100)
  • Highly-rated app and a great online experience
  • Access to 90,000+ free ATMs
  • No service fees


  • Only one branch location in Queens, New York
  • $35 overdraft fee
  • $10 monthly inactivity fee (after 1 year of no transactions)
  • Bitcoin rewards not offered in every state
  • No cash deposits (unless you visit the New York branch)


Impact areas• Affordable housing
• Community development
• Helping small businesses in the New York City area
Minimum balance$0
Account maintenance fees$0
Interest• High-Interest Checking: 1.01% (requires 10 debit card transactions)
• High Yield Savings: 0.55%
ATMs90,000+ free in-network ATMs
AppHighly rated app
Accounts offered• High-yielding checking and savings accounts
• Bitcoin Rewards Checking account (get 1.5% of in-store or online debit card purchases back in bitcoin)
• Cash Rewards Checking account (get 1.5% of in-store or online debt card purchases back in cash)
• Money market accounts
• Certificates of Deposit
LocationsNew York

What is Quontic Bank?

Headquartered in Queens, New York, Quontic Bank is a digital bank and a certified CDFI. It was started by the serial mortgage entrepreneur Steven Schnall. Seeing the fallout from the 2009 mortgage crisis, Schnall decided to help low-income communities. He bought a small bank in Long Island and grew it by lending to immigrants, small business owners, and people traditional banks don’t lend to.

In addition to its social mission, Quontic offers attractive rates on checking and savings accounts, including 1.01% on the High-Interest Checking Account and 0.55% on the High Yield Savings Account.

In 2020, Quontic launched the one-of-a-kind Bitcoin Rewards Checking Account in select states. It gets you 1.5% of your debit card purchases back in bitcoin. Besides high-yield checking and savings accounts, Quontic offers a top-notch digital app.

The ATM network is also excellent: Quontic offers access to over 90,000 free nationwide ATMs through Allpoint and MoneyPass networks.

Quontic offers three checking account options (high yield checking, cash rewards, and bitcoin rewards), a high yield savings account, a money markets account, and Certificates of Deposit.

Quontic Cash Rewards Checking Account

Rewards 1.5% cash back on debit card purchases in stores and online (ATM withdrawals and loan payments do not count)
Minimum deposit$100
Monthly service feeNone

Quontic Bitcoin Rewards Checking Account

Rewards1.5% cash back in bitcoin on debit card purchases in stores and online (ATM withdrawals and loan payments do not count)
Minimum deposit$500
Monthly service feeNone

Quontic offers a Bitcoin Rewards Checking Account that lets you get 1.5% of debit card purchases in store and online back in bitcoin. Your bitcoin is stored at NYDIG, a third party that charges a 2% fee to redeem your bitcoin into cash. Bitcoin rewards do not expire so long as your checking account is open.

Quontic currently offers the Bitcoin Rewards Checking Account in 28 states: Alabama, Arizona, Arkansas, California, Delaware, District of Columbia, Florida, Georgia, Iowa, Kansas, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Utah, Wisconsin, and Wyoming.

Quontic High-Interest Checking Account

APY• $0 – $100,000 account balance: 1.0%
• $100,000 – $250,000 account balance: 0.65%
• > $250,000 account balance: 0.35%
• You must make at least 10 point-of-sale transactions of at least $10 each monthly to receive interest
Minimum deposit$100
Monthly service feeNone

The high-interest checking account pays up to 1.01% APY if you make at least ten debit card purchases each month. (If you fail to make ten purchases, the account earns only 0.01%).

🔔 Open an account.

Quontic High Yield Savings Account

Minimum deposit$100
Monthly service feeNone

The Quontic High Yield Savings Account offers a competitive yield and requires a low minimum deposit. There is no monthly fee, and you can make up to six withdrawals per month.

🔔 Open an account.

Money Market Account

APY• $0 – $4,999 minimum daily balance: 0.30%
• $5,000 – $149,999 minimum daily balance: 0.35%
• > $150,000 minimum daily balance: 0.40%
Minimum deposit$100
Monthly service feeNone

Money market accounts are like savings accounts with a debit card. They are a good emergency fund option. Quontic offers a competitive yield and a debit card.

🔔 Open an account.

Quontic Bank Certificates of Deposit (CD)

Quontic offers attractive CD yields, but you must maintain a $500 balance. Withdrawals before the maturity date are subject to penalties (you will forgo up to two years of interest).

CD TermAPY / Interest Rate
3 Years0.75%
2 Years0.70%
1 Year0.65%
6 Months0.60%

Data as of 6/3/2021

🔔 Open an account.

Quontic Bank Locations

Quontic has a single physical branch in Astoria, New York.

Is Quontic Bank safe? Are deposits FDIC-insured?

Yes, Quontic is a Member FDIC, and your deposits are insured for up to $250,000.

💰 Takeaway

  • Quontic is a top-notch socially responsible bank and a certified CDFI, which is required to lend to poor communities and individuals
  • It offers a top-notch app and a great ATM network
  • You should consider Quontic if you are looking for high yield checking or savings accounts, competitive CD and money market rates, or cash and bitcoin rewards
  • You must be happy to bank online. Quontic is not the best option if you want to deposit cash and don’t live near the only branch in New York

🔔 Interested in other sustainable bank accounts? Check out our guide.

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