Quontic Bank High Interest Checking Account 2024 Review

Quontic Bank's High Interest Checking account offers a solid APY on balances, with some conditions. There are no monthly fees, overdraft fees or foreign transaction fees and you'll have access to a sizable ATM network for convenient cash withdrawals. 

Quontic Bank High Interest Checking pays a competitive APY that's among the highest of any online checking account. You'll need to meet certain conditions to earn interest on checking balances but that may be easy to do if you use your debit card regularly. 

You might consider this checking account if you:

• Are looking for a simple way to earn interest on your money
• Would like to avoid steep banking fees
• Regularly use your debit card for purchases
• Don't need to visit a branch

Along with interest checking, Quontic Bank also offers a cashback rewards checking account, a wearable checking account, high-yield savings accounts, money market accounts and certificates of deposit (CDs). If you're in the market to buy a home you could get a mortgage with Quontic as well.

Compared to Other Checking Accounts

Bank5 Connect High-Interest Checking

Bank5 Connect offers a checking account with an exceptional APY when you meet a $100 minimum balance requirement. There are no monthly maintenance fees and you can also earn cashback rewards on eligible debit card purchases. You'll have access to thousands of fee-free ATMs and Bank5 Connect reimburses up to $15 in foreign ATM fees per statement cycle. 

Read our full editorial review of the Bank5 Connect High-Interest Checking account

Axos Bank Rewards Checking

Axos Bank Rewards Checking earns interest when you have qualifying activities, including direct deposit and debit card spending. There are no monthly fees or overdraft fees and no minimum balance requirements for this account. For a limited time, you can earn an introductory bonus offer when you open an account, enroll in direct deposit and meet minimum balance requirements. 

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 but the APY isn't as high as what you could get with Quontic or other online interest checking accounts. The upside is that there are no monthly fees or overdraft fees. You can also access more than 75,000 Allpoint and MoneyPass ATMs fee-free, which is a plus if you need to withdraw cash on the go. 

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

Alliant Credit Union High-Rate Checking

Alliant Credit Union's High-Rate Checking account earns interest and has no monthly fees or minimum balance requirements. There are no overdraft fees either and you can withdraw cash at more than 80,000 fee-free ATMs. Alliant refunds up to $20 per month in foreign ATM surcharges. 

Read our full editorial review of the Alliant Credit Union High-Rate Checking account

Interest and Rewards

Quontic Bank offers two types of rewards checking accounts. One earns interest, the other earns cash-back rewards. 

Here's how the High-Interest Checking account works:

• Open an account and fund it with a minimum of $100
• Use your debit card to make at least 10 qualifying point-of-sale transactions of $10 or more
• Earn up to 1.10% APY, deposited to your account monthly

The advertised APY applies across all balances. If you don't meet the 10 qualifying transaction threshold you'll still earn interest, but it'll be a much lower rate. Quontic doesn't specify a monthly or annual cap on the amount of interest you could earn.

Is it the best interest checking account based on rates? Not necessarily, as it's possible to find high-yield checking accounts with a higher APY. 

But Quontic is still worth considering if you want a simple way to earn a little interest on your checking account balance each month. 

Fees

Online banks have a reputation for being more fee-friendly than brick-and-mortar banks. That's because they have lower overhead costs, which allows them to pass savings onto their customers. 

Quontic Bank doesn't charge excessive fees. There are, however, some fees to be aware of if you decide to bank here.

Other Service Fees - Quontic Bank High Interest Checking Account

Branch and ATM Access

Quontic Bank doesn't have branches but you can visit more than 90,000 fee-free ATMs if you need to withdraw cash. 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 with such a large ATM network that might not be an issue. 

If you're considering a bank other than Quontic, it's important to look at whether you'll get any foreign ATM fees paid back to you. Those fees can quickly add up to a big bite taken out of your checking account. 

Account Access

Quontic offers online and mobile banking services so you can manage your money wherever you are. You can withdraw cash at ATMs or get cashback at the checkout when you use your debit card to pay. 

Your options for depositing money include: 

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

Quontic offers bill pay services, with on added fee. In terms of deposit and withdrawal limits, here's where Quontic sets them: 

• 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 use Zelle to send and receive payments inside the Quontic mobile banking app. Quontic sets its Zelle transfer limits at $500 per transaction and $1,000 per day. There are no fees to use Zelle and transfers are virtually instant. 

FDIC Insurance

Quontic Bank deposits are FDIC-insured. The FDIC insures deposit accounts at member banks to protect customers in case the bank fails. 

That's not a common occurrence. However, if a bank fails the FDIC makes sure that its customers are able to get their money back, up to certain limits. 

The current FDIC coverage limit is $250,000 per depositor, per financial institution. You're automatically covered when you open an account at an FDIC-member 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 need to link an external bank account to make your first deposit. To do that, you'll need to share your bank account number and routing number. 

The minimum deposit to open a High Interest Checking account is $100. The limit is the same for Quontic's Cash Rewards Checking account.

Frequently Asked Questions

Are online checking accounts good? 

Online checking accounts can offer some advantages, including lower fees and the potential to earn higher interest rates on deposit accounts. You typically won't be able to visit branches but you can still use online and mobile banking to manage your money or withdraw cash at ATMs. Online banks are usually FDIC-insured as well so you can be assured that your money is safe. 

How do Quontic Bank interest checking rates compare?

Quontic Bank's interest checking account rates are similar to what you'll find at other online banks and they're higher than the rates you could earn with a traditional checking account. If you're looking for the best interest checking account rates it helps to shop around and compare options from different banks. 

Is Quontic Bank safe? 

Quontic Bank is an FDIC-insured bank which means your deposits are protected up to $250,000 on the off-chance that the bank fails. Quontic also takes online security seriously and uses a number of safety measures to protect your personal and financial information.