Ultimate Quontic Banking Review

You may have never heard of Quontic Bank until clicking on this blog post, but I promise there’s a lot you’re going to like about this unique banking product that offers a ton of account options and even a debit card that you wear on your finger. Let’s jump right into Ultimate Quontic Banking Review. Now, if you’re curious about what the heck a pay ring is, don’t worry; we’ll touch on that later in this blog post. But first, I want to take a deeper dive into the three checking accounts and three savings accounts that Quontic offers, each of which has progressively more unique features. 

Savings Accounts

I just want to share the facts with you and my opinion on those facts, and then help you decide whether or not this is a good financial tool for your life. So let’s actually start off with the three savings options and save the checking accounts for later because they are really crazy and you definitely want to hang around for that. On the saving side of things, you have a high-yield savings account, a money market account, and certificates of deposit.

You can have one of these or all three of them if you want to, and I want to point out right out of the gates that Quontic is going to give you that sleek online banking experience, but offers many account options that most of the financial technology companies of today do not currently have, like certificates of deposit. So, with the standard high-yield savings account, nothing is out of the ordinary here, but they are currently paying over 2% APY, which is near the top of the industry at the time of writing this blog post.

Plus, this interest is compounded daily, which may not sound like that big of a deal, but when compared to a normal bank account that compounds interest on a monthly basis, this means that Quontic is actually paying you a little bit more in interest. As is the case with all of the products that we’re looking at in this blog post, the savings account has no monthly service fees, and you have access to over 90,000 free ATMs, which we’ll talk more about with the checking accounts.

Now there is currently a $100 minimum deposit requirement in order to open this account, which is a bit of a bummer, but if you’re looking to make this your main banking platform, then more than likely you’ll be putting $100 into this account, so it shouldn’t be too difficult to hit. Moving on from there, we have the money market and CD accounts, which I realize aren’t the most exciting things in the world. 

So I promise we will get to those crazy features with the checking accounts in a second, but a money market account is kind of a perfect blend between a checking and savings account, offering a high-interest rate, which is currently 2% APY, but still giving you access to the Quontic debit card as well as paper checks, meaning you can easily access your money like it is a checking account.

There are some balanced tiers that can impact the interest rate that you earn on this account, but at the moment, all balanced tiers are earning over 2% APY, so this is something that you will want to keep an eye on going forward. This is also going to have the same $100 minimum deposit requirements, and lastly, before we get to the really exciting stuff, you’ve got the certificates of deposit, also known as a CD.

And if you’re not familiar with this type of account, this is really just where you lock in your money for a predetermined amount of time in exchange for a guaranteed rate of return. And typically, with a CD, the longer you are willing to keep that money in the account, the higher the return you will earn. 

So obviously, with the savings account paying over 2% APY, a CD would only make sense if you don’t need that money for a long time and you’re able to get a higher interest rate than what the savings account is paying.

But regardless, this is an account option that many of Quontic’s competitors do not currently offer. Moving away from these savings accounts, let’s talk about the three checking account options that they currently offer, which are pretty crazy, and trust me, you definitely want to stick around for the last account. 

Checking Accounts

First up, we’ve got high-interest checking accounts, and this is the most normal of the three. It currently pays 1.1% APY, which obviously isn’t as good as the savings account that we just talked about, but let me remind you that this is a checking account, and typically checking accounts pay nothing, so getting any interest rate is really nice.

Right now, you have to make at least 10 qualifying debit card point-of-sale transactions that are $10 or more in order to earn that 1.1% APY, and otherwise, you’re looking at just 0.01%. So that’s a bummer, but it really depends on your spending habits and how frequently you use your debit card, but I usually keep the majority of my money in my savings account anyway, because it earns a higher interest rate.

So you’ll just need to remember to move money from your savings account to your checking account if and when you want to spend it in order to reap all of the benefits of Quontic. And again, you’ve got the same $100 minimum deposit requirement, which is basically the case with all of the Quontic account options. 

Also, this is a bit random, but I did want to mention that they are also part of the CDFI fund, which, as you can see here, 

offers tailored resources and innovative programs that generate economic growth and opportunities for distressed communities around our nation.

And personally, that is a wonderful mission that I can definitely get behind. Next, we’ve got the cash rewards checking account, which, you guessed it, is going to pay you cash rewards on all of your eligible purchases. Right now, they are paying 1.5% cashback on all eligible purchases with your Quontic debit card, and remember that this would include your Quontic pay ring.

So if you plan on using that really unique product, then those transactions will count here as well. 1.5% cashback on a debit card is certainly industry-leading, but keep in mind that you are foregoing the interest rate from the high-yield checking account we just discussed in exchange for that cashback. So you want to take a look at your spending habits to figure out which account is best for you.

Now, before we get to the craziest and most unique account option that Quontic offers, I will mention that all of your money is fully FDIC insured. So again, you have nothing to worry about there, and you also have access to their free network of 90,000 ATMs, which is one of the largest networks of any company in this space.

But enough about all of that; we have got to talk about the craziest account option from Quontic, and that would be their Bitcoin rewards checking account. I know this stuff isn’t rocket science, but this account offers you rewards just like the cashback rewards that we just talked about, but in this case, you earn them in the form of, you guessed it, Bitcoin.

This specific account option is only available in a majority of US states and territories, so you will want to check that out to make sure that it is available for you, but they are going to pay you 1.5% on all eligible purchases in Bitcoin at the US dollar value. I know that might sound a little bit confusing, but this works in the exact same way as the cashback rewards checking account that we just talked about, but since the dollar to Bitcoin value is constantly fluctuating, so will the value of the Bitcoin in your account.

So you definitely want to be aware of that. You’ll also want to keep in mind that while the money in your Bitcoin rewards checking account is going to be FDIC insured, the Bitcoin that is held in this account is not going to be FDIC insured, which is to be expected, and NYDIG does charge a 2% fee if you redeem your bitcoin for cash.

So to simplify this one, you swipe your debit card, earn 1.5% in the form of Bitcoin, and you can then either store your Bitcoin or redeem it for US dollars once per month. But if you’re going to do that, you’re probably better off just going with the cashback option and saving yourself that headache and a 2% fee.

So there are a lot of account options and features here, and I know it can be a little confusing. Which one is best for you? Well, if you want a more mainstream banking experience with a standard checking and savings account, then I would go with the high-interest checking and high-yield savings accounts. If you want the flexibility of a money market account while still earning a higher interest rate, then I would look into money market accounts.

And if you know that you have a lump sum of cash that you won’t need for a long time and you want to earn a slightly higher guaranteed rate of return, then a certificate of deposit is also worth checking out. In my opinion, if you have those high-yield savings accounts and you’re able to earn over 2% APY, then personally, I would go for either the cash rewards checking accounts or the bitcoin rewards checking accounts.

Since both of those are going to give you that cashback and rewards option to allow you to make those purchases, and you can simply store the majority of your money in the savings accounts, you’re really getting the best of both worlds. Remember that all of these can be integrated with your Quontic Pay Ring, which is literally a debit card that you wear on your finger that I absolutely love.

But regardless of which account combination you decide to go with, I think with the unique account offerings and products, very competitive interest rates, sleek app design, and a huge network of 90,000 free-use ATMs, it’s going to check most of the boxes for a consumer who is ready for that fully online banking experience. 

But that is just my opinion. So I’d love to know what you think of these account options down in the comment section and which account combination you were looking to go with for your Quontic Bank account.