Quontic Bank Review: A Socially Responsible Digital Bank With a High APY

If you are looking for a socially responsible bank, consider Quontic Bank, a certified Community Development Financial Institution (CDFI). In addition to offering great rates on savings and checking accounts, Quontic Bank lends money to low-income communities. Keep reading the review to learn how Quontic Bank stands out.

SustainFi   Updated January 21st, 2022

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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, overdraft fees, incoming wire transfer fees


  • All-digital bank with no branches
  • Bitcoin rewards not offered in every state
  • No cash deposits


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: 0.75%
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
LocationsOnline only

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.

Quontic calls itself an adaptive digital bank, meaning that it’s digital, customer-centric and innovative. 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 0.75% 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.

As of January 1st, 2022, Quontic eliminated 12 different bank fees, including overdraft and incoming wire transfer fees.

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

Quontic High Interest Checking Account

APY• $0 – $150,000 account balance: 1.0%
• $150,000 – $1 million account balance: 0.35%
• > $1 million account balance: 0%
• 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 1.0% interest if you make at least ten debit card purchases of $10 or more each month. (If you fail to make ten purchases, the account earns only 0.01%). This interest only applies to balances under $150,000, though you can still earn 0.35% on balances between $150,000 and $1 million.

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

Any cash back is credited to your account at the end of the statement cycle.

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 select states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Note that while the cash in your Quontic checking account is FDIC-insured, bitcoin held by NYDIG is not.

Quontic High Yield Savings Account

Minimum deposit$100
Monthly service feeNone

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

Money Market Account

APY• $0 – $4,999 minimum daily balance: 0.40%
• $5,000 – $149,999 minimum daily balance: 0.50%
• > $150,000 minimum daily balance: 0.60%
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 very competitive yield and a debit card. You can also make up to six withdrawals per statement cycle. The minimum deposit is only $100, and there are no monthly service fees.

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).

5 Years1.20%
3 Years1.10%
2 Years0.95%
1 Year0.60%
6 Months0.55%

Quontic Bank Locations

Quontic is an all-digital bank with no branches, though it has several loan offices in New York, Florida, and Indiana. However, the bank has a highly-rated mobile app.

Quontic Bank Customer Service

Customer support is available Monday to Friday via live chat, email, or phone.

Is Quontic Bank safe? Are deposits FDIC-insured?

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

However, if you open a Bitcoin Rewards Checking Account, your bitcoin is held with a third party, NYDIG, and is not FDIC-insured.

💰 Takeaway

  • Quontic is a top-notch socially responsible bank and a certified CDFI, which is required to lend to underserved communities
  • In addition, it pays some of the best APYs available
  • It offers a highly rated 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 at a branch

🔔 Interested in other sustainable bank accounts? Check out our guide to socially responsible banks.

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