Below, we’ll look at the main pros and cons of a Quontic High Yield Savings Account:
1.58% APY: The APY is one of the most important factors when choosing a high yield savings account. Quontic’s APY of 1.58% far exceeds the national average and is one of the highest APYs we have encountered. Most banks compound interest monthly, but interest at Quontic is compounded daily and credited to your account monthly. This helps you build your savings faster.
Ease of use: According to the Quontic website, you can open a savings account in three minutes or less and fund your account with money from an existing Quontic account or another bank. Quontic has a robust digital banking platform and mobile app where you can access your account 24/7. It offers features like remote check deposit, bill payment, account transfers, the ability to send money to friends and family, and receipt tracking to make it easier to manage your finance.
No maintenance fees: There are no monthly fees at Quontic. As an online bank, Quontic does not have the overhead of traditional banks, allowing it to offer lower fees and more benefits to customers. Quontic states that there are no hidden charges.
Debit card : Most savings accounts do not offer a debit card since they are designed to be long-term storage of your savings. Therefore, savings accounts usually do not come with debit cards or checks. Quontic offers a debit card connected to your Quontic savings account as well as access to over 90,000 ATMs without surcharge.
Insurance and security: Quontic’s High Yield Savings Accounts are FDIC insured and include advanced security monitoring. You can lock and unlock your debit card online. You are also fully protected against unauthorized debit card transactions.
What could be improved
Minimum opening deposit: The minimum amount to open a High Yield Savings Account is $100. There are other savings accounts available that have a lower or zero minimum deposit.
No physical access to the branch: Quontic is an online-only bank with no physical branches. Quontic may not be for you if you prefer to do your banking in person.