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.
View Comments (11)
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
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
Rate needs to be changed on the Best page link also.
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.
@guest_1266079
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%