Quontic Bank Cash Rewards Checking Account 2024 Review

Quontic Bank offers a rewards checking account that pays you 1% cash back on eligible debit card purchases, with no monthly fee. You'll have access to over 90,000 fee-free ATMs and deposits are FDIC-insured. 

Quontic Bank Cash Rewards Checking offers cash back on purchases, with rewards credited to your account monthly. This account has no monthly maintenance fees, overdraft fees or foreign transaction fees and you'll have multiple ways to access your money.  

Banking with Quontic could make sense if you:

• Would like to earn cash back rewards on debit card purchases
• Prefer a checking account with minimal fees
• Routinely withdraw cash at ATMs
• Have at least $100 to meet the opening deposit requirement

This is an online checking account so there are no branches. If you're looking for other banking products, Quontic offers interest checking accounts, high-yield savings accounts, money market accounts and certificates of deposit (CDs). You can also get a mortgage here if you want to buy a home.

Compared to Other Checking Accounts

SoFi Checking and Savings

SoFi offers checking and savings in a single package, with no overdraft fees or monthly maintenance fees. You'll earn interest on both checking and savings balances, though the APY is significantly higher for savings. You can withdraw cash at more than 55,000 ATMs fee-free and there's no minimum deposit requirement to open an account. 

Read our full editorial review of SoFi Checking and Savings

Axos Bank Rewards Checking

Axos Bank Rewards Checking is a high-yield checking account that features an impressive APY, as well as the opportunity to earn a sizable introductory bonus. There are no monthly fees or overdraft fees and no minimum balance requirements. You can get paid up to two days early with qualifying direct deposits and Axos reimburses all domestic ATM fees. 

Read our full editorial review of the Axos Bank Rewards Checking account

Ally Bank Interest Checking

Ally Bank offers a checking account that earns interest on balances. The APY is above what you could find at traditional banks but lags behind other online high-yield checking accounts. There are no monthly fees or overdraft fees and you can access more than 75,000 Allpoint and MoneyPass ATMs fee-free. 

Read our full editorial review of the Ally Bank Interest Checking account

LendingClub Rewards Checking

LendingClub Rewards Checking earns cash back when certain requirements are met, as well as interest on balances. The rewards rate is comparable to what Quontic Bank offers and there are no monthly maintenance or overdraft fees. LendingClub also offers unlimited ATM fee rebates. 

Read our full editorial review of the LendingClub Rewards Checking account

Interest and Rewards

Rewards checking accounts are typically structured to offer you:

• Cash back on debit card purchases
• Interest on balances
• A combination of cashback and interest

Quontic Bank's Cash Rewards Checking account sticks to cashback. You can earn 1% back on qualifying point-of-sale (POS) debit card transactions, with rewards capped at $50 per month. ATM withdrawals don't count towards your qualifying transactions. 

Rewards are credited to your account at the beginning of each new statement cycle. You don't need to opt into anything to earn rewards; it happens automatically when you make a qualifying transaction. 

The rewards rate is comparable to other cashback checking accounts. And if you're spending regularly to hit the monthly limit, it may be fairly easy to earn $600 in cashback each year. Since this is a debit card, not a credit card, you're not creating any debt to earn rewards. 

If you'd like to earn interest on balances instead, consider Quontic Bank's High-Yield Interest Checking account. 

Fees

One of the major selling points of online banks is that they typically charge fewer fees than traditional banks. They have lower overhead costs so they can afford to pass some savings on to their customers. 

Quontic Bank's fees aren't overwhelming. Here's the rundown on what it'll cost you to bank here.

Other Service Fees - Quontic Bank Cash Rewards Checking Account

Most of these fees are easy to avoid. There are no fees to earn or redeem cashback rewards either. 

Branch and ATM Access

Quontic Bank doesn't have branches but you can withdraw cash at more than 90,000 ATMs fee-free. Surcharge-free ATM locations include:

• AllPoint ATMs
• MoneyPass ATMs
• SUM ATMs
• Citibank ATMs located in Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie and Circle K

Quontic Bank doesn't reimburse foreign ATM fees but that may not be an issue if you're staying within the network. There's an ATM locator tool on the Quontic Bank website and in the mobile app that you can use to find a fee-free ATM near you. 

Account Access

Quontic gives you several ways to manage your account, including online and mobile banking and ATM access. 

If you need to withdraw money you can visit a fee-free ATM location or get cash back at checkout using your debit card. If you need to deposit money you can do so via: 

• ACH transfer
• Direct deposit
• Wire transfer
• Mobile check deposit

You also have access to online bill pay services through your checking account. There's no fee to use bill pay services. 

There are some limits on deposits and withdrawals to be aware of:

• ATM withdrawals: Up to $500 per day
• POS transactions: Up to $1,000 per day
• ACH transfers: Up to $2,000 daily; up to $20,000 monthly
• Internal transfers: Up to $10,000

Mobile check deposit limits are not specified on the Quontic Bank website. 

You can also transfer funds to or from your account via Zelle. Quontic sets its Zelle transfer limits at $500 per transaction and $1,000 per day. There are no fees to send or receive money through Zelle. 

FDIC Insurance

Quontic Bank deposits are FDIC-insured. The FDIC offers deposit account coverage to member banks to protect consumers should a bank fail. 

That doesn't happen often but if it does, the FDIC steps in to make sure you get your money back, up to certain limits. The current FDIC coverage limit is $250,000 per depositor, per financial institution. 

There's nothing you need to do to sign up for FDIC protection. You're automatically covered when you open an account with an insured bank. 

What You Need to Open

Quontic makes it as easy as possible to open and fund an account in under five minutes. You'll need to provide some basic information, including your:

• Name
• Date of birth
• Social Security number
• Mailing address
• Email address
• Phone number

You'll also need your bank account number and routing number to link an external account for your opening deposit. Remember, you'll need at least $100 to open the Cash Rewards Checking account. 

Note that this account is designed for adults 18 and older. Quontic Bank currently doesn't offer a teen or kids checking account option. 

Frequently Asked Questions

Does Quontic Bank still offer Bitcoin rewards checking?

At one time, Quontic Bank offered a checking account that allowed you to earn rewards in the form of Bitcoin. At the time of writing, no information about the account was available on the Quontic Bank website, which would suggest that Bitcoin Rewards Checking is no longer offered. 

How can I use my Quontic Bank cashback rewards?

Rewards earned with the Quontic Bank Cash Rewards Checking account are deposited to your account automatically at the start of each statement cycle. You could use the rewards to pay bills, transfer them to a Quontic Bank savings account or spend them any way you like with your debit card. The only restriction on rewards is the amount you can earn--rewards are capped at $50 per month. 

Is Quontic Bank a good online bank?

Quontic Bank has earned a reputation for being an innovative leader in the online banking space. Some of the bank's most attractive features include a lack of monthly maintenance fees or overdraft fees and competitive rates on savings, money market and CD accounts. The main drawback is the lack of branch banking. Some people might find the $100 minimum deposit to open most accounts here a little high.