Quontic Bank High Interest Checking Review: 1.10% APY on all Balance Tiers

The Quontic Bank High Interest Checking account has recently raised their interest rate and applied it to all balance tiers, with the result being the rare combination of a competitive interest rate with a high balance limit. Here are the highlights:

• Earn 1.10% APY all balance tiers.
• APY earned is based on the portion of the daily balance within the specified tiers.
• No minimum balance requirement.
• No monthly fees.
• $100 minimum deposit required to open an account.

In order to qualify for the higher rate, you must complete the following qualifying debit card transactions each statement cycle:

10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY on the portion of the account daily balance tier.

If you meet those requirements, here is the exact interest rate breakdown:

– the portion of the daily balance $150,000 or less will earn 1.10% APY
– the portion of your daily balance above $150,000 and up to and including $1,000,000.00 earns from 1.10% APY
– the portion of your daily balance above $1,000,000 will earn from 1.10% APY
– If the qualifying activity requirement is NOT fulfilled, the interest rate paid on the entire balance will be 0.01% APY

Note the following details about qualifying point-of-sale (POS) transactions:

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.

I’ve shared other checking accounts with debit card requirements, but the main difference here is the rare combination of competitive interest rate and very high eligible balance. 1.10% APY on a $150,000 balance would result in earning $1,650 of interest in a year. The difference between that and an account paying 0.70% APY is $600 more interest over a year. There is also no monthly direct deposit requirement with this account.

Note: Earnings of $1,650 with 1.10% APY and $1,050 with 0.70% APY is calculated based on only those respective balances being maintained in the High Interest Checking account for an entire year, with nothing debited to or credited from the account during its duration.

* APY means Annual Percentage Yield

Updated as of 5/31/22.