Update 5/29/22: Increased from 1.01% to 1.10%. They also removed the limit, so you can earn the interest on any amount of funds now.
The Offer
- Quontic digital bank is offering an high-yield checking account with 1.01% APY on balances up to $150,000 when you make ten purchases of $10 or more each statement cycle.
The Fine Print
- The following activities are not considered qualifying POS debit card transactions and do not count toward earning rewards: ATM- processed transactions; transfers between accounts; purchases made with debit cards not issued by our bank; cash over portions of point-of-sale transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash*); loan payments or account funding made with your debit card and purchases made using third-party payment accounts.
- Transactions may take one or more business days from the date the transaction was made to post and settle to an account.
- Online Account Opening is only available to consumers.
- Information is accurate as of September 8, 2021 and may change without notice.
Our Verdict
At this time, the top-earning accounts are in the .50-.80% range. This account has a nice $150,000 limit on the 1.01% APY rate, but it does have the ten $10 transaction requirement which is a pain. The requirement also uses up some spend which could have gone on a rewards credit card. Still, if someone has a lot of cash on hand this account might make sense. We’ll add this to our list of Best High Yield Savings Accounts.Â
Chuck, the APY is now 1.1% and no longer has a balance limit. That is according to the best case as stated in the 3 rate tiers listed having the same APY. The top portion text above that still shows what you show except with 1.1% and the disclaimer in fine print has different APYs for the tier levels with effective date of 5/27. I don’t know which of the 3 is correct.
I’m still seeing $150k here/ https://www.quontic.com/high-interest-checking/
I’ll update to 1.10
Rate needs to be changed on the Best page link also.
Chuck, They have now updated that page to be consistent throughout for 1.1% on all balance tiers (=unlimited balance). Rate needs to be changed on the Best Bank Rates page link also, please.
Updated, thanks
Could I load up my Amazon account 10x$10 per month and meet the criteria?
You don’t need to overload your Amazon account. I use my Quontic debit card at the grocery store. It doesn’t take much to reach $10 and we all need food throughout the month. The tradeoff as I’ve mentioned elsewhere is the $5 you would instead earn on a 5% grocery cashback card. Doesn’t bother me one bit.
Mikey
Quontic has some really bad reviews at https://www.depositaccounts.com/banks/quontic-bank-fsb.html#reviews
Specifically, utter incompetence on the part of Quontic staff. What has your experience been like?
Well, I hope the rate lasts a long time. I opened an Axos account when they offered 1%, and then they dropped the rate within 30 days.
If you give Quontic exactly ten $10 purchases (and I’ve been very close to that most months) you’re talking roughly $100 in purchases which *might* have earned you about $5 on a 5% cashback card. I’ll take that tradeoff gladly with rates where they are now.
It’s sad when we consider 1% high yield, when they turn around and charge average consumers 18.99%