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Quontic was founded in 2009 as an adaptive digital bank headquartered in Manhattan, New York. Quontic has earned a Community Development Financial Institution designation and provides a full suite of digital bank accounts along with home financing solutions, largely focusing on underserved communities.
Summary: Quontic provides a high interest checking account with a lucrative interest rate on your entire balance, which makes it a good choice if you’re looking to earn some extra income.
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|HQ||Manhattan, New York City, New York, US|
|Min. To Open||$100|
|Min. Deposit For No Fee||$100|
|Paper Statement Fee||$0|
|State Restrictions||Available in all US States|
Quontic helps maximize your savings, while managing everyday finances, by paying a high rate on your entire account balance. To qualify for the interest rate, you have to make a minimum of 10 qualifying point of sale debit card transactions that are at least $10 each, per statement cycle. Once you have qualified, you can earn different interest rates depending on the portion of your daily balances. You can earn 1.01% APY on a portion of your daily balance under $150,000.01 and for additional balances and APYs, refer to the table below.
|Account Daily Balance Portion||Qualifying Debit Card Transaction||Interest Rate||Annual Percentage Yield (APY)|
|$0 – $150,000||Yes||1.00%||1.01%|
|$150,000.01 – $1,000,000||Yes||0.35%||1.01% – 0.45%|
|$1,000,000 – and above||Yes||0.00%||0.45% – 0.00%|
If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% with an annual percentage yield of 0.01%. Rates are subject to change and fees could reduce earnings.
Opening a high interest checking account with Quontic can be done online. New customers will be asked to enter their social security number and email address.
You can apply here.
Clients are required to deposit a minimum of $100 when opening their account. Once the account is opened, Quontic does not charge any monthly service fee. However, you should be aware of other types of fees that are applicable.
The high interest checking account offered by Quontic has a variety of features that make it a great option for unbanked and low-income individuals. Some of the best features of this account are:
Since Quontic clients can not deposit cash directly, Quontic allows its clients to deposit money in their checking account in a few different ways. The following methods can be used to deposit funds:
Clients can also withdraw money from their checking account through:
Clients can reach out to Quontic’s customer service in case of queries regarding any Quontic product or any difficulty regarding account management. Quontic provides 24/7 customer service for general banking, online mobile banking, etc. You can call them over the phone on numbers provided by the bank. Clients also have access to live chat and email services.
Quontic Bank has many measures in place to ensure the safety of their client’s accounts. They offer automatic log-out from the account if there is a long period of inactivity. This helps to prevent unauthorized access. Quontic also provides its clients with a unique identification code and password.
Quontic is an adaptive digital bank and has evolved over the years. Nowadays, if you are looking for a high yielding checking account, there are many options in the market. The checking account offered by Quontic provides a great and affordable option with a high APY. Compared to the many options available to customers, Quontic’s high interest checking account stacks up really well.